Celtrix Pharmaceuticals Inc. has raised $23.6 million in asecondary offering of 2.5 million shares at $10.50 per share.
The offering included 225,000 shares sold by stockholders,primarily investors in BioGrowth Inc., which merged withCeltrix (NASDAQ:CTRX) in December.
The stock closed down 50 cents at $10 on Friday.
Celtrix, which is developing therapeutic products based onnaturally occurring, cell-regulating proteins, is focusing itsefforts on BetaKine and IGF-BP3.
BetaKine transforming growth factor-beta-2 is in Phase II trialsto treat detached retinas at the macula (macular holes) and inPhase I/II trials in a collagen sponge to treat venous stasisulcers.
IGF-BP3 is a complex of insulin-like growth factor-1 coupledwith its binding protein. IGF-BP3 normally circulates in thebloodstream, regulating the production of protein in muscleand bone. The drug, which is about a year away from clinicaltrials, will be tested first in elderly patients with chronicobstructive pulmonary disease, a form of protein wasting.
After the offering, the Palo Alto, Calif., company has 8 millionshares outstanding. Underwriters Robertson, Stephens & Co.and Oppenheimer & Co. have a 375,000-share overallotmentoption.
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