Calypte Biomedical Signs Agreement to Raise Additional Capital.BERKELEY, Calif.--(BW HealthWire)--Nov. 4, 1998--Calypte Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Corporation (Nasdaq:CALY) today announced that it has signed a purchase agreement to sell 3,102,500 shares of its common stock to institutional investors in a private placement. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company are estimated to be approximately $2.8 million. The closing of the transaction is conditioned upon the effectiveness of a registration statement which has been filed by the Company covering resales by the investors. Pacific Growth Equities, Inc. acted as the placement agent for the offering. Calypte Biomedical recently received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance for the first urine-based HIV test HIV test Various tests have been used to detect HIV and production of antibodies thereto; some HTs shown below are no longer actively used, but are listed for completeness and context. See HIV, Immunoblot. . The test system consists of an HIV-1 enzyme immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. (EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ) antibody screening test and a Western Blot confirmatory test to confirm the results of the screening test. The test system detects the presence of antibodies to HIV-1 in urine samples. Statements in this press release that are not historical facts are forward-looking statements, including statements regarding market adoption of the HIV-1 Urine testing systems. 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 the Company's ability to satisfy conditions to closing the transaction and the Company's ability, directly or through third parties, to successfully manufacture and market the HIV-1 Urine testing system. Factors which may impact the Company's success are more fully discussed in the Company's most recent quarterly report on form 10-Q. |
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