AspenBio Pharma has completed the closure of registered direct offering creating proceeds of $1.6 million before commissions and expenses.

The company has made the offerings for the sale of 1,605,000 shares of its no par value common stock at a price of $1.02 per share.

The company in addition has issued to such investor a warrant to purchase one share of common stock.

AspenBio Pharma’s products include AppyScore which is a blood-based screening test, in development, designed to help physicians manage patients suffering from abdominal pain.

AppyScore decreases radiation exposure risk arising from the use of CT scans performed in triaging pediatric and adolescent patients with abdominal pain, as well as reduces healthcare costs.