Calvert Holdings Announces Formation of Calvert BioCapital, A New Investment Limited Partnership.

* Calvert BioCapital Fund I, LP to Focus on Acquiring Intellectual Property Rights to Early Stage Pharmaceutical Compounds and Technologies

* Calvert BioCapital to Leverage Proven Expertise of Calvert Laboratories, Calvert Research Institute, Calvert Enterprises and Other Service Partners to Enhance the Value of Assets Prior to Their Divestiture

* Dr. Michael A. Recny joins Calvert Holdings as Co-Founder and Managing Partner of Calvert BioCapital

CARY, N.C. -- Calvert Holdings, Inc. announced today that it has initiated formation of the Calvert BioCapital Fund I, LP, a new venture capital limited partnership that will be dedicated to acquiring and developing early stage biopharmaceutical compounds and technologies by utilizing a unique business model.

The strategic goal of Calvert BioCapital will be to acquire, develop and eventually sub-license preclinical and early clinical stage compounds to pharmaceutical and biotechnology companies for further clinical development and commercialization. Once an asset that is acquired and developed by Calvert BioCapital is sold to a biopharmaceutical partner, Calvert BioCapital will then distribute net proceeds from the sale to its investors. Calvert BioCapital will be a stand-alone entity. Calvert Holdings will provide the initial seed investment for Calvert BioCapital and will seek additional capital from potential limited partners who wish to co-invest in the Fund.

Calvert BioCapital will facilitate advancement of promising pre-clinical stage biopharmaceutical compounds by leveraging key strategic resources available to Calvert Holdings, Inc. Calvert Holdings, a privately held company, owns and operates the following business units:

* Calvert Laboratories, Inc., a worldwide leader in providing GLP pharmacology and toxicology services to the biopharmaceutical industry for the past two decades;

* Calvert Research Institute, LLC, a business unit comprising a combination of in-house expertise and outside strategic partners specializing in preclinical and clinical research, formulation and drug delivery, GMP manufacturing and pharmaceutical project management;

* Calvert Enterprises, LLC., a business development organization focused on the formation, acquisition, growth and investment in non-life science companies spanning various industries;

* Carolina Securities, Inc., an innovative boutique broker/dealer that offers young companies seasoned service and advice as well as entry into the professional capital markets.

"We have been very active in working with young biotechnology companies and technology transfer offices at leading academic institutions to leverage Calvert's preclinical development expertise to add value to several early stage technologies" cites Russ McLauchlan, Chairman & CEO of Calvert Holdings. "The response to our business model has been exceptional, and we have successfully advanced several novel compounds via this route. The logical extension to this process is for Calvert Holdings to partner with new investors using the Calvert BioCapital Fund to help these companies and researchers further advance their technologies prior to traditional exit points."

Calvert Holdings also announced that Michael A. Recny, Ph.D. has joined Calvert Holdings as Co-Founder and Managing Partner of Calvert BioCapital. "I am very excited to join the highly accomplished team within Calvert Holdings to help establish Calvert BioCapital", states Dr. Recny. "We have created a unique business model for efficiently deploying capital to leverage our proven expertise in identifying promising compounds and advancing them to the point where we can provide a pipeline of attractive assets to pharmaceutical and biotechnology companies. By then distributing the net proceeds from successful licensing transactions to investors, we have an excellent opportunity to create significant returns for the Fund."

Dr. Recny is a veteran entrepreneur with a career spanning more than 23 years in the biotechnology industry. He was most recently Vice President of Corporate Development at Trimeris, Inc., where he played a key role in helping to grow the company from an early stage, venture-backed startup to a profitable, public biotechnology company that achieved nearly $250 million in 2006 worldwide sales of FUZEON([R]), Trimeris' first-in-class HIV antiviral drug. Dr. Recny was primarily responsible for identifying and negotiating strategic partnerships and business alliances to augment Trimeris' product portfolio, including Trimeris' landmark 50-50 collaboration with F. Hoffmann-La Roche, Ltd in 1999 for the co-development and commercialization of FUZEON. Throughout his career he has negotiated and closed multiple transactions encompassing complex R&D collaborations, marketing and product commercialization agreements, technology and compound licenses with academic institutions, and GMP drug supply agreements. He was also responsible for managing Trimeris' external public relations with Wall Street analysts and investors.

Dr. Recny attended the University of Rochester as a Joseph C. Wilson Scholar and earned a bachelor's degree in Biochemistry. He received his Ph.D. in Biochemistry from the University of Illinois, Urbana-Champaign, and conducted postdoctoral work through joint academic appointments at the Dana Farber Cancer Institute in Boston, MA and at Harvard Medical School. Prior to joining Trimeris in 1995, Dr. Recny held positions of increasing R&D management responsibility in a number of biotechnology companies located in Boston, MA and the San Francisco Bay area. He has served as a Board member or business advisor to several early stage health care companies located in North Carolina. He has also been invited to speak at numerous local and international conferences, in addition to lecturing at the Kenan-Flagler School of Business, the Fuqua School of Business, the N.C. State College of Management and the Kellogg School of Management.

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