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AspenBio Pharma Announces Closing of Public Offering of 1,946,000 Shares of Common Stock
Date:11/20/2012

CASTLE ROCK, Colo., Nov. 20, 2012 /PRNewswire/ -- 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.

A registration statement on Form S-3 relating to the shares was filed with the Securities and Exchange Commission and was declared effective on July 27, 2011. A final prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov. Copies of the final prospectus may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com, or from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

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