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, th
|SOURCE Osteologix Holdings, PLC|
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