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


                         CALYPTE BIOMEDICAL CORPORATION

                        3,370,541 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 August 14, 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 $400,000 of our common stock
pursuant to a pricing formula in the stock purchase agreement. The settlement
period began on August 15, 2002, ended on August 28, 2002, and settled on
September 3, 2002. At the final settlement date on September 3, 2002, TIL
purchased a total of 3,370,541 shares of our common stock at an average purchase
price of $0.119 per share, resulting in proceeds of $379,000 net of brokerage
and escrow fees. Ladenburg Thalmann & Co. received $20,000 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 September 3, 2002.