January 5, 2010 (FinancialWire) — Osteologix, Inc. (OTCBB: OLGX) said it has entered into a securities purchase agreement for a $1 million private placement of its common stock.

On December 29, 2009, Osteologix entered into a securities purchase agreement with Nordic Biotech Opportunity Fund K/S, an affiliate of Nordic Biotech K/S, the company’s largest shareholder, for the sale of 1,992,448 shares of common stock for an aggregate purchase price of $1 million, or approximately $0.5019 per share, the 10-day volume weighted average closing price of Osteologix’s common stock as of the end of trading on December 28, 2009, and a related registration rights agreement.

Osteologix said it expects the financing, which is a private placement exempt from registration under the Securities Act of 1933, to close on or about January 7, 2010, subject to satisfaction of certain customary closing conditions.

In connection with the financing, John M. Barberich was appointed a director and chairman of the board of directors of the company on December 29, 2009. Barberich has been a consultant to biotech related companies since 2003 and since September 2005 has been a financial advisor to Nordic Biotech Advisors ApS, a firm that provides investment advisory services to Nordic Biotech K/S and Nordic Biotech Opportunity Fund, security holders in the company.

Osteologix is a specialty pharmaceutical company focused on developing 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.

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