Aspenbio Pharma closes public offering of its common stock shares

AspenBio Pharma, Inc. (NASDAQ: APPY) today announced the closing of its previously announced public offering of 5,155,000 shares of its common stock at $1.70 per share. The aggregate number of shares of common stock sold reflects the exercise in full by the underwriter of its over-allotment option to purchase 672,391 additional shares of common stock. The approximately $8.3 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.

ThinkEquity LLC acted as the sole underwriter for the offering.