SAN FRANCISCO, Aug. 10 /PRNewswire-FirstCall/ -- Osteologix, Inc. (BULLETIN BOARD: OLGX.OB) a biopharmaceutical company headquartered in San Francisco, California, and with offices in Copenhagen, Denmark, and developing products intended to treat Osteoporosis, announced today that the Securities and Exchange Commission has declared effective the Company's Registration Statement on Form SB-2, submitted to SEC on July 10, 2006 and amended on August 2, 2006 and August 9, 2006, which covers the resale by certain selling stockholders of up to 10,100,266 of shares of common stock.
"The speedy and efficient process to register these shares demonstrates our commitment to our shareholders and also provides our shareholders with increased access to the public market," said Charles J. Casamento, President and CEO of Osteologix.
On May 24, 2006 a reverse merger was announced between Castle & Morgan Holdings, Inc. and Osteologix A/S. Concurrent with the transaction, a $10 million private placement financing for Osteologix was consummated whereby 7,656,000 shares of common stock were sold to investors, each of whom is included as a selling shareholder in the registration statement. These transactions were done for the purpose of accelerating the Company's strategy of further developing its innovative product, NB S101, intended for the eventual treatment of Osteoporosis.
About Osteologix
Osteologix develops innovative products for the treatment of important unmet medical needs in bone disease and women's health. The Company's lead product, NB S101, is entering Phase II clinical trials for the treatment of Osteoporosis. NB S101 both increases new bone formation while decreasing bone resorption. No other product currently on the U.S. market both increases bone formation while decreasing bone resorption. The company is committed to creating value by building a world-class team, accelerating the development of lead product candidates, expanding its pipeline by being the alliance partner of choice, and nurturing a unique company culture. Additional information on Osteologix can be obtained on the Company's website, http://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 "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will," "will likely," "should," "could," "would," "may" 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; the seeking of joint development, licensing or distribution and collaboration and marketing arrangements with pharmaceutical companies; and the period of time for which the proceeds of the offering described above will enable Osteologix to fund its operations. 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.
