<PAGE>

                                                                EXHIBIT 10.18(c)

         The securities represented by this Warrant and issuable upon exercise
hereof have not been registered under the United States Securities Act of 1933,
as amended (the "1933 Act"), or under the provisions of any applicable state
securities laws, but have been acquired by the registered holder hereof for
purposes of investment and in reliance on statutory exemptions under the 1933
Act, and under any applicable state securities laws. These securities and the
securities issued upon exercise hereof may not be sold, pledged, transferred or
assigned, nor may this Warrant be exercised, except in a transaction which is
exempt under the provisions of the 1933 Act and any applicable state securities
laws or pursuant to an effective registration statement.

               VOID AFTER 5:00 P.M. MOUNTAIN TIME ON JULY 5, 2005

               WARRANT TO PURCHASE 275,000 SHARES OF COMMON STOCK

                                 ASPENBIO, INC.

No. W-17

         FOR VALUE RECEIVED, AspenBio, Inc. (the "Company"), a Colorado
corporation with its principal offices located at 8100 Southpark Way, Bldg. B-1,
Littleton, CO 80120, hereby certifies that Michael Smith, whose address is c/o
of The Kaitar Foundation, 1660 Lincoln Street, Suite 1420, Denver, CO 80264 (the
"Holder") is entitled, subject to the provisions of this Warrant, to purchase
from the Company, at any time, or from time to time during the period commencing
on the date hereof and expiring at 5:00 p.m. Mountain Time, on July 5, 2005 (the
"Expiration Date"), up to 275,000 fully paid and non-assessable shares of the
Company's Common Stock (the "Warrant Stock") at a price of $1.50 per share (the
"Exercise Price"). The number of shares of Warrant Stock and the Exercise Price
may be adjusted from time to time as hereinafter set forth.

         The Holder agrees with the Company that this Warrant is issued, and all
the rights hereunder shall be held subject to, all of the conditions,
limitations and provisions set forth herein.

         1. Exercise of Warrant.

                  1.1 Exercise Procedures. Subject to the limitations set forth
below in this Section 1 and in Section 6 hereof, this Warrant may be exercised
in whole or in part, during the period expiring at 5:00 p.m. Mountain Time on
the Expiration Date or, if such day is a day on which banking institutions in
Denver, Colorado are authorized by law to close, then on the next succeeding day
that shall not be such a day, by presentation and surrender of this Warrant to
the Company at its principal office, or at the office of its transfer agent, if
any, with the Warrant Exercise Form attached hereto duly executed and
accompanied by payment (either in cash or by certified or official bank check,
payable to the order of the Company) of the Exercise Price for


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the number of shares specified in such form and instruments of transfer, if
appropriate, duly executed by the Holder or his or her duly authorized attorney.
As soon as practicable after each such exercise of the Warrants the Company
shall issue and deliver to the Holder a certificate or certificates for the
Warrant Stock, registered in the name of the Holder. If this Warrant should be
exercised in part only, the Company shall, upon surrender of this Warrant for
cancellation, execute and deliver a new Warrant evidencing the rights of the
Holder thereof to purchase the balance of the shares purchasable hereunder. Upon
receipt by the Company of this Warrant, together with the Exercise Price, at its
office, or by the transfer agent of the Company, if any, at its office, in
proper form for exercise, the Holder shall be deemed to be the holder of record
of the shares of Warrant Stock issuable upon such exercise, notwithstanding that
the stock transfer books of the Company shall then be closed or that
certificates representing such shares of Warrant Stock shall not then be
actually delivered to the Holder. The Holder shall pay any and all documentary,
stamp or similar issue or transfer taxes and fees payable in respect of the
issue or delivery of shares of Warrant Stock on exercise of this Warrant.

         1.2 Conversion Right.

         The Holder shall have the right (the "Conversion Right") to convert
this Warrant into shares of the Company's Common Stock as provided in this
Section 1.2 at any time or from time to time prior to the Expiration Date.

                  a. Upon exercise of the Conversion Right with respect to a
particular number of shares of Warrant Stock (the "Conversion Shares"), the
Company shall deliver to the Holder, without payment by the Holder of any
Exercise Price or any cash or other consideration, that number of shares equal
to the quotient obtained by dividing the Net Value (as hereinafter defined) of
the Conversion Shares by the Current Market Price (as hereinafter defined) of a
single Share, determined in each case as of the close of business on the
Conversion Date (as hereinafter defined). The "Net Value" of the Conversion
Shares shall be determined by subtracting the Exercise Price of one share from
the Current Market Price of one share and multiplying the remainder by the
number of Warrants being converted. No fractional shares shall be issuable upon
exercise of the Conversion Right, and if the number of shares to be issued in
accordance with the foregoing formula is other than a whole number, the Company
shall pay to the Holder the net amount in cash equal to the Current Market Price
of the resulting fractional share.

                  b. The Conversion Right may be exercised by the Holder by the
surrender of the Warrant at the principal office of the Company or at the office
of the Company's transfer agent, if any, together with a written statement
specifying that the Holder thereby intends to exercise the Conversion Right and
indicating the number of shares of Warrant Stock subject to the Warrant which
are being surrendered (referred to in subparagraph 1.2(a) above as the
Conversion Shares) in exercise of the Conversion Right. Such conversion shall be
effective upon receipt by the Company of the Warrant, or on such later date as
is specified therein (the "Conversion Date"), but not later than the Expiration
Date. Certificates for the shares issuable upon exercise of the Conversion
Right, together with a check in payment of any fractional amount and, in the
case of a partial exercise a new Warrant evidencing the Warrant Stock



                                       2
<PAGE>

remaining subject to the Warrant, shall be issued as of the Conversion Date and
shall be delivered to the Holder within seven days following the Conversion
Date.

                  c. The "Current Market Price" shall be determined as follows:

                           (1) If the Common Stock is listed on a national
securities exchange or admitted to unlisted trading privileges on such an
exchange or quoted on either the National Market System or the Small Cap Market
of the automated quotation service operated by The Nasdaq Stock Market, Inc.
("Nasdaq"), the current value shall be the last reported sale price of that
security on such exchange or system on the day for which the current market
price is to be determined or, if no such sale is made on such day, the average
of the highest closing bid and lowest asked price for such day on such exchange
or system; or

                           (2) If the Common Stock is not so listed or quoted or
admitted to unlisted trading privileges, the Current Market Value shall be the
average of the last reported highest bid and lowest asked prices quoted on the
Nasdaq Electronic Bulletin Board, or, if not so quoted, then by the National
Quotation Bureau, Inc. on the last business day prior to the day for which the
Current Market Price is to be determined; or

                           (3) If the Common Stock is not so listed or quoted or
admitted to unlisted trading privileges and bid and asked prices are not
reported, the Current Market Price shall be determined in such reasonable manner
as may be prescribed in good faith from time to time by the Board of Directors
of the Company.

         2. Fractional Shares. The Company shall not be required to issue a
fractional share upon the exercise of this Warrant, and except as provided in
Section 1.2, the aggregate number of shares issuable will be rounded up or down
to the nearest full share.

         3. Limitation on Transfer. Subject to the provisions of Sections 6 and
7 hereof, any assignment or transfer of this Warrant shall be made by
presentation and surrender of this Warrant to the Company at its principal
office or at the office of its transfer agent, if any, accompanied by a duly
executed Assignment Form, provided that the transfer complies with Section 7 of
this Agreement. Upon the presentation and surrender of these items to the
Company, the Company, at its sole expense, shall execute and deliver to the new
Holder a new Warrant, in the name of the new Holder as named in the Assignment
Form, and the Warrant presented or surrendered shall at that time be cancelled.

         4. Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company, either at law or in
equity, and the rights of the Holder are limited to those expressed in this
Warrant.

         5. Anti-Dilution Provisions.

                  5.1 Adjustment for Recapitalization. If the Company shall at
any time subdivide all its outstanding shares of Common Stock (or other
securities at the time receivable



                                       3
<PAGE>

upon the exercise of the Warrant) by recapitalization, reclassification or
split-up thereof, or if the Company shall declare a stock dividend or distribute
shares of Common Stock to all of its stockholders without receipt of cash
payment or other valid consideration, the number of shares of Common Stock
subject to this Warrant immediately prior to such subdivision, dividend or
distribution shall be proportionately increased, and if the Company shall at any
time combine the outstanding shares of Common Stock by recapitalization,
reclassification or combination thereof, the number of shares of Common Stock
subject to this Warrant immediately prior to such combination shall be
proportionately decreased. Any such adjustment and adjustment to the Exercise
Price pursuant to this Section 5.1 shall be effective at the close of business
on the effective date of such subdivision or combination or if any adjustment is
the result of a stock dividend or distribution then the effective date for such
adjustment based thereon shall be the record date therefor.

                           Whenever the number of shares of Warrant Stock
purchasable upon the exercise of this Warrant is adjusted, as provided in this
Section 5.1, the Exercise Price shall be adjusted to the nearest cent by
multiplying such Exercise Price immediately prior to such adjustment by a
fraction (x) the numerator of which shall be the number of shares of Warrant
Stock purchasable upon the exercise immediately prior to such adjustment, and
(y) the denominator of which shall be the number of shares of Warrant Stock so
purchasable immediately thereafter.

                  5.2 Adjustment for Reorganization, Consolidation, Merger, Etc.
In case of any reorganization of the Company (or any other corporation, the
securities of which are at the time receivable on the exercise of this Warrant)
or if the Company (or any such other corporation) shall consolidate with or
merge into another corporation or convey all or substantially all of its assets
to another corporation, then, and in each such case, the Holder of this Warrant
upon the exercise thereof as provided in Section 1 at any time after the
consummation of such reorganization, consolidation, merger or conveyance, shall
be entitled to receive, in lieu of the securities and property receivable upon
the exercise of this Warrant prior to such consummation, the securities or
property to which such Holder would have been entitled upon such consummation if
such Holder had exercised this Warrant immediately prior thereto; in each such
case, the terms of this Warrant shall be applicable to the securities or
property receivable upon the exercise of this Warrant after such consummation.

                  5.3 Adjustment for Issuances Below the Exercise Price. If the
Company shall issue any additional shares of Common Stock without consideration
or for a consideration per share less than $1.50 per share (as appropriately
adjusted for any combinations or divisions or recapitalizations affecting the
Common Stock after issuance of this Warrant), on such date, the Exercise Price
in effect immediately prior to each such issuance shall forthwith be adjusted,
as follows: (i) if such issuance occurs before December 31, 2002, to a price
equal to the issuance price (and if the issuance is without consideration, then
to $.01 per share); and (ii) if the issuance occurs during the period commencing
after December 31, 2002 and ending on the Expiration Date, to a price equal to a
price determined by multiplying the Exercise Price by a fraction, the numerator
of which shall be the sum of (w) the number of shares of Common Stock
outstanding immediately prior to such issuance and (x) the number of shares of
Common Stock that the



                                       4
<PAGE>

aggregate consideration received by the Company for such issuance would purchase
at $1.50 per share; and the denominator of which shall be the sum of (y) the
number of shares of Common Stock outstanding immediately prior to such issuance
and (z) the number of additional shares of such Common Stock. For purposes of
this Section 5.3, if any securities are issued by the Company which are
convertible into Common Stock or which may be exercised to acquire Common Stock,
then the aggregate maximum number of shares of Common Stock deliverable upon
conversion or exercise of the securities assuming the satisfaction of any
conditions to convertibility or exercisability, shall be deemed to have been
issued at the time such securities were issued. Upon the termination or
expiration of the convertibility or exercisability of any such securities, the
Exercise Price, to the extent in any way affected by or computed using such
securities, shall be recomputed to reflect the issuance of only the number of
shares of Common Stock actually issued upon the conversion or exercise of such
securities. Notwithstanding anything herein to the contrary, any shares of
Common Stock issued by the Company after the date hereof pursuant to: (i) the
exercise of options outstanding on the date hereof to purchase 200,000 shares of
Common Stock at an exercise price of $1.00 per share; (ii) the exercise of
options issued under the 2002 Stock Incentive Plan outstanding on the date
hereof to purchase 400,000 shares of Common Stock at an exercise price of $1.25
per share; (iii) the exercise of warrants outstanding on the date hereof to
purchase 830,000 shares of Common Stock at an exercise price of $1.00 per share;
or (iv) an agreement approved by the Company's Board of Directors between the
Company and a third party regarding such third party's development for or
together with or sale to Company of technology, know-how or intellectual
property which provides for the issuance of up to 5% of the issued and
outstanding Common Stock as of the date hereof, shall not result in any
adjustment of the Exercise Price pursuant to this Section 5.3.

         6. Restrictions on Exercise Imposed by Federal and State Securities
Laws. Holder hereby acknowledges that neither this Warrant nor any of the
securities that may be acquired upon exercise of this Warrant have been
registered under the 1933 Act or under the securities laws of any state. The
Holder acknowledges that, upon exercise of this Warrant, the securities to be
issued upon such exercise may come under applicable federal and state securities
(or other) laws requiring registration, qualification or approval of
governmental authorities before such securities may be validly issued or
delivered upon notice of such exercise. With respect to any such securities,
this Warrant may not be exercised by, and securities shall not be issued to, any
Holder in which such exercise would be unlawful. As a condition to exercise, the
Company may require the Holder to sign a representation letter confirming
compliance with this Agreement and applicable federal and state securities laws
and other applicable laws.

         7. Transfer to Comply With the 1933 Act. This Warrant and any Warrant
Stock may not be sold, transferred, pledged, hypothecated or otherwise disposed
of except as follows:

                  (1) To a person who, in the opinion of counsel to the Company,
is a person to whom this Warrant or the Warrant Stock may legally be transferred
without registration and without delivery of a current prospectus under the 1933
Act with respect thereto and then only against receipt of an agreement of such
person to comply with the provisions of this Section 7 with respect to any
resale or other disposition of such securities, or



                                       5
<PAGE>

                  (2) To any person upon delivery of a prospectus then meeting
the requirements of the 1933 Act relating to such securities and the offering
thereof for such sale or disposition, and thereafter to all successive
assignees.

         8. Legend. Unless the shares of Warrant Stock have been registered
under the 1933 Act, upon exercise of any of the Warrants and the issuance of any
of the shares of Warrant Stock, all certificates representing shares shall bear
on the face thereof substantially the following legend, as well as any other
legends necessary to comply with applicable state and federal laws for the
issuance of such shares:

                  The shares represented by this Certificate have not been
         registered under the United States Securities Act of 1933, as amended
         ("the 1933 Act") or any state securities laws and are "restricted
         securities" as that term is defined in Rule 144 under the 1933 Act. The
         shares may not be offered for sale, sold, pledged, hypothecated or
         otherwise transferred except pursuant to an effective registration
         statement under the 1933 Act or pursuant to an exemption from
         registration under the 1933 Act the availability of which is to be
         established to the satisfaction of the Company.

         9. Registration Rights. The Holder shall be entitled to certain
registration rights as set forth in the Investor Rights Agreement between the
Company and the Holder, dated as of the date hereof.

         10. Representations and Warranties of the Company.

                  a. Due Incorporation and Good Standing. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Colorado, with full and adequate power to carry on and conduct
its business as presently conducted, and is duly licensed or qualified in all
foreign jurisdictions wherein the failure to be so qualified or licensed would
reasonably be expected to have a material adverse effect on the business of the
Company.

                  b. Due Authorization. The Company has full right, power and
authority to enter into, execute and deliver this Warrant and to perform all of
its duties and obligations under this Warrant. The execution and delivery of
this Warrant will not, nor will the observance or performance of any of the
matters and things herein or therein set forth, violate or contravene any
provision of the law or the Company's bylaws or articles of incorporation. All
necessary and appropriate corporate action on the part of the Company has been
taken to authorize the execution and delivery of this Warrant.

                  c. Enforceability. This Warrant has been validly executed and
delivered by the Company and constitutes the legal, valid and binding obligation
of the Company enforceable against it in accordance with its respective terms,
subject to applicable bankruptcy, insolvency, reorganization or similar laws
relating to or affecting the enforcement of creditors' right and to the
availability of the remedy of specific performance.



                                       6
<PAGE>

                  d. Absence of Conflicts. The execution, delivery and
performance by the Company of this Warrant, and the transactions contemplated
hereby, do not constitute a breach or default, or require consents under, any
agreement, permit, contract or other instrument to which the Company is a party,
or by which the Company is bound, or to which any Company assets are subject, or
any judgment, order, writ, decree, authorization or license to which the
Company, or the assets of the Company are bound or subject to, or any rule,
regulations or statues and will not result in the creation of any lien upon any
of the assets of the Company.

                  e. Issuance Upon Exercise. The Company shall reserve an
adequate number of shares of Common Stock for exercise of this Warrant. Upon
exercise of this Warrant upon the terms and conditions of this Warrant, the
Warrant Stock shall be validly issued, fully paid and nonassessable.

         11. Notices. All notices required hereunder shall be in writing and
shall be deemed given when sent by facsimile (receipt confirmed electronically),
delivered personally, within three days after mailing when mailed by certified
or registered mail, return receipt requested or within one day after sent by a
reputable overnight carrier, at the address of such party as set forth on the
first page, or at such other address of which the Company or Holder has been
advised by notice hereunder.

         12. Applicable Law. This Warrant is issued under and shall for all
purposes be governed by and construed in accordance with the laws of the State
of Colorado.




                                       7
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on
its behalf, in its corporate name, by its duly authorized officer, all as of the
day and year first above written.

                                    ASPENBIO, INC., a Colorado corporation



Dated:                              By:
       --------------                  -----------------------------------------
                                                   Authorized Officer




<PAGE>

                              WARRANT EXERCISE FORM

         The undersigned hereby irrevocably elects to exercise the within
Warrant to the extent of purchasing _________ shares of AspenBio, Inc., a
Colorado corporation, and hereby makes payment of $__________ in payment
therefor. The undersigned understands that exercise of the within Warrant is
subject to, among other things, the limitations provided in Section 1 and
compliance with Section 6 of the within Warrant.


                                    ------------------------------
                                    Signature

                                    ------------------------------
                                    Social Security or Taxpayer
                                    Identification Number

                                    ------------------------------
                                    Date





<PAGE>

                                 ASSIGNMENT FORM


         FOR VALUE RECEIVED, _______________________, hereby sells, assigns and
transfers unto

         Name:
              -----------------------------------------------------------
                           (Please type or print in block letters)

         Address:
                  -------------------------------------------------------

the right to purchase Common Stock of AspenBio, Inc. represented by this Warrant
to the extent of ____ Shares as to which such right is exercisable and does
hereby irrevocably constitute and appoint _________________________ Attorney to
transfer the same on the books of the Company with full power of substitution in
the premises. The undersigned understands that assignment of this Warrant is
subject to compliance with Section 7 of the Warrant and the Assignee's
acknowledgement of the provisions and restrictions of the Warrant.

         Signature:                                 Dated:
                    ------------------------------         ---------------------

Notice:           The signature on this Assignment must correspond with the name
                  as it appears upon the face of this Warrant in every
                  particular, without alteration or enlargement or any change
                  whatever.



<PAGE>

                        WARRANT CONVERSION EXERCISE FORM

TO:      AspenBio, Inc.

         Pursuant to Section 1.2 of the Warrant Agreement, the Holder hereby
         irrevocably elects to convert Warrants into shares of the Company's
         Common Stock. The undersigned understands that exercise of the Warrant
         is subject to, among other things, the limitations provided in Section
         1 and compliance with Section 6 of the Warrant. A conversion
         calculation is attached hereto.

         The undersigned requests that certificates for such shares be issued as
         follows:

         Name:
              ------------------------------------------------------------------

         Address:
                     -----------------------------------------------------------

         Deliver to:
                     -----------------------------------------------------------

         and that a new Warrant Certificate for the balance remaining of the
         Warrants, if any, subject to the Warrant be registered in the name of,
         and delivered to, the undersigned at the address stated above.

         Signature:                                        Date:
                    ------------------------------------         ---------------


<PAGE>

                        CALCULATION OF WARRANT CONVERSION


                       Net Value of the Conversion Shares
                              Current Market Price

Current Market Price Per Share      $
                                     -------------------------

Net Value of the Conversion Shares (Current Market Price Per Share - Exercise
         Price) Number of Shares of Warrant Stock

                                    $                  - $              =
                                     -----------------    -------------   ------

                                                       x                =
                                    ------------------    -------------   ------

Shares to be Issued
                                    ----------------------------

Cash in Lieu of Fractional Shares   $                           (1)
                                     ---------------------------

(1)      AspenBio, Inc. to pay for fractional shares in cash @ Current Market
         Price Per Share.



