WASHINGTON (dpa-AFX) - Calypte Biomedical Corp. (CBMC.PK), a manufacturer of HIV diagnostic tests, said Friday it has entered into a memorandum of understanding with a private investor to secure funding needed to complete the FDA approval procedures for the new product AWARE(TM)2.
The MoU contemplates an initial investment of at least $1 million through 2012, contingent upon the Company following an agreed upon budget plan, and potentially up to $4 million from additional investors.
As announced on March 2, 2011, Calypte successfully completed internal trials on its new AWARE(TM) 2 HIV-1/2 oral fluid rapid test, which showed an accuracy of 100%. Based on these results, Calypte has contacted the FDA and started the process to conduct clinical trials.
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