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AspenBio Pharma Announces $18 Million Private Placement of Common Stock
Date:12/20/2007

CASTLE ROCK, Colo., Dec. 20 /PRNewswire-FirstCall/ -- AspenBio Pharma, Inc. (Nasdaq: APPY) an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for animals and humans, today announced that it has entered into securities purchase agreements in connection with a private placement with a group of existing and new investors. Under the terms of the agreement, AspenBio will receive approximately $18 million in gross proceeds from the sale of approximately 2.5 million shares of its common stock.

Subject to the satisfaction of customary closing conditions, the transaction is expected to close on or about December 24, 2007. Net proceeds from the transaction will be used to fund research and development, product development, FDA approval related activities, working capital and general corporate purposes.

The shares of AspenBio's common stock issued in connection with the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. AspenBio has agreed to file within 30 days after the closing one or more registration statements covering the resale of the common stock. This press release shall not constitute an offer to sell or the solicitation of an offer to buy AspenBio's common stock.

About AspenBio Pharma, Inc.

AspenBio Pharma is an emerging bio-pharmaceutical company dedicated to the discovery; development, manufacture, and marketing of novel proprietary products, including those that enhance the reproductive
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SOURCE AspenBio Pharma, Inc.
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