Michael A. Recny, Ph.D. has been appointed as President of Calvert Research, LLC, assuming the position currently held by Russ McLauchlan, Chairman & Chief Executive Officer of Calvert Holdings, Inc.

“Michael and I have now worked together for several years, and I have come to appreciate that he is a highly competent individual who has a keen ability to balance his skills as an experienced scientist and successful drug developer with appropriate business insight and discipline” said Russ McLauchlan.  “Together we formed Calvert BioCapital, a new venture fund that would focus on acquiring and developing early stage drug candidates licensed from major universities.  While fundraising for the venture fund has now been terminated, we continue to believe the fundamental strategy we set is sound and viable. Our history of working with University technology transfer offices and young biopharmaceutical companies to develop and then identify clinical development partnerships gives us confidence our business model is sustainable. The changes in management responsibilities are designed to accelerate the pace of our portfolio development.”

Dr. Recny will be responsible for building an internal portfolio of clinical stage drug candidates within Calvert Research utilizing the same core elements of the investment strategy that he and Russ McLauchlan formulated in 2007.

“I am very pleased to assume this new leadership role within Calvert Research,” said Dr. Recny.  “We will continue to focus on implementing our capital efficient, virtual drug development model to create clinical stage assets that will be attractive acquisitions candidates for pharmaceutical and biotechnology partners.  Our current drug candidate  consists of a novel, patented compound we licensed from Tulane University in 2009 for the potential treatment of the wet form of age-related macular degeneration that is currently being evaluated in preclinical studies, and we look forward to expanding our portfolio with additional assets in the near future.”

Sam C. Tetlow, MBA will assume a new role as Vice President of Business Development for Calvert Research.  In this position, Mr. Tetlow will be instrumental in setting the strategic direction of the compounds and technologies housed within the Calvert Research portfolio while cultivating relationships with corporate partners interested in collaborating and acquiring rights to portfolio technologies as they advance toward human clinical trials.

“Sam first joined Calvert BioCapital shortly after we formed the fund, and we quickly learned that he improved our ability to interface with the investment community with his  operational and strong investment experience,” said Russ McLauchlan.  “In his new role within Calvert Research, Sam will be instrumental in helping to execute our business model, as well as contributing to other important business initiatives within Calvert Holdings, Inc.”

Andy Burch, Vice President of Calvert Research, will continue to lead the direct involvement of Calvert Research with University Technology Transfer offices and will add to his role as President of Carolina Securities LLC, a wholly owned business unit of Calvert Holdings, Inc. Mr. Burch will also assume additional responsibilities for new business initiatives within Calvert Holdings, Inc.  “Andy is a valued member of the Calvert organization and we look to him to drive the implementation of many initiatives we have put into our longer term strategic plan,” said Mr. McLauchlan. “We know that Andy has been key to our success in multiple sectors of our businesses, and we want to deploy his efforts across several other areas of our company.”

About Calvert Holdings, Inc.

Formed in 1996, Calvert Holdings, Inc. is a privately held company consisting of a diverse portfolio of companies including the following: Calvert Laboratories, Calvert Research, Calvert Creative, Carolina Securities, and Calvert Café & Catering.

Calvert Holdings is a company of people who are passionately engaged in contributing to the future well being of the planet we live on. By analyzing how emerging discoveries and current trends will affect future global needs, we position resources and apply our skills to meet them.

AMD is a leading cause of blindness in the elderly, affecting millions worldwide and results from the progressive deterioration of the macula, which are the light-sensitive cells of the central retina at the back of the eye.  AMD is characterized by two types: a dry (atrophic) and wet (exudative) form.  Wet AMD occurs when abnormal blood vessels behind the retina begin to grow under the macula, often leaking blood and fluid that can lead to visual distortions, a decrease or loss of central vision, and eventual blindness.

The preclinical stage compounds licensed by Calvert T1 combine the known anti-proliferative effects of a somatostatin peptide analog with a cytotoxic drug chemically linked to the peptide, resulting in a dual mechanism drug candidate designed to specifically target and kill abnormal blood vessels found in wet AMD patients.

The lead compound from this technology platform has shown activity in an animal model of AMD.  Calvert T1 intends to advance it further through additional preclinical studies using its network of preferred pharmaceutical development service providers including Calvert Laboratories, Inc., a leading contract laboratory offering toxicology, pharmacology, immunology, pharmacokinetic and other preclinical services to the biotechnology and pharmaceutical industry.

Russ C. McLauchlan, Chairman and CEO of Calvert Holdings commented: “We are very pleased to enter into this agreement with Dr. Coy and his colleagues at Tulane to further develop this very promising technology for the treatment of wet AMD.  This disease is of growing concern to millions of people as our population ages.  Calvert has a strong commitment to work with research universities such as Tulane to advance these research efforts.”  He added: “Calvert T1 is a continuation of investments in a range of technologies over the last several years.  Other investments include the following: CureDM (Lankenau Institute) for diabetes, Auburn University for targeted drug delivery, Pinnacle Pharmaceuticals (University of Virginia) for wound healing, and AcSentient II (now owned by Ista Pharmaceuticals, Inc.) for ocular hypertension/open-angle glaucoma.

About  Tulane University
Tulane University is one of the nation’s leading educational and research institutions. Founded in 1834 in New Orleans, Tulane has ten schools and colleges offering degrees in architecture, business, law, liberal arts, medicine, public health and tropical medicine, the sciences and engineering, and social work.

About Calvert Holdings, Inc.
Formed in 1996, Calvert Holdings, Inc. (www.calvertholdings.com) is a privately-held company consisting of a diverse portfolio of companies including the following: Calvert Laboratories, Inc.; Calvert Research, LLC; Calvert Creative, LLC; Carolina Securities, Inc. and Calvert Cafe.

Calvert Holdings is a company of people who are passionately engaged in contributing to the future well being of the planet we live on. By analyzing how emerging discoveries and current trends will affect future global needs, we position resources and apply our skills to meet them.

Located on the Lankenau Institute Medical Research campus in Wynnewood, Pennsylvania, CureDM is developing a humanized peptide, HIP2B, which has promise to regenerate insulin-producing islet cells and stimulate differentiation of adult pancreatic progenitor cells, a potential benefit to type 1 and 2 patients with diabetes. “This could be a true breakthrough for diabetes because it addresses the underlying deficiency of pancreatic islets,” according to CureDM’s Chief Medical Officer, Claresa Levetan, MD.  Calvert has invested in CureDM on a number of fronts including preclinical studies at Calvert Laboratories (a Calvert Holdings unit), project management services, and corporate identity development.

Dr. Dana Minnick, Director of Project Management, will oversee Calvert activities supporting the preclinical development of HIP2B. According to Dr. Minnick: “HIP2B is a novel technology with the potential to treat all forms of diabetes.  Early preclinical studies support the proposed mechanism of action and suggest an exciting new target for diabetes treatment complementary to current therapies.”

Bringing almost a decade of pharmaceutical experience in preclinical drug discovery and development, Dr. Minnick stated: “I am excited to be joining Calvert Research. I look forward to being a part of this talented team committed to bridging the gap between drug discovery and clinical development.”

Established in 2003 to work with early-stage companies to advance their lead candidate biopharmaceuticals, Calvert Research has further evolved to working closely with technology transfer executives of major universities across the country to identify, license, and develop novel compounds. Mr. Russ McLauchlan, CEO, noted: “Dr. Minnick’s professional experiences fit perfectly into our organization. She brings the skills to advance our group’s capabilities as we continue to identify technologies we expect to license and develop and a personality that reflects our corporate image. We’re glad she has joined us and we all look forward to working with her.”

Calvert Research and Auburn University announced a joint research project entitled Targeted Drug Delivery.  Undertaken through the Auburn University Department of Pathobiology, the six-month study is under the direction of Dr. Valery Petrenko. Dr. Lonnie Bookbinder, West Coast Regional Director, is coordinating the research on behalf of Calvert Research.

The study will center on the hypothesis that targeting siRNA-containing pharmaceutical nanocarriers, such as liposomes, with breast tumor-specific phage proteins may significantly enhance their anti-cancer activity. “This particular study was selected after an extensive nationwide effort to research numerous potential delivery technologies,” stated Dr. Booklbinder.  He continued by adding: “Calvert Research looks forward to advancing science through this partnership with Auburn University and Dr. Petrenko.”

“The Auburn project fits our plans to invest in novel  therapeutic approaches that will advance clinical development of new  drug compounds. We share the belief that future pharmaceuticals and biologicals will have targeted delivery,” explained Russ McLauchlan, CEO of Calvert Holdings, Inc.  “Our alliance with Auburn University gives us a position in this growing field.”

Scheduled to conclude in April 2009, the study’s results will be published by Auburn University.

According to the CEO of CureDM, Loraine V. Upham,

“Meeting this milestone has a significant impact on the commercial value of Human proIslet Peptide. Not only does this mean lower costs associated with the manufacture and commercialization, but also potentially better safety and tolerable outcomes in human trials.”

CureDM has filed with the FDA and anticipates approval for commencement of human studies in early 2009.

Further studies are underway to determine just how low of a dose is possible. Previous studies have confirmed that the stabilization of HIP did not adversely affect the efficacy and demonstrated that normal glucose levels were achieved after 25 days of treatment and remained normal after the therapy was stopped.

About HIP
Human proIslet Peptide (HIP) stimulates the differentiation of pancreatic progenitor cells, which are present in the adult pancreas, into new insulin-producing islets. Each new islet contains pools of beta cells which make insulin. It is hypothesized that treatment with this therapeutic will restore human pancreatic function without the use of stem cells.

About CureDM
The CureDM approach to restore new insulin-producing cells through islet neogenesis can potentially reverse both type 1 and type 2 diabetes. Patients with type 1 diabetes will require pretreatment with an immune tolerance agent to protect new islets formed by HIP. CureDM, Inc., located at the Lankenau Institute for Medical Research on the Lankenau Hospital campus in Wynnewood, PA, is developing peptide therapeutics using a platform that combines bioinformatics, proteomics and Human Genome sequence data. This method has enabled the CureDM scientific team to determine the proteins involved in, and probable mechanisms of islet neogenesis in humans.

For more information about CureDM, visit www.curedm.com.