Calypte Announces Preliminary 2001 Operating Results.

Business Editors and Health/Medical Writers

ALAMEDA, Calif.--(BW HealthWire)--Feb. 7, 2002

Revenues More Than Double and Margins are Sharply Higher,

Setting Quarterly, Annual Records: February 12 Conference

Call-In Numbers Established

Calypte Biomedical Corporation (OTCBB:CALY), a public healthcare company dedicated to the development and commercialization of urine-based diagnostic products and services, today announced that it expects to report that revenues for the year ended December 31, 2001, more than doubled compared with the same period last year. It also said operating margins improved sharply in each quarter, culminating in record quarterly and annual results.

The company said preliminary, unaudited figures indicate that in the fourth quarter, ended December 31, 2001, it achieved record revenues of approximately $2,300,000 -- four times higher than the $577,000 realized in the year earlier quarter. Included in fourth quarter revenues are sales of its HIV-1 viral lysate, a component used by another manufacturer in its serum-based HIV diagnostic tests. These sales occur sporadically during the year, and accounted for approximately 29% of Calypte's revenues for the fourth quarter and 20% for the full year. Excluding the lysate sales, fourth quarter revenues grew nearly three fold from a year ago. For the full year ended December 31, 2001, Calypte expects to report revenues of approximately $6,800,000, a more than 100% increase over the $3,296,000 recorded for the comparable period in 2000.

In the fourth quarter ended December 31, 2001, Calypte for the first time in its operating history achieved a significant positive gross profit, compared with a margin loss of more than $1,000,000 in the year earlier quarter. For the year ended December 31, 2001, gross margins were significantly improved from the gross margins reported for the year ended December 31, 2000.

The company said that all continuing product revenues and volumes were higher compared to year earlier periods. It also noted that these results were realized despite significantly constrained budgets. Operating expenses continued below their comparable 2000 levels.

Calypte will hold its quarterly conference call to discuss its annual and fourth quarter 2001 financial results, including a status update on the ongoing equity financing discussions, on Tuesday, February 12, 2002 at 11:00 a.m. Eastern Standard Time. Final results will be issued in a press release following the close of market on February 11, 2002. The call will feature Nancy Katz, Calypte's president and CEO, and Rick Brounstein, Calypte's executive vice president and CFO.

Domestic callers may access the conference call at 800/997-8642. International callers may access the call by dialing 973/694-2225. The call is also available through the web. Web cast access instructions are available on our Website at www.calypte.com or at www.companyboardroom.com. The call will be

available for telephone replay beginning at 2:00 p.m. EST on February 12, 2002 through midnight February 19, 2002 by dialing 800/428-6051 domestically or 973/709-2089 for international callers. The pass code ID for the telephone replay is 230752 for all callers. An audio replay of the web cast will also be available until February 19, 2002.

On Thursday, February 14, 2002 at 10:50 a.m. EST, Calypte management will make a presentation to analysts and portfolio managers at The Wall Street Analyst Forum's Institutional Investor Conference in New York City. Analysts and portfolio managers who wish to attend the presentation should contact Wall Street Analyst Forum at 802/253-7596.

Calypte Biomedical Corporation headquartered in Alameda, Calif., 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, including statements regarding announcements of financial results and presentations by the Company. 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 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, 2000 and its subsequent filings with the SEC.