Aspenbio Pharma declares public offering Of 4,482,609 common stock

AspenBio Pharma, Inc. (NASDAQ: APPY) today announced that it has priced a public offering of 4,482,609 shares of its common stock at $1.70 per share. The approximately $7.2 million of net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses, will be used for product development, FDA 510(k) submission related activities, general corporate purposes, and working capital. The offering is expected to close on or about October 13, 2009, subject to the satisfaction of customary closing conditions.

The sole underwriter for the offering is ThinkEquity LLC.

The underwriter has been granted a 30-day option to purchase up to an additional 672,391 shares to cover over-allotments, if any.

A shelf registration on Form S-3 relating to these securities was previously filed with the Securities and Exchange Commission and was declared effective on June 4, 2009. A copy of the prospectus supplement and base prospectus relating to the offering may be obtained, when available, from ThinkEquity LLC, 600 Montgomery Street, 3rd Floor, San Francisco, CA 94111, or [email protected]

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AspenBio Pharma, Inc.

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