NEW YORK, April 30 /PRNewswire-FirstCall/ -- Goodnow Capital, L.L.C., a majority shareholder in Incara Pharmaceuticals Corporation (OTC Bulletin Board: INCR.OB; "Incara"), announced today that is has elected a new board of directors of Incara. David C. Cavalier, President of Goodnow, will serve as the chairman of the board. Richard P. Burgoon, Jr. and Alan J. Tuchman, MD, who, together with Mr. Cavalier, are members of Xmark Asset Management, LLC which is the manager of Goodnow and the Xmark Funds, will also join the Incara board.
"Incara has made substantial pre-clinical progress in the development of its lead compound, AEOL-10150, for the potential treatment of amyotrophic lateral sclerosis (ALS), commonly referred to as Lou Gehrig's disease" Cavalier said. "It is time to position the company for future clinical development. Over the coming months, we expect to bring on additional Board members whose expertise and experience will support Incara's clinical focus for AEOL-10150. In addition, we will evaluate strategic initiatives to augment the current value of Incara's technology. The new board will consider the possible acquisition or licensing of novel products in pre-clinical and clinical development." Mr. Cavalier further stated that, "We appreciate the time, energy and service of the prior members of the Incara board of directors as they helped to shepherd Incara to this point."
The changes to the board are effective immediately.
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. Incara is in final preparation stages of an Investigational New Drug (IND) application to be filed with the FDA for treatment of ALS. An IND is the first stage necessary to begin human clinical studies of compounds such as AEOL-10150. The first human clinical evaluation of AEOL-10150, referred to as a Phase 1 clinical study, would be expected to begin within 30-60 days after the IND is submitted to the FDA by Incara. 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.
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