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news.AspenBio Pharma has closed an equity financing with a group of existing and new investors, generating $18.2 million in gross proceeds from the sale of approximately 2.5 million shares of the company's common stock.
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Net proceeds to AspenBio totaled approximately $17.1 million and will be used to fund R&D, product development, FDA approval related activities, working capital and general corporate purposes.
Richard Donnelly, CEO and president, said: “We are fortunate to finalize this offering during a very challenging period in the financial markets. This funding will support AspenBio’s continued product development and near-term FDA approval goals, like approval of our breakthrough blood screen test for appendicitis. As we recently announced, as a result of our official pre-IDE response from FDA, we are now following the preferred FDA 510k clearance pathway. The funds will also support a number of other exciting initiatives in 2008 designed to enhance shareholder value.”