"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."
Cary, NC (PRWEB) April 9, 2010
Calvert Holdings, Inc. announced today a restructuring of executive responsibilities within in its Calvert Research, LLC business unit, effective April 1, 2010.
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.