Our Team

Our team is composed of seasoned executives with more than 65 years of combined professional experience in the pharmaceutical, biotechnology, private equity, venture capital management and service industry sectors. We are successful entrepreneurs who have founded several companies and created substantial value by providing professional investment, senior leadership, Board level governance or strategic guidance to more than seventeen private or public companies in the biotechnology, pharmaceutical or service industry sectors.

Our track record includes participation in the development or commercialization of ten approved drugs and more than a dozen other pharmaceutical compounds that entered human clinical testing. We also possesses a superior industry network that will provide a steady stream of high quality investment opportunities as well as key contacts to facilitate the successful sale of our portfolio Assets at the most opportune time.

Michael A. Recny, Ph.D.
Co-Founder & Managing Director

Dr. Recny is a veteran entrepreneur and drug developer with a career spanning 24 years in the biotechnology industry. He has contributed to the research, development or commercialization of three marketed drugs and several other drug candidates that have entered human testing. 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 has achieved nearly a billion dollars in worldwide sales of FUZEON®, Trimeris’ first-in-class HIV antiviral drug. Together with Trimeris’ General Counsel, Dr. Recny is credited with structuring one of the first 50/50 co-development and profit share partnerships between a biotechnology company and an international pharmaceutical partner (Hoffmann-La Roche, Ltd.) in 1999. From 2006-2007 he was also responsible for managing Trimeris’ external relations with Wall Street analysts and investors.

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. While at Genetics Institute, Inc. (now Wyeth Pharmaceuticals), his laboratory was first to report the complete biological and chemical characterization of natural and recombinant human erythropoietin (r-huEPO).

Dr. Recny attended the University of Rochester as a Joseph C. Wilson Scholar and earned a bachelor’s degree in Biochemistry. He completed his Ph.D. in Biochemistry (including thesis defense) in less than 4 years 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. He is a co-author of 44 publications in scientific literature.

Dr. Recny has served as a Board member or business advisor to several early stage health care related companies located in North Carolina. He has also been invited to speak at numerous international conferences, in addition to lecturing at the Kenan-Flagler School of Business, the Fuqua School of Business, the North Carolina State College of Management and the Kellogg School of Management.

Sam C. Tetlow
Managing Director

Mr. Tetlow is an experienced venture capitalist and entrepreneur. Most recently, Mr. Tetlow was a Principal with Research Triangle Ventures (“RTV”), a North Carolina based venture capital fund that he joined in 2001. While at RTV, he focused on all key aspects of venture investing, including selecting investment opportunities, raising capital, Board membership on portfolio companies, and exiting investments. Mr. Tetlow has participated as a Board Member or business advisor for several RTV portfolio companies, including Gentris Corporation, Tranzyme Pharmaceuticals, Inc., Respirics Inc., and SmartPath Inc. Through the companies he has invested in, he has participated in four product candidates that advanced from pre-clinical to clinical development, two of which received 510K approval for commercialization by the FDA.

Prior to RTV, Mr. Tetlow co-founded Exervio, a management consulting firm. Mr. Tetlow started his career at General Electric, and spent three years on GE’s Corporate Audit Staff. Mr. Tetlow is an established author on the outsourcing of pharmaceutical R&D and the implementation of targeted medicine. He is a founding board member of the North Carolina Medical Device organization, and is on the steering committee for the Center of Innovation in Advanced Medical Technologies of NCBIO. Mr. Tetlow earned a Bachelor of Science in Engineering, with honors, from Worcester Polytechnic Institute and an MBA, with honors, from the Kenan-Flagler Business School, University of North Carolina at Chapel Hill.

As a Principal in the Fund and a member of the GP Operating Committee, Mr. Tetlow will participate in all aspects of fund management, including sourcing opportunities, evaluating potential investments, and managing investments.  Mr. Tetlow will handle financial management for the Fund, including Limited Partner communications, budgeting, financial planning, and accounting.  Mr. Tetlow will also supervise the Calvert Development staff responsible for Asset development budgets, financial analysis and reporting, and accounts payable/receivables for service contracts.

Russell C. McLauchlan
Co-Founder

Mr. McLauchlan is an accomplished business executive, investor and entrepreneur who currently serves as Chairman and CEO of Calvert Holdings, Inc., a privately held corporation he co-founded in 1996 with his professional partner, Mr. Allan Reiss. Calvert Holdings has a number of business units, the most noteworthy being Calvert Laboratories, Inc. a preclinical contract research organization (“CRO”) servicing the biotechnology and pharmaceutical industries, which is located near Scranton, PA. Mr. McLauchlan and Mr. Reiss acquired the unprofitable business in 2000 from MDS Pharma Services (a business unit of MDS, Inc.) and over the next seven years, they engineered a complete turn-around and increased revenue by 250%.

Mr. McLauchlan also formed or acquired a number of other Calvert Holdings business units, including (a) Carolina Securities, Inc., an introductory broker-dealer (NASD) acquired in 2003; (b) Calvert Enterprises, a technology based entity focused on non-pharmaceutical development products and services; and (c) Calvert Research, LLC, which is focused on identifying new biopharmaceutical technologies for investment and development.

Prior to founding Calvert Holdings, Mr. McLauchlan spent 25 years as a senior executive in the pharmaceutical and biotechnology industries, and he participated in the development or commercialization of seven approved drugs and five other drug candidates that entered humans. From 1992-1995, he was President and Chief Operating Officer of US Bioscience, Inc. (later acquired by MedImmune, Inc.). From 1989-1992, he was President of Immunomedics, Inc. (NASDAQ: IMMU), where he was instrumental in leading the company’s research group to filing 6 Investigational New Drug applications over a three year period. Between 1970 and 1989, he held numerous positions of increasing responsibilities (both domestically and internationally), including within the pharmaceutical unit of American Cyanamid Company, as vice president and general manager of Lederle Laboratories, and as managing director of Cyanamid of Great Britain.

Mr. McLauchlan received his bachelor’s degree from MacMurray College, IL, and holds an MBA from Pace University.