Celtrix Laboratories Inc. last week completed its previouslyannounced merger with BioGrowth Inc. and changed its nameto Celtrix Pharmaceuticals Inc.
Palo Alto, Calif.-based Celtrix (NASDAQ:CTRX) jumped $2 Fridayto close at $14.75.
The companies, which are developing cell-regulating proteins,merged through an exchange of stock. All outstanding commonand preferred shares of privately held BioGrowth wereexchanged for 950,000 newly issued shares of Celtrix commonstock, or about 16 percent of the combined company. After thetransaction, Celtrix has 5.8 million shares outstanding.
Earlier this month Celtrix said it acquired exclusive worldwiderights to receptors that recognize and regulate the action of agrowth factor, TGF-beta.
The company has focused on TGF-beta as a healer of detachedretinas, dermal ulcers and the brittle bones of osteoporosis. Thereceptors for TGF-beta, which occur naturally on cell surfaces,may become the basis for therapeutics or may becomescreening tools for designing TGF-beta mimics or inhibitors.
Researchers at the Whitehead Institute for Biomedical Researchdiscovered the three receptor types that recognize TGF-beta.Whitehead, in association with the Massachusetts Institute ofTechnology, has filed for patents, with all rights granted toCeltrix for any and all fields of use.
(c) 1997 American Health Consultants. All rights reserved.