SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Incara Pharmaceuticals Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
45324E103
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(CUSIP Numbers)
December 31, 2001
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[_] Rule 13d-1(c)
[X] Rule 13d-1(d)
__________________
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Clayton I. Duncan
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
Not Applicable (b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF 809,572
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
7
REPORTING 809,572
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
809,572
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
6.3%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
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Item 1(a) Name of Issuer
Incara Pharmaceuticals Corporation
Item 1(b) Address of Issuer's Principal Executive Offices
79 T.W. Alexander Dr., 4401 Research Commons, Suite 200, P.O. Box
14287, Research Triangle Park, NC 27709-4287
Item 2(a) Name of Person Filing
Clayton I. Duncan
Item 2(b) Address of Principal Business Office, or, if None, Residence
79 T.W. Alexander Dr., 4401 Research Commons, Suite 200, P.O. Box
14287, Research Triangle Park, NC 27709-4287
Item 2(c) Citizenship
United States
Item 2(d) Title of Class of Securities
Common Stock
Item 2(e) CUSIP Number
45324E103
Item 3. Filing Pursuant to Rules 13d-1(b) or 13d-2(b)
Not Applicable
Item 4. Ownership
(a) As of December 31, 2001, Mr. Duncan beneficially owned an
aggregate of 809,572 shares of the Issuer's Common Stock
which includes (i) 322,470 shares owned (of which, 53,996
shares are unvested shares of restricted stock) by Mr.
Duncan, (ii) 192,000 shares owned by Mr. Duncan's children,
(iii) 62,000 shares owned by a family LLC, (iv) 218,222
shares
issuable upon exercise of options held by Mr. Duncan and (v)
14,880 shares issuable upon exercise of warrants held by the
family LLC. Mr. Duncan disclaims beneficial ownership of the
shares held by his children.
(b) Percent of class: 6.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 809,572
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of:
809,572
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
Not Applicable
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
Not Applicable
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 1, 2002
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Date
/s/ Clayton I. Duncan
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Clayton I. Duncan