AoInitialize - "ArcGIS product not specified." 10.1 Student Edition single use license

I have a Student Edition of ArcGIS 10.1 for Desktop Advanced. My license is set up on my machine as single use. I am trying to initialize the license in ArcObjects, however I get the following error:

"ArcGIS product not specified. You must first bind to an ArcGIS version prior to using any ArcGIS components."

This occurs when I call AoInitialize.IsProductCodeAvailable() which doesn't make sense, since that is how you figure out what license to initialize in the first place. Here is my code:

public static esriLicenseStatus Intialize(

        ESRI.ArcGIS.esriSystem.esriLicenseProductCode esriLicenseProductCode)
    {
        IAoInitialize aoInitialize = new AoInitialize();
        esriLicenseStatus esriLicenseStatus = 
            aoInitialize.IsProductCodeAvailable(esriLicenseProductCode);

        if (esriLicenseStatus == ESRI.ArcGIS.esriSystem.esriLicenseStatus.esriLicenseAvailable)
            esriLicenseStatus = 
                aoInitialize.Initialize(esriLicenseProductCode.esriLicenseProductCodeAdvanced);


        return esriLicenseStatus;
    }

What am I doing wrong? Does this have to do with it being Student Edition?

Answer

Try this code using the RuntimeManager class, makes it much simpler:

    if (ESRI.ArcGIS.RuntimeManager.ActiveRuntime == null)
        ESRI.ArcGIS.RuntimeManager.BindLicense(ESRI.ArcGIS.ProductCode.EngineOrDesktop);

You'll need to add a reference to the ESRI.ArcGIS.Version assembly.