EXHIBIT 21.1

                             List of Subsidiaries


1.  Aeolus Pharmaceuticals, Inc., a Delaware corporation.

2.  Incara Cell Technologies, Inc., a Delaware corporation.

3.  Incara Development, Ltd., a Bermuda corporation of which the Registrant owns
    80.1% of the equity capital.

4.  CPEC LLC, a Delaware limited liability company of which the Registrant owns
    35% of the equity capital.