Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officer or Directors, Compensatory Arrangements of Certain Officers.

On June 6, 2008, pursuant to Holmes Biopharma's bylaws, our board of directors appointed Volker Schatten to fill one of the vacancies on our board of directors. Mr. Schatten was also appointed to serve as President of Holmes Biopharma. He is 43 years old and is currently employed as Managing Director of PVM Consult GmbH and has served in that capacity since 2006. From 2006 to 2007 he was employed as Managing Director of GDS Finance Concept GmbH and from 2003 to 2006 he was Chief Executive Officer of SKI Security AG. Mr. Schatten also was a member of the supervisory board of VIDETE IT AG from 2003 through 2004.

There have been no related party transactions between Holmes Biopharma and Mr. Schatten, nor has he entered into an employment agreement with Holmes Biopharma at this time.

On June 6, 2008 our board of directors accepted the resignation of John F. Metcalfe from his positions of Director and President of Holmes Biopharma. Mr. Metcalfe resigned from these positions in order to pursue other interests.