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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: July 22, 1997
Commission File Number: 0-18976
CELTRIX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 94-3121462
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
3055 Patrick Henry Drive, Santa Clara, CA 95054-1815
(Address of principal executive offices and zip code)
Registrant's Telephone Number: (408) 988-2500
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ITEM 5. OTHER EVENTS
On July 22, 1997, Celtrix Pharmaceuticals, Inc., a Delaware corporation
(the "Company") announced First Quarter Financial Results. Further details
regarding this announcement are contained in the Company's news release dated
July 22, 1997, attached as exhibit hereto and incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(A) EXHIBITS
Exhibit 21 Celtrix Pharmaceuticals, Inc. News Release dated July 22, 1997.
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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 thereunto duly authorized.
CELTRIX PHARMACEUTICALS, INC. (Registrant)
Date: July 22, 1997 By: /s/ ANDREAS SOMMER
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Andreas Sommer
President and Chief Executive Officer
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CELTRIX PHARMACEUTICALS, INC.
INDEX TO EXHIBITS
Exhibit Number
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Exhibit 21 Celtrix Pharmaceuticals, Inc. Press Release
dated July 22, 1997.
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CELTRIX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31,
1997 1997
----------- -----------
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term investments $ 16,724 $ 5,788
Receivables and other current assets 184 197
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Total current assets 16,908 5,985
Property and equipment, net 8,023 8,423
Intangible and other assets, net 2,603 2,548
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$ 27,534 $ 16,956
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 1,330 $ 1,380
Short-term debt and lease obligations 209 328
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Total current liabilities 1,539 1,708
Deferred rent 1,001 1,038
Stockholders' equity 24,994 14,210
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$ 27,534 $ 16,956
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CELTRIX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
----------------------------------
1997 1996
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Revenues:
Other revenues $ 24 $ 42
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24 42
Costs and expenses:
Research and development 3,005 2,703
General and administrative 548 445
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3,553 3,148
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Operating loss (3,529) (3,106)
Interest income, net 224 163
Gain on sale of investment in
Prograft Medical, Inc. 737 --
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Net loss $ (2,568) $ (2,943)
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Net loss per share $ (0.12) $ (0.19)
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Shares used in computing net loss per share 20,985 15,220
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