Calypte's Urine HIV-1 Antibody Test Now Approved for Life Insurance Screening In All 50 States
ALAMEDA, Calif., Sep 19, 2002 /PRNewswire-FirstCall via COMTEX/ --
West Virginia Department of Insurance Amends Rule to Include Urine HIV-1 Antibody Testing
Calypte Biomedical Corporation (OTC Bulletin Board: CALY), the developer and marketer of the only two FDA-approved HIV-1 antibody tests that can be used on urine samples, announced today that the West Virginia Office of the Insurance Commissioner has cleared the way for urine HIV screening among life insurance applicants in that state. With this decision, Calypte's urine HIV-1 screening test is now approved for use by the life insurance industry in all 50 states.
Until now, life and health insurance companies writing policies in West Virginia have been unable to test specimens other than blood and oral fluid for HIV. The Interpretive Rule amendment made by the commissioner is intended to serve as a bridge to the effective date of the Legislative Rule, and allows the urine-based screening to begin immediately. The Legislative Rule is expected to be effective in the spring or summer of 2003.
"Life Insurance companies have been very receptive to urine-based testing as an effective, convenient and cost-effective alternative to blood testing," said Nancy Katz, President and CEO of Calypte Biomedical. "We now have the approval of approximately 150 insurance companies to order our tests, including nine of the top 10 life insurance underwriters as ranked by policy value. The Calypte urine antibody tests are completely non-invasive, which results in a painless and comfortable way for insurance applicants to provide a specimen. Also, urine testing is safe for those collecting the specimen who otherwise would be at risk of contracting HIV from accidental needlestick injuries. We are very pleased that the State of West Virginia has made progress developing the necessary procedures that allow our life insurance customers to expand their utilization of urine testing."
"Now that West Virginia has joined every other state in approving urine screening tests for HIV-1 antibodies, we believe that it will be even easier to get our message out to life insurance and other communities that our proprietary urine screening test represents the future direction of HIV-1 screening," said Anthony Cataldo, Calypte's Chairman.
About Calypte Biomedical:
Calypte Biomedical Corporation headquartered in Alameda, California, is a public healthcare company dedicated to the development and commercialization of urine-based diagnostic products and services for Human Immunodeficiency Virus Type 1 (HIV-1), sexually transmitted diseases and other infectious diseases. Calypte's tests include the screening EIA and supplemental Western Blot tests, the only two FDA-approved HIV-1 antibody tests that can be used on urine samples. When compared with existing blood-based tests, our testing algorithms are non-invasive, easier to use, less expensive and have significantly less risk than blood-based testing, and they have 99.7% sensitivity in subjects previously identified as HIV-1 infected and 100% specificity in subjects at low risk when combined with the urine-based Western Blot supplemental test. The company believes that accurate, non-invasive urine-based testing methods for HIV and other infectious diseases may make important contributions to public health by helping to foster an environment in which testing may be done safely, economically, and painlessly. Calypte markets its products in countries worldwide through international distributors and strategic partners.
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, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service 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-K for the year ended December 31, 2001 and its subsequent filings with the SEC.
For further information, please contact Joe Bunning of Sitrick and Company, +1-310-788-2850, for Calypte Biomedical Corporation.
SOURCE Calypte Biomedical Corporation
CONTACT: Joe Bunning of Sitrick and Company, +1-310-788-2850, for Calypte Biomedical Corporation
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