                                                                    Exhibit 99.1


For Immediate Release                 For additional information contact:
                                      Stan Altschuler at SGI at
                                      1-212-838-1444    or
                                      J.W. Roth, AspenBio, Inc. (303) 638-7048


        AspenBio, Inc. Announces Closing on $1,287,500 Private Placement

Castle Rock, CO, August 19, 2004/PR News - AspenBio, Inc. (OTCBB: APNB)
announced today that it has had a second closing of $1,287,500 under a private
placement of unregistered Units (consisting of 20,000 common shares and 20,000
warrants exercisable for three years at $1.50/ share for $17,500 per Unit)
through its placement agent. The purpose of the private placement is to raise
funds for working capital, new product development and general corporate
purposes.

Neither the Units, nor the shares of Common Stock underlying the Units or the
warrants included in the Units, are registered under the Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy in any jurisdiction.



This news release includes "forward looking statements" of AspenBio, Inc.
("APNB") as defined by the Securities and Exchange Commission (the "SEC"). All
statements, other than statements of historical fact, included in the press
release that address activities, events or developments that APNB believes or
anticipates will or may occur in the future are forward-looking statements.
These statements are based on certain assumptions made based on experience,
expected future developments and other factors APNB believes are appropriate in
the circumstances. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of APNB. Investors are
cautioned that any such statements are not guarantees of future performance.
Actual results or developments may differ materially from those projected in the
forward-looking statements as a result of many factors, including development of
new products, obtaining additional funding, adverse changes in market
conditions, fluctuations in sales volumes, and problems in collecting
receivables. Furthermore, APNB does not intend (and is not obligated) to update
publicly any forward-looking statements. The contents of this news release
should be considered in conjunction with the warnings and cautionary statements
contained in APNB's recent filings with the SEC.





<PAGE>


