Calypte's appeal of Amex delisting set for March 13

By E. Janene Geiss

Philadelphia, Feb. 16 - Calypte Biomedical Corp. said Thursday that the American Stock Exchange notified the company that it had set March 13 as the date for a hearing to review the exchange staff's determination to delist the company's common stock.

The company, which trades under the symbol HIV, said it requested the hearing to appeal the delisting determination. The company said it was notified of the delisting determination by a letter dated Feb. 9, according to a company news release.

Specifically, the exchange noted that Calypte Biomedical is not in compliance certain Amex rules, which include:

• Section 1003(a)(i) of Amex rules with shareholders' equity of less than $2 million and losses from continuing operations and/or net losses in two out of its three most recent fiscal years;

• Section 1003(a)(ii) with shareholders' equity of less than $4 million and losses from continuing operations and/or net losses in three out of its four most recent fiscal years;

• Section 1003(a)(iii) with shareholders' equity of less than $6 million and losses from continuing operations and/or net losses in its five most recent fiscal years; and

• Section 1003(a)(iv) with losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.

There can be no assurance that the company's appeal will result in the continued listing of its common stock. If its common stock is delisted after the hearing, it would likely trade on the NASD Over-the-Counter Bulletin Board, officials said.

Calypte is a Lake Oswego, Ore., health care company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases.

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