News Coverage - 2003

Formation of Calvert Laboratories Announced

Cary, NC - February 24, 2003: Calvert Holdings, Inc. announces the formation of Calvert Laboratories, Inc., its wholly owned subsidiary focused on contract drug development. The change in name reflects the consolidation of Calvert’s three operating units under one management. The former Calvert Preclinical Services, with laboratories in Olyphant, Pennsylvania; Calvert Archiving Services, with storage facilities in Clarks Summit, Pennsylvania; and Calvert Analytical Services, with laboratories in Norristown, Pennsylvania; and bioCentra Professional Services, with offices in Davis, California are affected by this move.

Since 2000, Calvert has taken significant efforts to expand its non clinical core expertise exemplified by the establishment of contract histopathology and archiving services in addition to expansion of its capabilities in the areas of drug metabolism and pharmacokinetics. The new name, Calvert Laboratories, exemplifies Calvert’s intention of continual integrated expansion from our core non clinical services segment into additional complementary areas which will enable faster and more efficient drug development. The organizational changes are considered essential to enable Calvert to further reward customers with enhanced responsiveness, uniform standards of quality across various scientific disciplines, improved communications, and optimal project management and oversight as it continues to expand its drug development service portfolio.

Calvert provides regulatory compliant comprehensive integrated offerings in the areas of toxicology, pharmacology, absorption, distribution, metabolism, and excretion (ADME), histopathology, bioanalytical and analytical chemistry, and document/specimen archiving. For more information, visit www.CalvertLabs.com, or contact Allan Reiss at 919/854-4453.

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