AMENDMENT TO SCHEDULE 13G
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
SCHEDULE 13G
 
 
Under the Securities Exchange Act of 1934
(Amendment No.         )*
 
 
 
 
 
Incara Pharmaceuticals Corporation
(Name of Issuer)
 
 
Common Stock
(Title of Class of Securities)
 
 
45324E103
                                (CUSIP Number)                                
 
 
December 31, 2002
(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 the disclosures provided in a prior cover page.
 
The information required in 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).

CUSIP No.
 
  1.

  
Name of Reporting Person
I.R.S. Identification No. of Above Person (Entities Only)
 
Lola M. Reid            
    
  2.
  
Check the Appropriate Box if a Member of a Group (See Instructions)
(a)  ¨
(b)  ¨
    
  3.

  
SEC Use Only
 
    
  4.

  
Citizenship or Place of Organization
 
United States            
    
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
  
  5.    Sole Voting Power
 
        427,986        
  6.    Shared Voting Power
 
        294,657                
  7.    Sole Dispositive Power
 
        427,986
  8.    Shared Dispositive Power
 
        294,657
  9.

  
Aggregate Amount Beneficially Owned by Each Reporting Person
 
722,643            
    
10.

  
Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
 
¨
    
11.

  
Percent of Class Represented by Amount in Row (9)
 
5.1%            
    
12.

  
Type of Reporting Person (See Instructions)
 
IN            
    

           
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
           
    
Lola M. Reid
           
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, 2002, Dr. Reid beneficially owned an aggregate of 722,643 shares of the Issuer’s Common Stock which includes (i) 316,786 shares owned by Dr. Reid, (ii) 237,478 shares owned by Dr. Reid’s husband, (iii) 110,000 shares issuable upon exercise of options held by Dr. Reid, (iv) 57,179 shares issuable upon exercise of options held by Dr. Reid’s husband and (v) 1,200 shares issuable upon exercise of warrants held by Dr. Reid. Dr. Reid disclaims beneficial ownership of the shares held by her husband.
           
    
(b)
   
Percent of class:

         
5.1%
           
    
(c)
   
Number of shares as to which such person has:
           
         
(i)       Sole power to vote or to direct the vote: 427,986
(ii)      Shared power to vote or to direct the vote: 294,657
(iii)     Sole power to dispose or to direct the disposition of: 427,986
(iv)     Shared power to dispose or to direct the disposition of: 294,657
           
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.
 
January 24, 2003
Date
 
/s/    Lola M. Reid
Lola M. Reid