<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FINANCIAL STATEMENTS INCLUDED IN ITS FORM 10-Q FOR THE FISCAL QUARTER
ENDED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000871395
<NAME> CELTRIX PHARMACEUTICALS, INC.
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             APR-01-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                           2,782
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 2,917
<PP&E>                                             520
<DEPRECIATION>                                      70
<TOTAL-ASSETS>                                   5,887
<CURRENT-LIABILITIES>                              834
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      7,969
<COMMON>                                           266
<OTHER-SE>                                     (3,182)
<TOTAL-LIABILITY-AND-EQUITY>                     5,887
<SALES>                                              0
<TOTAL-REVENUES>                                    29
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   191
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (8,637)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (8,637)
<EPS-BASIC>                                     (0.33)
<EPS-DILUTED>                                   (0.33)