AspenBio Pharma, Inc.

AspenBio Pharma Closes $18.2 Million Private Placement of Common Stock

Published in Medical Letter on the CDC and FDA, January 13th, 2008

AspenBio Pharma, Inc. (NASDAQ:APPY) an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for animals and humans, has closed a previously announced equity financing with a group of existing and new investors. $18.2 million in gross proceeds were generated from the sale of approximately 2.5 million shares of the company's common stock.

Net proceeds to AspenBio totaled approximately $17.1 million and will be used to fund research and development, product development, FDA approval related activities, working capital, and general corporate purposes. Oppenheimer & Co. Inc., acted as placement agent for the transaction.

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Source: Medical Letter on the CDC and FDA (2008-01-13)

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