-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VD0HnN8WvA17ftep8yY0FgmjO7hcpG7rkmKvOq+Owl2AzThby9Y6os0NU7ZiLeg+ SKKmLp9fEqGfvnZKjMGRAg== 0000891618-98-003450.txt : 19980727 0000891618-98-003450.hdr.sgml : 19980727 ACCESSION NUMBER: 0000891618-98-003450 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980723 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980724 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CELTRIX PHARMACEUTICALS INC CENTRAL INDEX KEY: 0000871395 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 943121462 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18976 FILM NUMBER: 98670739 BUSINESS ADDRESS: STREET 1: 3055 PATRICK HENRY DR CITY: SANTA CLARA STATE: CA ZIP: 95054 BUSINESS PHONE: 4089882500 MAIL ADDRESS: STREET 2: 3055 PATRICK HENRY DRIVE CITY: SANTA CLARA STATE: CA ZIP: 95054 FORMER COMPANY: FORMER CONFORMED NAME: CELTRIX LABORATORIES INC DATE OF NAME CHANGE: 19600201 8-K 1 FORM 8-K FOR THE PERIOD 07/23/98 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: July 23, 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 2 ITEM 5. OTHER EVENTS On July 23, 1998, 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 23, 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 July 23, 1998. 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: July 23, 1998 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 July 23, 1998. EX-21 2 PRESS RELEASE DATED JULY 23, 1998 1 EXHIBIT 21 [CELTRIX LETTERHEAD] NEWS RELEASE CONTACT: Donald D. Huffman Vice President, Finance and Administration Chief Financial Officer (408) 988-2500 CELTRIX REPORTS FIRST QUARTER RESULTS SANTA CLARA, CA -- July 23, 1998 -- For the first quarter ended June 30, 1998, Celtrix Pharmaceuticals, Inc. (Nasdaq: CTRX) reported revenues of $36,000, operating expenses of $3,564,000, and a net loss of $3,453,000, or $0.16 per share. These results were in line with management's expectations. At June 30, 1998, Celtrix had $4,538,000 in cash, cash equivalents and short-term investments. In comparison, revenues for the first quarter ended June 30, 1997 were $24,000, operating expenses were $3,553,000 and the net loss was $2,568,000, or $0.12 per share. Operating loss for the first quarter of 1998 was comparable to the same period last year; however, the net loss in the first quarter of 1997 included a gain on investment from the sale of Prograft Medical, Inc. securities coupled with higher interest income on higher cash, cash equivalents and short-term investments. Celtrix is a biopharmaceutical company developing novel therapeutics for seriously debilitating, degenerative conditions primarily associated with severe trauma, chronic diseases or aging. The company's focus is on SomatoKine(R), a novel IGF-BP3 complex, for treatment of a broad range of metabolic disorders. SomatoKine is currently undergoing Phase II clinical testing for the treatment of severe osteoporosis (recovery from hip fracture), traumatic burns and diabetes. Other potential indications include protein wasting diseases associated with cancer, AIDS, advanced kidney failure and other life-threatening conditions. Celtrix has also licensed rights for development of another molecule, TGF-beta-2, to Genzyme Corporation for incorporation into its comprehensive program for tissue repair. Genzyme is currently in Phase II clinical testing using TGF-beta-2 for the treatment of dermal ulcers. This news release contains certain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from the statements made, as a result of various factors, including risks associated with the continuation of the same observations in future clinical trials involving SomatoKine, as well as risks associated with future research, clinical study results, the regulatory approval process, competitive products and other factors which are listed from time to time in Celtrix's Securities and Exchange Commission (SEC) filings. These forward-looking statements represent Celtrix's judgment as of the date of this news release. -FINANCIAL CHARTS FOLLOW- 2 CELTRIX PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited)
Three Months Ended June 30, ----------------------------- 1998 1997 ---------- ---------- Revenues: Product sales $ 10 $ -- Other revenues 26 24 ---------- ---------- 36 24 Costs and expenses: Research and development 3,001 3,005 General and administrative 563 548 ---------- ---------- 3,564 3,553 ---------- ---------- Operating loss (3,528) (3,529) Interest income, net 75 224 Gain on sale of investment in Prograft Medical, Inc. -- 737 ---------- ---------- Net loss $ (3,453) $ (2,568) ========== ========== Basic and diluted net loss per share $ (0.16) $ (0.12) ========== ========== Shares used in basic and diluted per share computation 21,061 20,985 ========== ==========
3 CELTRIX PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30, March 31, 1998 1998 ----------- ----------- (unaudited) ASSETS Current assets: Cash, cash equivalents and short-term investments $ 4,538 $ 7,913 Receivables and other current assets 31 219 ----------- ----------- Total current assets 4,569 8,132 Property and equipment, net 6,757 7,062 Intangible and other assets, net 2,724 2,682 ----------- ----------- $ 14,050 $ 17,876 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,904 $ 2,234 Current portion of capital lease obligations -- 8 ----------- ----------- Total current liabilities 1,904 2,242 Deferred rent 853 890 Stockholders' equity 11,293 14,744 ----------- ----------- $ 14,050 $ 17,876 =========== ===========
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