Baltimore Biotechnology Inc., a tiny research and development company headed by a well-known retinal surgeon at St. Joseph Hospital, has been acquired by a California company in exchange for roughly $700,000 in stock based on current prices.
With the purchase, Celtrix Pharmaceuticals Inc., of Santa Clara, will be tapping into the work of the six Baltimore Biotech researchers who have developed new technology that uses biotechnology to treat eye diseases.
Celtrix will also have a closer relationship with Dr. Bert M. Glaser, founder of Baltimore Biotech and director of the Retina Center at St. Joseph.
Dr. Glaser, who is a former professor at the Johns Hopkins University School of Medicine, will join Celtrix's advisory board and serve as an exclusive consultant to the company.
In addition, Celtrix obtained the patents on a family of organic molecules which are believed to inhibit the formation of blood vessels, said Bruce Pharriss, chief executive officer for Celtrix.
The company said it does not intend to move the small research group off the hospital grounds, where it now rents space. And Dr. Glaser said he wants to keep his clinical practice close to the research group.
Celtrix already has worked with Dr. Glaser to develop a possible treatment for macular hole, a disease that can leave a patient legally blind. The company has begun clinical trials on the treatment.