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Osteologix Receives U.S. Patent Allowance for Osteoporosis Drug Manufacturing Patent

GLEN ALLEN, VA ˇV May 19, 2009 ˇV Osteologix, Inc. (OTCBB: OLGX) today announced that it has received a Notice of Allowance from the U.S. Patent and Trademark Office for its U.S. Patent Application Number 11/579,773 titled "High Yield and Rapid Synthesis Methods for Producing Metallo-Organic Salts" reporting allowance of claims covering certain manufacturing processes for 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 2025.

This patent allowance expands the Companyˇ¦s patent portfolio that also includes the recently upheld European patent in which the European Patent Office (EPO) maintained the validity of the Company's European Patent No. EP 1,534,305 B9, "Treating Cartilage and Bone Conditions with Water Soluble Strontium Salts". This patent offers protection for the use of NB S101(strontium malonate) for the treatment of osteoporosis and related conditions while confirming that the innovative product, NB S101, demonstrated a significant increase in bioavailability over the EMEA approved Protelos® (strontium ranelate).

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.