Calypte Biomedical Corporation (PINK:CBMC), developer, manufacturer and marketer of HIV diagnostic tests, today announced that it has entered into a memorandum of understanding (MoU) with a private investor to get the required fund needed to complete the FDA approval processes for its new product AWARE(TM) 2.
The MoU contemplates an initial investment of at least $1,000,000 through 2012, contingent upon the Company following an agreed upon budget plan, and potentially up to $4,000,000 from additional investors.
The company successfully finished the internal tests on its new AWARE(TM) 2 HIV-1/2 oral fluid rapid test, which showed 100% accuracy. The company based on these promising results, contacted the FDA and started the process to conduct clinical trials.
About Calypte Biomedical Corporation:
Calypte Biomedical Corporation set up in 1988, is a pioneer in non-blood-based HIV antibody testing which formulates in-vitro testing products to improve the diagnosis of Human Immunodeficiency Virus (HIV) infection and other sexually transmitted and chronic diseases.
Shares of CBMC surged 17.65% to $0.0200.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.