Cary, NC, November 17, 2010 --(PR.com
)-- Calvert Research, LLC announced today that one of the Company’s therapeutic development programs (T1-1081) qualified to receive federal grant funding totaling approximately $245,000 under the Patient Protection and Affordable Care Act of 2010 (“The ACT”), which will be used to help advance T1-1081 toward an IND application filing.
The Act created a $1.0 billion federal program to provide grants or tax credits to help support certain “Qualifying Therapeutic Discovery Projects” that have been designated by the Department of Health and Human Services using the following criteria: (a) the potential to create a novel therapy to treat unmet medical needs; (b) the potential to reduce long-term health care costs in the U.S., and (c) be among those projects with the greatest potential to create and sustain jobs and increase U.S. competitiveness.
T1-1081 is currently undergoing preclinical evaluation as a potentially more effective treatment for the wet form of Age-related Macular Degeneration (AMD), which is a major cause of significant vision loss in people over age 50 affecting millions worldwide. T1-1081 was specifically designed to affect multiple factors that lead to vision loss by targeting and destroying unwanted blood vessels in the back of the eye that cause this disease, by blocking formation of new blood vessels, and by reducing inflammation that damages retinal cells. T1-1081 also has the potential to treat other serious ocular diseases such as diabetic retinopathy, and the dry form of AMD.
“We are very pleased to have been awarded the maximum amount from this competitive grant program, which will be used to help advance T1-1081 toward human clinical studies,” said Dr. Michael A. Recny, President of Calvert Research. “We licensed rights to develop and commercialize T1-1081 from Tulane University in 2009, and it represents a key component of our strategy to assemble a diverse portfolio of novel preclinical stage therapeutic compounds that we can advance quickly and efficiently toward human studies by leveraging our extensive in-house preclinical development expertise together with our preferred network of contract service partners”.
About Calvert Research
Commercial success in building the next generation of therapeutic drugs begins with identifying and acquiring the rights to the best potential drug candidates from top academic institutions and early stage biotechnology companies. Calvert Research has long-established relationships with the leaders in over 160 academic technology transfer departments across North America and thousands of researchers at these institutions to source the best opportunities for investment.
Calvert Research designs a customized, integrated approach for each new drug candidate it acquired by utilizing senior scientists who have world-class experience in the design and submission of IND enabling preclinical development studies to regulatory agencies worldwide. Since 2004, Calvert Research has invested in four preclinical stage therapeutic development programs, and to date has achieved three successful exits from selling or sublicensing rights to commercial partners, demonstrating a proven track record of success.
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 Calvert Labs, Calvert Research, Calvert Corporate Funding, and Calvert Creative.
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.
About Calvert Labs
As a global service provider, Calvert Labs' core offerings include toxicology (acute through chronic & carcinogenicity plus reproductive and developmental), pharmacokinetics & ADME, pharmacology, safety pharmacology, immunotoxicology and immunology.
About Calvert Corporate Funding
Calvert Corporate Funding has emerged from its parent, Calvert Holdings, Inc., to address the needs of small and mid-sized companies seeking an alternative source of capital from traditional banking and lending institutions. Recent economic challenges, financial reform, and bank credit restrictions have created a need for viable options to be made available to business owners and operators.
In addition to its extensive network of non-bank lenders, Calvert Corporate Funding is a direct representative of the Global Finance Group, whose network includes a consortium of seventeen non-bank lenders. This array of investors specializes in lending to credit-worthy business owners/operators using creative financial packages. Due to our extensive banking and asset-based lending experience, we are able to identify the optimum lender/company match.
About Calvert Creative
Calvert Creative powers online and offline marketing by helping companies push their brand to the next level. Utilizing various marketing platforms, Calvert Creative develops strategies, executes campaigns, and optimizes results to reach the target market and drive traffic.