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Osteologix Receives Key U.S. Patent Allowance for Novel Osteoporosis Drug

GLEN ALLEN, VA V May 27, 2009 V Osteologix, Inc. (OTCBB: OLGX) today announced that is has received a Notice of Allowance from the U.S. Patent and Trademark Office for its U.S. Patent Application Number 11/269,289 titled "Water-Soluble Strontium Salts for Use in Treatment of Cartilage and/or Bone Conditions" reporting allowance of claims covering 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 in the second half of 2009; the patent's 20-year term would expire in 2024. The company has a number of other pending patent applications covering various aspects of the NB S101 drug program including composition, manufacturing and method of use patent applications.
"Based on the Notice of Allowance and the claims allowed by the USPTO, we believe the intellectual property protections established by this US patent allowance, coupled with our recently upheld European equivalent, will significantly enhance our ability to finalize strong development collaborations with potential partners to complete the Phase III development of NB S101 in osteoporosis," stated Philip J. Young, President and Chief Executive Officer of Osteologix.
About NB S101
NB S101 (strontium malonate) is a novel dual acting bone agent, or DABA, which clinical studies demonstrate, significantly improves bone density. This dual action on boneV a significant medical need that is not served by currently marketed treatments V suggests that NB S101 could fundamentally change the treatment paradigm of patients with osteoporosis. Importantly, NB S101 helps to build bone in a manner similar to the bodys own natural process by gently rebalancing bone metabolism in a way that favors strong bone development.

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, and by 2025 direct annual expenditures are expected to increase to $25 billion. 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. Osteologix is developing NB S101 with physician thought leaders throughout the world to help treat the low bone mass in osteoporosis and ultimately lower the risk of bone fracture.

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.


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.

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