UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________________
SCHEDULE
14A
PROXY
STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE
ACT OF 1934
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additional materials.
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Soliciting
material pursuant to
§240.14a-12.
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ORTHOLOGIC
CORP.
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(Name
of Registrant as Specified in Its Charter)
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(Name
of Person(s) Filing Proxy Statement, if other than the
Registrant)
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On April
10, 2009, OrthoLogic Corp. issued the following letter to stockholders. The
letter is posted on the Company’s website at
www.capstonethx.com.
Dear
Fellow Stockholders:
We are
pleased to present the enclosed OrthoLogic Corp. Proxy Statement for the Annual
Meeting of Stockholders. On October 1, 2008, OrthoLogic Corp. began
doing business under the trade name of Capstone Therapeutics.
As
outlined most recently during our Investor Teleconference and Webcast on
February 10, 2009, the Capstone Therapeutics team achieved every corporate
objective for 2008 as established by the company’s Board of
Directors.
For
AZX100, we had a successful dermal scarring Phase 1a safety study (30 subjects)
in which the primary safety endpoint was met. We also completed a
Phase 1b safety study in dermal scarring (40 subjects) in which the product
again met the primary safety endpoint. This study also yielded
results showing a significant pharmacologic effect of AZX100, with a trend of
efficacy in scar reduction. The Phase 2 program in dermal scarring is
underway; as previously announced, Capstone anticipates a year-end 2009 interim
analysis for internal purposes, with full results during 2H2010.
We
recently announced initiation of our AZX100 Phase 2 pilot clinical trial in
keloid scarring, a dermal indication which represents a challenging and
widespread unmet medical need. We anticipate conducting an internal
observational analysis at year-end 2009, with data expected during
2H2010.
During
2008, the team continued to make progress on several pre-clinical studies in
other high-value indications for AZX100. We also completed and
announced the publication of data describing a key aspect of the AZX100
mechanism of action in dermal fibroblasts; these data provided the scientific
rationale for initiating our ongoing clinical trial program in dermal
scarring. Capstone believes that AZX100 has potential application in
multiple therapeutic indications.
For
Chrysalin® (TP508),
Capstone completed a landmark pre-clinical proof-of-concept study showing
significant cardioprotective benefit in a model of acute myocardial infarction
(heart attack). The first publication of these data was announced on
March 5, 2009. We also published during 2008 several key studies on
cellular effects and mechanism of action of TP508. As promised, we
initiated a corporate partnering process for TP508 in the cardiovascular
indication, and this effort is ongoing.
Capstone
closed 2008 with $48.0 million in cash and investments, favorable to the
guidance provided at the beginning of the year. We continue to manage
our assets with discipline, and remain focused on driving all programs toward
value events for our stockholders as effectively and efficiently as
possible.
We
appreciate your voting support of the proxy recommendations of the Capstone
Therapeutics Board of Directors. As we continue to tighten the cost
structure of the company to optimize our cash resources in clinical development,
the Board has proposed a small incremental pool of stock options to incentivize
our team. The recommendation for 1,250,000 shares is well within
guidelines supported by our independent shareholder services analysts, and we
expect these additional shares available for grant will be sufficient for the
Company’s stock-based incentive compensation requirements through
2011.
Thank you
for your continuing support.
Sincerely,
/s/ John M. Holliman, III
John M.
Holliman, III
Executive
Chairman
April
2009