DUBLIN, August 5, 2011 /PRNewswire/ --
Osteologix Holdings, PLC ("Osteologix" or the "Company") stated that its previously announced plans to consolidate its operations in Ireland have been completed. All operations at the former location in Virginia have ceased. Its former parent, Osteologix, Inc. has been dissolved and all former shareholders as of the exchange date of July 26, 2011 will receive an equal number of shares of Osteologix Holdings PLC. Shares of the Company stock are traded on the Pink Sheets under the ticker symbol OLGXF.
The Company is seeking to minimize its corporate overhead expense, while focusing its business activities on maximizing the value of the Company's licensing agreement with the Servier Research Group and continuing to seek development partners in the United States for NB S101, its product candidate for the treatment of osteoporosis.
Assuming the continued milestone payments, and the anticipated royalties from the Company's license agreement with the Servier Research Group, Osteologix looks forward to operating on a positive cash flow basis with the potential for dividend payments to shareholders possibly beginning in late 2011.
David O'Flynn is Managing Director of Osteologix Holdings PLC and can be contacted at the address below.
The World Health Organization defines osteoporosis as a progressive skeletal disease characterized by low bone mass and micro-architectural deterioration of bone tissue with a consequential increase in bone fragility and susceptibility to fracture. There is increased risk of fracture particularly of spine, hip, pelvis and forearm. It is predominantly a disease of post-menopausal women and risk of fracture increases with age. Fractures caused by osteoporosis affect one in two women and one in five men over the age of 50.
About NB S101
NB S101 is a novel dual acting bone agent, or DABA, the active component of which significantly improves bone mineral density and reduces fracture risk. NB S101 has demonstrated significant beneficial effects in a Phase 2 clinical trial by reducing bone resorption and increasing strong bone formation. This dual action on bone- a significant medical need not served by current therapies in the U.S.- suggests that NB S101 could fundamentally change the treatment paradigm of patients with osteoporosis. Importantly, NB S101 appears to help build bone in a manner similar to the body's own metabolic processes by rebalancing bone metabolism in a way that favors strong bone formation. Key patents for NB S101 have been issued in the United States, Europe and Japan, providing protection to at least 2024.
Osteologix is a specialty pharmaceutical company focused on the development of innovative therapies for the treatment and prevention of diseases of bone and joint tissues. Its lead product candidate, NB S101, is a novel pharmaceutical agent for the treatment and prevention of osteoporosis. In November 2007, Osteologix completed a Phase II clinical trial of NB S101 that demonstrated the ability of NB S101 to reduce markers of bone resorption and increase bone mineral density. In July, 2010 Osteologix granted the Servier Research Group an exclusive royalty bearing license to develop and commercialize NB S101 (strontium malonate) and other strontium salts covered by Osteologix's patent rights to treat post menopausal osteoporosis, other bone and joint disorders and dental indications worldwide, except in the U.S. For more information please visit http://www.osteologix.com.
Safe Harbor Statement:
Statements in this press release are not strictly historical, including statements about the corporate consolidation, operating on a positive cash flow basis, the payment and timing of any potential dividends, potential payments and royalties from Servier and their impact on Osteologix's finances, the potential uses and benefits or NB S101, Servier's potential commercial launch of NB S101, and patent protection of NB S101 are forward-looking statements made pursuant to the safe-harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or assumed in such forward-looking statements, including, without limitation, Osteologix's obligations to Aditech Pharma AB, risks related to Servier's ability to conduct additional clinical trials of NB S101, Servier's ability to obtain approval from government authorities for the sale and distribution of NB S101, Servier's compliance with terms of our agreement, market acceptance of NB S101 and potential success and introduction of competing products. Additional factors that could cause actual results to differ materially are included under the heading "Risk Factors" in Part II, Item 1A of the Osteologix, Inc. Quarterly Report on Form 10-Q filed November 15, 2010. All forward-looking statements and risk factors included in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement or risk factor. You should consult the risk factors listed in the Osteologix, Inc. Annual Report on Form 10-K and in the Osteologix, Inc. Quarterly Reports previously filed on Form 10-Q.
|SOURCE Osteologix Holdings, PLC|
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