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Biotech / Medical : Calypte Biomedical Corporation (CALY)
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To: DAN WONG who wrote (172)10/22/1997 2:54:00 PM
From: JanyBlueEyes  Read Replies (2) of 381
 
PRIVATE PLACEMENT - NEWS - 10-22-97

ALAMEDA, Calif.--(BW HealthWire)--Oct. 22, 1997--Calypte Biomedical Corp. (NASDAQ Small Cap: CALY) today announced the completion of a private placement of common stock which raised over $10 million.

Pacific Growth Equities acted as sole placement agent on the offering. Following this transaction, the company has 13.1 million weighted average shares outstanding.

"These new funds will allow Calypte to, first, complete the scale-up of manufacturing for our urine-based test for HIV-1," said Jack Davis, president and chief executive officer. "Second, they will allow us to initiate the development of additional urine-based diagnostic tests including the Calypte HIV-1 urine test for Home Collection, and to undertake the clinical trials required for this application."

Calypte announced on September 18th that the manufacturer of the Western Blot confirmatory test which is used in conjunction with the Calypte Biomedical HIV-1 urine screening assay had received, from the Food and Drug Administration, a "Review Complete" letter. The "Review Complete" letter indicated that the kit may be marketed once the company has addressed the labeling issues posed in the "Review Complete" letter and the product labeling review process has been completed.

Calypte Biomedical Corp. is an Alameda and Berkeley, California based health care company dedicated to the development and commercialization of urine-based diagnostic products and services for HIV-1, sexually transmitted diseases and other chronic illnesses.

Statements in this press release that are not historical facts are forward-looking statements.........
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