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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: November 19, 1998



                         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 November 19, 1998, Celtrix Pharmaceuticals, Inc., a Delaware corporation
(the "Company") announced Celtrix's SomatoKine(R) Improves Cardiac Function In
Victims of Burn Trauma. Further details regarding this announcement are
contained in the Company's news release dated November 19, 1998, 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 November 19,
               1998.

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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:  November 19, 1998            By: /s/ DONALD D. HUFFMAN
                                        ----------------------------------------
                                        Donald D. Huffman
                                        Vice President, Finance & Administration
                                        Chief Financial Officer
                                        (Duly authorized principal financial and
                                        accounting officer.)

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                          CELTRIX PHARMACEUTICALS, INC.
                                INDEX TO EXHIBITS


Exhibit Number

               
Exhibit 21        Celtrix Pharmaceuticals, Inc. Press Release
                  dated November 19, 1998.