<SUBMISSION>
<ACCESSION-NUMBER>0001079973-08-000387
<TYPE>3
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20080327
<FILING-DATE>20080407
<DATE-OF-FILING-DATE-CHANGE>20080407
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>AspenBio Pharma, Inc.
<CIK>0001167419
<ASSIGNED-SIC>2835
<IRS-NUMBER>841553387
<STATE-OF-INCORPORATION>CO
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>1585 S. PERRY STREET
<CITY>CASTLE ROCK
<STATE>CO
<ZIP>80104
<PHONE>(303) 794-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1585 S. PERRY STREET
<CITY>CASTLE ROCK
<STATE>CO
<ZIP>80104
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASPENBIO INC
<DATE-CHANGED>20020213
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>RATAIN MARK J
<CIK>0001218645
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>3
<ACT>34
<FILE-NUMBER>001-33675
<FILM-NUMBER>08742766
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>7737024400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>5841 S MARYLAND AVE MC2115
<CITY>CHICAGO
<STATE>IL
<ZIP>60637
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>appy_ratain3ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-03-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001167419</issuerCik>
        <issuerName>AspenBio Pharma, Inc.</issuerName>
        <issuerTradingSymbol>APPY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001218645</rptOwnerCik>
            <rptOwnerName>RATAIN MARK J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1040 WEST OAKDALE AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60657</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.13</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2008-03-27</value>
            </exerciseDate>
            <expirationDate>
                <value>2018-03-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>66313</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options were granted pursuant to the Company's 2002 Stock Incentive Plan.  One-third (22,104) of the options vest each
 year for three years following the date of grant.  This transaction is exempt from Section 16(b) pursuant to Rule 16b-3(d).</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Mark Ratain</signatureName>
        <signatureDate>2008-04-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
