PROSPECTUS SUPPLEMENT                           FILED PURSUANT TO RULE 424(b)(3)
TO PROSPECTUS DATED JULY 9, 2004                          FILE NUMBER 333-116491


                         CALYPTE BIOMEDICAL CORPORATION

                        83,056,050 SHARES OF COMMON STOCK

         The prospectus supplement supplements the prospectus dated July 9, 2004
relating to the resale by certain of our security holders of shares of our
common stock and shares of our common stock issuable upon exercise of certain
options or warrants. You should read this prospectus supplement in conjunction
with the prospectus. This prospectus supplement is qualified by reference to
the prospectus, except to the extent that the information in this prospectus
supplement supersedes the information contained in the prospectus.

         The information appearing under the heading "Summary of Financings" in
the prospectus is hereby supplemented by the following.

         On July 9, 2004, we raised $1,488,000 in a private placement of our
common stock, $0.03 par value (the "Common Stock") and warrants to purchase
shares of our Common Stock (the "Warrant Shares") pursuant to Section 4(2) of
the Securities Act of 1933, as amended and Rule 506 thereunder. The funds raised
under the placement are intended to be used for general working capital purposes
as well as for the marketing of our rapid tests for HIV-1/2 diagnosis that are
currently under development.

         Accredited investors purchased 3,720,000 shares of Common Stock at
$0.40 per share and five (5) year warrants to purchase 2,604,000 Warrant Shares,
with each warrant having an exercise price of $0.50 and, under certain
circumstances, a cashless exercise feature under securities purchase agreements
with us.

         We have agreed to file a registration statement for the re-sale of the
Common Stock and Warrant Shares within 10 business days of closing and to
achieve effectiveness of the registration statement within ninety (90) days or,
in the event of a review of the registration statement with written comments by
the Securities and Exchange Commission within one hundred eighty (180) days of
closing. In the event we fail to register the Common Stock within the prescribed
time, we will be obligated to pay holders 1% of the holder's aggregate
investment as partial liquidated damages. We will be required to pay an
additional 2% of the holder's aggregate investment amount as additional partial
liquidated damages on the monthly anniversary (or pro-rata amount thereof) of
the date on which we were required to have the shares of Common Stock
registered.

         Under certain circumstances, the number of shares of Common Stock
issued to the subscribers may be adjusted in the event we issue shares of Common
Stock or common stock equivalents as defined in the securities purchase
agreement within one year of the first anniversary of the closing date at a
price less than $0.40 per share. Additionally, under certain circumstances,
while the warrant remains outstanding, it provides for adjustment in the number
of Warrant Shares as well as the exercise price of the warrants in the event we
issue Common Stock or equivalents at a price less than $0.40 per share.

         Subscribers further received a right of participation in any future
offerings we may undertake within one (1) year of the closing date.

         This prospectus supplement is incorporated by reference into the
prospectus, and all terms used herein shall have the meaning assigned to them in
the prospectus. See "Risk Factors" beginning on page 5 of the accompanying
prospectus for a description of certain factors that should be considered by
prospective Investors.

These securities have not been approved or disapproved by the Securities and
Exchange Commission or any state securities commission nor has the Securities
and Exchange Commission or any state securities commission passed upon the
accuracy or adequacy of this prospectus. Any representation to the contrary is a
criminal offense.

            The date of this prospectus supplement is July, 13 2004.