Calypte Biomedical Corporation (CBMC) Jumps On New Funding


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.

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