<PAGE>
Page 1 of 15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
Celtrix Pharmaceuticals Inc.
________________________________________________________________________________
(Name of Issuer)
Class A Common Stock
________________________________________________________________________________
(Title of Class of Securities)
151186103
_______________________________________________________________
(CUSIP Number)
Paul J. Tauber
Coblentz, Patch, Duffy & Bass, LLP
222 Kearny Street, 7th floor
San Francisco, California
94108-4510
415-391-4800
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
November 19, 1998
_______________________________________________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [X]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
<PAGE>
Page 2 of 15
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
2
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 3 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Biotechnology Development Fund, L.P. ("BDF")
94-3258409
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 3,095,774 shares, except that BioAsia, the general
partner of BDF, and Kung, Leung and Engleman,
members of BioAsia, may be deemed to have shared
power to vote these shares. The 3,095,774 shares
include warrants to purchase 1,365,258 shares of
the issuer held by BDF.
SHARES ----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
5,595,774 shares. See response to Row 7. The
5,595,774 shares include 1,000,000 shares which are
owned by Biotechnology Development Fund III, L.P.
("BDF III"), and 1,500,000 shares which BDF III may
purchase by exercising warrants held by BDF III.
BDF may be deemed to have shared power to vote
through a 24.8% limited partnership interest in BDF
OWNED BY III.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 3,095,774 shares, except that BioAsia, the general
partner of BDF, and Kung, Leung and Engleman,
members of BioAsia, may be deemed to have shared
power to dispose of these shares. The 3,095,774
shares include warrants to purchase 1,365,258
shares of the issuer held by BDF.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,595,774 shares. See response to Row 9. The
5,595,774 shares include 1,000,000 shares which are
owned by Biotechnology Development Fund III, L.P.
("BDF III"), and 1,500,000 shares which BDF III may
purchase by exercising warrants held by BDF III.
BDF may be deemed to have shared power to dispose
of through a 24.8% limited partnership interest in
BDF III.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,595,774 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 4 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Biotechnology Development Fund III, L.P. ("BDF III")
77-0474834
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 2,500,000 shares, except that BDF, BioAsia, the
general partner of BDF III and BDF, and Kung, Leung
and Engleman, members of BioAsia, may be deemed to
have shared power to vote these shares. The
2,500,000 shares include warrants to purchase
1,500,000 shares which BDF III may purchase by
exercising warrants held by BDF III.
SHARES ----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
2,500,000 shares. See response to Row 7. BioAsia
is the general partner of BDF and BDF III and may be
deemed to have shared power to vote these shares.
The 2,500,000 shares include 1,500,000 shares which
BDF III may purchase by exercising warrants held by
BDF III.
OWNED BY -----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,500,000 shares, except that BDF, BioAsia, the
general partner of BDF III and BDF, and Kung, Leung
and Engleman, members of BioAsia, may be deemed to
have shared power to dispose of these shares. The
2,500,000 shares include 1,500,000 shares which BDF
III may purchase by exercising warrants held by BDF
III.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
2,500,000 shares. See response to Row 9. BioAsia
is the general partner of BDF and BDF III and may be
deemed to have shared power to dispose of these
shares. The 2,500,000 shares include 1,500,000 shares
which BDF III may purchase by exercising warrants
held by BDF III.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,500,000 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
4
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 5 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BioAsia Investments, LLC ("BioAsia")
94-3258407
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A.
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
5,595,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned directly
by BDF III. The 5,595,774 shares also include
1,365,258 shares which BDF may purchase by exercising
warrants owned directly by BDF and 1,500,000 shares
which BDF III may purchase by exercising warrants
owned directly by BDF III. BioAsia is the general
partner of BDF and BDF III and may be deemed to have
OWNED BY shared power to vote these shares.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,595,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned by BDF
III. The 5,595,774 shares also include 1,365,258
shares which BDF may purchase by exercising warrants
owned directly by BDF and 1,500,000 shares which BDF
III may purchase by exercising warrants owned directly
by BDF III. BioAsia is the general partner of BDF and
BDF III and may be deemed to have shared power to
dispose of these shares.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,595,774 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
5
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 6 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BioAsia, LLC ("BA")
94-3263866
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A.
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 75,000 shares. BA may purchase the 75,000 shares upon
exercising options that BA holds. Kung, Leung and
Engleman, members of BA, may be deemed to have shared
power to vote these shares.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 75,000 shares. BA may purchase the 75,000 shares upon
exercising options that BA holds. Kung, Leung and
Engleman, members of BA, may be deemed to have shared
power to dispose of the shares.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
75,000 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
6
<PAGE>
SCHEDULE 13D
- ------------------------ ---------------------
CUSIP NO. PAGE 7 OF 15 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank Kung ("Kung")
###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A.
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned
directly by BDF III. The 5,670,774 shares also
include 1,365,258 shares which BDF may purchase by
exercising warrants owned directly by BDF and
1,500,000 shares which BDF III may purchase by
exercising warrants owned directly by BDF III. The
5,670,774 shares further include options to
purchase 75,000 shares owned directly by BA. Kung
is a member of BioAsia and BA and may be deemed to
have shared power to vote these shares.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned
directly by BDF III. The 5,670,774 shares also
include 1,365,258 shares which BDF may purchase by
exercising warrants owned directly by BDF and
1,500,000 shares which BDF III may purchase by
exercising warrants owned directly by BDF III. The
5,670,774 shares further include options to
purchase 75,000 shares owned directly by BA. Kung
is a member of BioAsia and BA and may be deemed to
have shared power to dispose of these shares.
- -----------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,670,774 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 8 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Anselm Leung ("Leung")
###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A.
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned directly
by BDF III. The 5,670,774 shares also include
1,365,258 shares which BDF may purchase by exercising
warrants owned directly by BDF and 1,500,000 shares
which BDF III may purchase by exercising warrants
owned directly by BDF III. The 5,670,774 shares
further include options to purchase 75,000 shares
owned directly by BA. Leung is a member of BioAsia and
BA and may be deemed to have shared power to vote
these shares.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned directly
by BDF III. The 5,670,774 shares also include
1,365,258 shares which BDF may purchase by exercising
warrants owned directly by BDF and 1,500,000 shares
which BDF III may purchase by exercising warrants
owned directly by BDF III. The 5,670,774 shares
further include options to purchase 75,000 shares
owned directly by BA. Leung is a member of BioAsia and
BA and may be deemed to have shared power to dispose
of these shares.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,670,774 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
8
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. PAGE 9 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edgar Engleman ("Engleman")
###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A.
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 N.A.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned directly
by BDF III. The 5,670,774 shares also include
1,365,258 shares which BDF may purchase by exercising
warrants owned directly by BDF and 1,500,000 shares
which BDF III may purchase by exercising warrants
owned directly by BDF III. The 5,670,774 shares
further include options to purchase 75,000 shares
owned directly by BA. Engleman is a member of BioAsia
and BA may be deemed to have shared power to vote
these shares.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,670,774 shares, 1,730,516 of which are directly
owned by BDF and 1,000,000 of which are owned directly
by BDF III. The 5,670,774 shares also include
1,365,258 shares which BDF may purchase by exercising
warrants owned directly by BDF and 1,500,000 shares
which BDF III may purchase by exercising warrants
owned directly by BDF III. The 5,670,774 shares
further include options to purchase 75,000 shares
owned directly by BA. Engleman is a member of BioAsia
and BA and may be deemed to have shared power to
dispose of these shares.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,670,774 shares.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_] N.A.
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
9
<PAGE>
PAGE 10 of 15.
- --------------
BioAsia Investments, LLC, a California limited liability company ("BioAsia"),
Biotechnology Development Fund, L.P., a Delaware limited partnership ("BDF"),
Biotechnology Development Fund III, L.P., a Delaware limited partnership ("BDF
III"), BioAsia, LLC, a California limited liability company ("BA"), Frank Kung
("Kung"), Anselm Leung ("Leung"), and Edgar Engleman ("Engleman") hereby make
this single joint filing statement on Schedule 13D with respect to the shares of
common stock and the warrants and options to purchase shares of common stock of
Celtrix Pharmaceuticals Inc. ("Celtrix") as follows:
Item 1. Security and Issuer.
The securities are common stock of Celtrix Pharmaceuticals Inc., and
warrants and options to purchase common stock of Celtrix. The principal office
of the issuer is located at 2033 Gateway Place, Suite 600, San Jose, California
95110.
Item 2
(a). Identity and Background of Persons Filing.
This Statement is filed by BDF, BDF III, BioAsia, BA, Kung, Leung, and Engleman.
The foregoing entities and individuals are collectively referred to as the
"Reporting Persons."
BioAsia is the general partner of BDF and BDF III, and may be deemed to have
indirect beneficial ownership of shares of the issuer directly owned by BDF or
beneficially owned by BDF through BDF's 24.8% limited partnership interest in
BDF III. Kung, Leung and Engleman are the members of BioAsia and BA and may be
deemed to have indirect beneficial ownership of the shares of the issuer
directly and indirectly owned by BDF and directly owned by BDF III.
BioAsia disclaims beneficial ownership of shares of the issuer and the warrants
directly owned by both BDF and BDF III except to the extent of any indirect
pecuniary interest therein. BioAsia further disclaims beneficial ownership of
the options directly owned by BA. Kung, Leung and Engleman disclaim beneficial
ownership of the shares and the warrants held by both BDF and BDF III except to
the extent of any respective indirect pecuniary interest therein.
The members of BioAsia are Kung, Leung and Engleman. Kung, Leung and Engleman
are also the members of BA. BA disclaims beneficial ownership of all shares and
warrants of the issuer directly owned by BDF and BDF III.
(b). Address of Principal Office
The address for each of the Reporting Persons is: BioAsia Investments, LLC, 575
High Street, Suite 201, Palo Alto, California 94301.
10
<PAGE>
PAGE 11 of 15.
- --------------
(c). BDF and BDF III are limited partnerships which were organized for the
purposes of investing in public and private emerging and growth companies in the
biotechnology field. BioAsia is the general partner of BDF, BDFIII, and other
limited partnerships. BA was organized to hold securities which are jointly
owned by Kung, Leung and Engleman, the three managing members of BioAsia. Kung
and Leung are principals of BioAsia. Engleman is a principal of BioAsia and is a
Professor at Stanford University.
(d). None of the Reporting Persons has been convicted in a criminal proceeding
during the last five years.
(e). None of the Reporting Persons has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding violation with respect to such laws.
(f). BDF and BDF III are Delaware limited partnerships. BioAsia and BA are
California limited liability companies. Kung, Leung and Engleman are United
States citizens.
Item 3. Source and Amount of Funds.
The securities were purchased with working capital held on deposit with various
financial institutions for the account of BDF and BDF III. The amount of the
consideration was $750,000.
Item 4: Purpose of Transaction.
The securities were purchased for investment purposes only.
This Schedule 13D is being filed late, and a Schedule 13G was filed in error on
February 13, 1999.
Item 5: Interest in Securities of the Issuer.
(a). See Row 11 and Row 13 for each Reporting Person.
(b). (i) Sole power to vote or direct the vote:
See Row 7 for each Reporting Person.
(ii) Shared power to vote or direct the vote:
See Row 8 for each Reporting Person.
(iii) Sole power to dispose or direct the disposition of:
See Row 9 for each Reporting Person.
(iv) Shared power to dispose or direct the disposition of:
See Row 10 for each Reporting Person.
11
<PAGE>
PAGE 12 of 15.
- --------------
(c). Not applicable.
(d). Under certain circumstances set forth in the limited partnership
agreements of BDF and BDF III and the limited liability company operating
agreements of BioAsia and BA, the general and limited partners of BDF and BDF
III and the members of BioAsia and BA each may be deemed to have the right to
receive dividends from, or the proceeds from, the sale of shares of the issuer
owned by each such entity of which they are a partner or member, as applicable.
(e). Not applicable.
Item 6. Contracts. Arrangements, Understandings or Relationships with Respect
to the Issuer of the Securities of the Issuer.
Not applicable.
Item 7. Material to be Filed as Exhibits.
Agreement of Joint Filing.
12
<PAGE>
PAGE 13 of 15.
- --------------
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
May 26, 1999
Biotechnology Development Fund, L.P.,
a Delaware limited partnership
By: BioAsia Investments, LLC, a
California limited liability company
Its: General Partner
By: /s/ Frank Kung
___________________________________
Frank Kung, Member
Biotechnology Development Fund III, L.P.,
a Delaware limited partnership
By: BioAsia Investments, LLC, a
California limited liability company
Its: General Partner
By: /s/ Frank Kung
___________________________________
Frank Kung, Member
BioAsia Investments, LLC, a
California limited liability company
By: /s/ Frank Kung
________________________________________
Frank Kung, Member
BioAsia, LLC, a
California limited liability company
By: /s/ Frank Kung
________________________________________
Frank Kung, Member
/s/ Frank Kung
____________________________________________
Frank Kung
/s/ Anselm Leung
____________________________________________
Anselm Leung
/s/ Edgar Engleman
____________________________________________
Edgar Engleman
13
<PAGE>
PAGE 15 of 15.
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EXHIBIT A
Agreement of Joint Filing
The undersigned hereby agree that a single Schedule 13D (or any amendment
thereto) relating to the common stock, warrants or options of Celtrix
Pharmaceuticals Inc. shall be filed on behalf of the undersigned and that this
Agreement shall be filed as an exhibit to such Schedule 13D.
Executed this 26th day of May, 1999. Biotechnology Development Fund, L.P.,
a Delaware limited partnership
By: BioAsia Investments, LLC, a
California limited liability company
Its: General Partner
By: /s/ Frank Kung
______________________________
Frank Kung, Member
Biotechnology Development Fund III, L.P.,
a Delaware limited partnership
By: BioAsia Investments, LLC, a
California limited liability company
Its: General Partner
By: /s/ Frank Kung
______________________________
Frank Kung, Member
BioAsia Investments, LLC, a
California limited liability company
By: /s/ Frank Kung
___________________________________
Frank Kung, Member
BioAsia, LLC, a
California limited liability company
By: /s/ Frank Kung
___________________________________
Frank Kung, Member
/s/ Frank Kung
______________________________________
Frank Kung
/s/ Anselm Leung
______________________________________
Anselm Leung
/s/ Edgar Engleman
______________________________________
Edgar Engleman
15
