Osteologix goes public through reverse merger, closes $10 million private placement

New York, May 24 - Osteologix, Inc. aid it completed a reverse merger with publicly held Castle & Morgan Holdings, Inc. and also wrapped a $10 million private placement financing.

Under the transaction, holders of Osteologix A/S shares exchanged them for new Castle & Morgan shares. Osteologix A/S became a wholly-owned operating subsidiary of Castle & Morgan and Castle & Morgan changed its named to Osteologix, Inc.

Officers and directors of Osteologix replaced those at Castle & Morgan. Castle & Morgan will cease all existing business operations.

Osteologix's stockholders, including participants in the private placement, ended up with 87% of Castle & Morgan's equity.

The private placement was led by placement agents Rodman & Renshaw and Roth Capital Partners.

Investors included Nordic Biotech, previously the sole investor in the company.

No further details on the placement were disclosed.

Osteologix will use the additional capital to develop its NB S101 product for osteoporosis and to further expand its pipeline.

"With our lead product NB S101 entering phase 2 trials in the treatment of osteoporosis, we have a solid platform for developing and commercializing drugs for bone disease and for women's health," said Charles J. Casamento, president and chief executive officer of Osteologix, in a news release.

Osteologix is a biopharmaceutical company headquartered in San Francisco and with offices in Copenhagen, Denmark.

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