<SUBMISSION>
<ACCESSION-NUMBER>0001079973-08-000434
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080423
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20080423
<DATE-OF-FILING-DATE-CHANGE>20080423
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AspenBio Pharma, Inc.
<CIK>0001167419
<ASSIGNED-SIC>2835
<IRS-NUMBER>841553387
<STATE-OF-INCORPORATION>CO
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-33675
<FILM-NUMBER>08771763
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1585 S. PERRY STREET
<CITY>CASTLE ROCK
<STATE>CO
<ZIP>80104
<PHONE>(303) 794-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1585 S. PERRY STREET
<CITY>CASTLE ROCK
<STATE>CO
<ZIP>80104
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASPENBIO INC
<DATE-CHANGED>20020213
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>appy_8k-042308.htm
<DESCRIPTION>FORM 8K
<TEXT>
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<TITLE>AspenBio Pharma, Inc. Form 8-K</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION
<BR>Washington, D.C. 20549</B> </FONT> </P>

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

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

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

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Date
of Report (Date of earliest event reported) &nbsp;&nbsp;
April 23, 2008</B> </FONT> </P>






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







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<FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Colorado </B></U><B>&nbsp;&nbsp;&nbsp;<BR>
(State or other jurisdiction</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>of incorporation)</B> </FONT>
</TD>
     <TD WIDTH="33%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;<U><B>001-33675 </B></U>&nbsp;&nbsp;<B><BR>
(Commission <BR>
File Number)</B> </FONT>
</TD>
     <TD WIDTH="33%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>84-1553387</B></U>&nbsp;&nbsp;<B><BR>
&nbsp;&nbsp;&nbsp;(IRS Employer<BR>
&nbsp;Identification No.)</B> </FONT>
</TD></TR>
</TABLE>
<BR>


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     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>1585 South Perry Street, Castle Rock, CO</B></U><B><BR>
(Address of principal executive offices)</B> </FONT>
</TD>
     <TD WIDTH="50%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;<U><B>80104</B></U>&nbsp;&nbsp;<B><BR>
(Zip Code)</B> </FONT>
</TD></TR>
</TABLE>
<BR>




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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registrant&#146;s
telephone number, including area code (303) 794-2000</B> </FONT> </P>
<BR><BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>

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

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

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

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




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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B></B>On
April 23, 2008,  the Registrant issued a press release titled; &#147;AspenBio Pharma
Advances AppyScore Towards Clinical Trials with Improved Specificity for Detecting Human
Appendicitis&#148;. A copy of this press release is attached hereto as Exhibit 99.1.  </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01&nbsp; &#151;&nbsp;
 Exhibits. </FONT></H1>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit <BR>No. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
release dated April 23, 2008 titled, "AspenBio Pharma Advances AppyScore Towards
           Clinical Trials with Improved Specificity for Detecting Human Appendicitis" </FONT></TD>
</TR>
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<BR>




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

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



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     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
Date: &nbsp; April 23, 2008<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD WIDTH="40%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
AspenBio Pharma, Inc.<BR>
(Registrant)<BR>
<BR>
<U>/s/ Jeffrey G. McGonegal</U><BR>
Jeffrey G. McGonegal<BR>
 Chief Financial Officer<BR> </FONT>

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&nbsp; </FONT>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>appy_8k-ex99x1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 </FONT></P>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="appylogo.jpg"> </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AspenBio Pharma
Advances AppyScore Towards Clinical Trials with Improved Specificity for Detecting Human
Appendicitis  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Company Plans
Commencement of FDA 510(k) Clinical Trial in Current Quarter; Pre-clinical Pilot Studies
Support Previous Findings of High Clinical Sensitivity and Shows Improved Specificity over
September 2007 Trial Data Release </I> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CASTLE ROCK, CO., April 23,
2008</B> &#151; <B>AspenBio Pharma, Inc.</B> (Nasdaq: <U>APPY</U>) an emerging
bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for
animals and humans, reported continued progress in its pre-clinical patient trials for the
AppyScore&#153; human appendicitis blood-based diagnostic test, the first test of its kind
in the world. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These trials are being conducted in
preparation for the formal clinical trials required for FDA clearance of the AppyScore
test product, which are planned to commence in the current quarter. Pilot cGMP
manufacturing of the AppyScore test kits for use in the trials has been completed. These
test kits, representing the final commercial version, are currently in use in the
pre-clinical patient trials. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Clinical study sites have been
selected and Institutional Review Board study approvals are in place at the lead hospital
sites. The remaining final study approvals are planned to be in place for all sites within
the coming weeks. The clinical sites are large hospitals, including a major
children&#146;s hospital and clinical trials at all hospital locations may not commence at
the same time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Clinical teams have also been
assembled and include principal investigators, co-investigators, monitors, technicians,
statisticians and coordinators. To help insure a successful trial, AspenBio engaged a
highly qualified and experienced Contract Research Organization to plan and direct the
trials. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company&#146;s key AppyScore
milestones and objectives for 2008 include: </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>Successfully
complete all regulatory requirements and gain FDA 510(k) clearance of AppyScore, the world&#146;s
first blood based screen/triage test for human appendicitis.  </FONT></TD>
</TR>
</TABLE>
<BR>

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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>Advance
development of its second appendicitis test, the AppyScreen&#153; blood screen/triage
system, a unique simplified point of care test format designed for use in physician
offices.  </FONT></TD>
</TR>
</TABLE>
<BR>

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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>Advance
the engagement of a leading investment banking firm to execute on an attractive worldwide
strategy for the company&#146;s proprietary appendicitis blood test systems and assets
which maximizes shareholder value.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AspenBio&#146;s primary objective and
focus is to achieve regulatory approval via FDA 510(k) clearance of AppyScore. It is
focused on completing both the clinical and non-clinical studies required for the final
FDA package and submitting this final data package to achieve FDA 510(k) clearance by late
2008 or early 2009. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central to completing and filing the
FDA 510(k) application is the completion of the clinical trial section, which is planned
to involve the testing of approximately 500 patients from multiple hospital sites. This is
an estimated number based on statistical power analysis from the pilot work. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company is collecting patient
data from the hospital sites under conditions that are expected to be the final clinical
trial protocols leading up to the official 510(k) trials. Piloting the study in this
manner has achieved two major benefits: first, it has allowed for the improvement and
refinement of protocol procedures as data is gathered, thereby reducing the risk that the
FDA trial procedures will encounter exceptions; and secondly, the preliminary data
continues to show the high sensitivity of the AppyScore test in addition to specificity
improvements over the previously reported September 2007 research trial data. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Results of the pre-clinical pilot
work are being conducted using the anticipated final commercial device format manufactured
under cGMP. The pilot results, although preliminary, indicate a high sensitivity,
consistent with the data from the 2007 research trial. The specificity trends from the
pilot pre-clinical studies are significantly higher (p = 0.007) than specificity shown in
the previous 2007 research trial. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company attributes this to
improved study design, including patient inclusion criteria used and controlled
manufacturing and quality control of the cGMP device. If this higher specificity is
maintained during the official 510(k) trials, this can translate into increased utility,
economic benefit, and wider adoption of this blood-based diagnostic since potentially even
fewer patients would be subjected to Computed Tomography (CT Scans) once AppyScore is
utilized in the clinical decision matrix. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based upon pilot patient enrollment
rates, the company expects this FDA clinical data&nbsp;study to be completed within
approximately four to five months of the trial start date. In addition to the performance
in clinical trials, the 510(k) clearance process also requires the submission of the
non-clinical data package. The non-clinical studies demonstrate the assay performance
characteristics such as accuracy and precision. The clinical studies provide data
regarding clinical accuracy and usefulness. In the case of AppyScore, the most important
clinical study metrics are negative predictive value, positive predictive value, and
prevalence. The company must also prove the clinical performance characteristics of the
final device support the intended use statement for the device. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The intended use statement for
AppyScore is anticipated to be as follows: </FONT></P>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>&#147;The
AppyScore&#153; Screen Test is an enzyme-linked immunoassay test system that consists of
the </I> <I>reagents used to quantitatively measure S100A8/A9 protein in human plasma
using immunochemical </I> <I>techniques.&nbsp;&nbsp; This is an in vitro diagnostic device
that is intended to aid in the assessment </I> <I>and evaluation of patients with
abdominal pain to exclude acute appendicitis.&nbsp; In conjunction </I> <I>with a complete
clinical evaluation, a normal AppyScore excludes acute appendicitis with high </I>
<I>sensitivity.&#148;</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AppyScore is designed for use in
hospital laboratories that support emergency rooms. AspenBio expects physicians would use
the AppyScore blood test results to screen patients suspected of having acute appendicitis
as part of a complete patient clinical workup. The key statistical parameter for the
clinical evaluation is the device&#146;s negative predictive value, which was shown in
pre-clinical research to be &gt;95%.&nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard Donnelly, AspenBio&#146;s
president and CEO, stated, &#147;Following the September 2007 report of our large research
study results, we have continued to collect data. We have also modified our patient
enrollment and tightened test protocols. This is so that upon commencement of our upcoming
blinded FDA clinical trial, we would achieve a representative sampling of the profile of
patients who would be expected to enter emergency rooms with abdominal pain. Based on a
review of the data collected in 2008 pilot studies, we have noted a significant
improvement in the specificity of the test and that encourages us for the upcoming FDA
trial.&#148; </FONT></P>




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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr.
          Donnelly continued, &#147;Our path to FDA 510(k) clearance is clear and well
          planned, and we are excited to be moving rapidly toward the commercialization of
          this first-generation blood test for appendicitis. Ongoing data collection
          continues to support the exceptional performance of AppyScore, and we are
          carefully taking the final steps necessary to deliver a high-quality,
          first-of-its-kind appendicitis screen blood test. It is important to note that
          five to seven percent of world&#146;s population will get appendicitis in their
          lifetime, which is why the worldwide need and market potential for this new
          blood test is so vast. We believe we have the tools and infrastructure to carry
          out and complete a successful FDA trial by the end of the third quarter or early
          in the fourth quarter.&#148; The company will next focus on AppyScreen, a second
          generation point-of-care version of the test. AppyScreen is a rapid appendicitis
          blood screen test designed for use in the physician&#146;s office and urgent
          care facilities throughout the world. The company looks to complete the
          development of this simplified point of care test version before year-end and
          work to gain FDA 510(k) clearance by the middle of 2009. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currently a large number of children
and young adults with abdominal pain will initially be taken to their family
physician&#146;s office or urgent care facility for medical attention rather than going
directly to the traditional hospital emergency room. The AppyScreen blood test system is
designed as a valuable new screening tool that would help physicians make better decisions
on ruling out appendicitis conditions or recommending that patients have further work-up
at the hospital emergency room. Advancing an attractive worldwide strategy to maximize
shareholder value of the company&#146;s assets, including the appendicitis screen tests
and animal health drugs, is also an important company objective for 2008. The company
intends to advance this by collaborating with a leading investment banking firm that would
have a successful track record in facilitating high-value transactions in the medical
device sector. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company will seek a potential
worldwide licensing partnership or transaction over the upcoming months, and would plan to
accelerate that process upon the successful enrollment and completion of the clinical
trial and submission of the final package for FDA 510(k) clearance. While the exact timing
or achievement of these events cannot be assured, the company&#146;s ideal goal would be
to achieve a worldwide licensing partnership or transaction event close to, or upon, the
actual final FDA 510(k) clearance for AppyScore. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As announced on April 7, 2008, a
significant worldwide partnership and licensing agreement for AspenBio&#146;s leading
bovine reproduction drugs, BoviPure LH&#153; and BoviPure FSH&#153;, was executed with
Novartis Animal Health. This worldwide licensing and development agreement provides
AspenBio with attractive royalty rates and an upfront milestone payment of $2.0 million,
which has been received, and funds 65% of drug development and registration costs in key
countries worldwide. The registration and product launch is expected to be completed in
all major countries and regions of the world simultaneously. </FONT></P>

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

<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>About AspenBio Pharma,
Inc.</B><BR>AspenBio Pharma is 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 that have large worldwide market potential. The company was
originally formed to produce purified proteins for diagnostic applications and has become
a leading supplier of human hormones to many of the nation&#146;s largest medical
diagnostic companies and research institutions. The company has 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. AspenBio Pharma continues to
advance the development and testing of its two first-generation blood-based human
diagnostic tests designed to rapidly help diagnose or rule out appendicitis in patients
complaining of abdominal pain. For more information, go to
<U>http://www.aspenbiopharma.com</U>. </FONT> </P>





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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 3 of 4</I> </FONT> </P>



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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Forward Looking
Statements

</B><BR>This news release includes
&#147;forward looking statements&#148; of AspenBio Pharma, Inc. (&#147;APPY&#148;) as
defined by the Securities and Exchange Commission (the &#147;SEC&#148;). All statements,
other than statements of historical fact, included in the press release that address
activities, events or developments that APPY believes or anticipates will or may occur in
the future are forward-looking statements. These statements are based on certain
assumptions made based on experience, expected future developments and other factors APPY
believes are appropriate in the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of APPY.
Investors are cautioned that any such statements are not guarantees of future performance.
Actual results or developments may differ materially from those projected in the
forward-looking statements as a result of many factors, including statements regarding the
ability to successfully complete the development of, obtain FDA approval for, cost
effectively manufacture and generate revenues from the appendicitis test as well as the
animal products under this agreement and other new products, execute agreements required
to successfully advance the company&#146;s objectives, retain the scientific management
team to advance the products, overcome adverse changes in market conditions and the
regulatory environment, fluctuations in sales volumes, obtain and enforce intellectual
property rights, and realization of intangible assets. Furthermore, APPY does not intend
(and is not obligated) to update publicly any forward-looking statements. The contents of
this news release should be considered in conjunction with the warnings and cautionary
statements contained in APPY&#146;s recent filings with the SEC. </FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For more information contact:<BR>
</B>AspenBio Pharma, Inc. <BR>Gregory Pusey, Chairman <BR>Tel 303-722-4008 </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Investor Relations: </B><BR>Liolios Group,
Inc. <BR>Geoffrey Plank or Ron Both <BR>Tel 949-574-3860 </FONT>
</P>


<BR><BR>


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



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



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