AspenBio (APPY) Closes 1.95M Common Offering

AspenBio Pharma, Inc. (Nasdaq: APPY), an in vitro diagnostic company, today announced the closing of an underwritten public offering of 1,946,000 shares of common stock at an offering price of $2.10 per share. After underwriting discounts and commissions and estimated offering expenses, the Company received net proceeds from the offering of approximately $3.7 million. AspenBio Pharma has also granted the underwriters a 45-day option to purchase up to an additional 291,900 shares of common stock to cover over-allotments, if any.

AspenBio intends to use the net proceeds from this offering for general corporate purposes, including conducting a clinical trial for its blood-based appendicitis test and for working capital purposes.

Aegis Capital Corp. acted as the sole book-running manager for the offering.

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