ALAMEDA, Calif., May 13 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation (BULLETIN BOARD: CYPT) , a developer, manufacturer and marketer of HIV diagnostic tests, announced today that it is has selected Beijing Tiantan Biological Products Co., Ltd. ("BTBP") as its manufacturing partner in China. Under a memorandum of understanding, the parties expect to share technology and equipment to produce Calypte's Rapid HIV-1/2 Antibody Tests in China.
Calypte shall be responsible for supplying technology, manufacturing and quality control equipment and expertise, technical assistance and technical support, while BTBP shall supply the manufacturing facilities where the HIV rapid tests will be produced. Calypte will be in charge of day-to-day operations.
"We are very pleased that this memorandum of understanding whereby BTBP established the long-term cooperation relationship with Calypte and the new cooperation company will manufacture Calypte's HIV rapid products, as BTBP sees a great market potential for Calypte's rapid HIV-1/2 antibody tests in the People's Republic of China, as well as other parts of the world," said Mr. Ni Daoming, BTBP's Board Chairman.
"Our relationship with BTBP is expected to greatly accelerate our entry into the Chinese market," said Dr. J. Richard George, President and CEO of Calypte. "BTBP is one of the leading Chinese companies in the field of biological products and has a vast amount of experience in building and operating Good Manufacturing Practices (GMP) compliant facilities and obtaining regulatory approvals. We will draw upon their experience in these vital areas.
"BTBP, acting on good faith that this memorandum of understanding will lead to a definitive agreement, has met with our technical personnel, jointly defined the needs of the facility and has begun construction of the manufacturing site", Dr. George continued. "This cooperation will enable us to stay on a fast-track by continuing facility construction during the negotiations of a final agreement."
Beijing Tiantan Biological Products Co. Ltd. is a biotech company listed on the Shanghai Stock Exchange (601161.SS) with a current market capitalization in excess of $300 million (US). The company manufactures multiple vaccines for both viral and bacterial infections. BTBP is the Special Vehicle Company approved for listing on the Shanghai Stock Exchange; the parent company is National Vaccine & Serum Institute who currently owns over 66% after two private placements of the BTBP's shares, including 25 million public shares issued in 2003.
About Calypte Biomedical:
Calypte Biomedical Corporation, headquartered in Alameda, California, is a public healthcare company dedicated to the development and commercialization of in vitro diagnostic tests, primarily for the detection of antibodies to Human Immunodeficiency Virus (HIV), and other sexually transmitted and infectious diseases. Calypte's currently marketed laboratory-based tests include an enzyme immunoassay (EIA) HIV-1 antibody screening test and an HIV-1 antibody western blot supplemental test, the only two FDA-approved HIV-1 antibody tests for use on urine samples, as well as an FDA-approved serum HIV- 1 antibody western blot supplemental test. Calypte is actively engaged in developing new test products for the rapid detection of HIV and other infectious diseases. Calypte believes that there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in lesser-developed countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other infectious diseases may make important contributions to public health.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. 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 and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products 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 the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-KSB for the year ended December 31, 2003 and its subsequent filings with the SEC.
Company Contact: Investor Relations Contact:
Dr. J. Richard George Tim Clemensen
President and CEO Rubenstein Public Relations
(510) 749-5100 Phone: 212-843-9337
Calypte Biomedical Corporation