Costs Rise At Celtrix In Third Qtr

US biopharmaceutical company Celtrix saw costs rise in the third quarterended December 31, 1996, associated with human clinical trials of SomatoKine, its novel IGF-1 therapeutic composition, along with increased manufacturing of clinical-grade product. This resulted in a rise in operating expenses of 8%. The net loss for the quarter was $3.4 million, or 22 cents per share, compared with a year-earlier loss of $509,000, or 4 cents per share. Revenues were $29,000.

In the nine-month period, the net loss was $9.8 million, or 64 cents per share, almost doubling from a year earlier. Revenues were $108,000, down from just over $1 million in the 1995 nine-month period.

The firm made "significant product development progress" during the quarter, according to Andreas Sommer, president and chief executive of Celtrix. Phase I trials of SomatoKine have been successfully completed, demonstrating not only safety at high doses but also stimulation of bone and connective tissue metabolism in the elderly, he added.