RTP-Based Incara Pharmaceuticals Corporation satisfactorily completed a toxicology study for AEOL 10150, which allowed it to issue a $5 million convertible debenture to Goodnow Capital, L.L.C. Incara then made an initial draw of $1 million on the debenture. In the fall of 2003, Incara announced the $5 million financing agreement that was subject to, among other conditions, a reorganizational merger, which was completed in November 2003, and Goodnow’s acceptance of the results as satisfactory of this toxicology study relating to AEOL 10150.
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 amyotrophic lateral sclerosis (Lou Gehrig’s disease, also known as ALS) and stroke, and in other non- neurological indications such as cancer radiation therapy, chronic bronchitis and asthma.
In addition to being a condition of the financing, results from the recent toxicology study are expected to allow Incara to proceed with filing an IND with the FDA for AEOL 10150 for treatment of ALS. AEOL 10150 has been subject to 16 animal toxicology studies of varying lengths. With completion of the recent toxicology study, Incara believes it has satisfied the pre-clinical requirements necessary to prepare and file an IND with the FDA, and initiate Phase 1 clinical trials. If the Phase 1 clinical trial results are satisfactory, Incara’s clinical plan calls for initiating a Phase 2/3 clinical trial as early as the first half of 2005.
“We have been very pleased with the progress Incara has made in the last six months since we made our initial investment,” stated David C. Cavalier, Principal at Xmark Funds. “The company completed toxicology studies for AEOL 10150 with favorable results and kept on schedule for filing an IND in the near future. On the corporate front, Incara completed a critical reorganization that resulted in a cleaner, stronger balance sheet.”
Related websites:
http://www.incara.com/
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