CALY LOL leaky news?
(COMTEX) B: Calypte Biomedical Announces Appointment of New Executive Ch
B: Calypte Biomedical Announces Appointment of New Executive Chairman and
Continuation of Ongoing Business Receives Commitment for a Minimum of $1.5
Million in New Equity
ALAMEDA, Calif., May 13, 2002 (BUSINESS WIRE) -- Calypte Biomedical Corporation
(OTCBB: CALY), the developer and marketer of the only two FDA-approved HIV-1
antibody tests that can be used on urine samples, said today that its Board of
Directors has approved the appointment of Anthony Cataldo as Executive Chairman,
with responsibility for directing the overall operations of the Company and
replaces David E. Collins who has resigned as Chairman.
"Speaking on behalf of the board and the entire organization, we are very
grateful to David for his tireless effort to ensure the long-term viability of
the company. We wish him much success in the future," said Mr. Cataldo.
The Company also announced that in conjunction with Mr. Cataldo's appointment it
has received a commitment for a minimum investment of $1.5 million in new equity
from a group of private investors to be used to fund the Company's operations
and to move forward with the implementation of its business plan. In light of
these developments, the Company does not intend to "wind down" its business as
previously announced.
"Armed with the only two FDA-approved urine HIV-1 antibody tests, the ability to
capitalize on accelerating global demand for its products, and at least $1.5
million in new funding, Calypte is now well positioned to go forward," stated
Mr. Cataldo.
"Calypte's business challenges do not stem from a lack of market acceptance of
its proprietary HIV-1 urine-screening test; rather today's challenges are the
result of a lingering organizational structure that was appropriate when the
Company was undergoing the FDA-approval process, but is no longer appropriate
today. Going forward, we will have reduced overhead and streamlined operations,
which we expect to lower our breakeven point and allow us to begin to approach
profitability. We look to leverage our patents through licensing rights into
many markets, domestic and worldwide," Mr. Cataldo added.
Nancy Katz, Calypte's President and CEO, stated, "I am delighted that Anthony
Cataldo has accepted the board's offer to serve as Executive Chairman. He has a
proven track record of building shareholder value. While he was with Senetek Plc
(SNTK), their market capitalization increased by several hundred million
dollars, and as president of Internet Systems, Japan, he was responsible for
establishing new markets worth millions of dollars. His expertise in the biotech
industries coupled with the confidence he has built among members of the
investment community will provide Calypte with the opportunity to capitalize on
our competitive advantage in the marketplace and to more fully realize the
potential revenue stream for our products.
"We know that our products play a vital public health role, and plans have been
put in place that allow Calypte to resume normal operations and provide product
supply as quickly as possible," Ms. Katz added.
About Calypte Biomedical:
Calypte Biomedical Corporation 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 markets its products in
countries worldwide through international distributors and strategic partners.
Statements in this press release that are not historical facts are
forward-looking statements within the meaning of the Securities Act of 1933, as
amended. Those statements include statements regarding the intent, belief or
current expectations of the Company and its management. 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 and access funds from our existing
financing arrangements that will allow us to continue our current and future
operations and whether demand for our product and testing service 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 ("SEC"), including its annual
report on Form 10-K for the year ended December 31, 2001 and its subsequent
filings with the SEC.
CONTACT: Sitrick And Company
Joe Bunning, 310/788-2850
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BIOTECHNOLOGY
MEDICAL
MEDICAL
DEVICES
PHARMACEUTICAL
MANAGEMENT
CHANGES
SOURCE:
Calypte
Biomedical
Corporation
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