<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
-
Celtrix Pharmaceuticals Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
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 94018-4510
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 7, 2000
---------------------------------------------------------------
(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 [_]. (A fee is
not required only of 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-19a) 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.
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).
1
<PAGE>
- ------------------------------------------------------------------------------
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
2,945,774 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 2,945,774 shares include
warrants to purchase 615,258 shares of the issuer
held by BDF.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 5,145,774 shares. See response to Row 7. The 5,145,774
shares include 2,200,000 shares which are owned by
Biotechnology Development Fund III, L.P. ("BDF" III").
BDF may be deemed to have shared power to vote through
a 24.8% limited partnership interest in BDF III.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,945,774 shares, except that BioAsia, the general
partner of BDF, and Kung, Leung and Engleman,
members of BioAsia, may deemed to have shared power to
dispose of these shares. The 2,945,774 shares include
warrants to purchase 615,258 shares of the issuer held
by BDF.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,145,774 shares. See response to Row 9. The
55,145,774 shares include 2,200,000 shares which are
owned by BDF III. BDF may be deemed to have shares
power to dispose of through a 24.8% limited
partnership interest in BDF III.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,145,774 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
16.11%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
2
<PAGE>
- ------------------------------------------------------------------------------
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 2,200,000 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.
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
2,200,000 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.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,200,000 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.
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
2,200,000 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.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,200,000 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
6.89%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
3
<PAGE>
- ------------------------------------------------------------------------------
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
5,145,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,145,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. BioAsia is the general partner
of BDF and BDF III 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
5,145,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned by BDF
III. The 5,145,774 shares also include 615,258 shares
which BDF may purchase by exercising warrants owned
directly by BDF. 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
5,145,774 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
16.11%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
4
<PAGE>
- ------------------------------------------------------------------------------
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
0
OWNED BY
-----------------------------------------------------------
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
0.23%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
5
<PAGE>
- ------------------------------------------------------------------------------
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
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 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
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 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.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,220,774 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
16.35%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
6
<PAGE>
- ------------------------------------------------------------------------------
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
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 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
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 shares further
include options to purchase 75,000 shares owned
directly by BA. Leung is a member of BioAsia an BA
and may be deemed to have shared power to dispose
of these shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,220,774 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
16.35%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
7
<PAGE>
- ------------------------------------------------------------------------------
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
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 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.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,220,774 shares, 2,330,516 of which are directly
owned by BDF and 2,200,000 of which are owned directly
by BDF III. The 5,220,774 shares also include 615,258
shares which BDF may purchase by exercising warrants
owned directly by BDF. The 5,220,774 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
5,220,774 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
16.35%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
8
<PAGE>
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 that
single joint filing statement on Schedule 13D, filed with the Securities and
Exchange Commission, with respect to certain shares of common stock and options
and warrants to purchase shares of common stock of Celtrix Pharmaceuticals Inc.
("Celtrix") as follows. BDF, BDF III, BioAsia, BA, Kung, Leung and Engleman are
each sometimes referred to as a Reporting Person and, collectively, referred to
as the Reporting Persons.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended to add the following paragraph after the final
paragraph:
On January 7, 2000, the Reporting Persons exercised warrants to purchase
2,250,000 shares held by the Reporting Persons. The exercise of the warrants
was accomplished by means of a net exercise. Accordingly, because the market
price of the common stock of the Issuer as traded on the NASDAQ was $2.75 on the
exercise date, the Reporting Person surrendered the equivalent of 450,000 shares
in the exercise. As a result, the Reporting Person received 1,800,000 shares of
common stock as a result of the exercise of the warrants.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended, in its entirety, as follows:
(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.
(c) See response to Item 3. On January 7, 2000, the Reporting Persons
exercised warrants to purchase 2,250,000 shares held by the Reporting Persons.
The exercise of the warrants was accomplished by means of a net exercise.
Accordingly, because the market price of the common stock of the Issuer as
traded on the NASDAQ was $2.75 on the exercise date, the Reporting Person
surrendered the equivalent of 450,000 shares in the exercise. As a result, the
Reporting Person received 1,800,000 shares of common stock as a result of the
exercise of the warrants. The exercise of the warrants was conducted in a
single transaction and was made directly with the Issuer pursuant to the terms
of the warrants. The exercise price of each of the warrants was $0.55 per
share.
(d) N.A.
(e) January 7, 2000. This amendment is being filed as of February 29,
2000 because the actual date of the exercise was not determined by the Issuer
until February 23, 2000.
9
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 29, 2000
- -----------------
Date
Biotechnology Development Fund, L.P., a Delaware
limited partnership
By: BioAsia Investments, LLC, a California
limited liability company, 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, 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
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 100
10
