Incara Pharmaceuticals is trying to turn good drug development news, new management and an influx of cash into a better price for its stock with a new name.
Effective July 16, Incara will be known as Aeolus Pharmaceuticals.
As of July 6, the company will also execute a 1-for-10 reverse stock deal. Incara (OTC Bulletin Board: ICRA) closed at 21 cents on Friday, down 3 cents. The stock has traded between 10 cents and $1.05 over the past year. Incara has 139,365,867 shares outstanding.
The company also plans to add several new people to its board of directors.
The moves are the latest in a series made by Incara this year as it fought off the threat of financial failure.
On June 9, Incara named James Crapo as its chief executive officer. He had been chairman of Department of Medicine and Executive Vice President of Academic Affairs at the National Jewish Medical and Research Center in Denver, CO. Clayton Duncan, the company’s first president and CEO, had stepped down in May.
It closed on $10 million in new financing from Biotechnology Value Fund, Perceptive Life Sciences and Great Point Partners in April.
The financing and changes in management have taken place as Incara has moved forward with a possible treatment for Lou Gehrig’s disease. Incara has filed an Investigational New Drug application with the FDA.
Incara’s lead compound is known as AEOL-10150.