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Biotech / Medical : INCR -- Incara Pharmaceuticals
INCR 1.010-1.9%3:42 PM EST

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To: scaram(o)uche who wrote (56)12/23/2000 5:26:55 PM
From: scaram(o)uche   of 196
 
OK, so.... the Knoll obligation is gone.

Hurray!!

The third project is hopping.

Hurray!!

Pull down on the existing arrangement is avoided, sorta.

Hurray?

The Series C preferred
stock is exchangeable at the option of Elan International at any time for all of
the preferred stock of Incara Development held by us which, if exchanged, would
give Elan International ownership of 50% of the initial amount of combined
common and preferred stock of Incara Development.


Geeeeze, these guys are clever. They just got a chunk of the catalytic anti-oxidant business, but.... if OP2000 looks good and stroke/reperfusion/etc. goes nowhere (liver too!), they have a second op at full winner.

Sheeeesh.
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