BiologicsMD of Fayetteville announced Tuesday that it has recieved a $2.3 million grant from the U.S. Department of Defense to futher develop a drug for osteoporosis. Company President Paul Mlakar Jr. said the grant will be spent over two years to pay for more testing of the drug and to shepherd it through the early stages of the approval process. The drug, which is designed to reverse the effects of osteoporosis by growing new bone, has shown “a lot of very good indications in pre-clinical data,” Mlakar said. It relies on technology licensed from the University of Arkansas, he said, and the company hopes it ultimately will be delivered as a shot, once or twice a year. BiologicsMD, which has six employees, was founded in January 2009 and applied for the grant in May 2010. Fifty-seven such grants were awarded by the DOD out of 607 applications.