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news.AspenBio Pharma has entered into securities purchase agreements in connection with a private placement with a group of existing and new investors to raise approximately $18 million in gross proceeds from the sale of approximately 2.5 million shares of its common stock.
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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.