AspenBio Announces Closing on $3,072,642 Private Placement

May 9, 2005

AspenBio announced that it has had a closing of $3,072,642 under a Private Placement of unregistered securities. For each $1,000,000 invested, the purchaser received 1,142,857 common shares and 1,142,857 warrants to purchase the same number of shares exercisable for five years at $1.35 per share. A total of 3,511,591 shares and 3,511,951 warrants were issued in the offering. The offering was made to accredited investors only, including a significant investor in the Registrant's 2004 funding.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=19986320&full=1)