PORTLAND, Ore., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Calypte Biomedical Corporation (Pink Sheets:CBMC), the developer, manufacturer and marketer of the Aware™ HIV-1/2 OMT (oral fluid) HIV test, announced today that it has been awarded a tax credit of $244,479 under U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program.
The QTDP tax credit is provided under the new section 48D of the Internal Revenue Code, enacted as part of the Patient Protection and Affordable Care Act of 2010. The credit is targeted to therapeutic discovery projects that show a reasonable potential to prevent, diagnose, and treat acute and chronic diseases. Allocation of the credit also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life sciences.
"I am pleased that Calypte has been recognized by this program for having the potential to significantly improve HIV testing and early diagnosis," said Adel Karas, Chairman and CEO of Calypte.
A leader in HIV diagnostics, Calypte intends to bring to the US market a rapid test for HIV-1/2 using oral fluid instead of blood. Rapid testing results in higher rates of linkage to care than laboratory testing and is widely preferred by patients, while oral fluid testing is less invasive, cheaper and safer than blood tests. Although all reactive rapid test results must be confirmed by laboratory testing, algorithms based on multiple rapid tests have been successfully used in other countries to provide a diagnosis which allows immediate initiation of treatment. Up to half of all clients do not receive their laboratory results, and infected persons who are unaware of their status are not only at increased personal risk through lack of treatment, but are also 3-4 times more likely to transmit HIV than individuals who are aware that they are HIV-positive. Calypte therefore believes that rapid oral fluid testing offers dramatic potential for improvement in HIV medicine. Field trials of Calypte's second generation oral fluid rapid test are underway, in preparation for a US FDA clinical trial in 2011.
"Calypte exemplifies the cutting-edge, efficient use of resources that is possible in Oregon," said Congressman David Wu, who represents the Portland area in the U.S. House of Representatives. "By funding research projects that can change the course of infectious diseases like HIV, the federal government is helping create jobs and drive economic growth through innovation."
About Calypte Biomedical Corporation:
Calypte Biomedical Corporation develops in vitro testing products to improve the diagnosis of Human Immunodeficiency Virus (HIV) infection and other sexually transmitted and chronic diseases. Calypte's product line includes both point-of-care rapid tests and an EIA based incidence test.
Founded in 1988, Calypte is a pioneer in non-blood-based HIV antibody testing. Calypte is the only company to have earned FDA approval for a urine-based HIV-1 antibody-screening test and supplemental Western blot. Today, Calypte's Aware™ family of rapid oral fluid and blood based HIV tests offers flexible testing of HIV 1 and HIV 2 in a non-laboratory setting.
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Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by managements. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2009 and relate to our ability to commercialize our products, our ability to obtain sufficient financing, as and when needed, on acceptable terms, and general economic conditions specific to our industry, any of which could impact sales, costs and expenses and/or planned strategies and timing. We assume no obligation to, and do not currently intend to, update these forward-looking statements.