Source : BUSINESS WIRE
GLEN ALLEN, Va.--(BUSINESS WIRE)--Osteologix, Inc. (OTCBB:OLGX) today announced that is has received a
Notice of Allowance from the U.S. Patent and Trademark Office for its
U.S. Patent Application Number 11/269,289 titled "Water-Soluble
Strontium Salts for Use in Treatment of Cartilage and/or Bone
Conditions" reporting allowance of claims covering the treatment of
osteoporosis and related bone conditions using 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 2024. The company has a number of other
pending patent applications covering various aspects of the NB S101 drug
program including composition, manufacturing and method of use patent
applications.
"Based on the Notice of Allowance and the claims allowed by the USPTO,
we believe the intellectual property protections established by this US
patent allowance, coupled with our recently upheld European equivalent,
will significantly enhance our ability to finalize strong development
collaborations with potential partners to complete the Phase III
development of NB S101 in osteoporosis," stated Philip J. Young,
President and Chief Executive Officer of Osteologix.
About NB S101
NB S101 (strontium malonate) is a novel dual acting bone
agent, or DABA, which clinical studies demonstrate, significantly
improves bone density. This dual action on bone– a significant medical
need that is not served by currently marketed treatments – suggests that
NB S101 could fundamentally change the treatment paradigm of patients
with osteoporosis. Importantly, NB S101 helps to build bone in a manner
similar to the body’s own natural process by gently rebalancing bone
metabolism in a way that favors strong bone development.
About Osteoporosis
Osteoporosis is the most common bone disease in humans and, according to
the National Osteoporosis Foundation (NOF), 10 million Americans are
estimated to have the disease and almost 34 million more are estimated
to have osteopenia or low bone mass, placing them at increased risk for
osteoporosis. The most severe consequence of osteoporosis is skeletal
fracture. Osteoporosis is responsible for more than 1.5 million
fractures annually and direct expenditures for hip fractures are
estimated to cost society more than $18 billion annually, and by 2025
direct annual expenditures are expected to increase to $25 billion.
According to NOF, one in two women and one in four men over age 50 can
be expected to have an osteoporosis-related fracture at some time.
Osteologix is developing NB S101 with physician thought leaders
throughout the world to help treat the low bone mass in osteoporosis and
ultimately lower the risk of bone fracture.
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.
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.