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Osteologix Receives Positive Decision to Grant A Patent for Key Osteoporosis Drug Patent in Japan

GLEN ALLEN, VA V August 24, 2009 V Osteologix, Inc. (OTCBB: OLGX) today announced that the Japan Patent Office (JPO) has issued a Decision to Grant a Patent for Application Number 2006-504379: "Treating Cartilage/Bone Conditions with Water-Soluble Strontium Salts". The patent claims cover the treatment of osteoporosis and related bone conditions using NB S101 (strontium malonate), the Company's lead osteoporosis drug candidate. The Company expects the patent will issue by the end of 2009. The patent's 20-year term will expire in 2024. Osteologix has now received patent protection for its novel osteoporosis therapy in the three major pharmaceutical markets in the world: Europe, United States and Japan.
"We believe the intellectual property protections established by this patent in Japan, combined with our U.S. and European equivalents, will enable us to maximize the value of NB S101 in the most important pharmaceutical markets around the globe," stated Philip J. Young, President and Chief Executive Officer of Osteologix.

About Osteologix
Osteologix is a specialty biopharmaceutical company committed to improving the health of those afflicted with musculoskeletal diseases, such as osteoporosis. Its lead investigational product candidate, NB S101, is a novel pharmaceutical agent for the treatment and prevention of osteoporosis. For more information please visit www.osteologix.com.

Contact:
Baxter Phillips, III
Sr. Director, Corporate Development
804.747.6026

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.