Calypte Reports Fourth Quarter and Year-End Results.

Business Editors/Medical Writers

ALAMEDA, Calif.--(BUSINESS WIRE)--March 9, 2000

Calypte Biomedical Corporation (Nasdaq: CALY) announced today its fourth quarter and year-end financial results for the period ending December 31, 1999.

Revenues for the three months ended December 31, 1999 increased to $903,000 compared to $267,000 for the three months ended December 31, 1998, due to a combination of increased sales of Calypte's urine HIV-1 screening test as well as sales of products related to the late fourth quarter 1998 acquisition of certain assets of Cambridge Biotech Corporation. The net loss attributable to common stockholders for the fourth quarter was $2.5 million, or a net loss attributable to common stockholders of $0.12 per share, compared with a net loss attributable to common stockholders of $2.1 million, or a net loss attributable to common stockholders of $0.16 per share for the fourth quarter of 1998.

Revenues for the year ended December 31, 1999 increased to $3.7 million from $951,000 for 1998, also resulting from the combination of increased sales of Calypte's urine HIV-1 screening test as well as the sale of products related to the late fourth quarter 1998 acquisition of certain assets of Cambridge Biotech Corporation. The net loss attributable to common stockholders for the year ended December 31, 1999 was $10.1 million and the net loss per share attributable to common stockholders for 1999 was $0.52 compared to a loss of $8.6 million and $0.64 per share for 1998. Cash and securities available for sale at December 31, 1999 totaled $3.2 million. As announced on March 3, 2000, the Company recently completed a private placement of common stock that is expected to raise approximately $8.4 million of cash. The closing of the financing transaction is conditioned upon the effectiveness of a registration statement that will be filed by the Company covering sales by the investors.

"The year 1999 was our first full year of commercial operation," said David E. Collins, CEO of Calypte, "and the Company achieved a number of milestones, including:

-- continued growth of our insurance customer base to reach 120 companies at
year's end;

-- signing of Carter-Wallace's Wampole Laboratories as the U.S. distributor of
our screening and confirmatory products and the subsequent training of its
sales force;

-- integration of our newly acquired Cambridge Biotech confirmatory test
business into our operations;

-- FDA approval of the "Day Assay" supplement to our HIV-1 Serum Western Blot
confirmatory test; and

-- the transition to a new management team with the election of a new CEO and a
new President and Chief Operating Officer - Ms. Nancy Katz.

"In addition, we continued our efforts towards other key objectives for the business. These resulted in our recently announced $8.4 million capital financing, and the submission to the FDA of our application for transfer of manufacturing from our Berkeley facility to our larger manufacturing plant in Alameda, California."

Mr. Collins concluded, "Looking forward, we will be concentrating on growth and efficiency. We expect significant growth in revenues as we progress through the year. Our new financing will provide needed resources to fund that growth, as we anticipate continued progress in the life insurance market, expanding success on the part of Wampole in the hospital, public health, and professional markets, and the launch of our recently announced Sentinel HIV and STD testing service collaboration with Wampole and Clinical Research Laboratories. We also expect to make progress on international distribution in 2000."

Calypte Biomedical is a manufacturer of HIV-related diagnostic tests. These tests include a serum Western blot supplemental test and the only two FDA-licensed HIV-1 antibody tests that can be used on urine samples. Urine testing is non-invasive, avoids accidental needle stick injuries, is less costly and does not require sample storage. In addition, a trained health care worker is not needed for sample collection and urine testing is safer than blood tests because it avoids risks of accidental needle sticks.

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 products, the serum Western blot test and the Sentinel service and statements regarding marketing and distribution arrangements and plans. 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, directly or through third parties, to successfully manufacture and market the HIV-1 urine testing products, the serum Western blot test and the Sentinel service and the ability of the Company to continue to finance its operations and to enter into distribution and marketing arrangements. 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 the occurrence of unanticipated events. Factors that may impact the Company's success are more fully discussed in the Company's most recent periodic reports on Forms 10-K and 10-Q.

             CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (in thousands, except per share data)

                       Three Months Ended            Year Ended
                           December 31,              December 31,
                      --------------------           ------------
                         1999        1998           1999         1998
                      -----------------------   ----------------------
Revenues:
   Product sales      $   903    $    267       $  3,728    $     951
                      ------------------------------------------------

Operating expenses:
   Product costs        1,339         409          4,721        1,912
   Research and
    development costs     686         998          4,123        3,881
   Selling, general
    and administrative
    costs               1,418         972          5,081        3,925
                      ------------------------------------------------
     Total expenses     3,443       2,379         13,925        9,718
                      ------------------------------------------------
     Loss from
      operations       (2,540)     (2,112)       (10,197)      (8,767)
Interest income,
 interest expense
 and other income          30          43            173          309
                      ------------------------------------------------

     Loss before
      income taxes     (2,510)     (2,069)       (10,024)      (8,458)

Income taxes                -           -             (2)          (2)
                      ------------------------------------------------

     Net loss          (2,510)     (2,589)       (10,026)      (8,460)

Less dividends on
 mandatorily redeemable
 Series A preferred
 stock                    (30)        (30)          (120)        (120)
                      ------------------------------------------------

Net loss
 attributable
 to common
 stockholders         $(2,540)   $ (2,099)    $   (10,146)   $ (8,580)
                      ================================================

Net loss per share
 attributable to
 common stockholders
 (basic and diluted)  $ (0.12)   $  (0.16)    $     (0.52)   $  (0.64)
                      ================================================

Weighted average shares
 used to compute net
 loss per share
 attributable to common
 stockholders
 (basic and diluted)   20,422      13,516         19,333       13,432
                      ================================================


             CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                            (in thousands)
                                         12/31/99          12/31/98

Cash and cash equivalents             $     2,652       $     3,121
Securities available for sale                 503               650
Working capital                             1,968             4,444
Total assets                                7,855             9,945
Note payable                                  844                 -
Long-term portion of capital
 lease obligations                             50                23
Mandatorily redeemable
 Series A preferred stock                   2,217             2,096
Total stockholders' equity                  1,353             4,631