ex99x1.htm

NASDAQ: APPY

Important Cautions Regarding Forward-Looking Statements

Certain statements made in this presentation are "forward-looking statements" of AspenBio Pharma, Inc. (“AspenBio")
as defined by the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical fact,
included in this presentation that address activities, events or developments that AspenBio 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 AspenBio 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 AspenBio. 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 our ability to successfully complete the pilot study and clinical trial
activities for AppyScore™ required for FDA submission, obtain FDA clearance, cost effectively manufacture and generate
revenues from AppyScore and other new products, execute agreements required to successfully advance the company's
objectives, retain the management team to advance the products, overcome adverse changes in market conditions and
the regulatory environment, obtain and enforce intellectual property rights, and realize value of intangible assets.

Furthermore, AspenBio does not intend (and is not obligated) to update publicly any forward-looking statements. The
contents of this presentation should be considered in conjunction with the risk factors contained in AspenBio's most
recent Annual Report on Form 10-K as filed with the SEC.

NASDAQ: APPY

The AspenBio Solution

Ÿ AspenBio is developing AppyScore, a blood-based
“Rule-Out” test for Acute Appendicitis in children and
adolescents

Ÿ Designed to help confirm that patients with abdominal
pain suspicious for appendicitis are at low to moderate
risk of the disease so they can be managed
appropriately

Ÿ Healthcare benefit: Fewer CTs = Reduced radiation
exposure

Ÿ Hospital benefit: Enhanced decision making, reduced
cost and increased workflow

Ÿ Pilot study underway: Solid regulatory plan based on
regulatory feedback

Ÿ Substantial global market potential

Ÿ Significant first mover advantage

NASDAQ: APPY

Why Focus on the Diagnosis of Abdominal Pain?

Abdominal vs. Chest Pain as % of Total ER Visits

Patients >18 years in U.S., 1999-20081

1Trend is significant (p < 0.05). Figures are based on 2-year averages. Source: CDC/NCHS, National Hospital Ambulatory Medical Care Survey 1999-2008.

²NHAMCS Data, 2008 ( All reference to abdominal pain are regarding “non- traumatic” abdominal pain)

3 Emer Med Clinics of North Amer 2001 19:123-136

NASDAQ: APPY

…and Why Appendicitis?

Ÿ 3.1M CT Scans annually for abdominal
pain alone2

Ÿ 326K appendectomies in U.S. in 20072

Ÿ Children & adolescents represent peak
age group3

Ÿ Appendicitis affects 9% men, 7%
women over lifetime3

1Ind J Radiol Imag 2006 16:4:523-532

2Source: NHDS from CDC 2007 data

3Am Journal of Epidemiology, Addis et al. Johns Hopkins Vol. 132 no. 5

Appendectomy is #1 Reason for Emergency Abdominal Surgery1

NASDAQ: APPY

Use of ER Abdominal CT Imaging is Rising Rapidly

• Use of advanced medical
imaging 1 for non-traumatic
abdominal pain is increasing

• However, “liberal use of CT
scans in diagnosing
appendicitis in children has
not resulted in a decreased
negative appendectomy
rate”² (i.e., CT scans did not
decrease the removal of non-
diseased appendixes)

Medical imaging (U.S.) in non-traumatic ER visits

Percentage per Symptom 1

Patients >18 years in U.S., 1999-2008

1 Includes CT, MRI and Ultrasound, ages 18 and older. SOURCE: CDC/NCHS, National Hospital Ambulatory Medical
Care Survey 1999-2008.

² J Pediatr Surg. 2004 Jun;39(6):886-90; discussion 886-90.

NASDAQ: APPY

Ÿ Children are highly vulnerable to the oncogenic, long
term effects of exposure to high doses of ionizing
radiation (i.e., from CT)

Ÿ Up to 2% of all U.S. cancers will be caused by CT1

Ÿ Earlier the exposure, the more likely to die from
cancer later in life (see chart below)

1N Engl J Med 2007; 357:2277-84

2Larson et. al., Radiology Published online April 5, 2011

Lifetime Attributable Risk of Death from Cancer
per Million Patients Exposed to 10mCy

Age at Exposure (yr)

“Our finding of a substantial increase in the use of CT in children
who visit emergency departments in the United States
underscores the need for special attention to this vulnerable
population to ensure that imaging is appropriately ordered,
performed, and interpreted.” 2

CT Use in Children Increases Lifetime Cancer Risk

NASDAQ: APPY

Further analysis of the 2011 pilot study found that of the 50 low/mod risk subjects who had a
CT, 14 (28%) would have tested negative by our multi-marker diagnostic and hence, could
have been more conservatively managed and possibly been spared a CT scan.*

74/181

50/152

57/128

15/45

CT Usage Not Correlated With Appendicitis Risk

*Risk groups in the 2010 clinical study were based on a modified Alvarado scoring system (9 of the 10 Alvarado items) while the
risk groups in the 2011 pilot study were based on a new scoring systems (4 of the 10 Alvarado items).

NASDAQ: APPY

AppyScore Intended Use & Value Proposition

AppyScore is intended to be used as an aid to rule out appendicitis in pediatric
and adolescent patients presenting with signs, symptoms and medical history
placing them at low to moderate risk of having the disease.

Fits emergency room & laboratory workflow

Ÿ Blood-based rule-out test

Ÿ Rapid Processing Time and
throughput

Ÿ Data accessible to hospital via
LIS system

Ÿ Easy to deploy & use in any
hospital setting

NASDAQ: APPY

Multi-Marker Approach Enhances Product Performance
Examples of Recent FDA-Cleared Single Marker vs. Multi-marker Tests

FDA-Cleared Test	# Bio- Markers	Application	Sensitivity	Specificity	NPV
CA 125 1	1	Tumor Marker (primarily Ovarian)	77	68	87
Fujirebio - ROMA 2	2	Ovarian Cancer	88	67	96
Vermillion - Ova 11	5	Ovarian Cancer	94	35	93

1 Miller et al. Performance of the American College of Obstetricians and Gynecologists’ Ovarian Tumor Referral
Guidelines With a Multivariate Index Assay. Obstet Gynecol. 2011; 117(6): 1298-1306

2 Fujirebio press release. 6 Sept 2011

NASDAQ: APPY

Ÿ Ongoing pilot study designed to
evaluate the performance of
patented MRP 8/14 biomarker
and AspenBio’s Candidate
Multi-Marker Panel

Ÿ Interim analysis pilot study
results indicate use of multiple
biomarkers as diagnostic test
format provided improved
outcomes

Ÿ MRP 8/14 biomarker provided
outcomes generally consistent
with results noted in prior trials

Interim Data from 2011 Pilot Study (197 Patients)

MRP 8/14 vs. Candidate Multi-Marker Panel

Ÿ Preliminary results are encouraging, but are not conclusive

Ÿ Additional development work, analysis and completion of the
full 500-patient study is necessary prior to commencement of a
pivotal trial

Ÿ *All three improvements using the multi-marker test are
collectively important

	MRP 8/14		Multi-Marker
	Results	95% CI	Results*	95% CI
Sensitivity	90%	74 - 96	95%	87 - 99
Specificity	33%	25 - 42	40%	35 - 52
NPV	93%	81 - 98	97%	93 - 99

NASDAQ: APPY

1 Thachil et al. Amer J of Med 123:1 pp 17-19 (2009)

FDA Guidance Suggests Following D-Dimer Assay Model

D-Dimer Aids in
“Ruling Out”
Blood Clots1

AppyScore
designed to Aid
in “Ruling Out”
Appendicitis

D-Dimer and AppyScore
Share Similar Regulatory Pathways

	D-Dimer	AppyScore
Condition Being Evaluated	Pulmonary Embolism	Appendicitis
Rule-Out Test to Aid in Patient Management (Low Disease Risk)	Yes	Yes
Probability of the Disease	Low	Low
Use of Pretest Probability	Yes	Yes
Negative Predictive Value	High	High
Specificity	Moderate	Moderate
Competition	Significant	None
Number of Test Manufacturers	14	One

NASDAQ: APPY

AspenBio Positioned to Build Product Portfolio for
Abdominal Pain

Ÿ AspenBio continues to build a comprehensive understanding of the
biology of appendicitis and abdominal pain

Ÿ As the result of numerous studies, we have amassed a large & unique
store of blood samples with diagnostic information

Ÿ 2,000+ samples, growing to 3,000+ following Pivotal Trial

Ÿ Further study of these samples could provide rare insight into markers
related to other causes of abdominal pain

Ÿ This resource provides AspenBio a head start in the development of
diagnostic products focused on appendicitis and abdominal pain

Present Next Future

NASDAQ: APPY

Highly-Experienced Team w/ Strong Track Records of
Success

§ Steve Lundy - President & CEO
MicroPhage, GeneOhm Sciences (Acquired by BD),
Dianon Systems (Acquired by LabCorp), Bayer

Commercial leadership in several high growth
diagnostic companies (Dianon, AVL, GeneOhm)
resulting in combined exit value of >$1 billion

§ Steve Tyrrell- Head of Research & Development
Founder & CTO of Eveia Medical, VP R&D Biosafe
Laboratories, R&D Osborn Laboratories

Led the Research & Development of 10 commercial
products with primary emphasis in In Vitro
diagnostics

§ Michael Wandell - Clinical & Regulatory Affairs

Epigenomics, Benaroya Research Institute, Home
Access Health Corp., Genetic Systems

Seven major diagnostics cleared or approved by FDA;
extensive world-wide regulatory approvals

§ Erik Miller, VP Marketing & Bus. Development
Biosite (Acquired by Alere), Safety Syringes, & Luminex

Launched & managed Triage® line, UltraSafe® Safety
Devices, Luminex 200™ platform & consumable
(MagPlex®) driving key sustainable high-margin
businesses

Directors with diagnostic experience

§ John Landon - Prior director of Digene, chair of Cholestech,
and Vice President and General Manager, DuPont Medical

Products

NASDAQ: APPY

Summary Capitalization
Market Cap. (10/20/11)	$18.7M
Shares Outstanding*	8.0M
Public Float, est.	7.8M

Ownership Summary
Institutional Holdings, est.	26.4%
Insider Holdings, est.	3.0%

(mrq) - most recent quarter as of June 2011

Key Stats: APPY (NASDAQ CM)

Summary Balance Sheet
Cash & Equiv. (9/30/11)	$4.8M
Total Assets (mrq)	$12.0M
Total Liabilities (mrq)	$5.7M

*Post split as of 8/1/11

NASDAQ: APPY

AspenBio Key Takeaways

Ÿ AppyScore: Designed to Help Confirm that
Patients with Abdominal Pain Suspicious for
Appendicitis are at low to Moderate Risk of the
Disease so they can be Managed Appropriately

Ÿ Patient Benefit: Fewer CTs = Reduced radiation
exposure

Ÿ Hospital Benefit: Enhanced Decision Making,
Reduced Cost and Increased Workflow

Ÿ Pilot Study Underway: Solid Regulatory Plan
Based on Regulatory Feedback

Ÿ Recent ISO 13485 Certification Achieved

Ÿ Substantial Global Market Potential

Ÿ Significant First Mover Advantage

Pilot Study Metrics & Milestones*
Number of Sites	11
Patients Enrolled	406
Prevalence of Appendicitis	28%
% of Patients who Underwent CT	37%
Samples Tested for Multi-Markers	197
Enrollment Completion (~500 Patients)	Nov 11
Follow-up FDA Meeting Request	Q4/11