##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission file number 333-112754
 OSTEOLOGIX, INC.
  Delaware
(State or other jurisdiction of incorporation)
    
    32-0104570
(IRS Employer Identification No.)
 4415 Cox Road, Glen Allen, VA 23060
(Address of principal executive offices)
 (804) 747-6027
(Registrants telephone number, including area code)
 þ o
 o o
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company þ
 o þ




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##### 



TABLE OF CONTENTS
 PagePART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS
    
    
    3ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
    
    
    10ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    14ITEM 4. CONTROLS AND PROCEDURES
    
    
    14PART II  OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS
    
    
    14ITEM 1A. RISK FACTORS
    
    
    14ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
    
    22ITEM 3. DEFAULTS UPON SENIOR SECURITIES
    
    
    22ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    22ITEM 5. OTHER INFORMATION
    
    
    22ITEM 6. EXHIBITS
    
    
    23Exhibit 10.9Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 Osteologix, Inc.
(a development stage company)
 Condensed Consolidated Balance Sheets
 (in thousands, except per share amounts)
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)AssetsCurrent assets:Cash and cash equivalents
    
    $
    4,142
    
    
    $
    818Prepaid expenses and other assets
    
    
    72
    
    
    
    68Total current assets
    
    
    4,214
    
    
    
    886Equipment, net
    
    
    0
    
    
    
    2Total assets
    
    $
    4,214
    
    
    $
    888Liabilities and Stockholders EquityCurrent liabilities:Accounts payable
    
    $
    795
    
    
    $
    326Accrued liabilities
    
    
    256
    
    
    
    161Total current liabilities
    
    
    1,051
    
    
    
    487Commitments and Contingencies
    
    
    
    
    
    
    Stockholders EquityCommon stock, $0.0001 par value, 38,073 shares
authorized; 32,971 and 29,484 shares issued and
outstanding at September 30, 2010 and December 31,
2009, respectively
    
    
    3
    
    
    
    3Additional paid-in-capital
    
    
    28,480
    
    
    
    26,640Accumulated other comprehensive loss
    
    
    (199
    )
    
    
    (283
    )Deficit accumulated during development stage
    
    
    (25,121
    )
    
    
    (25,959
    )Total stockholders equity
    
    
    3,163
    
    
    
    401Total liabilities and stockholders equity
    
    $
    4,214
    
    
    $
    888
 See accompanying notes to the condensed consolidated financial statements.
  Page 3




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Osteologix, Inc.
(a development stage company)
 Condensed Consolidated Statements of Operations
 (in thousands, except per share amounts)  (Unaudited)
 For the PeriodThree Months Ended
    
    
    Nine Months Ended
    
    
    from June 16, 2003September 30,
    
    
    September 30,
    
    
    (Inception) to2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    September 30, 2010Revenues
    
    $
    3,915
    
    
    $
    
    
    
    $
    3,915
    
    
    $
    
    
    
    $
    4,665Operating expenses:Research and development
    
    
    18
    
    
    
    195
    
    
    
    300
    
    
    
    936
    
    
    
    12,916General and administrative
    
    
    1,361
    
    
    
    548
    
    
    
    2,779
    
    
    
    1,822
    
    
    
    17,597Total operating expenses
    
    
    1,379
    
    
    
    743
    
    
    
    3,079
    
    
    
    2,758
    
    
    
    30,513Income (loss) from operations
    
    
    2,536
    
    
    
    (743
    )
    
    
    836
    
    
    
    (2,758
    )
    
    
    (25,848
    )Interest income, net
    
    
    1
    
    
    
    3
    
    
    
    2
    
    
    
    25
    
    
    
    727Net Income (loss)
    
    $
    2,537
    
    
    $
    (740
    )
    
    $
    838
    
    
    $
    (2,733
    )
    
    $
    (25,121
    )Net income (loss) per share,
basic and diluted
    
    $
    .08
    
    
    $
    (0.03
    )
    
    $
    .03
    
    
    $
    (0.09
    )Weighted average number of
shares outstanding basic and
diluted
    
    
    32,971
    
    
    
    29,484
    
    
    
    32,033
    
    
    
    29,456
 See accompanying notes to the condensed consolidated financial statements.
  Page 4




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##### Table of Contents



Osteologix, Inc.
(a development stage company)
 Condensed Consolidated Statement of Stockholders Equity and Comprehensive Income (loss)
 For the Period From June 16, 2003 (Inception) through September 30, 2010  (in thousands, except per share amounts)
 DeficitAccumulated
    
    
    AccumulatedAdditional
    
    
    Other
    
    
    During the
    
    
    TotalCommon Stock
    
    
    Paid-In
    
    
    Comprehensive
    
    
    Development
    
    
    StockholdersShares
    
    
    Amount
    
    
    Capital
    
    
    Loss
    
    
    Stage
    
    
    EquityIssuance of common stock to founders
for cash of $0.02 per share in June 2003
    
    
    4,897
    
    
    $
    1
    
    
    $
    84
    
    
    $
    
    
    
    $
    
    
    
    $
    85Issuance of common stock for cash of
$0.95 per share in October 2003
    
    
    979
    
    
    
    
    
    
    
    930
    
    
    
    
    
    
    
    
    
    
    
    930Issuance of common stock for cash of
$1.01 per share in May 2004
    
    
    979
    
    
    
    
    
    
    
    988
    
    
    
    
    
    
    
    
    
    
    
    988Issuance of common stock for cash of
$0.83 per share in January 2005, net of
issuance costs
    
    
    1,430
    
    
    
    
    
    
    
    1,158
    
    
    
    
    
    
    
    
    
    
    
    1,158Issuance of common stock for cash of
$1.24 per share in June 2005, net of
issuance costs
    
    
    2,220
    
    
    
    
    
    
    
    2,699
    
    
    
    
    
    
    
    
    
    
    
    2,699Comprehensive loss:Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,913
    )
    
    
    (4,913
    )Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4
    )
    
    
    
    
    
    
    (4
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,917
    )Balance at December 31, 2005
    
    
    10,505
    
    
    
    1
    
    
    
    5,859
    
    
    
    (4
    )
    
    
    (4,913
    )
    
    
    943Common stock transferred in merger
with Castle & Morgan Holdings, Inc.
    
    
    2,860
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of common stock for cash of
$1.31 per share in private placement in
May 2006, net of issuance costs
    
    
    7,656
    
    
    
    1
    
    
    
    9,255
    
    
    
    
    
    
    
    
    
    
    
    9,256Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    508
    
    
    
    
    
    
    
    
    
    
    
    508Comprehensive loss:Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,858
    )
    
    
    (4,858
    )Unrealized gain on short-term investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    2Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54
    )
    
    
    
    
    
    
    (54
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,910
    )Balance at December 31, 2006
    
    
    21,021
    
    
    
    2
    
    
    
    15,622
    
    
    
    (56
    )
    
    
    (9,771
    )
    
    
    5,797Issuance of common stock and warrants
for cash of $1.32 per share in private
placement in June 2007, net of issuance
costs
    
    
    3,825
    
    
    
    
    
    
    
    4,970
    
    
    
    
    
    
    
    
    
    
    
    4,970Stock issued in lieu of cash for services
    
    
    143
    
    
    
    
    
    
    
    170
    
    
    
    
    
    
    
    
    
    
    
    170Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    184
    
    
    
    
    
    
    
    
    
    
    
    184Comprehensive loss:Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,037
    )
    
    
    (8,037
    )Unrealized loss on short-term investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2
    )
    
    
    
    
    
    
    (2
    )Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (74
    )
    
    
    
    
    
    
    (74
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,113
    )Balance at December 31, 2007
    
    
    24,989
    
    
    
    2
    
    
    
    20,946
    
    
    
    (132
    )
    
    
    (17,808
    )
    
    
    3,008Issuance of common stock and
warrants for cash of $1.32 per share in
private placement in April 2008, net of
issuance costs
    
    
    4,030
    
    
    
    1
    
    
    
    5,149
    
    
    
    
    
    
    
    
    
    
    
    5,150Stock issued in lieu of cash for services
    
    
    123
    
    
    
    
    
    
    
    123
    
    
    
    
    
    
    
    
    
    
    
    123Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    217
    
    
    
    
    
    
    
    
    
    
    
    217Comprehensive loss:Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,661
    )
    
    
    (4,661
    )Unrealized loss on short-term investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    (1
    )Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (59
    )
    
    
    
    
    
    
    (59
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,721
    )Balance at December 31, 2008
    
    
    29,142
    
    
    $
    3
    
    
    $
    26,435
    
    
    $
    (192
    )
    
    $
    (22,469
    )
    
    $
    3,777
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Osteologix, Inc.
(a development stage company)
 Condensed Consolidated Statement of Stockholders Equity and Comprehensive Income (loss)
 For the Period From June 16, 2003 (Inception) through September 30, 2010  (in thousands, except per share amounts)
 DeficitAccumulated
    
    
    AccumulatedAdditional
    
    
    Other
    
    
    During the
    
    
    TotalCommon Stock
    
    
    Paid-In
    
    
    Comprehensive
    
    
    Development
    
    
    StockholdersShares
    
    
    Amount
    
    
    Capital
    
    
    Loss
    
    
    Stage
    
    
    EquityBalance at December 31, 2008
    
    
    29,142
    
    
    $
    3
    
    
    $
    26,435
    
    
    $
    (192
    )
    
    $
    (22,469
    )
    
    $
    3,777Stock issued in lieu of cash for services
    
    
    342
    
    
    
    
    
    
    
    30
    
    
    
    
    
    
    
    
    
    
    
    30Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    175
    
    
    
    
    
    
    
    
    
    
    
    175Comprehensive loss:Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,490
    )
    
    
    (3,490
    )Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (91
    )
    
    
    
    
    
    
    (91
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,581
    )Balance at December 31, 2009
    
    
    29,484
    
    
    $
    3
    
    
    $
    26,640
    
    
    $
    (283
    )
    
    $
    (25,959
    )
    
    $
    401Issuance of common stock for cash of
$0.50 per share in private placement in Jan.
2010, net of issuance costs
    
    
    1,992
    
    
    
    
    
    
    
    942
    
    
    
    
    
    
    
    
    
    
    
    942Issuance of common stock for cash of $0.50
per share in private placement in June.
2010, net of issuance costs
    
    
    1,495
    
    
    
    
    
    
    
    717
    
    
    
    
    
    
    
    
    
    
    
    717Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    181
    
    
    
    
    
    
    
    
    
    
    
    181Comprehensive income:Net income for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    838
    
    
    
    838Foreign currency translations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84
    
    
    
    
    
    
    
    84Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    922Balance at September 30, 2010
    
    
    32,971
    
    
    $
    3
    
    
    $
    28,480
    
    
    $
    (199
    )
    
    $
    (25,121
    )
    
    $
    3,163
 See accompanying notes to the condensed consolidated financial statements.
  Page 6




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Osteologix, Inc.
(a development stage company)
 Condensed Consolidated Statements of Cash Flow
 (in thousands, except per share amounts)  (Unaudited)
 For the PeriodFor the Nine Months Ended
    
    
    From June 16, 2003September 30,
    
    
    (Inception) to2010
    
    
    2009
    
    
    September 30, 2010Operating activitiesNet income (loss)
    
    $
    838
    
    
    $
    (2,733
    )
    
    $
    (25,121
    )Adjustments to reconcile net income (loss) to net cashProvided by (used in) operating activities:Depreciation
    
    
    2
    
    
    
    2
    
    
    
    46Loss on disposal of equipment
    
    
    
    
    
    
    
    
    
    
    3Issuance of stock in lieu of cash for services
    
    
    
    
    
    
    31
    
    
    
    323Stock based compensation
    
    
    181
    
    
    
    131
    
    
    
    1,265Changes in operating assets and liabilities:Prepaid expenses and other current assets
    
    
    (4
    )
    
    
    28
    
    
    
    (72
    )Accounts payable
    
    
    469
    
    
    
    (374
    )
    
    
    795Accrued liabilities
    
    
    95
    
    
    
    53
    
    
    
    256Net cash provided by (used in) operating activities
    
    
    1,581
    
    
    
    (2,862
    )
    
    
    (22,505
    )Investing activitiesPurchase of short-term investments
    
    
    
    
    
    
    (3,255
    )
    
    
    (30,239
    )Sales and maturities of short-term investments
    
    
    
    
    
    
    4,554
    
    
    
    30,239Purchase of equipment
    
    
    
    
    
    
    
    
    
    
    (46
    )Net cash provided by (used in) investing activities
    
    
    
    
    
    
    1,299
    
    
    
    (46
    )Financing activitiesNet proceeds from issuance of common stock
    
    
    1,659
    
    
    
    
    
    
    
    26,892Net cash provided by financing activities
    
    
    1,659
    
    
    
    
    
    
    
    26,892Effect of exchange rates on cash and cash equivalents
    
    
    84
    
    
    
    (98
    )
    
    
    (199
    )Net increase (decrease) in cash and cash equivalents
    
    
    3,324
    
    
    
    (1,661
    )
    
    
    4,142Cash and cash equivalents at beginning of period
    
    
    818
    
    
    
    2,996
    
    
    
    Cash and cash equivalents at end of period
    
    $
    4,142
    
    
    $
    1,335
    
    
    $
    4,142
 See accompanying notes to the condensed consolidated financial statements.
  Page 7




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Osteologix, Inc.
(a development stage company)
 Notes to Condensed Consolidated Financial Statements
 September 30, 2010 (Unaudited)  (Tabular amounts in thousands, except per share amounts)
 1. Basis of Presentation and Summary of Significant Accounting Policies
 Business Description
  Basis of Presentation
     Fair Value of Financial Instruments
   Page 8




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2. Cash Equivalents and Short-Term Investments
  3. Stock-Based Compensation
  4. Net Income (Loss) Per Share
  5. Material Contract
   
 6. Subsequent Event
   Page 9




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Special Note Regarding Forward-Looking Statements
    Company Information and Background
    
  Page 10




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Critical Accounting Policies and Use of Estimates
  Recently Adopted or Issued Accounting Pronouncements
   Page 11




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RESULTS OF OPERATION
 Three and Nine Months Ended September 30, 2010 Compared to Three and Nine Months Ended September
30, 2009
 Revenues
  Research and Development Expenses
   Three Months Ended September 30,
    
    
    Decrease from Period in Prior Year2010
    
    
    2009
    
    
    Dollars
    
    
    Percent$
    18,000
    
    
    $
    195,000
    
    
    $
    (177,000
    )
    
    
    (91
    )%
   Nine Months Ended September 30,
    
    
    Decrease from Period in Prior Year2010
    
    
    2009
    
    
    Dollars
    
    
    Percent$
    300,000
    
    
    $
    936,000
    
    
    $
    (636,000
    )
    
    
    (68
    )%
  General and Administrative Expenses
   Three Months Ended September 30,
    
    
    Increase from Period in Prior Year2010
    
    
    2009
    
    
    Dollars
    
    
    Percent$
    1,361,000
    
    
    $
    548,000
    
    
    $
    813,000
    
    
    
    148
    %
   Page 12




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Nine Months Ended September 30,
    
    
    Increase from Period in Prior Year2010
    
    
    2009
    
    
    Dollars
    
    
    Percent$
    2,779,000
    
    
    $
    1,822,000
    
    
    $
    957,000
    
    
    
    53
    %
  Interest Income
  LIQUIDITY AND CAPITAL RESOURCES
   September 30,
    
    
    December 31,2010
    
    
    2009Cash, cash equivalents and short-term investments
    
    $
    4,142,000
    
    
    $
    818,000Working capital
    
    
    3,091,000
    
    
    
    399,000
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Off-Balance Sheet Arrangements
  
 Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4.
    
    Controls and Procedures.
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  
 PART II  OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings.
  
 Item 1A.
    
    Risk Factors.
 We are dependent on payments from our agreement with Servier. Failure of Servier to attain
such milestones would result in our not receiving additional revenues. We have no control over
Serviers development, clinical trial strategy, regulatory activity, market or sales of NB S101.
  We are dependent on Servier to develop and commercialize NB S101 outside of the United States.
   Page 14




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Future development of NB S101 as a pharmaceutical product to treat osteoporosis will require
us to identify another party that is willing to fund development of the drug in the United States.
  The concentrated ownership of our common stock may have the effect of delaying or preventing
financings, mergers, acquisitions or other significant corporate transactions.
  We may elect to seek additional financing in the future, which could be dilutive to our
stockholders.
  
    
    the progress and cost of our clinical trials and other research and development
activities;
 
    
    the costs and timing of obtaining regulatory approvals;
 
    
    the terms and timing of any collaborative, licensing, acquisition or other
arrangements that we may establish;
    
    the costs of filing, prosecuting, defending and enforcing any patent
applications, claims, patents and other intellectual property rights;
 
    
    the cost and timing of securing manufacturing capabilities for our clinical
product candidates and commercial products, if any;
 
    
    the costs of lawsuits involving us or our product candidates; and
 
    
    the costs of establishing sales, marketing and distribution capabilities.
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Raising additional funds may cause dilution to existing stockholders or require us to
relinquish valuable rights.
  We have incurred significant net operating losses since our inception and may not achieve
profitability in future periods.
   Our independent public accounting firm has issued an opinion on our consolidated financial
statements that states the consolidated financial statements were prepared assuming we will
continue as a going concern.
  We have only one product that is currently being evaluated for commercial development, and
even if our continued development of this product is successful, it will be several years before it
can reach market.
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Obtaining and maintaining the necessary U.S. or worldwide regulatory approvals for our product
candidates will be time consuming, difficult and costly. If we fail to do so, we will be unable to
commercialize our product candidates.
     Clinical trials are time-consuming, difficult and costly to design and implement.
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The results of our clinical trials may not support our product candidate claims or may result
in the discovery of adverse side effects.
   The strontium salt that is approved for treating osteoporosis in Europe has exhibited a new
potential side effect not seen in clinical trials.
 ®
  Delays in patient enrollment for clinical trials could increase costs and delay regulatory
approvals.
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Physicians and patients may not accept and use our drugs.
  Patients may not be able to obtain adequate reimbursement for our drugs.
  Our drug-development programs depend upon third-party researchers who are outside our control.
  We rely exclusively on third parties to manufacture our product candidates.
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Competition for qualified personnel is intense in our industry, and we may not be able to
recruit and retain qualified personnel.
  Developments by competitors may render our products or technologies obsolete or
noncompetitive.
  If we fail to protect our intellectual property rights, or to secure rights to patents of
others, our competitive position could be harmed or we could be required to incur significant
expenses to enforce our rights.
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If we infringe the rights of third parties, we could be prevented from selling products,
forced to pay damages, and compelled to defend against litigation.
   We may be exposed to liability claims associated with using hazardous materials and chemicals.
  We may incur substantial liabilities and be required to limit commercialization of our product
candidates in response to product liability lawsuits.
  We rely on one key executive officer and scientific and medical advisors. Their knowledge of
our business and technical expertise would be difficult to replace.
   We cannot assure you that the common stock will become liquid or that it will become listed on
a securities exchange.
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Our common stock is considered a penny stock.
  Anti-takeover provisions in our charter and by-laws and under Delaware law may make an
acquisition of us or a change in our management more difficult, even if an acquisition or a
management change would be beneficial to our stockholders.
  We may deregister our common stock under the Exchange Act, which could negatively affect the
liquidity and trading prices of our common stock and result in less disclosure about the Company.
  
 Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds.
  
 Item 3.
    
    Defaults Upon Senior Securities.
  
 Item 4.
    
    [Removed and Reserved]
 
 Item 5.
    
    Other Information.
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Item 6.
    
    Exhibits.
 ExhibitNumber
    
    Description10.9*
    
    
    License Agreement, dated as of July 30, 2010, by and between Osteologix Limited and Les Laboratoires Servier and
Institut de Recherches Internationales Servier.31.1
    
    
    Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act
of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    
    Certification of Principal Financial and Accounting Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the
Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).32.2
    
    
    Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the
Sarbanes-Oxley Act of 2002).
 *
    
    Confidential treatment has been requested with respect to portions of this Exhibit. 
 SIGNATURES
  OSTEOLOGIX, INC.Date: November 15, 2010
    By:
    /s/ Philip J. YoungName:
    Philip J. YoungTitle:
    President and Chief Executive OfficerBy:
    /s/ Philip J. YoungName:
    Philip J. YoungDate: November 15, 2010
    
    Title:
    Principal Financial and Accounting Officer  Page 23




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EXHIBIT INDEX
 ExhibitNumber
    
    Description10.9*
    
    
    License Agreement, dated as of July 30, 2010, by and between
Osteologix Limited and Les Laboratoires Servier and Institut de
Recherches Internationales Servier.31.1
    
    
    Certification of Chief Executive Officer pursuant to Rules
13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    
    Certification of Principal Financial and Accounting Officer
pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.32.1
    
    
    Certification of Chief Executive Officer Pursuant to 18 U.S.C.
1350 (Section 906 of the Sarbanes-Oxley Act of 2002).32.2
    
    
    Certification of Principal Financial and Accounting Officer
Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act
of 2002).
 *
    
    Confidential treatment has been requested with respect to portions of this Exhibit.  Page 24