Calvert Holdings Announces Executive Changes for Calvert... ( Calvert Hold...)

Calvert Holdings Announces Executive Changes for Calvert Research

Date:4/9/2010

Calvert Holdings, Inc. announced today the appointment of Michael A. Recny, Ph.D. as President of Calvert Research, LLC. Mr. Sam Tetlow, MBA will assume the new role of Vice President of Business Development.

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
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