Calypte voluntarily withdraws stock listing from Amex following non-compliance

By Lisa Kerner

Charlotte, N.C., July 31 - Calypte Biomedical Corp. said it has filed a voluntary request with the American Stock Exchange to withdraw its common stock listing effective as soon as possible in compliance with the rules and regulations of the Amex and the Securities and Exchange Commission.

The company was not in compliance due to its shareholders' equity of less than $6 million and losses from continuing operations and/or net losses in its five most recent fiscal years. Calypte also failed to comply with requirements because of losses so substantial the company's financial condition and ability to continue operations have become questionable.

Calypte had filed an appeal in March to the stop the delisting procedures, but failed to regain compliance by the July 31 deadline.

"Although we are making progress with our financing efforts, the company will not meet the exchange's continued listing standards by the July 31 compliance date specified by the panel," chairman and chief executive officer Roger I. Gale said in a news release.

"The company plans to provide an operational update in conjunction with the release of its second quarter financial results in the first part of August."

Following its delisting on the Amex, Calypte said it expects its common stock will trade on the Nasdaq Over the Counter Bulletin Board under a new trading symbol.

Calypte, based in Lake Oswego, Ore., develops and commercializes diagnostic testing products for the detection of sexually transmitted diseases.

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