CALYPTE BIOMEDICAL CORP
INVESTMENT COMMITMENT ARRANGEMENT
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<DESCRIPTION>INVESTMENT COMMITMENT ARRANGEMENT
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 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 10.115 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"><B>CATALDO INVESTMENT GROUP </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Calypte Biomedical Corporation
</FONT></DIV> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1265 Harbor Bay Parkway </FONT></DIV> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Alameda, CA 94502 </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Re: Cataldo Investment Group (&#147;CIG&#148;) </FONT></DIV>
<DIV STYLE="margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">With Calypte Biomedical Corporation </FONT></DIV> <DIV STYLE="margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(&#147;CALY&#148; or the &#147;Company&#148;) </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Dear Ms. Katz: </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The within is to confirm that as of May 9, 2002, the terms of the independent CIG investment proposal will be amended as stated
herein: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">CIG is agreeable to arranging for an aggregate of $1,400,000 within 90 days of May 10, 2002 as a
combination of equity investments and/or convertible debentures from accredited investors for the express purpose of utilizing said funds to continue the operation of the Company&#146;s business. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">It is understood that the Company has issued a press release announcing that the Company is in danger of shutting down its operations and may be compelled to close its
doors. Resultantly, the within amended proposal is subject to the following: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">a)</FONT></DIV></TD>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">An aggregate of $5,000,000 to be invested in CALY prior to May 10, 2003, subject to terms negotiated in separate independent arms-length transactions with
accredited investors; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">b)</FONT></DIV></TD>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Mr. Anthony Cataldo to serve as Executive Chairman of the Company with authority to utilize the services of financial business or management consultants and/or
professionals, accountants, attorneys etc. as he may deem necessary to accomplish the goal of re-starting and continuing the Company&#146;s business operations going forward; </FONT></DIV> </TD></TR></TABLE>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">c)</FONT></DIV></TD>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Mr. Cataldo, to obtain authority from the Board to disburse investment funds attributed to CIG; and </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">d)</FONT></DIV></TD>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Mr. Cataldo, to have the right to appoint new directors, which directors may constitute a majority of the Board, within 30 days of the date hereof. The current
Board of Directors will continue to serve during the interim period and, thereafter, continue to work with Mr. Cataldo in the interest of the Company and its stockholders. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">e)</FONT></DIV></TD>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The within amendment to supercede any prior understandings or agreements whether oral or written. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If the foregoing is agreeable, please acknowledge your consent to the within and provide a confirmation of an Officer&#146;s Certificate
and/or Board Resolution concerning the amendment. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Very truly yours, </FONT></DIV> <DIV><FONT
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<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">C<SMALL>ATALDO</SMALL> I<SMALL>NVESTMENT</SMALL> G<SMALL>ROUP</SMALL></FONT></DIV> </TD> </TR>
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<TD VALIGN="top" WIDTH="2%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="37%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>NTHONY</SMALL> J.
C<SMALL>ATALDO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV> <HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD> </TR>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>ANTHONY J. CATALDO</B></FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>AGREED TO AS OF MAY 9, 2002: </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">C<SMALL>ALYPTE</SMALL> B<SMALL>IOMEDICAL</SMALL> C<SMALL>ORPORATION</SMALL> </FONT></DIV> <DIV>
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<TD VALIGN="top" WIDTH="2%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="37%"> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>ANCY</SMALL> E. K<SMALL>ATZ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV> <HR
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<TD VALIGN="bottom" WIDTH="37%"> <DIV><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>NANCY KATZ, President and CEO</B></FONT></DIV> </TD> </TR>
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