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<SEC-DOCUMENT>0000950153-06-000966.txt : 20060411
<SEC-HEADER>0000950153-06-000966.hdr.sgml : 20060411
<ACCEPTANCE-DATETIME>20060411155102
ACCESSION NUMBER:		0000950153-06-000966
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20060405
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060411
DATE AS OF CHANGE:		20060411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ORTHOLOGIC CORP
		CENTRAL INDEX KEY:			0000887151
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		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:		06753707

	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>p72163e8vk.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 14pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>Pursuant
to Section&nbsp;13 or 15(d) of the <BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>Date of Report: April&nbsp;5, 2006 (Date of earliest event
reported)</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><FONT style="border-bottom: 1px solid #000000"><B>ORTHOLOGIC CORP.</B></FONT></DIV>




<DIV align="center" style="font-size: 10pt">(Exact name of Company as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">000-21214
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0585310</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">1275 West Washington Street, Tempe, Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">85281</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Company&#146;s telephone number, including area code:<BR>
(602)&nbsp;286-5520
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the Company under any of the following provisions (see General Instruction
A.2. below):
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- 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 colspan="9"><A HREF="#000">Item&nbsp;1.01 Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;1.02 Termination of a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Item&nbsp;7.01 Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="p72163exv10w1.htm">Exhibit 10.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="p72163exv99w1.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>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;1
&#151; Company&#146;s Business and Operations</B>
</DIV>

<!-- link1 "Item&nbsp;1.01 Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;5, 2006, OrthoLogic Corp. (the &#147;Company&#148;) entered into a separation agreement and
release with Dr.&nbsp;James M. Pusey, the Company&#146;s Chief Executive Officer (the &#147;Separation Agreement&#148;)
in connection with Dr.&nbsp;Pusey&#146;s resignation. Under the terms of the Separation Agreement, the
Employment Agreement dated March&nbsp;3, 2005, by and between the Company and Dr.&nbsp;Pusey (the &#147;Pusey
Employment Agreement&#148;) was terminated effective April&nbsp;5, 2006 and Dr.&nbsp;Pusey will receive severance
benefits of $100,000, to be paid in six equal monthly installments, and continued medical benefits
for up to six months. The Separation Agreement is filed with this Form 8-K as Exhibit&nbsp;10.1 and is
incorporated herein by reference.
</DIV>
<!-- link1 "Item&nbsp;1.02 Termination of a Material Definitive Agreement" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.02 Termination of a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;5, 2006, the Company entered into the Separation Agreement described in Item&nbsp;1.01 of
this Form 8-K, pursuant to which the Pusey Employment Agreement was terminated effective April&nbsp;5,
2006 in connection with Dr.&nbsp;Pusey&#146;s resignation. Dr.&nbsp;Pusey&#146;s Employment Agreement was filed as
Exhibit&nbsp;10.1 to Form 8-K filed March&nbsp;3, 2005.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;5
&#151; Corporate Governance and Management</B>
</DIV>

<!-- link1 "Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(b) On April&nbsp;5, 2006, Dr.&nbsp;James M. Pusey resigned as Chief Executive Officer and as a
director of the Company. Dr.&nbsp;Pusey was a Class&nbsp;I Director of the Company and his term was to
expire at the 2007 Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Effective
April&nbsp;5, 2006, the Company appointed John M. Holliman, III to serve as Executive
Chairman and principal executive officer and Randolph C. Steer, MD, Ph.D. to serve as President of
the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John M. Holliman, III, 52, has been a general partner of entities, which are the general
partners of Valley Ventures, LP (formerly known as Arizona Growth Partners, LP), Valley Ventures
II, LP and Valley Ventures III, LP, all of which are venture capital funds, since February&nbsp;1993.
Valley Ventures invests primarily in life science companies and Mr.
Holliman also is an active board member of several privately held
life science companies. From 1985 to 1993, he was the Managing Director and Senior Managing Director of Valley Ventures&#146;
predecessor, Valley National Investors, Inc., a venture capital subsidiary of The Valley National
Bank of Arizona. Mr.&nbsp;Holliman has served as a director of the Company since 1987 and as Chairman
of the Board since 1997.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randolph C. Steer, MD, Ph.D., 56, has been an independent pharmaceutical, biotechnology and
medical devices consultant since 1989, and has provided consulting services to the Company since
2002. Dr.&nbsp;Steer has served as Associate Director of Medical Affairs at Marion Laboratories;
Medical Director at Ciba Consumer Pharmaceuticals (Ciba-Geigy Corporation); Vice President, Senior
Vice President and Member of Executive Committee at Physicians World Communications Group;
Chairman, President and Chief Executive Officer of
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Advanced Therapeutics Communications International, a global drug regulatory group; and Chairman
and Chief Executive Officer of Vicus.com, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation arrangements for Messrs.&nbsp;Holliman and Steer have not yet been established.
Initially, Mr.&nbsp;Steer will be compensated at the rate provided in his consulting agreement with the
Company, which is $250.00 per hour.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;7 &#151; Regulation&nbsp;FD</B>
</DIV>

<!-- link1 "Item&nbsp;7.01 Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;6, 2006, the Company issued a press release announcing the resignation of Dr.&nbsp;James
M. Pusey as President and Chief Executive Officer and naming John M. Holliman, III as Executive
Chairman and Randolph C. Steer, MD, Ph.D. as President of the Company. A copy of this press
release is attached to this Form 8-K as Exhibit&nbsp;99.1.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;9 &#151; Financial Statements and Exhibits</B>
</DIV>

<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Separation Agreement and Release dated April&nbsp;5, 2006, by and between the Company and James M.
Pusey</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated April&nbsp;6, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES " -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
April 11, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ORTHOLOGIC CORP.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Les M. Taeger</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Les M. Taeger</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>p72163exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SEPARATION AGREEMENT AND RELEASE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Separation Agreement and Release (&#147;Agreement and Release&#148;) is made by and between James
M. Pusey (&#147;Executive&#148;) and OrthoLogic Corp. (the &#147;Corporation&#148;). The Executive and the Corporation
desire to amicably sever their employment relationship and, notwithstanding Section&nbsp;6 of their
Employment Agreement dated March&nbsp;3, 2005 (the &#147;Employment Agreement&#148;), agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Employment Agreement is terminated effective April&nbsp;5, 2006 (&#147;Termination Date&#148;) and,
except as expressly provided herein, Executive shall not have any further rights thereunder.
Executive hereby resigns as Chief Executive Officer and each other office and employment position
with the Corporation and his position as a director on the Corporation&#146;s Board of Directors
effective on the Termination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Corporation shall pay to Executive:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The sum of $100,000 in six equal installments, less applicable withholdings. The first
payment shall be due within 10&nbsp;days of full execution of this Agreement and the remaining five
payments shall be due on the 15th day of each of the following five months.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Within 30&nbsp;days of the Termination Date, (i)&nbsp;Executive&#146;s reasonable documented out-of-pocket
business expenses properly incurred but not yet reimbursed prior to the Termination Date and (ii)
Executive&#146;s documented unreimbursed expenses incurred prior to the Termination Date for travel to
and from Philadelphia, Pennsylvania which are reimbursable pursuant to paragraph 4(h)(iii) of the
Employment Agreement, including without limitation such travel on or about March&nbsp;23 and April&nbsp;2,
2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The excess of (i)&nbsp;the proceeds delivered to the Corporation from the sale of Executive&#146;s
restricted stock pursuant to his Rule&nbsp;10b5-1 trading plan over (ii)&nbsp;the sum of $76,269 plus the
applicable federal and state withholding and payroll tax obligations in respect of reimbursements
under paragraph 4(h)(iii) of the Employment Agreement for expenses incurred during 2006 prior to
the Termination Date. Executive agrees to instruct in writing the broker under his Rule&nbsp;10b5-1
trading plan to pay the proceeds of the sale of shares thereunder directly to the Corporation in an
amount equal to the amount set forth in clause (ii)&nbsp;of the immediately preceding sentence.
Executive shall in any event pay or cause to be paid to the Corporation the amount set forth in
clause (ii)&nbsp;of the first sentence of this paragraph. The net payment described in such clause (ii)
takes into account the $62,500 the Corporation recently agreed to provide to Executive as
additional relocation expense reimbursement and Executive shall have no further rights in respect
of such amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Corporation shall continue to provide to the Executive medical insurance coverage, at
the Corporation&#146;s expense and in the same manner as now provided, through September&nbsp;2006 or until
Executive becomes eligible for medical benefits through another employment relationship, whichever
comes sooner.
</DIV>

<P align="center" style="font-size: 10pt"> - 1 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Except as expressly provided herein, the Corporation hereby releases the Executive from any
and all past and present causes of action, claims, rights and liabilities, known or unknown,
statutory or at common law, arising out of Executive&#146;s employment or resignation of employment with
the Corporation or his service as an officer or director of the Corporation, including, without
limitation, his performance or failure to perform any of his duties or responsibilities as an
employee, officer or director of the Corporation or any action or failure to act in connection
therewith; provided, that the foregoing release shall not apply to the Executive&#146;s obligations
under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Executive hereby:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. (i)&nbsp;Except as expressly provided herein, releases the Corporation, its past and present
parent, subsidiary and affiliated corporations or business entities and its and their past and
present directors, officers, agents and employees, from any and all past and present causes of
action, claims, rights and liabilities, known or unknown, statutory or at common law, arising out
of Executive&#146;s employment or termination of employment with the Corporation; provided, that the
foregoing release shall not apply to the Corporation&#146;s obligations under this Agreement or to the
Corporation&#146;s obligations to indemnify Executive in his capacity as a director or officer of the
Corporation pursuant to the Certificate of Incorporation or Bylaws of the Corporation or that
certain Indemnification Agreement between Executive and the Corporation dated April&nbsp;15, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;By way of example only and without limiting the immediately preceding paragraph, this
release is applicable to any cause of action, right, claim or liability under Title VII of the 1964
Civil Rights Act, Section&nbsp;1981 of the 1866 Civil Rights Act, the Family and Medical Leave Act, the
Equal Pay Act of 1963, the Americans with Disabilities Act, the Arizona Civil Rights Act, the
Arizona Employment Protection Act, and any other employment law or statute, or of wrongful
discharge, breach of implied or express contract, breach of the covenant of good faith and fair
dealing, intentional or negligent infliction of emotional distress, defamation and any other claim
in contract or tort, and for attorneys fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Reaffirms his continuing obligation to abide by the terms of the Confidential Information
and Assignment of Inventions Agreement dated March&nbsp;3, 2005 between him and the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Agrees to immediately return any and all things in his possession or control belonging to
the Corporation including, but not limited to, computers, cell phones, files and documents (whether
stored electronically or hard copy), credit cards and access cards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Executive, in his capacity as a director of the Corporation, hereby waives notice of the
meetings of the Corporation&#146;s Board of Directors held on April&nbsp;2, 3 and 4, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The terms of this Agreement and Release supersede paragraph 6(a) through (d)&nbsp;of the
Employment Agreement. The parties acknowledge that certain paragraphs of the Employment Agreement,
by their nature, survive the termination of such agreement, including, but not limited to,
paragraphs 6(e), 9 and 10. Each party expressly affirms its or his obligations under Section&nbsp;10 of
the Employment Agreement to, <I>inter alia</I>, not make disparaging remarks.
</DIV>

<P align="center" style="font-size: 10pt"> - 2 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the terms of the Employment Agreement, the parties agree that Section&nbsp;7 of the
Employment Agreement shall not survive and shall terminate upon termination of the Employment
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The parties acknowledge and agree that for purposes of Executive&#146;s two Letters of Stock
Option Grant dated March&nbsp;3, 2005, as of the Termination Date Executive has completed 13 full months
of employment and Executive&#146;s vested stock options are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Under Letter of Stock Option Grant dated March&nbsp;3, 2005 as to 200,000 shares: options to
acquire 42,969 shares at $5.88 per share and options to acquire 25,782 shares at $5.31 per share
(in each case subject to adjustment in accordance with such Letter of Grant);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Under Letter of Stock Option Grant dated March&nbsp;3, 2005 as to 300,000 shares: options to
acquire 103,125 shares at $5.88 per share (subject to adjustment in accordance with such Letter of
Grant).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other outstanding or conditionally granted options to acquire shares of OrthoLogic common
stock shall lapse as of the Termination Date. In addition, the 100,000 shares of restricted stock
issued under the Letter of Restricted Stock Grant dated March&nbsp;3, 2005 and not yet vested shall be
forfeited and returned to the Corporation for cancellation, and all conditional grants of
restricted stock shall lapse as of the Termination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;No provision contained herein shall be construed as an admission by Executive or the
Corporation of improper conduct, omissions or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;This Agreement and Release contains all the promises and understandings of the parties in
respect of the subject matter hereof. There are no other agreements and understandings in respect
of the subject matter hereof except as set forth herein and this Agreement and Release may be
amended only by a written agreement of the parties.
</DIV>

<P align="center" style="font-size: 10pt"> - 3 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;The parties each acknowledge that they have read this Agreement and Release and understand
and voluntarily agree to its terms.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>OrthoLogic Corp.:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Executive:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John M. Holliman, III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ James M. Pusey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Name: John M. Holliman, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: James M. Pusey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Title: Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: April&nbsp;05, 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date: April&nbsp;05, 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"> - 4 -
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>p72163exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<P><DIV style="position: relative; float: left; width: 60%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="p72163p7216300.gif" alt="(ORTHOLOGIC LOGO)">
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 30%">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>1275 W. Washington St.</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Tempe, AZ 85281</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>(602)&nbsp;286-5520</B></FONT><BR>
<U>www.orthologic.com</U><BR>
<B>N</B><FONT style="font-variant: SMALL-CAPS"><B>asdaq</B></FONT><B>: OLGC</B>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">FOR FURTHER INFORMATION:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Melanie Friedman (investors)<BR>
Stern Investor Relations, Inc.<BR>
(212)&nbsp;362-1200<BR>
melanie@sternir.com

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ORTHOLOGIC ANNOUNCES MANAGEMENT UPDATE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TEMPE,
AZ, April&nbsp;6, 2006 &#151; OrthoLogic Corp. (NASDAQ: OLGC</B>) today announced the resignation of James
M. Pusey, MD as President and CEO. Dr.&nbsp;Pusey has decided to pursue other opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John M. Holliman, III, a director of OrthoLogic since September&nbsp;1987 and Chairman of the Board of
Directors since August&nbsp;1997, will assume the title of Executive Chairman and will lead the
Company&#146;s business and corporate strategic activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Randolph C. Steer, MD, Ph.D. has been named President of OrthoLogic, directing the Company&#146;s
strategy and operations in all clinical development and regulatory areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dr.&nbsp;Steer has been an independent pharmaceutical, biotechnology and medical devices consultant
since 1989, and has provided consulting services to OrthoLogic since 2002. He has a broad
scientific, medical and business background, including extensive experience in pre-clinical,
clinical and regulatory affairs, having held key management positions in leading corporations and
having served as an advisor to many companies in the United States and abroad. In addition, he
serves as an active member of the board of directors of public and private corporations. Dr.&nbsp;Steer
has also advised numerous venture capital firms, investment banks and independent investors on the
commercial development of drugs, biologics, diagnostics and medical devices. He has served as
Associate Director of Medical Affairs at Marion Laboratories; Medical Director at Ciba Consumer
Pharmaceuticals (Ciba-Geigy Corporation); Vice President, Senior Vice President and Member of the
Executive Committee at Physicians World Communications Group; Chairman, President and Chief
Executive Officer of Advanced Therapeutics Communications International, a global drug regulatory
group, and Chairman and Chief Executive Officer of Vicus.com, Inc. He is a member of the Board of
Directors of several companies, including Techne Corporation and BioCryst Pharmaceuticals. Dr.
Steer received his MD degree from the Mayo Medical School and his Ph.D. from the University of
Minnesota, where he also completed a residency and subspecialty fellowship in clinical and chemical
pathology. He is a Fellow of the American College of Clinical Pharmacology.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About OrthoLogic</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OrthoLogic is a biotechnology company committed to developing a pipeline of novel peptides and
other molecules aimed at helping patients with under-served conditions. The Company is focused on
the development and commercialization of two product platforms: Chrysalin<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></SUP> (TP508) and
AZX100.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chrysalin, the Company&#146;s novel synthetic peptide, is being studied in two lead indications, both of
which represent areas of significant unmet medical need &#151; fracture repair and diabetic foot ulcer
healing. Based on the Company&#146;s pioneering scientific research of the natural healing cascade,
OrthoLogic has become a leading company focused on tissue and bone repair. The Company owns
exclusive worldwide rights to Chrysalin.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AZX100 is a novel pre-clinical 24-amino acid peptide, the first of a new class of compounds in the
field of smooth muscle relaxation called Intracellular Actin Relaxing Molecules, or ICARMs&#153;.
AZX100 is currently being evaluated for medically and commercially significant applications, such
as the treatment of vasospasm associated with subarachnoid hemorrhage, the prevention of keloid
scarring and the treatment of asthma. OrthoLogic has an exclusive worldwide license to AZX100.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OrthoLogic&#146;s corporate headquarters are in Tempe, Arizona. For more information, please visit the
Company&#146;s Web site: <U>www.orthologic.com.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>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: delays in obtaining or inability to obtain FDA,
institutional review board or other regulatory approvals of preclinical or clinical testing;
unfavorable outcomes in our preclinical 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 product candidates; and other factors discussed in our Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2005, and other documents we file with the Securities and
Exchange Commission.</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">###
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Editors&#146; Note: This press release is also available under the Investors section of the Company&#146;s
Web site at: <U>www.orthologic.com.</U>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
