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


                         CALYPTE BIOMEDICAL CORPORATION

                        3,348,875 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 October 2, 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 that TIL purchase up to $250,000 of our common stock
pursuant to a pricing  formula in the stock purchase  agreement.  The settlement
period  began on  October 3, 2002,  ended on  October  9, 2002,  and  settled on
October  11,  2002.  At the final  settlement  date on  October  11,  2002,  TIL
purchased a total of 3,348,875 shares of our common stock at an average purchase
price of $0.075 per share,  resulting  in proceeds of $236,500  net of brokerage
and escrow fees. Ladenburg Thalmann & Co. received $12,500 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 October 11, 2002.