UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

  Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
                                    of 1934

         Date of Report (Date of earliest event reported) June 19, 2006

                         Calypte Biomedical Corporation
                         ------------------------------
               (Exact name of Company as specified in its charter)

          Delaware                        000-20985               06-1226727
          --------                        ---------               ----------
(State or Other Jurisdiction)     (Commission File Number)     (I.R.S. Employer
      of Incorporation)                                         Identification)

             5 Centerpointe Drive, Suite 400, Lake Oswego, OR 97035
             ------------------------------------------------------

               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (971) 204-0282
                                                           --------------

                                       N/A
                                       ---
          (Former name or former address, if changed since last report)

|_|   Written communication pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 40.13e-4(c))

<PAGE>

ITEM 1.01 Entry into a Material Definitive Agreement

On June 19, 2006,  the  Registrant  (the  "Company")  entered into  subscription
agreements with  International  Credit Bank, a corporation formed under the laws
of Panama, and Tanfield  International Ltd., a corporation formed under the laws
of the British Virgin Islands (collectively, the "Investors"), pursuant to which
the Investors  have agreed to purchase an aggregate of 16,666,666  shares of the
Company's  common  stock,  par value  $0.03,  at a price of $0.18 per share (the
"Shares"),  for an aggregate of $3,000,000,  in private  placement  transactions
pursuant  to  Regulation  S of the  Securities  Act of  1933,  as  amended  (the
"Securities Act"). The Subscription Agreements contain customary representations
and  warranties by the  Investors  regarding  their status as non-U.S.  persons,
investment  intent and  restrictions  on  transfer.  The  Company  has agreed to
register the Shares under the Securities Act on the next registration  statement
it files with the Securities and Exchange Commission. The Company intends to use
the proceeds of the private  placements for general working capital  purposes as
well as for the commercialization of its rapid tests for HIV-1/2 diagnosis.

Attached  hereto as Exhibit No. 99.1 and  incorporated  herein by reference is a
copy  of the  Company's  press  release  issued  today  announcing  the  private
placement transactions.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.          Description
-----------          -----------
99.1                 Press release dated June 23, 2006.


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


Dated: Lake Oswego, Oregon
       June 23, 2006
                                                  CALYPTE BIOMEDICAL CORPORATION
                                                  (Registrant)

                                                  /s/ Theodore R. Gwin
                                                  Theodore R. Gwin
                                                  Chief Financial Officer
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

  Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
                                    of 1934

         Date of Report (Date of earliest event reported) June 19, 2006

                         Calypte Biomedical Corporation
                         ------------------------------
               (Exact name of Company as specified in its charter)

          Delaware                        000-20985               06-1226727
          --------                        ---------               ----------
(State or Other Jurisdiction)     (Commission File Number)     (I.R.S. Employer
      of Incorporation)                                         Identification)

             5 Centerpointe Drive, Suite 400, Lake Oswego, OR 97035
             ------------------------------------------------------

               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (971) 204-0282
                                                           --------------

                                       N/A
                                       ---
          (Former name or former address, if changed since last report)

|_|   Written communication pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 40.13e-4(c))
ITEM 1.01 Entry into a Material Definitive Agreement

On June 19, 2006,  the  Registrant  (the  "Company")  entered into  subscription
agreements with  International  Credit Bank, a corporation formed under the laws
of Panama, and Tanfield  International Ltd., a corporation formed under the laws
of the British Virgin Islands (collectively, the "Investors"), pursuant to which
the Investors  have agreed to purchase an aggregate of 16,666,666  shares of the
Company's  common  stock,  par value  $0.03,  at a price of $0.18 per share (the
"Shares"),  for an aggregate of $3,000,000,  in private  placement  transactions
pursuant  to  Regulation  S of the  Securities  Act of  1933,  as  amended  (the
"Securities Act"). The Subscription Agreements contain customary representations
and  warranties by the  Investors  regarding  their status as non-U.S.  persons,
investment  intent and  restrictions  on  transfer.  The  Company  has agreed to
register the Shares under the Securities Act on the next registration  statement
it files with the Securities and Exchange Commission. The Company intends to use
the proceeds of the private  placements for general working capital  purposes as
well as for the commercialization of its rapid tests for HIV-1/2 diagnosis.

Attached  hereto as Exhibit No. 99.1 and  incorporated  herein by reference is a
copy  of the  Company's  press  release  issued  today  announcing  the  private
placement transactions.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.          Description
-----------          -----------
99.1                 Press release dated June 23, 2006.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Dated: Lake Oswego, Oregon
       June 23, 2006
                                                  CALYPTE BIOMEDICAL CORPORATION
                                                  (Registrant)

                                                  /s/ Theodore R. Gwin
                                                  Theodore R. Gwin
                                                  Chief Financial Officer