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.