AION Announces Positive Intravascular Contrast Results for Molecular Imaging Platform.

Interim Results Support Low Dose Formulation of Technology Platform for Targeted Molecular Diagnosis

PERTH, Australia -- AION Diagnostics Inc, a nano-diagnostics company developing medical imaging agents, announced today positive preliminary results of a pilot study showing the high intravascular contrast enhancement of modified porous silicon (mpSi) in reduced dose amounts.

The trialled intravascular contrast agent is based on the same formulation as AION's Marking Agent, a medical device to be registered under the CE Mark in Europe and via the 510(K) route in the US.

'These interim results provide an excellent advancement to consolidate AION's position in the ultrasound imaging sector. Ultrasound is a powerful imaging technique that can be used in a wide variety of settings, including surgical, outpatient, emergency room and community healthcare environments. Ultrasound avoids the need for expensive and radiation-emitting modalities, and provides clinicians with a practical solution for early detection of cardiovascular disease and cancer,' said Dr. Anna Kluczewska, President and CEO of AION.

mpSi is also visible under other key imaging modalities namely MRI, CT, x-ray and optical imaging.

The European contrast media market, inclusive of all imaging modalities, generated revenues of EUR1.02 billion in 2006 with an expected CAGR of 7.2% for 2006-2013.

Current ultrasound contrast agents have a short imaging life due to their inherent fragility and rapid removal from the blood stream. The physical stability of mpSi particles overcomes this issue, offering advantages with increased length of time available to clinicians in performing examinations. The stability of mpSi particles will also allow clinicians to use higher resolution imaging than is possible with conventional contrast media because of their fragility, which translates to better contrast and improved visualisation of anatomical detail.

The high visibility of mpSi at low dose is of vital importance in molecular imaging applications due to the necessity to image minute clusters of diseased cells.

In the in vivo study, a bolus injection of mpSi in saline suspension was administered intravenously. Ultrasonographic imaging of the vasculature and heart indicated that the mpSi showed high echogenicity and produced strong contrast enhancement with no change in vital signs or evidence of acute cardiovascular or respiratory adverse effects. Silicic acid is a natural by-product of silicon and mpSi metabolism, with both silicon and silicic acid levels naturally occurring in humans.

This data supports results obtained for AION's Marking Agent registration filing.

Released by:

AION Diagnostics                        European Public Relations
Alexandra Brown                         Eva Reuter
Ph: [phone]                   Ph: [phone]
[e-mail]     [e-mail]

NOTES TO EDITORS:

AION Diagnostics (AION) is a global biotechnology company dedicated to the commercialization of medical imaging contrast and molecular imaging agents for early stage detection of critical diseases. Founded in 2004, AION secured strategic alliances with universities, research institutions and industry partners internationally.

Exploiting the 10-year history of discoveries of porous silicon made at the former UK Defence Evaluation Agency (now QinetiQ) and backed by USD$50 million in cumulative previous investment in the technology, AION have developed modified porous silicon (mpSi) which has been proven visible across all major imaging modalities. AION is leveraging the unique visualization capabilities of the mpSi technology platform with its biodegradable and biocompatible properties to produce imaging product divisions in Marking, Contrast and Molecular Imaging Agents. Additionally, one such strategic objective is the development of collaborations incorporating the mpSi platform with other materials to create superior versions of existing products. Continuing to strive for better solutions to unmet diagnostic needs, AION's products are committed to the timely visualization of pathologies in a manner which may facilitate prevention rather than treatment of disease.

This press release and the information contained therein do not constitute an offer for sale or a solicitation for submission of an offer for purchase or subscription of shares in AION Diagnostics Inc in Germany nor outside Germany, especially in the United States, Canada, Japan or the United Kingdom and Northern Ireland. This press release is provided solely for information purposes.