Osteologix Initiates Phase II Clinical Trial Of Investigational Drug For Osteoporosis

Osteologix Inc. (OTC
Bulletin Board: OLGX) announced today that it has initiated a randomized,
double-blind, placebo-controlled phase II clinical trial of NB S101, its
investigational drug for osteoporosis. The primary endpoint of the study is
the change in patients' bone resorption. Osteologix plans to enroll
approximately 275 postmenopausal women with low bone mineral density and
treat them for 12 weeks in the clinical trial, which is being conducted at
investigator sites located throughout the UK and Denmark.



"I am very pleased to be initiating this phase II study within only
three years of the creation of Osteologix and initiation of NB S101
development. Our goal is to build further evidence of the efficacy and
safety of NB S101 as a primary treatment for osteoporosis," stated Charles
J. Casamento, CEO and President. "There is a significant need for improved
osteoporosis treatments. We believe NB S101 may have the ability to both
increase bone formation and decrease bone resorption, while also reducing
the side effects most common in osteoporosis drugs available today,
providing a tremendous potential opportunity for Osteologix."



The clinical trial being initiated by Osteologix, "A dose-response
study with strontium malonate in healthy post-menopausal women," is
designed with five randomized arms. The company plans to enroll
approximately 55 patients in each arm. Four arms of the trial will be
double-blind, including three different doses of NB S101 (750 mg, 1000 mg
and 2000 mg) and placebo. The primary endpoint will be the effect of NB
S101 on CTX-1, a biochemical marker of bone resorption. NB S101 is the
Osteologix investigational drug containing strontium malonate as its active
ingredient. In addition to the four double- blind arms, there will be an
open-label arm containing Protelos (strontium ranelate, approved in Europe
for the treatment of Osteoporosis). The Protelos arm is open-label because
Protelos is only available in a sachet and must be mixed with water prior
to ingestion. NB S101 is a once-daily tablet available with increased
bioavailability of free strontium when compared to Protelos (strontium
ranelate).



In addition to the primary endpoint of quantifying bone resorption,
Osteologix plans to evaluate the effect of NB S101 on bone formation by
measuring markers specific for this process. Other secondary endpoints
being evaluated include the effects of NB S101 on bone mineral density,
strontium levels and markers of cartilage degradation. Side effects will
also be assessed.



About Osteologix



Osteologix develops proprietary therapeutics for the treatment of
important unmet medical needs in bone disease and women's health. The
Company's lead product, NB S101, has entered phase II clinical trials for
the treatment of osteoporosis. Based on the Company's own data as well as
data from phase III clinical trials conducted on another salt of strontium
that is approved for sale in Europe, Osteologix believes that NB S101
increases new bone formation and decreases bone resorption. Osteologix
further believes that NB S101 will provide patients with greater
convenience and fewer side effects than drugs currently approved for
osteoporosis in the United States, Europe and elsewhere, thereby addressing
the need for an osteoporosis drug with higher compliance rates and better
long term efficacy. The Company is not aware of any osteoporosis drug
currently approved for sale in the United States that simultaneously
increases bone formation and decreases bone resorption. Osteologix 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, osteologix.
















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; 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.


Osteologix Inc.

osteologix