Case Inion Ltd': From Science to Business

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Case Inion Ltd. From Science to Business

• Mr. Harri Happonen
• Inion Ltd.
• Director

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Creating Innovative Biodegradable Implants
From Science to BusinessRD Director, Design
and Testing Harri Happonen Inion Ltd.

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Index

• Mission
• The philosophy of success
• Business environment
• Assessment of situation
• Key achievements
• Strenghts
• Weaknesses
• Strategic objectives
• Key success factors
• Risks
• Financing

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Mission
To build remarkable global business within 10-15
years with the help of technology developed in
Finland.
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The philosophy of success

• World class research and product development
  enables to be the leader in product launches
• The competitive advantages will be achieved by
  formalising sales and marketing
• Cost efficiency in manufacturing

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Business environment

• Competitive, skilful people
• Competitive products
• Service
• Financial growth
• Marketing
• Resource allocation and priorisation

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Key achievements

• Company established in December 1999

2000
2003
Jan.
Osteopromotion data on NMP
Mar.
Pilot plant and temporary
June
FDA approval for OTPS Hand Fracture
GMP clean room
Fixation System
July
In-licencing BMP technology
Oct.
Distribution Agreement for CMF with
from University of Zürich
Stryker Leibinger
2001
2004
Mar.
CE-mark FDA approval for
Inion CMF products
Jan.
Distribution Agreement for Sports Medicine with
Lifeline inc. Internal financing round (MEUR 10)
May
Move to new facilities
Launch of CMF product line
CE-mark for dental product line
Nov.
2002
Mar.
Distribution Agreement for Orthopaedic Trauma
with Stryker Trauma 3 additional FDA approvals
for orthop. mesh, dental membrane and
sportsmedicine
May
Second financing round (MEUR 16)
completed
Aug.
Hexalon, worlds first coloured
ACL screw launched in US and Int.
Sept.
CE-mark for OTPS, 1st orthop. trauma prod.
Note Total equity and equity related
investments to date EUR 37 million
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Strenghts

• Strategic vision
• Exceptional technology know-how
• Long history in University research
• Personnel availability
• Ability to find funding
• Several RD projects
• Track record of product
• launches

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Weaknesses

• Limited resources
• money
• personnel
• time
• Sales and Marketing
• Control of the value chain
• Fragmented activity
• Limited clinical data at product launch

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Strategic objectives

• To conduct the changes in market
• To dominate elected market
• Biopolymers
• Collagens
• New drug inventions
• Diagnostics
• Profitability in five years
• The rapid commercialization in research projects
• Exit arrangements for early stage sponsors
• IPO
• tradesale

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Key succes factors

• Efficient sales in primary market areas (US EU)
• Product launces and availability
• timing
• sufficient differentiation to competitors
• Extensive product support
• Significiant investments in RD
• Infrastructure
• Marketing/Branding
• After Sales Service
• Sufficient financial resources to enforce
  expansion projects and strategies

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Risks

• External
• The rate of changes in markets slower than
  anticipated
• Competitorss reactions
• Internal
• Ability to create competitive advantages
• Anticipation of the objectives in the long-term
• Ability to recruit and attract the personnel
• Short and medium-term funding
• Dependent on few keypeople

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Funding

• Public funding
• TEKES
• Finnvera
• Academy of Finland
• Sitra
• Venture Capital
• Buyers market low valuation
• Low ability for risk taking
• MA
• restructuring
• transfer of technology