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<SEC-DOCUMENT>0000950153-04-000184.txt : 20040128
<SEC-HEADER>0000950153-04-000184.hdr.sgml : 20040128
<ACCEPTANCE-DATETIME>20040128144527
ACCESSION NUMBER:		0000950153-04-000184
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040127
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ORTHOLOGIC CORP
		CENTRAL INDEX KEY:			0000887151
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				860585310
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21214
		FILM NUMBER:		04548881

	BUSINESS ADDRESS:	
		STREET 1:		1275 WEST WASHINGTON STREET
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
		BUSINESS PHONE:		6024375520

	MAIL ADDRESS:	
		STREET 1:		1275 WEST WASHINGTON STREET
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p68720e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Orthologic Corp.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT>

<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>

<P align="center"><FONT size="5"><B>FORM 8-K</B></FONT>


<P align="center"><FONT size="2"><B>CURRENT REPORT</B>
</FONT>


<P align="center"><FONT size="2"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</FONT>


<P align="center"><FONT size="2">Date of Report (Date of earliest event reported):&nbsp;&nbsp; January&nbsp;27, 2004
</FONT>

<P align="center"><FONT size="6"><B>ORTHOLOGIC CORP.</B></FONT>

<DIV align="center"><FONT size="2"><HR align="center" size="1" noshade width="40%">
(Exact name of registrant as specified in its charter)
</FONT>
</DIV>


<P align="center"><FONT size="2">Delaware
</FONT>

<DIV align="center"><HR align="center" size="1" noshade width="25%">
</DIV>

<DIV align="center"><FONT size="2">(State or other jurisdiction of incorporation)
</FONT>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>000-21214</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>86-0585310</B></FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Commission File Number)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(IRS Employer Identification Number)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>1275 West Washington, Tempe, Arizona</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>85281</B></FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2">Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> (602)&nbsp;286-5520</u>
</FONT>


<P align="center"><FONT size="2">Not Applicable
</FONT>

<DIV align="center"><HR align="center" size="1" noshade width="25%">
</DIV>

<DIV align="center"><FONT size="2">(Former name or former address, if changed since last report)
</FONT>
</DIV>



<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="p68720exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;7. Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;7. Exhibits</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Exhibit Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Filed Herewith</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press release dated January&nbsp;27, 2004
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">X</FONT></TD>
</TR>
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;9. Regulation&nbsp;FD Disclosure</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OrthoLogic Corp. announced on January&nbsp;27, 2004 that the Board of Directors
has appointed Michael D. Casey to fill a newly-created vacancy on the
OrthoLogic Corp. Board of Directors. Mr.&nbsp;Casey has over 30&nbsp;years of experience
in the pharmaceutical industry. With the addition of Mr.&nbsp;Casey, whose term
runs until the next Annual Meeting of Stockholders, the total number of
OrthoLogic Corp. directors is now seven.
</FONT>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dated:&nbsp;&nbsp;January&nbsp;28, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>OrthoLogic Corp.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Thomas Trotter</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Thomas Trotter<br>
Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</DIV>




<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press release, dated January&nbsp;27, 2004, issued by OrthoLogic Corp.</FONT></TD>
</TR>
</TABLE>
</DIV>




<P align="center"><FONT size="2">&nbsp;
</FONT>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>p68720exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2"><B>Exhibit&nbsp;99.1</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><B>NEWS<br>
BULLETIN</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
RE:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2"><B>OrthoLogic Corp.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2"><B>1275 W. Washington St.<BR>
Tempe, AZ 85281<BR>
(602)&nbsp;286-5520</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">FROM:<br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">www.orthologic.com<BR>
<B>TRADED: Nasdaq: OLGC</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><IMG src="p68720p6872000.gif" alt="(LOGO)"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center"><HR align="center" size="1" noshade width="100%">
</DIV>


<P align="left"><FONT size="2">THE BERLIN GROUP, INC.<BR>
INVESTOR RELATIONS COUNSEL
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR FURTHER INFORMATION:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>AT THE COMPANY:</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>AT THE BERLIN GROUP:</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Thomas R. Trotter</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Lawrence Delaney Jr.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>President/CEO</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>714-734-5000</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>602-286-5500</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2"><B>ORTHOLOGIC ANNOUNCES APPOINTMENT OF<BR>
MICHAEL D. CASEY TO BOARD OF DIRECTORS</B>
</FONT>


<P align="center"><FONT size="2"><B>Pharmaceutical Industry Veteran Further Strengthens Company&#146;s Board</B>
</FONT>

<P align="left"><FONT size="2">TEMPE, Ariz., Tuesday, January&nbsp;27, 2004&#151;OrthoLogic Corp. (Nasdaq: OLGC)
announced today that Michael D. Casey has been appointed to fill a
newly-created vacancy on the company&#146;s Board of Directors. With the addition of
Mr.&nbsp;Casey, whose term runs until the next Annual Meeting of Stockholders, the
total number of OrthoLogic directors is now seven.
</FONT>

<P align="left"><FONT size="2">Mr.&nbsp;Casey, who has over 30&nbsp;years of experience in the pharmaceutical industry,
spent most of his career at Johnson &#038; Johnson, where he served as vice
president of sales and marketing of Ortho Pharmaceutical Corp. and president of
McNeil Pharmaceuticals. Mr.&nbsp;Casey was most recently president, chief executive
officer and chairman of Matrix Pharmaceutical Inc. Prior to joining Matrix, he
served as president of two divisions of Schein Pharmaceutical Inc. and
president of Genetic Therapy Inc. Casey is a director of Celgene Corp., Bone
Care International Inc., and Cholestech Corp.
</FONT>

<P align="left"><FONT size="2">&#147;We are delighted to welcome Michael Casey to our Board,&#148; said John M. Holliman
III, chairman of the Board of Directors of OrthoLogic. &#147;Michael&#146;s extensive
experience in the pharmaceutical and biotechnology fields will be a decided
asset as OrthoLogic further develops its Chrysalin&#174; Product Platform.&#148;
</FONT>

<P align="left"><FONT size="2">Mr.&nbsp;Casey stated: &#147;OrthoLogic is a very interesting company with a unique
strategy in the rapidly developing orthobiologics sector. I believe that its
synthetic peptide, Chrysalin, is a strong candidate in the race to use the
body&#146;s own healing processes to bring more cost-effective, less invasive
technologies to orthopedic medicine. I look forward to working with the
company&#146;s
</FONT>

<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">Board and executive management team as Chrysalin moves through the FDA
regulatory process.&#148;
</FONT>

<P align="left"><FONT size="2">&#147;Michael Casey is an accomplished pharmaceutical and biotechnology executive,&#148;
said Thomas R. Trotter, president and chief executive officer of OrthoLogic.
&#147;His experience will be invaluable as we continue to develop the Chrysalin
Product Platform and evaluate new strategic opportunities for the company&#146;s
future growth.&#148;
</FONT>

<P align="left"><FONT size="2">About OrthoLogic Corp.
</FONT>

<P align="left"><FONT size="2">OrthoLogic is an orthobiologics drug-development company focused on
commercializing several potential therapeutics comprising the Chrysalin&#174;
Product Platform, a series of potential drug products aimed at treating
traumatic and chronic orthopedic indications in both bone and soft tissue. All
of these potential products are based on the Chrysalin synthetic peptide, also
known as TP508, invented by and licensed from Galveston, Texas-based Chrysalis
BioTechnology Inc.
</FONT>

<P align="left"><FONT size="2">OrthoLogic owns options on all worldwide orthopedic rights to the peptide, and
is actively pursuing five orthopedic indications for Chrysalin. These are
fracture repair and spine fusion, which are in human clinical trials and
cartilage defect repair, which is in late-stage preclinical trials. Ligament
and tendon repair, respectively, are in the preclinical planning stage, with
studies planned to initiate early in 2004.
</FONT>

<P align="left"><FONT size="2">The company&#146;s vision is to become a worldwide leader in fracture healing,
spinal repair and orthopedic soft tissue repair.
</FONT>

<P align="left"><FONT size="2">For more information, visit the company&#146;s Web site: www.orthologic.com.
</FONT>

<P align="left"><FONT size="2">Statements in this press release or otherwise attributable to OrthoLogic
regarding our business that are not historical facts are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include the timing and acceptability of
FDA filings and the efficacy and marketability of potential products, involve
risks and uncertainties that could cause actual results to differ materially
from predicted results. These risks include: unfavorable outcomes in our
pre-clinical and clinical testing; the development by others of competing
technologies and therapeutics that may have greater efficacy or lower cost;
delays in obtaining or inability to obtain FDA or other necessary regulatory
approval of our products; our inability to successfully and cost effectively
develop or outsource manufacturing and marketing of any products we are able to
bring to market; changes in FDA or other regulations that affect our ability to
obtain regulatory approval of our products, increase our manufacturing costs or
limit our ability to market our products; our possible need for additional
capital in the future to fund the continued development of our Chrysalin
Product Platform; and other factors discussed in the proxy statement for our
special stockholders meeting held November&nbsp;26, 2003 and in our Form 10-K for
the fiscal year ended December&nbsp;31, 2002 and other documents we file with the
Securities and Exchange Commission.
</FONT>


<P align="center"><FONT size="2"><B># # #</B>
</FONT>




<P align="center"><FONT size="2">&nbsp;
</FONT>


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</TEXT>
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</SEC-DOCUMENT>
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