We present a novel bio-inspired static image compression scheme. Our model is a combination of a simplified spiking retina model and well known data compression techniques. The fundamental hypothesis behind this work is that the mammalian retina generates an efficient neural code associated to the visual flux. The main novelty of this work is to show how this neural code can be exploited in the context of still image compression. Our model has three main stages. The first stage is the bio-inspired retina model proposed by Thorpe et al [1, 2], which transforms an image into a wave of spikes. This transform is based on the so-called rank order coding. In the second stage, we show how this wave of spikes can be expressed using a 4-ary dictionary alphabet, through a stack run coder. The third stage consists of applying a first order arithmetic coder to the stack run coded signal. We compare our results to JPEG standards and we show that our model has comparable performance for lower computational cost under strong bit rate restrictions when data is highly contaminated with noise. In addition, our model offers scalability for monitoring data transmission flow. The subject matter presented highlights a variety of important issues in the conception of novel bio-inspired compression schemes and additionally presents many potential avenues for future research efforts.