Exhibit 10.118
 
CALYPTE BIOMEDICAL CORP.
1265 Harbor Bay Parkway
Alameda, CA 94502
 
                                    November 7, 2002
 
Bi-Coastal Consulting Corporation
25 Longview Court
Hillsborough, CA 94010
 
Gentlemen:
 
The within is to confirm our understanding and agreement wherein our Company
agreed to pay, and has paid to Bi-Costal Consulting, Inc. (“Bi-Costal”), a
finder’s fee of fifteen percent (15%) with respect to your efforts in arranging
for the financing of the aggregate sum of $3,125,000 in 8% Convertible Notes.
 
The transaction was reported by us in a Form 8-K Report filed with the
Securities and Exchange Commission on July 17, 2002.
 
You agree that, in the event that we require any further confirmation or
documentation to be executed by Bi-Costal confirming the fee arrangement, it
will provide same to us.
 
Additionally, in the further event that Bi-Costal is successful in arranging
additional financing, that we agree to pay additional fees as long as we
complete a financing transaction on acceptable terms to us, and that you advise
us in writing prior to the completion of a transaction of the material
information with respect to each prospective accredited investor, and that said
investor acknowledges that Bi-Costal was instrumental in introducing said
investor to our Company.
 
If the within meets with your understanding and agreement, please execute the
original and duplicate original of this letter, returning one original to our
office.
 
Very truly yours,
 
CALYPTE BIOMEDICAL CORP.

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By:
 
/S/    ANTHONY J. CATALDO        

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ANTHONY J. CATALDO
Executive Chairman

AGREED TO:
 
BI-COSTAL CONSULTING, INC.
 
By:
 
    /s/    PETER T. BENZ

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Name:
 
Peter T. Benz

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Title:
 

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CALYPTE BIOMEDICAL CORP.
1265 Harbor Bay Parkway
Alameda, CA 94502
 
    November 7, 2002
 
BiCoastal Consulting, Inc.
 
Re:    Bi-Costal Consulting, Inc. (“Bi-Costal”)
         with Townsbury Equity Ltd. Credit Line
(“Townsbury”)                                                     
 
Dear Mr. Benz:
 
As per our agreement with respect to finder’s fees due to you as a result of
your Company’s efforts in connection with the drawdown of the Townsbury credit
line, the within is to confirm that we paid to Bi-Costal five per cent (5%) of
the gross amount of the drawdown, or the sum of $70,000, as a finder’s fee,
additional Bi-Costal received the sum of $10,000 on the $100,000 Bristol
financing and 10% on the BNC Bach International Ltd. Financing or the sum of
$15,000.
 
With respect to any future fees, it is agreed that our respective companies will
enter into an agreement for future fees at the time of any further transactions
with Townsbury.
 
Please confirm the within by signing your Company’s agreement and consent to the
within.
 
                              Very truly yours,
 
        CALYPTE BIOMEDICAL CORP.
 
By:             /s/    ANTHONY J. CATALDO                                  
                        ANTHONY J. CATALDO
          Executive Chairman
 
CONSENTED TO AND AGREED:
 
BI-COSTAL CONSULTING, INC.
 
By:                                                                          
 
/s/    PETER T. BENZ

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