8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

_______________________

Date of Report:  February 10, 2009 (Date of earliest event reported)

ORTHOLOGIC CORP.

(Exact name of registrant as specified in its charter)

Delaware	000-21214	86-0585310
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1275 West Washington Street, Tempe, Arizona	85281
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:

(602) 286-5520

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition.

The information in this Current Report, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.

On February 5, 2009, OrthoLogic Corp., dba. Capstone Therapeutics, announced by press release that it will host a teleconference and webcast to discuss operating plans on Tuesday, February 10, 2009 at 4:30pm EST/ 3:30pm CST/ 2:30pm MST/ 1:30pm PST.  The call may be accessed at 888-256-9134 (domestic), (++)913-312-1387 (international); accompanying slides can be viewed by logging onto the Investors section of the Company’s website, http://investor.capstonethx.com.  A copy of the presentation “Capstone Therapeutics Overview and Corporate Development Strategy February 2009” is attached as Exhibit 99.1 and is incorporated by reference herein.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

The information in this Current Report, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.

On February 5, 2009, OrthoLogic Corp., dba. Capstone Therapeutics, announced by press release that it will host a teleconference and webcast to discuss operating plans on Tuesday, February 10, 2009 at 4:30pm EST/ 3:30pm CST/ 2:30pm MST/ 1:30pm PST.  The call may be accessed at 888-256-9134 (domestic), (++)913-312-1387 (international); accompanying slides can be viewed by logging onto the Investors section of the Company’s website, http://investor.capstonethx.com.  A copy of the presentation “Capstone Therapeutics Overview and Corporate Development Strategy February 2009” is attached as Exhibit 99.1 and is incorporated by reference herein.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Capstone Therapeutics Overview and Corporate Development Strategy February 2009.

SIGNATURES

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.

Dated:  February 10, 2009	ORTHOLOGIC CORP.
	/s/ John M. Holliman, III
	John M. Holliman, III
	Executive Chairman

EX-99.1

1

AZX100

Overview &

Corporate Development Strategy

February 2009

2

Safe Harbor Statement

uStatements in this presentation or otherwise attributable to Capstone Therapeutics (trade
name of OrthoLogic Corp.) 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 pre-clinical or clinical testing; 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 product; affects on our stock price and liquidity if we are unable
to meet the requirements for continued listing on the NASDAQ Global Market; 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 10-K for the fiscal year ended
December 31, 2007, and other documents we file with the Securities and Exchange
Commission.

3

Capstone Overview

Capstone is a Clinical-Stage Biopharmaceutical Company

uAZX100 - Entering Phase 2 in Dermal Scarring 1Q2009

►Synthetic peptide with demonstrated effects

●Anti-fibrotic

●Smooth muscle relaxation

uChrysalin® (TP508) - Pre-Clinical Proof-of-Concept in
Acute Myocardial Infarction

►Synthetic peptide with demonstrated effect in vascular endothelial dysfunction

►Excellent safety profile in 565 human subjects in other indications

uStrong IP portfolio

uInternal Product Development Capabilities

►26 FTEs (10 PhD and/or MD)

►Experienced management, public company infrastructure

►Expertise in science, pre-clinical, regulatory, clinical, administration

4

Capstone 2008 Summary

Capstone Report Card 2008

uAchieved All Corporate Objectives

uAZX100

►Successful Phase 1a safety study (30 subjects)

●Met safety endpoint

►Successful Phase 1b safety study (40 subjects)

●Met safety endpoint

●Significant pharmacologic effect

●Trend of efficacy in scar reduction

►Pre-clinical progress in additional high-value indications

►Published fibroblast mechanism data

uChrysalin (TP508)

►Completed landmark pre-clinical proof-of-concept AMI study

►Published key studies on cellular effects / mechanism of action

►Initiated corporate partnering process

5

AZX100

AZX100

6

Keloid Scars

•Overgrowth of dense fibrous
tissue

•Extend beyond borders of
original wound

•Do not regress
spontaneously

•Tend to recur after excision

Hypertrophic Scars

•Red, itching, raised fibrous lesions

•Typically do not expand beyond
boundaries of initial injury

•May undergo partial spontaneous
resolution

•Common after thermal and other
injuries that involve deep dermis

Atrophic (Normal) Scars

•Various types:

•Flat, pale

•Sunken

•Red, dark, raised

•Result from surgery, burns
acne

Dermal Scarring: Range of Indications

7

AZX100 Dermal Scarring - Compelling Rationale

uCellular (in vitro)

►AZX100 decreased expression of CTGF & Type 1 collagen

►AZX100 decreased stress fiber formation & altered morphology of
human dermal keloid fibroblasts

uPre-Clinical

►AZX100 significantly improved collagen organization in Siberian
hamster scarring model

uClinical

►Phase 1a & 1b Safety Profile

►Phase 1b - Strong pharmacologic signal & early signal of efficacy

uCommercial Potential

►21 million surgical procedures performed annually in the U.S. that
can result in some form of dermal scarring

uConclusion:Initiate Phase 2 Program

8

AZX100 Phase 2 Dermal Scarring

uInitiation: 1Q2009

uFour clinical trial sites; n~150

uArthroscopic shoulder surgery subjects

uMultiple doses, administrations

►Intra-patient control

uEfficacy endpoints

►Use of validated criteria

►2D/3D digital photography; visual, other scoring scales

uBiopsies of scar sites

uInterim analysis late 2009; 12-month follow-up

9

AZX100 Phase 2 Keloid Pilot Study

uInitiation: 1Q2009

uTwo clinical trial sites; n~30

uVolunteers - keloid scar excision

uMultiple doses, administrations

uPlacebo control

uEfficacy endpoints

►Use of validated measurement criteria

►2D/3D digital photography; visual, other scoring scales

uInformal observational analysis late 4Q2009 for
internal purposes; 12-month follow-up

10

Capstone Pipeline

AZX100 Status Report

Under Existing Dermal IND

11

Chrysalin®

12

13

Capstone Financial Summary

Capstone Key Financial Facts

u$48.0MM cash (31-Dec-2008)

►Favorable to guidance

uNo long-term debt

u52-wk Range:$0.40 - $1.29

uMkt Cap as of February 5, 2009 : ~$18.3MM

14

Capstone Cash Burn

	Guidance	Actual
2006	Orig: $35.0MM Rev: $15.0-$17.5MM	$13.4MM
2007	$18.0 - $19.0MM	$9.6MM
2008	$13.0 - $15.0MM	$12.6MM (includes $1.041MM stock repurchase)
2009	$14.0 - $16.0MM

Capstone Manages Cash with Discipline

15

Capstone Therapeutics - Value Potential

uUnique molecules targeting high-value
indications

uNear-term value-creating events

uCash resources

uValue Creation in 2009

►AZX100 Phase 2 Program in Dermal Scarring

►AZX100 Keloid Pilot Study

►Chrysalin Corporate Partnering in AMI

16

NASDAQ:CAPS

www.capstonethx.com

Capstone Therapeutics

1275 West Washington Street - Suite 101

Tempe, AZ85281

(602) 286-5520