Stockholders have approved the restructuring of Incara Pharmaceuticals as part of a $3 million loan package.

Incara said the its preferred stock will be converted into common stock of a wholly owned subsidiary of Incara. The $3 million loan also was converted into stock.

Incara stock will continue to trade as INCR.

The company currently is pursuing development of a treatment for amyotrophic lateral sclerosis, or Lou Gehrig’s Disease. Incara is working on other compounds that could treat stroke, chronic bronchitis, asthma and cells damaged by cancer radiation therapy.