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Hope on World Osteoporosis Day ¡V New Drug in Development

Osteologix, Inc. Continues Development of NB S101 for Osteoporosis

(Richmond, VA ¡V October 20, 2009) Osteologix, Inc. (OLGX.OB), a bio-pharmaceutical company announced today that the company will continue the clinical development for its osteoporosis drug, NB S101 (strontium malonate), in the United States and the rest of the world market. Additionally, the company wants to recognize World Osteoporosis Day¡¦s significance and make more people aware of its research dedicated to improving the lives of people with osteoporosis.

¡¨We believe that NB S101 will bring a safe and effective new alternative therapy for the millions of patients with osteoporosis. Our product can be manufactured and commercialized in a way that should also appeal to the cost conscious patients, physicians and payers,¡¨ said Philip J. Young, CEO of Osteologix. ¡§In addition, our recently expanded global patent estate will allow our shareholders a long window of opportunity to realize returns on their investments.¡¨

Different from other drug therapies available in the U.S., NB S101 is a dual acting bone agent (DABA), designed to benefit patients by strengthening the bone in two ways. Unlike the aggressive actions of other therapies, which can sometimes lead to brittle bones after several years of therapy, strontium is a moderate anti resorptive drug that also works to enhance bone mineralization giving the patients stronger, more fracture-resistant bones. Another key advantage researchers note is that strontium therapy is an excellent choice for the significant number of women who cannot take or tolerate bisphosphonate treatment, (the largest class of drugs currently used to treat osteoporosis).

Currently, there is one prescription strontium therapy widely used in Europe and other parts of the world, Protelos„¥ (strontium ranelate), which is marketed by a French pharmaceutical company. Protelos has been prescribed for five years and has demonstrated excellent efficacy and safety in patients of all ages. It is unavailable in the U.S. Strontium therapy with NB S101 should be preferred over the French product. First, NB S101 is a tablet, not a powder that needs to be suspended in water, which Osteologix believes will aid in compliance, as it is easier for patients to take. Second, studies conducted by the company have demonstrated that NB S101 has better bioavailability -- meaning the patients can take a lower dose of the active element, strontium, and obtain the same blood level. Osteologix believes that its drug will provide fracture reduction and safety on par with or better than the French product.

Osteologix has already conducted two human studies in hundreds of subjects with NB S101 (strontium malonate) and is in the planning stages of further clinical development that will be conducted here, in the U.S., and around the world.

About Osteoporosis
Osteoporosis is the most common bone disease in humans and, according to the National Osteoporosis Foundation (NOF), 10 million Americans are estimated to have the disease and almost 34 million more are estimated to have osteopenia or low bone mass, placing them at increased risk for osteoporosis. The most severe consequence of osteoporosis is skeletal fracture. Osteoporosis is responsible for more than 1.5 million fractures annually and direct expenditures for hip fractures are estimated to cost society more than $18 billion annually. According to NOF, one in two women and one in four men over age 50 can be expected to have an osteoporosis-related fracture at some time.

About Osteologix
Osteologix is a specialty pharmaceutical company committed to developing innovative therapies for the treatment and prevention of musculoskeletal diseases. The Company¡¦s vision is to improve the health of those afflicted with musculoskeletal diseases such as osteoporosis. Its lead product candidate, NB S101, is a novel pharmaceutical agent for the treatment and prevention of osteoporosis. For more information please visit www.osteologix.com.

Forward Looking Statements
Certain of the statements set forth in this press release constitute "Forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may" "project," "plan," "will," "should," "could," "would," or words or expressions of similar meaning. All such forward looking statements involve risks and uncertainties, including, but not limited to: statements regarding Osteologix's research and development programs; proposed marketing and sales; patents and regulatory approvals; the effect of competition and proprietary rights of third parties; the need for and availability of additional financing and access to capital; and the seeking of joint development, licensing or distribution and collaboration and marketing arrangements with pharmaceutical companies. There can be no assurance that such forward-looking statements will prove to be accurate and Osteologix undertakes no obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements.

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Media Contact:
Jody LoMenzo
Point of View PR
804-272-1031

Investor Relations Contact:
Baxter Phillips, III
Osteologix, Inc.
804-747-6026