Here is last news regarding delisting from CALY...
Calypte Biomedical Notified of Potential Nasdaq Delisting
ALAMEDA, Calif., May 16, 2001 (BUSINESS WIRE) -- Calypte Biomedical Corporation
(Nasdaq: CALY) today announced that it was notified by Nasdaq that the Nasdaq
staff had reached a determination to delist Calypte's common stock from the
Nasdaq SmallCap Market. Nasdaq's decision to delist Calypte's common stock was
based on Nasdaq Marketplace Rule 4310(c)(2)(B) and results from Calypte's
failure to meet the three criteria relating to net assets, market capitalization
or net income.
Calypte has requested an oral hearing to review Nasdaq's determination. The
hearing request stays the delisting of Calypte's common stock, which otherwise
would have occurred on May 21, 2001, pending the decision of a Nasdaq Listing
Qualifications Panel. There can be no assurance that the decision of the Nasdaq
Listing Qualifications Panel will be favorable to Calypte. If Calypte's common
stock is delisted following the hearing, the Company's shares would likely trade
over the counter. Additionally, the Company's continued ability to use its
equity line of financing facility is dependent upon its continued listing on the
Nasdaq SmallCap Market and any outstanding balance on its 6% convertible
debenture would become due and payable should the delisting occur.
Calypte's President, CEO and CFO, Nancy Katz, stated, "We previously announced
this possible action by Nasdaq a month ago, and this determination letter from
the Nasdaq staff is one more step in the delisting process. While there can be
no assurance that the Listing Qualifications Panel will grant the company's
request for continued listing on the Nasdaq National Market, we will continue to
pursue all available means to maintain this listing in concert with our active
search for strategic opportunities including investment in the Company, a merger
or other comparable transaction, the sale of certain of our assets or a
financial restructuring to sustain our operations. While some of these
opportunities are promising, we do not have any agreements in place."
Calypte Biomedical Corporation (Nasdaq: CALY) headquartered in Alameda,
California, is a public healthcare company dedicated to the development and
commercialization of urine-based diagnostic products and services for Human
Immunodeficiency Virus Type 1 (HIV-1), sexually transmitted diseases and other
infectious diseases. Calypte's tests include the screening EIA and supplemental
Western Blot tests, the only two FDA-approved HIV-1 antibody tests that can be
used on urine samples. The company believes that accurate, non-invasive
urine-based testing methods for HIV and other infectious diseases may make
important contributions to public health by helping to foster an environment in
which testing may be done safely, economically, and painlessly. Calypte sells
its products in over 40 countries worldwide through international distributors
and strategic partners.
Statements in this press release that are not historical facts are
forward-looking statements, including statements regarding the outcome of a
Nasdaq hearing on delisting. Such statements reflect management's current views,
are based on certain assumptions and involve risks and uncertainties. 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, but not limited to our ability
to obtain additional financing that will allow us to continue our current and
future operations, our ability to draw down funds under our existing equity line
of credit and debenture agreements and whether demand for our product in
domestic and international markets will continue to expand. 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
any change in the company's expectations with regard to these forward-looking
statements or the occurrence of unanticipated events. Factors that may impact
the Company's success are more fully disclosed in the Company's most recent
public filings with the U.S. Securities and Exchange Commission, including the
periodic report on Form 10-K for the year ended December 31, 2000 and its Form
10-Q for the quarter ended March 31, 2001.
CONTACT: Calypte Biomedical Corporation, Alameda
Nancy Katz, 510/749-5100
President, CEO and CFO
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BIOTECHNOLOGY
MEDICAL
DEVICES
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