PROSPECTUS SUPPLEMENT                           FILED PURSUANT TO RULE 424(B)(3)
TO PROSPECTUS DATED NOVEMBER 2, 2001                       FILE NUMBER 333-72268


                         CALYPTE BIOMEDICAL CORPORATION

                         900,950 SHARES OF COMMON STOCK

     You should  read this  prospectus  supplement  and the  related  prospectus
carefully  before you invest.  Both  documents  contain  information  you should
consider when making your investment decision.

     On July 23,  2002,  we issued a draw down notice to  Townsbury  Investments
Limited  ("TIL") in connection  with the common stock purchase  agreement  dated
August 23, 2001 evidencing a standby equity-based credit facility between us and
TIL.  This notice  required  TIL to purchase up to $177,056 of our common  stock
pursuant to a pricing  formula in the stock purchase  agreement.  The settlement
period began on July 24, 2002,  ended on July 31, 2002, and settled on August 2,
2002. At the final  settlement  date on August 5, 2002, TIL purchased a total of
900,950  shares of our common stock at an average  purchase  price of $0.196 per
share,  resulting  in proceeds of $167,203  net of  brokerage  and escrow  fees.
Ladenburg  Thalmann & Co. received $8,853 in brokerage fees and the escrow agent
received $1,000 in escrow fees in connection with this drawdown.

     The  attached  prospectus  relates to the resale of shares  acquired by TIL
pursuant to the stock  purchase  agreement.  Because TIL may sell some or all of
these shares,  and because there are currently no  agreements,  arrangements  or
understandings  with  respect  to the sale of any of  these  shares,  we  cannot
estimate the actual amount of shares that they will hold after the completion of
the offering.

     We will not  receive any of the  proceeds  from this sale of shares by TIL.
However, we did receive the sale price of common stock sold to TIL. We expect to
use the proceeds of this sale of common stock for general corporate purposes.


     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 4 of the  accompanying
prospectus and on page 37 of our annual report on Form 10-K/A for the year ended
December  31,  2001,  which is  being  delivered  to you  with 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 August 5, 2002.