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Police were called just after 6.20pm to a report of a serious assault in Shanklin last night.
It was reported a man in his 50s had been stabbed, suffering a puncture wound to his back and a cut on his arm.
He was taken to hospital for treatment.
An investigation was immediately started and a short while later, we arrested a 36-year-old man from Ryde on suspicion of causing grievous bodily harm with intent.
He remains in custody at this time.