Calypte Biomedical Announces Nasdaq Ruling.

Business Editors

ALAMEDA, Calif.--(BUSINESS WIRE)--July 13, 2001

Calypte Biomedical Corporation (OTC Bulletin Board: CALY) announced that it has received a determination on its delisting hearing before Nasdaq Listing Qualifications Panel.

Nasdaq has informed Calypte that the company's common stock will no longer be listed on the Nasdaq SmallCap Market effective Friday July 13, 2001. The Company's common stock will now trade on the Over The Counter Bulletin Board under the same stock symbol.

In early March the company received notice from Nasdaq that it had failed to comply with certain requirements for continued listing on the Nasdaq SmallCap Market and would be potentially delisted, to which the company had responded with a request for a hearing before the Nasdaq Listing Qualifications Panel. This delisting was a result of the company's inability to meet the net tangible assets and the minimum bid price requirements for continued listing on the SmallCap Market.

Calypte Biomedical President, CEO, and CFO Nancy E. Katz stated, "We would obviously have preferred to continue our listing on the Nasdaq SmallCap Market and we stayed the delisting process for as long as we could while we worked to address Nasdaq's concerns. We are considering an appeal of the panel decision. However, even such an appeal will not stay the immediate effect of the panel's determination to delist our stock. We continue to operate our core business while we remain committed to our previously announced plans to actively seek a solution to our financing need. As we previously announced, we are actively searching for strategic opportunities, including investment in the Company, a merger or other comparable transaction, or a financial restructuring, to continue to sustain our operations."

Ms. Katz continued, "As we also previously announced, our second quarter revenues are on track to exceed any previous quarter. We plan to issue our quarterly earnings release following the close of market on Thursday, July 19, 2001. Our customary conference call with our investors will follow shortly thereafter."

Calypte Biomedical Corporation (OTC Bulletin Board: 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 markets 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 of plans regarding the Company's strategic and financing opportunities. 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 the Company's ability to obtain additional financing that will allow it to continue its current and future operations, and whether demand for its 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 its most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including the periodic report on Form 10-K for the year ended December 31, 2000 other filings with the SEC.