1
                                  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: June 21, 1999



                         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)



           2033 Gateway Place, Suite 600, San Jose, CA 95110 (Address
                  of principal executive offices and zip code)


                  Registrant's Telephone Number: (408) 988-2500


   2
ITEM 5.    OTHER EVENTS

        On June 21, 1999, Celtrix Pharmaceuticals, Inc., a Delaware corporation
(the "Company") announced Celtrix's SomatoKine(R) Diabetes Trial Results
Presented. Further details regarding this announcement are contained in the
Company's news release dated June 21, 1999, 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 June 21, 1999.


   3
                                   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:  June 21, 1999             By: /s/ DONALD D. HUFFMAN
                                 ----------------------------------------------
                                 Donald D. Huffman
                                 Vice President, Finance & Administration Chief
                                 Financial Officer (Duly authorized principal
                                 financial and accounting officer.)


   4
                          CELTRIX PHARMACEUTICALS, INC.
                                INDEX TO EXHIBITS


Exhibit Number

Exhibit 21          Celtrix Pharmaceuticals, Inc. Press Release dated
                    June 21, 1999.