<SUBMISSION>
<ACCESSION-NUMBER>0001079973-08-000442
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080425
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20080425
<DATE-OF-FILING-DATE-CHANGE>20080425
<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>08776458
</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-042508.htm
<DESCRIPTION>FORM 8-K
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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 25, 2008</B> </FONT> </P>






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







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

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
</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>
 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;On
April 25, 2008, the Registrant issued a press release titled; &#147;AspenBio Pharma
Initiates Stock Buyback Plan&#148;. A copy of this press release is attached hereto as
Exhibit 99.1. </FONT></P>

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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>
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<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 25, 2008 titled, " AspenBio Pharma Initiates Stock Buyback Plan"</FONT></TD>
</TR>
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<BR>
<BR><BR><BR><BR><BR><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;&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 25, 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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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>appy_8k-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AspenBio Pharma
Initiates Stock Buyback Plan </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CASTLE ROCK, CO., April 25,
2008</B> &#151; <B>AspenBio Pharma, Inc.</B> (Nasdaq: APPY) an emerging bio-pharmaceutical
company dedicated to the development of novel drugs and diagnostics for humans and
animals, announced its board of directors have authorized a stock repurchase plan to
purchase shares of the company&#146;s common stock up to a maximum of $5.0 million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchases will be made in routine,
open market transactions, if and when management determines to effect purchases.
Management may elect to purchase less than $5.0 million or may elect not to make any
purchases. The repurchase program is effective immediately. It will allow the company to
repurchase its shares in accordance with the requirements of the Securities and Exchange
Commission on the open market, in block trades and in privately negotiated transactions,
depending upon market conditions and other factors. Purchases may be commenced, suspended
or discontinued at any time in order to comply with Rule 10b-18 under the Securities
Exchange Act of 1934. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The repurchase program will be funded
using the company&#146;s working capital. Currently AspenBio Pharma has approximately
31,318,000 shares of outstanding common stock and approximately $25 million in working
capital. The company will retire all purchased shares to the status of &#147;authorized
and unissued,&#148; thereby increasing the percentage ownership of all existing
shareholders. At the current level of AspenBio&#146;s stock price and market
capitalization, the board of directors considers the company&#146;s shares to be
undervalued. The board also considered recent events, which have reduced the
company&#146;s projected need for cash on certain animal product development activities. </FONT></P>

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<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 http://www.aspenbiopharma.com. </FONT> </P>

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<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>



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<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>

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<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>


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

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