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Biotech / Medical : INCR -- Incara Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (56)	12/23/2000 5:26:55 PM
From: scaram(o)uche	Respond to 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.