UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No.__ )*
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 Number)
DECEMBER 31, 1999
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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).
<PAGE>
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1. Name of Reporting Person
CLAYTON I. DUNCAN
S.S. or I.R.S. Identification No. of Reporting Person (entities
only)
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2. Check the Appropriate Box if a Member of a Group
(See Instructions) (a) [ ]
(b) [ ]
- ------------ -------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization
United States
- ----------------------------- --------------------------------------------------
5. Sole Voting Power
Number of Shares
Beneficially Owned By Each 598,932
Reporting Person With:
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6. Shared Voting Power
0
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7. Sole Dispositive Power
598,932
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8. Shared Dispositive Power
0
- ------------ -------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
598,932
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
Not Applicable
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11. Percent of Class Represented by Amount in Row (9)
11.2%
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12. Type of Reporting Person (See Instructions)
IN
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<PAGE>
Item 1. Issuer
(a) Incara Pharamaceuticals Corporation
(b) 3200 East Highway 54, Cape Fear Building, Suite 300, Research
Triangle Park, North Carolina 27709
Item 2. Persons Filing
(a) Clayton I. Duncan.
(b) 3200 East Highway 54, Cape Fear Building, Suite 300, Research
Triangle Park, North Carolina 27709
(c) United States
(d) Common Stock
(e) Cusip Number 45324E103
Item 3. Filing Pursuant to Rules 13d-1(b) or 13d-2(b) or (c)
Not Applicable
Item 4. Ownership
(a) Amount Beneficially Owned:
As of December 31, 1999, Mr. Duncan beneficially owned an
aggregate of 598,932 shares of the Issuer's Common Stock which
includes (i) 227,375 shares owned (of which, 188,375 shares
are unvested shares of restricted stock) by Mr. Duncan, (ii)
120,000 shares owned by Mr. Duncan's children, and (iii)
251,557 shares issuable upon exercise of options held by Mr.
Duncan. Mr. Duncan disclaims beneficial ownership of the
shares held by his children.
(b) Percent of Class: 11.2%
(c) i. 598,932 shares;
ii. 0;
iii. 598,932 shares; and
iv. 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
<PAGE>
Item 8. Identification and Classification of Members of the Group
Not Applicable.
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
(a) Not Applicable
After reasonable inquiry and to the best of my knowledge and
belief, the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Dated: February 14, 2000
/s/ Clayton I. Duncan
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Clayton I. Duncan
