By Devika Patel
Knoxville, Tenn., April 30 - AspenBio Pharma, Inc. said it arranged a $10 million registered direct offering of units. Lazard Capital Markets LLC is the agent for the deal.
The company will sell 2,409,639 units of one common share and a warrant for 0.285 of a share at $4.15 per unit. The whole warrants are each exercisable at $4.82 for eight months.
Settlement is expected May 5.
Proceeds will be used for product development, 501(k) submission related activities, working capital and general corporate purposes.
AspenBio is a biopharmaceutical company based in Castle Rock, Colo.
| Issuer: | AspenBio Pharma, Inc.
|
| Issue: | Units of one common share and a warrant for 0.285 of a share
|
| Amount: | $10 million
|
| Units: | 2,409,639
|
| Price: | $4.15
|
| Warrants: | One warrant for 0.285 of a share per unit
|
| Warrant expiration: | Eight months
|
| Warrant strike price: | $4.82
|
| Agent: | Lazard Capital Markets LLC
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Stock symbol: | Nasdaq: APPY
|
| Stock price: | $4.59 at close April 29
|
| Market capitalization: | $150 million
|
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