                                                                    Exhibit 99.1


For Immediate Release
                                            For additional information contact:

                                               Stan Altschuler at SGI at
                                                    (212) 838-1444    or
                                        J.W. Roth, AspenBio, Inc. (303) 638-7048


       AspenBio, Inc. Announces Completion of $2,535,000 Private Placement

Castle Rock, CO, September 3, 2004/PR News - AspenBio, Inc. (OTCBB: APNB)
announced today that it has completed and terminated its offering under a
private placement of unregistered securities ("Units") totaling an aggregate of
$2,535,000, with $1,247,500, having closed on July 21, 2004 and $1,287,500,
having closed on August 19, 2004. Each Unit sold consisted of 20,000 common
shares and 20,000 warrants exercisable for three years at $1.50/ share, at a
total price of $17,500 per Unit. The offering was completed through Westminster
Securities Corporation, the Company's placement agent for this offering. The
purpose of the private placement was to raise funds for working capital, new
product development and general corporate purposes.


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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.

