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Incara Pharmaceuticals Corp. (INCR) Announces Results For Second Quarter Of Fiscal 2004


10/19/2005 5:11:18 PM

RESEARCH TRIANGLE PARK, N.C., May 13 /PRNewswire-FirstCall/ -- Incara Pharmaceuticals Corporation (BULLETIN BOARD: ICRA) announced today the financial results for its second quarter of fiscal 2004, the three-month period ended March 31, 2004. Incara reported a net loss attributable to common stockholders of $2,308,000, or $.05 per share, for the three months ended March 31, 2004, and a net loss attributable to common stockholders of $4,786,000, or $.13 per share, for the six months ended March 31, 2004. This compares with a net loss attributable to common stockholders of $1,480,000 for the three months ended March 31, 2003 and a net loss attributable to common stockholders of $1,394,000 for the six months ended March 31, 2003. The six- month period ended March 31, 2003 included a gain on the sale of Incara's liver cell therapy program of $1,912,000, or $.14 per share. The net loss from continuing operations was $2,802,000 for the six months ended March 31, 2003.

- Incara incurred higher costs for the most recent three and six-month periods as a result of final preparation of an Investigational New Drug (IND) application for AEOL 10150. During the first week of May 2004, Incara announced the IND had been submitted to the Food and Drug Administration (FDA) for AEOL 10150 to treat amyotrophic lateral sclerosis (ALS). Allowance of the IND by the FDA would permit Incara to initiate Phase 1 clinical trials. - ALS, the most common motor neuron disease, results from progressive degeneration of both upper and lower motor neurons and is usually fatal within 5 years. Unless there are questions from the FDA on the IND, Incara expects to begin dosing of the first volunteers for the Phase 1 clinical trials within the next 30-60 days. If the results of Phase 1 clinical trials are satisfactory, Incara's clinical plan calls for initiating a Phase 2/3 clinical trial of AEOL 10150 for treatment of ALS as early as the first half of 2005. - In April 2004, Incara closed on a private placement raising approximately $10.26 million from the sale of 41,040,000 shares of its common stock. The Company issued to all purchasers five-year warrants to purchase an aggregate number of shares of common stock equal to 40% of the total number of shares of common stock sold, at an exercise price of $0.40 per share.

Incara Pharmaceuticals Corporation is developing a new class of small molecule catalytic antioxidants that destroy oxygen-derived free radicals, believed to be an important contributor to the pathogenesis of many diseases. Incara's catalytic antioxidants have been shown to reduce damage to tissue in animal studies of neurological disorders such as ALS and stroke, and in other non-neurological indications such as cancer radiation therapy, chronic bronchitis and asthma.

The statements in this press release that are not purely statements of historical fact are forward-looking statements, and actual results might differ materially from those anticipated. These statements and other statements made elsewhere by Incara or its representatives, which are identified or qualified by words such as "intends," "likely," "will," "suggests," "expects," "might," "may," "believe," "could," "should," "would," "anticipates," "plans," or the negative of those terms or similar expressions, are based on a number of assumptions that are subject to risks and uncertainties. Important factors that could cause results to differ include risks associated with the uncertainties of scientific research, clinical trials and product development activities and the need to obtain funds for clinical trials and operations. These and other important risks are described in Incara's reports on Form 10-K, Form 10-Q and Form 8-K and its registration statements filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Incara assumes no obligation to update the information in this release.

Incara Pharmaceuticals Corporation Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended March 31, March 31, 2004 2003 2004 2003 Revenue Grant income $ 55 $ - $ 102 $ - Costs and expenses: Research & development 1,969 697 3,597 1,699 General & administrative 344 584 1,057 1,119 Total costs and expenses 2,313 1,281 4,654 2,818 Income (loss) from operations (2,258) (1,281) (4,552) (2,818) Equity in loss of Incara Development - (29) - (81) Interest income (expense), net (50) (16) (99) (41) Other income - 83 - 138 Loss from continuing operations (2,308) (1,243) (4,651) (2,802) Discontinued operations - - - (38) Gain on sale of discontinued operations - - - 1,912 Net income (loss) (2,308) (1,243) (4,651) (928) Preferred stock dividend accreted - (237) (135) (466) Net income (loss) attributable to common stockholders $(2,308) $(1,480) $(4,786) $(1,394) Net income (loss) per common share (basic and diluted): Loss from continuing operations available to common stockholders $ (.05) $ (.11) $ (.13) $ (.24) Discontinued operations $ - $ - $ - $ - Gain on sale of discontinued operations $ - $ - $ - $ .14 Net loss attributable to $ (.05) $ (.11) $ (.13) $ (.10) common stockholders Weighted average common shares outstanding (basic and diluted) 47,356 13,671 38,064 13,567 Selected Balance Sheet Items: (In thousands) March 31, 2004 (Unaudited) September 30, 2003 Cash and cash equivalents $ 366 $ 586 Total assets 900 1,080 Total stockholders' equity (1,463) (17,079)

Incara Pharmaceuticals Corporation

CONTACT: Richard Reichow of Incara Pharmaceuticals Corp.,+1-919-558-1902


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