oh well....
"Friday March 3, 8:25 am Eastern Time
Company Press Release
Calypte Raises $8.4 Million in Private Placement
ALAMEDA, Calif.-(BUSINESS WIRE)--March 3, 2000--Calypte Biomedical Corporation (Nasdaq: CALY - news) today announced the completion of a private placement of 4,096,000 shares of common stock which raised approximately $8.4 million. Approximately one half of the financing was provided by the Trilobite Lakes Corp., a wholly owned subsidiary of Claneil Enterprises, Inc., a private holding company. A representative from Claneil will join Calypte's Board of Directors. The balance of the financing came primarily from existing investors. The closing of the transaction is conditioned upon the effectiveness of a registration statement which will be filed by the Company covering sales by the investors.
Nancy Katz, President, Chief Operating Officer and Chief Financial Officer of Calypte, said, ``We are very pleased to have completed this round of financing. The new support from Claneil and the continued support of our other investors will allow us to continue our efforts to commercialize Calypte's HIV-1 diagnostic products and services, both domestically and internationally.'
Francis G. Ziegler, President and Chief Executive Officer of Claneil Enterprises, Inc., said, ``We are excited about the opportunity to participate in Calypte's growth and development. With innovative testing alternatives for HIV and other STD infections, we believe Calypte is well-positioned to continue to increase demand for its products throughout the world.'
On January 24, 2000, Calypte announced a collaboration with Wampole Laboratories and Clinical Reference Laboratory to provide an innovative national urine-based HIV and STD service, called Sentinel. The Sentinel service targets a three-day response and is priced below the Medicaid reimbursement level. Sentinel is expected be available exclusively to medical clinics and physicians beginning in the second quarter of 2000.
Calypte Biomedical is a manufacturer of HIV-related diagnostic tests. These tests include a serum HIV Western Blot supplemental test and the only two FDA-licensed HIV-1 antibody tests that can be used on urine samples. Urine testing is non-invasive, less costly and does not require sample preparation. In addition, a trained health care worker is not needed for sample collection and urine testing is safer than blood tests because it avoids risks of accidental needle sticks.
Claneil Enterprises, Inc., a private holding company, is the parent company of Trilobite Lakes Corp., a Delaware corporation. Francis G. Ziegler is the President and Chief Executive Officer of Claneil Enterprises, Inc.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding market adoption of the HIV-1 urine testing system and the Sentinel service and statements regarding marketing and distribution arrangements and plans. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including the Company's ability, directly or through third parties, to successfully manufacture and market the HIV-1 urine testing system and the Sentinel service and the ability of the Company to continue to finance its operations and to enter into distribution and marketing arrangements. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events. Factors which may impact the Company's success are more fully discussed in the Company's most recent periodic reports on Forms 10-K and 10-Q.
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Contact:
CONTACTS: Calypte Biomedical Corporation, Alameda
Nancy Katz, 510/749-5100
or
David Collins, 510/749-5100"
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