<SUBMISSION>
<ACCESSION-NUMBER>0001079973-08-000082
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20080118
<DATE-OF-FILING-DATE-CHANGE>20080117
<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>S-3
<ACT>33
<FILE-NUMBER>333-148733
<FILM-NUMBER>08537182
</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>S-3
<SEQUENCE>1
<FILENAME>appy_s3-011808.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed with the
Securities and Exchange Commission on January ___, 2008<BR>
                                                        File No. 333-_________ </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES<BR>
                                                  SECURITIES AND EXCHANGE COMMISSION<BR>
                                                        Washington, D.C. 20549 </FONT></H1>


<HR SIZE="1" WIDTH="100" COLOR="Black">


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3">FORM S-3<BR>
REGISTRATION STATEMENT<BR>
<I>UNDER<BR>
THE SECURITIES ACT OF 1933</I> </FONT> </H1>



                                        <HR SIZE="1" WIDTH="100" COLOR="Black">




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="5">ASPENBIO PHARMA, INC.</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>











<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Colorado</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">84-155387</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or Other Jurisdiction of Incorporation or <BR>
Organization)
</FONT></TD>
     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(I.R.S. Employer Identification No.)
</FONT></TD></TR>
</TABLE>
<BR>









<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1585 South Perry Street<BR>
Castle Rock, CO 80104<BR>
(303) 794-2000</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
</FONT></TD></TR>
</TABLE>

<BR>

<HR SIZE="1" WIDTH="100" COLOR="Black">






<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Jeffrey G. McGonegal, Chief Financial Officer<BR>
AspenBio Pharma, Inc.<BR>
1585 South Perry Street<BR>
Castle Rock, CO 80104<BR>
(303) 794-2000</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
</FONT></TD></TR>
</TABLE>

<BR>

<HR SIZE="1" WIDTH="100" COLOR="Black">

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is requested that
copies of all correspondence be sent to: </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Theresa M. Mehringer,
Esq.                                               <BR>Burns Figa &amp; Will, P.C.<BR>
                                     6400 S. Fiddlers Green Circle, Suite 1000<BR>
                                            Greenwood Village, CO 80111 </FONT></P>





<HR SIZE="1" WIDTH="100" COLOR="Black">




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Approximate date of commencement of proposed sale to the public:</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">From time to time after the effective date of this registration statement.
</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are being offered pursuant to dividend
or interest reinvestment plans, please check the following box.&nbsp;|_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box.&nbsp;|X| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the
same offering.&nbsp;|_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. |_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the
Securities and Exchange Commission pursuant to Rule 462(e) under the Securities Act, check
the following box. |_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. |_| </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF
REGISTRATION FEE </FONT></H1>



        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr>
                <td valign="middle" width="44%">&nbsp;</td>

                <td valign="bottom" width="1%">&nbsp;</td>

                <td valign="middle" width="13%">&nbsp;</td>

                <td valign="bottom" width="1%">&nbsp;</td>

                <td valign="middle" width="13%">&nbsp;</td>

                <td valign="bottom" width="1%">&nbsp;</td>

                <td valign="middle" width="13%">&nbsp;</td>

                <td valign="bottom" width="1%">&nbsp;</td>

                <td valign="middle" width="13%">&nbsp;</td>
            </tr>


            <tr>
                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-SIZE: 7.5pt">Title of each class of securities to be
                    registered (1)</font></b></p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-SIZE: 7.5pt">Amount to be<br>
                    registered (2)</font></b></p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-SIZE: 7.5pt">Proposed maximum<br>
                    offering price per<br>
                    share (3)</font></b></p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-SIZE: 7.5pt">Proposed maximum<br>
                    aggregate offering<br>
                    price (3)</font></b></p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <b><font style="FONT-SIZE: 7.5pt">Amount of<br>
                    registration fee</font></b></p>
                </td>
            </tr>

            <TR BGCOLOR="#CCEEFF">
                <TD STYLE="BORDER-TOP: #000000 0.8pt solid" VALIGN="top">
                    <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: -12px" align="left">
                    <font style="FONT-SIZE: 10pt">Common Stock,</font>
                    <font style="FONT-SIZE: 10pt">No</font> <font style="FONT-SIZE: 10pt">par value
                    per share</font></p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <font style="FONT-SIZE: 10pt">2,591,310</font></p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <font style="FONT-SIZE: 10pt">$</font><font style="FONT-SIZE: 10pt">7.46</font></p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <font style="FONT-SIZE: 10pt">$</font><font style="FONT-SIZE: 10pt">19,331,173</font></p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid; BORDER-LEFT: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <TD STYLE="BORDER-TOP: #000000 0.8pt solid" VALIGN="bottom">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                    <font style="FONT-SIZE: 10pt">$</font><font style="FONT-SIZE: 10pt">760</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-TOP: #000000 0.8pt solid" valign="bottom" colspan="9">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>
            </tr>

        </table>



<HR SIZE="1" WIDTH="50" COLOR="Black" ALIGN="Left">



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
registration statement relates to the resale by the selling stockholders named herein of
up to 2,516,310      shares of common stock, no par value per share, of the Registrant
that were acquired by the selling      stockholders in a private placement that closed in
December 2007 and 75,000 shares underlying Common Stock      Purchase Warrants. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
upon the estimated maximum number of shares of common stock that may be sold by the
selling      stockholders. Pursuant to Rule 416(a) under the Securities Act of 1933, as
amended (the "Securities Act"),      this registration statement also registers such
additional shares of the Registrant's common stock as may      hereafter be issued or
issuable with respect to the shares registered hereby as a result of any stock split,
     stock dividend, recapitalization or similar event. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated
solely for the purpose of computing the amount of the registration fee pursuant to Rule
457(c)      promulgated under the Securities Act. The price per share and aggregate
offering price are based upon the      average of the high and low sales prices of the
Registrant's common stock on January 16, 2008, as reported on      the NASDAQ Capital
Market, which was $7.46. </FONT></TD>
</TR>
</TABLE>
<BR>


<HR SIZE="1" WIDTH="100" COLOR="Black">


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>The Registrant hereby amends this
registration statement on such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which specifically states that
this registration statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said
Section 8(a), may determine.</B> </FONT> </P>



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


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<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<HR SIZE="1" WIDTH="100%" COLOR="Gray">

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, serif" SIZE="2" COLOR="Red">The information in this prospectus
is not complete and may be changed. The selling stockholders may not sell or accept an
offer to buy the securities under this prospectus until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer
to sell these securities and the selling stockholders are not soliciting an offer to buy
these securities in any state where such offer or sale is not permitted. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUBJECT TO COMPLETION,
DATED JANUARY 18, 2008 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PROSPECTUS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,591,310 Shares </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ASPENBIO PHARMA, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock </FONT></H1>





<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This prospectus relates to the resale
by the selling shareholders of up to 2,516,310 shares of our common stock currently
outstanding and 75,000 shares of our Common Stock underlying Common Stock Purchase
Warrants. The shares of common stock that may be offered and sold by selling shareholders
pursuant to this prospectus were acquired by the selling shareholders in a private
placement in December 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The selling shareholders may sell
common stock from time to time in the principal market on which the stock is traded at the
prevailing market price or in negotiated transactions. The selling shareholders may be
deemed underwriters of the shares of common stock which they are offering. We will pay the
expenses of registering these shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our common stock is registered under
Section 12(b) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and is
listed on the NASDAQ under the symbol &#147;APPY.&#148; The last reported sales price per
share of our common stock as reported by the NASDAQ on January 16, 2008, was $7.37. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTING IN THESE SECURITIES
INVOLVES SIGNIFICANT RISKS. SEE &#147;RISK FACTORS&#148; BEGINNING ON PAGE 4. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these
securities or determined if this Prospectus is truthful or complete. Any representation to
the contrary is a criminal offense. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The date of this
Prospectus is January 18, 2008  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iii </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>

<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="90%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>PROSPECTUS SUMMARY</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>DOCUMENTS INCORPORATED BY REFERENCE</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>RISK FACTORS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>USE OF PROCEEDS</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>8</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>SELLING SECURITY HOLDERS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>PLAN OF DISTRIBUTION</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR><BR><BR><BR>



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


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<DIV STYLE="page-break-after:always"></DIV>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROSPECTUS SUMMARY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following summary highlights
selected information contained in this prospectus. This summary does not contain all the
information you should consider before investing in the securities. Before making an
investment decision, you should read the entire prospectus carefully, including the
&#147;risk factors&#148; section, the financial statements and the notes to the financial
statements. You should also review the additional information described under the heading
&#147;Where You Can Find More Information.&#148; You should rely only on the information
contained in this prospectus or any accompanying supplemental prospectus and the
information specifically incorporated by reference. We have not authorized anyone to
provide you with different information or make any additional representations. This is not
an offer of these securities in any state or other jurisdiction where the offer in not
permitted. You should not assume that the information contained in or incorporated by
reference into this prospectus or any prospectus supplement is accurate as of any date
other than the date on the front of each such document. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following summary is qualified in
its entirety by the detailed information appearing elsewhere in this prospectus and the
documents incorporated by reference herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASPENBIO PHARMA, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are an emerging bio-pharmaceutical
company dedicated to the discovery, development, manufacture, and marketing of novel
proprietary products, including those that enhance the reproductive efficiency of animals
and/or that have large worldwide market potential in fields including human diagnostics.
We were originally formed to produce purified proteins for diagnostic applications and
have become a leading supplier of human hormones to many of the nation&#146;s largest
medical diagnostic companies and research institutions. We have successfully leveraged
this foundational science and technology expertise to rapidly develop an enviable
late-stage pipeline of several novel reproduction hormone analogs for wide-ranging
therapeutic use initially in bovine and equine species. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our principal office is located at
1585 South Perry Street, Castle Rock, Colorado 80104, telephone number 303-794-2000. Our
website is <U>www.aspenbiopharma.com.</U> Our website is not included as part of this
prospectus. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Offering </FONT></H1>

















<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Common stock to be offered by the selling stockholders,
assuming exercise of the 75,000 Common Shares underlying
the Common Stock Purchase Warrants.
</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,591,310 shares
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Common stock outstanding as of January 7, 2008
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31,110,385 shares
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Use of proceeds
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">We will not receive any proceeds from the sale of the
shares of common stock covered by this prospectus.
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NASDAQ Capital Market Symbol
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">    APPY</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>


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<DIV STYLE="page-break-after:always"></DIV>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Documents Incorporated By Reference</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The SEC allows us to  "incorporate
 by  reference"  the  information  in documents we file with them,  which means that we
can disclose important  information to you by referring you to those documents.  The
information  incorporated by reference is considered to be part of this prospectus,  and
information that we file later with the SEC will  automatically  update and supersede
this information.  These documents  provide a significant  amount of  information  about
us. We  incorporate  by reference  the  documents  listed below and any future filings we
will make with the SEC under Sections 13(a),  13(c), 14 or 15(d) of the Securities
 Exchange Act of 1934 prior to the termination of this offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 (filed March 30,
2007) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
Quarterly Report on Form 10-QSB for the quarters ended March 31, 2007 (filed May 14,
2007), June 30, 2007 (filed August               10, 2007) and September 30, 2007 (filed
November 14, 2007) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
Current Reports on Form 8-K, as amended, reporting events of (filing date in parentheses): </FONT></TD>
</TR>
</TABLE>
<BR>






<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH></TH>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">January 16, 2008  <BR>
December 27, 2007 <BR>
December 26, 2007 <BR>
December 21, 2007 <BR>
November 27, 2007 <BR>
September 28, 2007<BR>
August 23, 2007   <BR>
August 20, 2007   <BR>
July 27, 2007     <BR>
May 17, 2007      <BR>
May 8, 2007       <BR>
May 3, 2007       <BR>
April 20, 2007    <BR>
April 9, 2007     <BR>
March 20, 2007    <BR>
February 27, 2007 <BR>
February 22, 2007 <BR>
January 24, 2007  <BR>
January 16, 2007  <BR>
December 26, 2006 <BR>
January 3, 2007
</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(January 17, 2008)<BR>
(December 27, 2007)<BR>
(December 26, 2007)<BR>
(December 21, 2007)<BR>
(November 27, 2007)<BR>
(September 28, 2007)<BR>
(August 23, 2007)<BR>
(August 21, 2007)<BR>
(July 27, 2007)<BR>
(May 17, 2007)<BR>
(May 8, 2007)<BR>
(May 4, 2007)<BR>
(April 23, 2007)<BR>
(April 9, 2007)<BR>
(March 26, 2007)<BR>
(February 28, 2007)<BR>
(February 22, 2007)<BR>
(January 26, 2007)<BR>
(January 16, 2007)<BR>
(January 4, 2007)<BR>
(January 3, 2007)
</FONT></TD></TR>
</TABLE>

<BR>


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

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<DIV STYLE="page-break-after:always"></DIV>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
Registration Statement on Form 8-A filed October 1, 2002 registering our common stock
under the Securities Act of 1934, as amended by Form 8-A filed on August 27, 2007 and as
amended by Form 8-A/A on August 27, 2007.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You may request a copy of these
filings or a copy of any or all of the documents referred to above which have been or may
be incorporated in this Prospectus by reference, at no cost, by writing us or calling us
at the following address and telephone number: </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AspenBio Pharma, Inc.<BR>
                                                         1585 S. Perry Street<BR>
                                                      Castle Rock, Colorado 80104<BR>
                                                     Telephone No.: (303) 794-2000<BR>
                                                     Facsimile No.: (303) 798-8332 </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Where You Can Find More
Information</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The documents described above are
available electronically in the EDGAR database on the web site maintained by the SEC. You
can find this information at <U>http://www.sec.gov</U>. You may also read and copy any
materials we have filed with the SEC at the SEC&#146;s public reference room at 100 F
Street, NE, Washington, DC 20549.&nbsp; You may obtain information on the operation of the
public reference room by calling the SEC at 1-800-SEC-0330. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Note of Caution Regarding
Forward-Looking Statements</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain statements contained in this
report that are not historical facts constitute forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be
covered by the safe harbors created by that Act. Reliance should not be placed on
forward-looking statements because they involve known and unknown risks, uncertainties,
and other factors, which may cause actual results, performance, or achievements to differ
materially from those expressed or implied. Any forward-looking statement speaks only as
of the date made. We undertake no obligation to update any forward-looking statements to
reflect events or circumstances after the date on which they are made. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Statements concerning the
establishments of reserves and adjustments for dated and obsolete products, expected
financial performance, on-going business strategies and possible future action which we
intend to pursue to achieve strategic objectives constitute forward-looking information.
The sufficiency of such charges, implementation of strategies and the achievement of
financial performance are each subject to numerous conditions, uncertainties, and risk
factors. Factors which could cause actual performance to differ materially from these
forward-looking statements, include, without limitation, management&#146;s analysis of our
assets, liabilities, and operations, delays or difficulties in obtaining FDA approvals,
the ability to cost effectively produce sufficient quantities of finished products when
and if the appendicitis tests are approved by the FDA, advances in competing technologies,
the failure to sell date-sensitive inventory prior to its expiration, competition, new
product development by competitors, which could render particular products obsolete, the
inability to develop or acquire and successfully introduce new products or improvements of
existing products, problems in collecting receivables, testing or other delays or problems
in introducing our bovine pregnancy test, and difficulties in obtaining financing on an
as-needed basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

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<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RISK FACTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This investment has a high degree of
risk. Before you invest you should carefully consider the risks and uncertainties
described below and the other information in our Form 10-KSB for the fiscal year ended
December 31, 2006 and the Form 8-K filed January 17, 2008, both of which are incorporated
in this document by reference. If any of the following risks identified actually occur,
our business, operating results and financial condition could be harmed and the value of
our stock could go down. This means you could lose all or a part of your investment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RISKS RELATED TO OUR
BUSINESS </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Advances in competing technologies
or development of new technologies while we 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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<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>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>


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<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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 to 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>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Our success depends on
our ability to develop and commercialize new products.</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our success depends on our ability to
successfully develop new products. Although we are engaged in human diagnostic antigen
manufacturing operations and historically substantially all of our revenues have been
derived from this business, we believe our ability to substantially increase our revenues
and generate net income is contingent on successfully developing one or more of our
pipeline products. Our ability to develop any of the pipeline products is dependent on a
number of factors, including funding availability to complete development efforts, to
adequately test and refine products, and to commercialize our products, thereby generating
revenues once development efforts prove successful. We have encountered in the past and
may again encounter in the future problems in the testing phase for different pipeline
products, sometimes resulting in substantial setbacks in the development process. There
can be no assurance that we will not encounter similar setbacks with the products in our
pipeline, or that funding from outside sources and our revenues will be sufficient to
bring any or all of our pipeline products to the point of commercialization. There can be
no assurance that the products we are developing will work effectively in the marketplace,
nor that we will be able to produce them on an economical basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Although we continue to operate
under the Distribution Agreement with Merial, the Agreement may be considered as expired.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our Agreement with Merial Limited
(&#147;Merial&#148;) for SurBred&#153;15 contemplated a product launch date of October 1,
2003. The sales goals under the Agreement state that the goals will be prorated by
calendar quarter since the product launch did not occur by October 1, 2003. We are
actively engaged in research and development on this product and, to date, do not have a
sufficiently field tested prototype. Consequently, progress payments from Merial have been
delayed, and until we reach certain milestones, continued delays in developing a prototype
could result in substantial modifications to the Merial Agreement, and/or possibly
cancellation. Either party could consider the Agreement expired, but both parties have
continued to operate as if it were still in force. The Company is continuing the
development of the product and Merial is actively involved in regular discussions and
preparation to potentially introduce the product. The inability to successfully develop a
prototype and/or cancellation of the Agreement could have a material adverse effect on our
business plan and projected growth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>

<!-- MARKER PAGE="; page: 15" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Our success will depend in part on
establishing effective strategic partnerships and business relationships.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A key aspect of our business strategy is
to establish strategic partnerships. We currently have license arrangements with the
University of Idaho, the University of Wyoming and Washington University (St. Louis, MO).
It is likely that we will seek other strategic alliances. We also intend to rely heavily
on companies with greater capital resources and marketing expertise to market some of our
products, such as our agreement with Merial. While we have identified certain possible
candidates for other potential products, we may not reach definitive agreements with any
of them. Even if we enter into these arrangements, we may not be able to maintain these
collaborations or establish new collaborations in the future on acceptable terms.
Furthermore, these arrangements may require us to grant certain rights to third parties,
including exclusive marketing rights to one or more products, or may have other terms that
are burdensome to us, and may involve the issuance of our securities. Our partners may
decide to develop alternative technologies either on their own or in collaboration with
others. If any of our partners terminate their relationship with us or fail to perform
their obligations in a timely manner, or if we fail to perform our obligations in a timely
manner, the development or commercialization of our technology in potential products may
be affected, delayed or terminated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>We may experience manufacturing
problems that limit the growth of our revenue.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We purify human and animal antigens
and tumor markers as our historical revenue base. In 2006, our revenues from these sales
were approximately $959,000. We intend to introduce new products with substantially
greater revenue potential, including recombinant drugs for our animal health business. We
currently have entered initial contracts with two manufacturing companies for initial
batch and study work including one of these manufacturing partner&#146;s who meets full
cGMP requirements and is capable of large scale manufacturing batches of our recombinant
drugs to expand the contractual relationship as part of the FDA approval process for our
animal health business. Delays in finalizing and progressing under agreement with the cGMP
facility may delay our FDA approval process and potentially delay sales of such drugs. In
addition, we may encounter difficulties in production due to, among other things, the
inability to obtain sufficient amounts of raw inventory, quality control, quality
assurance and component supply. These difficulties could reduce sales of our products,
increase our costs, or cause production delays, all of which could damage our reputation
and hurt our financial condition. To the extent that we enter into manufacturing
arrangements with third parties, we will depend on them to perform their obligations in a
timely manner and in accordance with applicable government regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Our success depends upon our
ability to protect our intellectual property rights.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our success will partially depend on
our ability to obtain and enforce patents relating to our technology and to protect our
trade secrets. Third parties may challenge, narrow, invalidate or circumvent our patents.
The patent position of biotechnology companies is generally highly uncertain, involves
complex legal and factual questions and has recently been the subject of much litigation.
Neither the U.S. Patent Office nor the courts have a consistent policy regarding breadth
of claims allowed or the degree of protection afforded under many biotechnology patents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>

<!-- MARKER PAGE="; page: 16" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In an effort to protect our
un-patented proprietary technology, processes and know-how, we require our employees and
consultants to execute confidentiality agreements. However, these agreements may not
provide us with adequate protection against improper use or disclosure of confidential
information. These agreements may be breached, and we may not have adequate remedies for
any such breach. In addition, in some situations, these agreements may conflict, or be
subject to, the rights of third parties with whom our employees or consultants have
previous employment or consulting relationships. Also, others may independently develop
substantial proprietary information and techniques or otherwise gain access to our trade
secrets. We intend to market our products in many different countries some of which we
will not have patents in or applied for. Different countries have different patent rules
and we may sell in countries that do not honor patents and in which the risk that our
products could be copied and we would not be protected would be greater. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>We may be unable to retain key
employees or recruit additional qualified personnel.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Because of the specialized scientific
nature of our business, we are highly dependent upon qualified scientific, technical, and
managerial personnel. There is intense competition for qualified personnel in our
business. A loss of the services of our qualified personnel, as well as the failure to
recruit additional key scientific, technical and managerial personnel in a timely manner
would harm our development programs and our business. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Our competitors may have greater
resources or research and development capabilities than we have, and we may not have the
resources necessary to successfully compete with them.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our business strategy has been to
create a niche in the protein purification area, which is from where all of our current
revenues are generated. We are aware of only one competitor commercially selling products
in this area, Dr. Albert Parlow, a UCLA professor. The biotechnology business is highly
competitive, and we may face increasing competition. We expect that many of our
competitors will have greater financial and human resources, more experience in research
and development, and more established sales, marketing and distribution capabilities than
we have. In addition, the healthcare industry is characterized by rapid technological
change. New product introductions or other technological advancements could make some or
all of our products obsolete. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Our product liability insurance
coverage may not be sufficient to cover claims.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our insurance policies currently
cover claims and liability arising out of defective products for losses up to $2 million.
As a result, if a claim were to be successfully brought against us, we may not have
sufficient insurance that would apply and would have to pay any costs directly, which we
may not have the resources to do. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>If we fail to obtain regulatory
approval in foreign jurisdictions, then we cannot market our products in those
jurisdictions.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We plan to market some of our
products in foreign jurisdictions. Specifically, we expect that SurBred, the open cow test
will be aggressively marketed in foreign jurisdictions. We may market our therapeutic
products in foreign jurisdictions, as well. We may need to obtain regulatory approval from
the European Union or other jurisdictions to do so and obtaining approval in one
jurisdiction does not necessarily guarantee approval in another. We may be required to
conduct additional testing or provide additional information, resulting in additional
expenses, to obtain necessary approvals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>

<!-- MARKER PAGE="; page: 17" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RISKS RELATED TO OUR
SECURITIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We will require additional capital in
the future and we cannot assure you that capital will be available on reasonable terms, if
at all, or on terms that would not cause substantial dilution to your stock holdings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have historically needed to raise
capital to fund our operating losses. We expect to continue to incur operating losses into
the 2007 calendar year and possibly longer. If capital requirements vary materially from
those currently planned, we may require additional capital sooner than expected. There can
be no assurance that such capital will be available in sufficient amounts or on terms
acceptable to us, if at all. Any sale of a substantial number of additional shares may
cause dilution to your investment and could also cause the market price of our common
stock to decline. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>We do not anticipate
paying any dividends in the foreseeable future.</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company does not intend to
declare any dividends in the foreseeable future. Investors who require income from
dividends should not purchase our securities. </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USE OF PROCEEDS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
prospectus relates to shares of our common stock that may be offered and sold from time to
time by the Selling Shareholders. We will not receive any proceeds from the sale of Shares
in this offering. However, if the warrants are exercised we will receive the exercise
price paid upon exercise of outstanding warrants. If we receive any proceeds upon the
exercise of the outstanding warrants we intend to use the proceeds for working capital and
other corporate purposes. All proceeds received from the sale of the Shares offered by the
Selling Shareholders will accrue to the benefit of the Selling Shareholders and not to the
Company. </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SELLING SECURITY
HOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
are registering for resale an aggregate of 2,516,310 shares of our common stock that we
issued and sold for an aggregate purchase price of approximately $18.2 million to the
selling stockholders identified below pursuant to separate purchase agreements, each dated
as of December 21, 2007, by and between us and each of the selling stockholders. We are
also registering 75,000 shares of common stock underlying warrants to purchase common
stock issued to the Placement Agent in the December 2007 private placement. We are
registering these shares of our common stock to permit each of the selling stockholders
and their donees, pledgees, transferees or other successors-in-interest that receive their
shares after the date of this prospectus to resell or otherwise dispose of the shares, or
interests therein, as well as any stock that we may issue or may be issuable by reason of
any stock split, stock dividend or similar transaction involving these shares, in the
manner contemplated under &#147;Plan of Distribution.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>

<!-- MARKER PAGE="; page: 18" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
table below, including the footnotes, presents information regarding the selling
stockholders and the shares of our common stock that were sold to the selling stockholders
under the purchase agreements and that the selling stockholders may offer and sell from
time to time under this prospectus. Except as set forth below, none of the selling
stockholders nor any of their respective affiliates, officers, directors or principal
equity holders has held any position or office or had any other material relationship with
us or our affiliates within the past three years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
table and the accompanying footnotes are prepared based in part on information supplied to
us beginning on January 11, 2008 by the selling stockholders. The number of shares in the
column &#147;Number of Shares Being Offered&#148; represents all of the shares that a
selling stockholder and its affiliates may offer under this prospectus. The table and
footnotes assume that the selling stockholders will sell all of such shares. However,
because the selling stockholders may sell all or some of their shares under this
prospectus from time to time, or in another permitted manner, we cannot assure you as to
the actual number of shares that will be sold by the selling stockholders or that will be
held by the selling stockholders after completion of any sales. We do not know how long
the selling stockholders will hold the shares before selling them. Information concerning
the selling stockholders may change from time to time and changed information will be
presented in a supplement to this prospectus if and when necessary and required.
Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC
under the Exchange Act. We will not receive any proceeds from the resale of the common
stock by the selling shareholders. </FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
Prior to Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number of<BR>
Shares Being<BR>
</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
After Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="1" ALIGN="Left"><FONT FACE="Times New Roman" SIZE=1>Selling Stockholders</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Offered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="51%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Funds affiliated with Healthcor Associates,  LLC (2)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,100,000</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3.5</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,100,000</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Funds affiliated with Ardsley Funds (3)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>407,500</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>407,500</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Corriente Master Fund, L. P. (4)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 2,809,422
</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>9.0</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>303,448</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2,505,974</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>8.1</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Funds affiliated with 1837 Partners (5)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,863,321</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>6.0</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>300,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,563,321</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Iroquois Master Fund LTD (6)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>275,862</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>275,862</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Joshua Tree Capital Partners, LP (7)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,531,378</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4.9</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>125,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,406,378</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Marion Lynton (8)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD COLSPAN=3>&nbsp;</TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Placement agent warrants, details to be</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;submitted by amendment (9)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>76,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>75,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3>&nbsp;</TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;Totals</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>8,067,983</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2,591,310</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>5,476,673</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>
<BR>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>


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<DIV STYLE="page-break-after:always"></DIV>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Less than 1%. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    Percentages
are based on 31,110,385 shares of our common stock that were           outstanding on
January 7, 2008. &nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These
shares are held by Healthcor Associates LLC and its affiliates as set           forth
below: &nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>






<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
Prior to Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number of<BR>
Shares Being<BR>
</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
After Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="1" ALIGN="Left"><FONT FACE="Times New Roman" SIZE=1>Selling Stockholders</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Offered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="51%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Healthcor, L. P.</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>209,547</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>209,547</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Healthcor Hybred Offshore, LTD.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>174,378</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>174,378</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Healthcor Offshore, LTD</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>716,075</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2.3</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>716,075</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>

</TABLE>


<BR>









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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Healthcor
Management L. P. serves as the investment advisor of each of the selling stockholders set
forth above. Healthcor Management L. P. is the general partner of Healthcor Management L.
P. and, in such capacity, exercises sole voting and investment authority with respect to
such shares and may be deemed to be the beneficial owner of these shares. Healthcor
Management L. P. and Healthcor Management L. P., each disclaims beneficial ownership of
these shares, except to the extent of its pecuniary interest therein, if any.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>       These
shares are held by Ardsley affiliates as set forth below:  </FONT></TD>
</TR>
</TABLE>
<BR>






<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
Prior to Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number of<BR>
Shares Being<BR>
</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
After Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="1" ALIGN="Left"><FONT FACE="Times New Roman" SIZE=1>Selling Stockholders</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Offered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="51%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Ardsley Partners Fund II, L. P.</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>176,500</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>176,500</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Ardsley Offshore Fund, LTD.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Ardsley Partners Institutional Fund, L. P. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>111,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>111,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>

</TABLE>


<BR>







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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Steven
Nagel is the agent, advisor or partner of the above selling shareholders. Steven Nagel
disclaims beneficial ownership of these shares, except to the extent of his pecuniary
interest therein, if any.  </FONT></TD>
</TR>
</TABLE>
<BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Corriente Master Fund, L. P. is managed by Corriente Capital Management, L. P.
          its managing general partner and Corriente Advisors, LLC is its general partner. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          These shares are held by 1837 Partners affiliates as set forth below: &nbsp; </FONT></TD>
          </TR>
          </TABLE>
          <BR>









<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
Prior to Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number of<BR>
Shares Being<BR>
</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially Owned<BR>
After Offering (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="1" ALIGN="Left"><FONT FACE="Times New Roman" SIZE=1>Selling Stockholders</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Offered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Number</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="51%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>1837 Partners, L. P.</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,144,284</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3.7</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>184,170</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>960,114</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3.1</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>1837 Partner &amp; QP, L. P. </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>346,560</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>55,880</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>290,680</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>1837 Partners, Ltd. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>372,477</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.2</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>59,950</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>312,527</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>

</TABLE>


<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
B. R. Haarlow is the general partner of the above selling shareholders. B. R.
Haarlow disclaims beneficial ownership of these shares, except to the extent of
his pecuniary interest therein, if any. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>



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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Joshua Silverman has voting and interest control over these shares.
          Mr.&nbsp;Silverman disclaims beneficial ownership of these shares. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Vikas Tandon has investment discretion for the entire fund. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Marion Lynton has represented that the Selling Shareholder is not affiliated
          with a Broker / Dealer. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Shares owned are represented by 1,000 Common Shares and 75,000 shares underlying
          Common Stock Purchase Warrants, exercisable at $9.15 per share and issued in
          connection with the private placement in December 2007. Voting and investment
          control of shares is by Albert G. Lowenthal and Dennis McMamara. The Selling
          Shareholder is a Broker / Dealer. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLAN OF DISTRIBUTION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each selling stockholder of our
common stock and any of their pledgees, assignees and successors-in-interest may, from
time to time, sell any or all of their shares of common stock on the trading market or any
other stock exchange, market or trading facility on which the shares are traded or in
private transactions. These sales may be at fixed or negotiated prices. A selling
stockholder may use any one or more of the following methods when selling shares: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; </FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in
the over-the-counter market;  </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in
transactions otherwise than on these exchanges or systems or in the over-the-counter
market;  </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>block
trades in which the broker-dealer will attempt to sell the shares as agent but may
position and  resell a portion of the block as principal to facilitate the transaction;
 </FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; &nbsp; </FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>an
exchange distribution in accordance with the rules of the applicable exchange; &nbsp; </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>privately
negotiated transactions; &nbsp; </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>settlement
of short sales entered into after the date of this prospectus; &nbsp; </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>broker-dealers
may agree with the selling shareholders to sell a specified number of such shares at a
 stipulated price per share; </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      &#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
combination of any such methods of sale; </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     &#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>through
the writing or settlement of options or other hedging transactions,  whether through an
options             exchange or otherwise; or </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     &#149;  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
other method permitted pursuant to applicable law. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The selling shareholders may also
sell shares under Rule 144 under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), if available, rather than under the prospectus. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>

<!-- MARKER PAGE="; page: 21" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Broker-dealers engaged by the selling
shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers
may receive commissions or discounts from the selling shareholders (or, if any
broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to
be negotiated. Each selling stockholder does not expect these commissions and discounts
relating to its sales of shares to exceed what is customary in the types of transactions
involved. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The selling shareholders and any
broker-dealers or agents that are involved in selling our common stock may be deemed to be
&#147;underwriters&#148; within the meaning of the Securities Act in connection with such
sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the common stock purchased by them may be deemed to be
underwriting commissions or discounts under the Securities Act. Each selling stockholder
has informed us that it does not have any agreement or understanding, directly or
indirectly, with any person to distribute the common stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The resale shares will be sold only
through registered or licensed brokers or dealers if required under applicable state or
provincial securities laws. In addition, in certain states or provinces, the resale shares
may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and
is complied with. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under applicable rules and
regulations under the Exchange Act, any person engaged in the distribution of the resale
shares may not simultaneously engage in market making activities with respect to our
common stock for a period of two business days prior to the commencement of the
distribution. In addition, the selling shareholders will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including
Regulation M, which may limit the timing of purchases and sales of shares of our common
stock by the selling shareholders or any other person. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with sales of the
shares of Common Stock or otherwise, the selling stockholders may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of the shares of
Common Stock in the course of hedging in positions they assume. The selling stockholders
may also sell shares of Common Stock short and deliver shares of Common Stock covered by
this prospectus to close out short positions and to return borrowed shares in connection
with such short sales. The selling stockholders may also loan or pledge shares of Common
Stock to broker-dealers that in turn may sell such shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The selling stockholders may pledge
or grant a security interest in some or all of the shares of Common Stock owned by them
and, if they default in the performance of their secured obligations, the pledgees or
secured parties may offer and sell the shares of Common Stock from time to time pursuant
to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933, as amended, amending, if necessary,
the list of selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus. The selling stockholders also may
transfer and donate the shares of Common Stock in other circumstances in which case the
transferees, donees, pledgees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>

<!-- MARKER PAGE="; page: 22" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There can be no assurance that any
selling stockholder will sell any or all of the shares of Common Stock registered pursuant
to the registration statement, of which this prospectus forms a part. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Once sold under the registration
statement, of which this prospectus forms a part, the shares of Common Stock will be
freely tradable in the hands of persons other than our affiliates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We will not receive any of the
proceeds from the sale by the selling stockholders of the shares of Common Stock. We will
pay all expenses of the registration of the shares of Common Stock pursuant to the
registration rights agreement, estimated to be $15,000 in total, including, without
limitation, Securities and Exchange Commission filing fees and expenses of compliance with
state securities or &#147;blue sky&#148; laws; provided, however, that a selling
stockholder will pay all underwriting discounts and selling commissions, if any. We will
indemnify the selling stockholders against liabilities, including some liabilities under
the Securities Act, in accordance with the registration rights agreements, or the selling
stockholders will be entitled to contribution. We may be indemnified by the selling
stockholders against civil liabilities, including liabilities under the Securities Act,
that may arise from any written information furnished to us by the selling stockholder
specifically for use in this prospectus, in accordance with the related registration
rights agreement, or we may be entitled to contribution. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEMNIFICATION FOR
SECURITIES ACT LIABILITIES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of the Company pursuant to the Company&#146;s governing documents, or
otherwise, the Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>


<!-- MARKER PAGE="; page: 23" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION NOT
REQUIRED IN PROSPECTUS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 14. OTHER EXPENSES
OF ISSUANCE AND DISTRIBUTION. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
following table sets forth all costs and expenses, other than underwriting discounts and
commissions, payable by us in connection with the sale of the common stock being
registered. All amounts shown are estimates except for the Securities and Exchange
Commission registration fee. </FONT></P>






<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="83%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Securities and Exchange Commission registration fee</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>    760</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal fees and expenses *</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>7,500</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Accounting fees and expenses *</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>5,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Printing and miscellaneous *</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,740</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 15,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=3></TD><TD></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Estimated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 15. INDEMNIFICATION
OF DIRECTORS AND OFFICERS. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s Articles of
Incorporation provide that the Company shall indemnify any officer, employee, agent or
director against liabilities (including the obligation to pay a judgment, settlement,
penalty, fine or expense), incurred in a proceeding (including any civil, criminal or
investigative proceeding) to which the person was a party by reason of such status. Such
indemnity may be provided if the person&#146;s actions resulting in the liabilities: (i)
were taken in good faith; (ii) were reasonably believed to have been in the Company&#146;s
best interest with respect to actions taken in the person&#146;s official capacity; (iii)
were reasonably believed not to be opposed to the Company&#146;s best interest with
respect to other actions; and (iv) with respect to any criminal action, the director had
no reasonable grounds to believe the actions were unlawful. Unless the person is
successful upon the merits in such an action, indemnification may generally be awarded
only after a determination of independent members of the Board of Directors or a committee
thereof, by independent legal counsel or by vote of the shareholders that the applicable
standard of conduct was met by the director to be indemnified. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A director, employee, agent, or
officer who is wholly successful, on the merits or otherwise, in defense of any proceeding
to which he or she was a party, is entitled to receive indemnification against reasonable
expenses, including attorneys&#146; fees, incurred in connection with the proceeding. In
addition, a corporation may indemnify or advance expenses to an officer, employee or agent
who is not a director to a greater extent than permitted for indemnification of directors,
if consistent with law and if provided for by its articles of incorporation, bylaws,
resolution of its shareholders or directors or in a contract. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-1 </FONT></P>

<!-- MARKER PAGE="; page: 24" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of us pursuant to the foregoing provisions, or otherwise, we have been
advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by us of expenses incurred or paid by a director, officer or
controlling person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, we will, unless in the opinion of our counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by the Company is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such
issue. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 16. EXHIBITS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Burns Figa  &amp; Will, P.C., filed herewith. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of GHP Horwath, P.C.,  Independent Registered Public Accounting Firm, filed herewith. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Burns Figa  &amp; Will, P.C., included in Exhibit 5.1. </FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.1 Power of Attorney,
filed herewith. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 17. UNDERTAKINGS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          [Paragraph omitted] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial bona
          fide offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;
          [Paragraph omitted] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR"  -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining liability under the Securities Act of 1933
          to any purchaser: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-2 </FONT></P>

<!-- MARKER PAGE="; page: 25" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;
          If the registrant is relying on Rule 430B: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;
          Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be
          deemed to be part of the registration statement as of the date the filed
          prospectus was deemed part of and included in the registration statement; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B)&nbsp;&nbsp;&nbsp;&nbsp;
          Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
          (b)(7) as part of a registration statement in reliance on Rule 430B relating to
          an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of
          providing the information required by section 10(a) of the Securities Act of
          1933 shall be deemed to be part of and included in the registration statement as
          of the earlier of the date such form of prospectus is first used after
          effectiveness or the date of the first contract of sale of 314 securities in the
          offering described in the prospectus. As provided in Rule 430B, for liability
          purposes of the issuer and any person that is at that date an underwriter, such
          date shall be deemed to be a new effective date of the registration statement
          relating to the securities in the registration statement to which that
          prospectus relates, and the offering of such securities at that time shall be
          deemed to be the initial bona fide offering thereof. <I>Provided, however,</I>
          that no statement made in a registration statement or prospectus that is part of
          the registration statement or made in a document incorporated or deemed
          incorporated by reference into the registration statement or prospectus that is
          part of the registration statement will, as to a purchaser with a time of
          contract of sale prior to such effective date, supersede or modify any statement
          that was made in the registration statement or prospectus that was part of the
          registration statement or made in any such document immediately prior to such
          effective date; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;
          If the registrant is subject to Rule 430C, each prospectus filed pursuant to
          Rule 424(b) as part of a registration statement relating to an offering, other
          than registration statements relying on Rule 430B or other than prospectuses
          filed in reliance on Rule 430A, shall be deemed to be part of and included in
          the registration statement as of the date it is first used after effectiveness.
          <I>Provided, however,</I> that no statement made in a registration statement or
          prospectus that is part of the registration statement or made in a document
          incorporated or deemed incorporated by reference into the registration statement
          or prospectus that is part of the registration statement will, as to a purchaser
          with a time of contract of sale prior to such first use, supersede or modify any
          statement that was made in the registration statement or prospectus that was
          part of the registration statement or made in any such document immediately
          prior to such date of first use. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining liability of the registrant under the
          Securities Act of 1933 to any purchaser in the initial distribution of the
          securities: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by means of any
of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR"  -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;
          Any preliminary prospectus or prospectus of the undersigned registrant relating
          to the offering required to be filed pursuant to Rule 424; </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-3 </FONT></P>


<!-- MARKER PAGE="; page: 26" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;
          Any free writing prospectus relating to the offering prepared by or on behalf of
          the undersigned registrant or used or referred to by the undersigned registrant; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;
          The portion of any other free writing prospectus relating to the offering
          containing material information about the undersigned registrant or its
          securities provided by or on behalf of the undersigned registrant; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;
          Any other communication that is an offer in the offering made by the undersigned
          registrant to the purchaser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Filings incorporating subsequent Exchange Act documents by reference.</I>
          Include the following if the registration statement incorporates by reference
          any Exchange Act document filed subsequent to the effective date of the
          registration statement: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&#146;s annual report pursuant
to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Incorporated annual and quarterly reports.</I> Include the following if the
          registration statement specifically incorporates by reference in the prospectus
          all or any part of the annual report to security holders meeting the
          requirements of Rule 14a-3 or Rule 14c-3 under the Exchange Act: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
undersigned registrant hereby undertakes to deliver or cause to be delivered with the
prospectus, to each person to whom the prospectus is sent or given, the latest annual
report to security holders that is incorporated by reference in the prospectus and
furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the
Securities Exchange Act of 1934; and, where interim financial information required to be
presented by Article 3 of Regulation S-X are not set forth in the prospectus, to deliver,
or cause to be delivered to each person to whom the prospectus is sent or given, the
latest quarterly report that is specifically incorporated by reference in the prospectus
to provide such interim financial information.  </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Request for acceleration of effective date or filing of registration
          statement becoming effective upon filing</I>. Include the following if
          acceleration is requested of the effective date of the registration statement
          pursuant to Rule 461 under the Securities Act, if a Form S-3 or Form F-3 will
          become effective upon filing with the Commission pursuant to Rule 462 (e) or (f)
          under the Securities Act, or if the registration statement is filed on Form S-8,
          and: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          any provision or arrangement exists whereby the registrant may indemnify a
          director, officer or controlling person of the registrant against liabilities
          arising under the Securities Act, or (2) the underwriting agreement contains a
          provision whereby the registrant indemnifies the underwriter or controlling
          persons of the underwriter against such liabilities and a director, officer or
          controlling person of the registrant is such an underwriter or controlling
          person thereof or a member of any firm which is such an underwriter, and (3) the
          benefits of such indemnification are not waived by such persons: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-4 </FONT></P>

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<DIV STYLE="page-break-after:always"></DIV>


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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of
the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.  </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;
          Include the following in a registration statement permitted by Rule 430A under
          the Securities Act of 1933: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(1)
&nbsp;&nbsp;&nbsp;                                      For
purposes of determining any liability under the Securities Act of 1933, the
                    information omitted from the form of prospectus filed as part of this
                    registration statement in reliance upon Rule 430A and contained in a
form of                     prospectus filed by the registrant pursuant to Rule 424(b)(1)
or (4) or 497(h)                     under the Securities Act shall be deemed to be part
of this registration                     statement as of the time it was declared
effective.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(2)&nbsp;&nbsp;&nbsp;
                                       For the purpose of determining any liability under
the Securities Act of 1933,                     each post-effective amendment that
contains a form of prospectus shall be deemed                     to be a new
registration statement relating to the securities offered therein,
                    and the offering of such securities at that time shall be deemed to
be the                     initial bona fide offering thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-5 </FONT></P>


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<DIV STYLE="page-break-after:always"></DIV>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-3 and duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the Castle Rock, Colorado on January 18, 2008. </FONT></P>





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<TR VALIGN="BOTTOM">
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     <TH><FONT FACE="Times New Roman, Times, serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ASPENBIO PHARMA, INC.<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Richard G. Donnelly</U><BR>
By: Richard G. Donnelly, President, <I>Chief Executive Officer, Principal Executive Officer</I><BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Jeffrey G. McGonegal</U><BR>
By: Jeffrey G. McGonegal, <I>Chief Financial Officer, Principal Accounting Officer</I> </FONT>
</TD></TR>
</TABLE>
<BR><BR><BR><BR><BR>

<BR><BR><BR><BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-6 </FONT></P>

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<DIV STYLE="page-break-after:always"></DIV>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by the following
persons in the capacities and on the dates indicated. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Richard G. Donnelly and Jeffrey G. McGonegal, or either of them, as true and
lawful attorneys-in-fact and agents with full power of substitution and re-substitution,
for him and in his name, place and stead, in any and all capacities to sign the
Registration Statement filed herewith and any or all amendments to said Registration
Statement (including post-effective amendments and Registration Statements filed pursuant
to Rule 462 and otherwise), and to file the same, with all exhibits thereto, and other
documents in connection therewith, the Securities and Exchange Commission granting unto
said attorney-in-fact and agents the full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the foregoing, as to
all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agents or any of them, or his substitute,
may lawfully do or cause to be done by virtue hereof. </FONT></P>


        <table cellspacing="0" cellpadding="0" width="600" align="center" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="COLOR: #000000">/s/ Gregory Pusey</font></u><br>
                    <font style="COLOR: #000000">Gregory Pusey</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">Chairman of the Board of Directors</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">January 18,</font><font style="COLOR: #000000">
                    2008</font><font style="COLOR: #000000"></font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="COLOR: #000000">/s/ Richard G. Donnelly</font></u><br>
                    <font style="COLOR: #000000">Richard G. Donnelly</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">President, Chief Executive Officer and
                    Director</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">January</font>
                    <font style="COLOR: #000000">18,</font><font style="COLOR: #000000">
                    2008</font><font style="COLOR: #000000"></font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="COLOR: #000000">/s/ Gail Schoettler</font></u><br>
                    <font style="COLOR: #000000">Gail Schoettler</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 12pt; COLOR: #000000">Director</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">January</font>
                    <font style="COLOR: #000000">18,</font><font style="COLOR: #000000">
                    2008</font><font style="COLOR: #000000"></font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="COLOR: #000000">/s/ Douglas Hepler</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">Douglas Hepler</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 12pt; COLOR: #000000">Director</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">January</font>
                    <font style="COLOR: #000000">18,</font><font style="COLOR: #000000">
                    2008</font><font style="COLOR: #000000"></font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                &nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="COLOR: #000000">/s/ David E. Welch</font></u><br>
                    <font style="COLOR: #000000">David E. Welch</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 12pt; COLOR: #000000">Director</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="196">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000">January</font>
                    <font style="COLOR: #000000"></font><font style="COLOR: #000000">18,</font>
                    <font style="COLOR: #000000">
                    2008</font><font style="COLOR: #000000"></font></p>
                </td>
            </tr>
        </table>
        <br>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-7 </FONT></P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>appy_s3-ex5x1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 5.1 </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>January 17, 2008 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors <BR>AspenBio
Pharma, Inc. <BR>1585 South Perry Street <BR>Castle Rock, CO 80104 </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Re:</I></B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Form
S-3 Registration Statement <BR> Opinion of Counsel</I></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
securities counsel for AspenBio Pharma, Inc. (the &#147;Company&#148;), a Colorado
corporation, we have examined the originals or copies, certified or otherwise identified,
of the Articles of Incorporation and Bylaws of the Company, corporate records of the
Company, including minute books of the Company as furnished to us by the Company,
certificates of public officials and of representatives of the Company, statutes and other
records, and instruments and documents pertaining to the Company as a basis for the
opinions hereinafter expressed. In giving such opinions, we have also relied upon
certificates of officers of the Company with respect to the accuracy of the factual
matters contained in such certificates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have also examined the Registration Statement on Form S-3 (the &#147;Registration
Statement&#148;) to be filed with the Commission on or about January 17, 2008 covering the
resale of up to 2,591,310 of Common Stock of the Company by the Selling Shareholders, as
more particularly described in the Registration Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing and subject to the other qualifications and limitations stated in this
letter, we are of the opinion that the shares of Common Stock held by the Selling
Shareholders and described in the Registration Statement as outstanding, to be outstanding
prior to effectiveness of the Registration Statement, or issuable thereafter upon exercise
and payment of the exercise price stated in the warrants, have been or (as the case may
be) will have been duly authorized, validly issued, fully paid and non-assessable. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors <BR>AspenBio
Pharma, Inc. <BR>January 17, 2008 <BR>Page Two </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is limited to the laws of the State of Colorado and the federal law of the United
States of America and to the matters stated herein. This opinion is made as of the date
hereof, and after the date hereof, we undertake no, and disclaim any, obligation to advise
you of any change in any matters set forth herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
acknowledge that we are referred to under the caption &#147;Legal Matters&#148; included
in the Registration Statement. We hereby consent to such use of our name in the
Registration Statement and to the filing of this opinion as an Exhibit thereto. In giving
this consent, we do not thereby admit that we come within the category of persons whose
consent is required under Section 7 of the United States Securities Act of 1933 or the
Rules and Regulations of the Securities and Exchange Commission promulgated thereunder. </FONT></P>









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     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Very truly yours,<BR>
<BR>
<BR>
/s/ BURNS FIGA &amp; WILL, P.C.<BR>
BURNS FIGA  &amp; WILL, P.C.
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<DESCRIPTION>EXHIBIT 23.2
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23.1 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSENT OF INDEPENDENT
<BR>REGISTERED PUBLIC ACCOUNTING FIRM </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We consent to the incorporation by
reference in this Registration Statement on Form S-3 of our report dated March 23, 2007,
which appears on page 27 of the Annual Report on Form 10-KSB of AspenBio Pharma, Inc. for
the year ended December 31, 2006. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/S/ GHP HORWATH, P.C.</U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Denver, Colorado <BR>January 17, 2008 </FONT></P>
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