<SUBMISSION>
<ACCESSION-NUMBER>0001079973-08-000066
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20080116
<ITEMS>8.01
<FILING-DATE>20080117
<DATE-OF-FILING-DATE-CHANGE>20080116
<FILER>
<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>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-33675
<FILM-NUMBER>08534461
</FILING-VALUES>
<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>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>appy_8k-011608.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>AspenBio Pharma, Inc. Form 8-K</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION
<BR>Washington, D.C. 20549</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>FORM 8-K</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>CURRENT REPORT</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>Pursuant to Section 13
OR 15(d) of <BR>The Securities Exchange
Act of 1934</B> </FONT> </P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Date
of Report (Date of earliest event reported) &nbsp;&nbsp;
January 16, 2008</B> </FONT> </P>






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     <TD WIDTH="99%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><U><B>AspenBio Pharma, Inc.  </B></U></FONT></TD>
     <TD WIDTH="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in charter)
</FONT></TD>
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</FONT></TD></TR>
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<BR>







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<FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Colorado </B></U><B>&nbsp;&nbsp;&nbsp;<BR>
(State or other jurisdiction</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>of incorporation)</B> </FONT>
</TD>
     <TD WIDTH="33%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;<U><B>001-33675 </B></U>&nbsp;&nbsp;<B><BR>
(Commission <BR>
File Number)</B> </FONT>
</TD>
     <TD WIDTH="33%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>84-1553387</B></U>&nbsp;&nbsp;<B><BR>
&nbsp;&nbsp;&nbsp;(IRS Employer<BR>
&nbsp;Identification No.)</B> </FONT>
</TD></TR>
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     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>1585 South Perry Street, Castle Rock, CO</B></U><B><BR>
(Address of principal executive offices)</B> </FONT>
</TD>
     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;<U><B>80104</B></U>&nbsp;&nbsp;<B><BR>
(Zip Code)</B> </FONT>
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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registrant&#146;s
telephone number, including area code (303) 794-2000</B> </FONT> </P>
<BR><BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></TD>
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<BR>
<BR><BR>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.01
&nbsp;&#151;&nbsp; Other Events. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of numerous changes in the Company&#146;s business during 2007, especially as it
relates to advances in the appendicitis tests, the Company is providing the following
updates to its business risk factors, which should be read in conjunction with the Form
8-K filed as of December 26, 2007 and the risk factors included in the Company&#146;s Form
10-KSB for the year ended December 31, 2006: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>If we fail to obtain FDA approval,
we cannot market certain products in the United States.</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Therapeutic or diagnostic products to be
used by humans must be approved by the FDA prior to marketing and sale. This would apply
to our ability to market, directly or indirectly our AppyScore&#153; and AppyScreen&#153;
appendicitis tests. In order to obtain required FDA clearance, we must complete specific
clinical trials and comply with specific standards; this process can take substantial
amounts of time and resources to complete. Even if we complete the trials, FDA clearance
is not guaranteed. The timing of such completion, submission and clearance could also
impact our ability to realize market value from such tests. FDA clearance can be suspended
or revoked, or we could be fined, based on a failure to continue to comply with those
standards. Similar approval requirements and contingencies will also be encountered in a
number of major international markets. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FDA approval is also required prior
to marketing and sale for therapeutic products that will be used on animals, and can also
require considerable time and resources to complete. New drugs for animals must receive
New Animal Drug Application approval. This type of approval would be required for the use
of our therapeutic equine and bovine protein products. The requirements for obtaining FDA
approval are similar to those for human drugs described above and may require similar
clinical testing. Approval is not assured and, once FDA approval is obtained, we would
still be subject to fines and suspension or revocation of approval if we fail to comply
with ongoing FDA requirements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Advances in competing technologies
or development of new technologies while are securing FDA approval and / or advancing
production and marketing of our appendicitis tests could impact the ability to sell our
tests and / or reduce their market potential.</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The development of new technologies
or improvements in current technologies for diagnosing appendicitis, including CT imaging
agents and products that would compete with our appendicitis tests could have an impact on
our ability to sell the appendicitis tests or the sales price of the tests. This could
impact our ability to market the tests and / or secure a marketing partner both of which
could have an impact on the value of our appendicitis product and that impact could be
substantial. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>If we successfully obtain FDA
clearance to market the appendicitis tests, we may experience manufacturing problems that
could limit the near term growth of our revenue.&nbsp;</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our ability to successfully market
the appendicitis tests once approved will partially depend on our ability obtain
sufficient quantities of the finished test from qualified GMP suppliers.&nbsp; While we
have identified and are progressing with qualified suppliers, their ability to produce
tests or component parts in sufficient quantities to meet possible demand may cause delays
in securing products or could force us to seek alternative suppliers. The need to locate
and use alternative suppliers could also cause delivery delays for a period of time. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>



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     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
Date: &nbsp; January 16, 2008<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD WIDTH="40%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
AspenBio Pharma, Inc.<BR>
(Registrant)<BR>
<BR>
<U>/s/ Jeffrey G. McGonegal</U><BR>
Jeffrey G. McGonegal<BR>
 Chief Financial Officer<BR> </FONT>

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&nbsp; </FONT>
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