AspenBio Plans to Initiate Pivotal Study in Fourth Quarter

          AspenBio Plans to Initiate Pivotal Study in Fourth Quarter

FDA Meeting Held; Advancing Toward Commercialization in U.S. and EU

Clinical and Business Update Conference Call Scheduled Today at 8:30 a.m. ET

PR Newswire

CASTLE ROCK, Colo., Sept. 27, 2012

CASTLE ROCK, Colo., Sept. 27, 2012 /PRNewswire/ --AspenBio Pharma, Inc.
(Nasdaq: APPY), an in vitro diagnostic company, today provided its
shareholders and the broader investment community with an update on its
clinical and business activities. The Company announced that it plans to
initiate a pivotal study in the fourth quarter of 2012 for its blood-based
appendicitis test designed to assist emergency room clinicians in ruling out
acute appendicitis. The Company is moving ahead with its plans following its
recent productive meeting with the U.S. Food and Drug Administration ("FDA").
In addition to seeking approval in the U.S., the Company plans to obtain CE
Mark before the end of the year and to introduce the product in Europe shortly

Steve Lundy, President and CEO of AspenBio, stated, "We are very pleased with
the recent progress we have made in executing on our key development
objectives. Most importantly, after meeting with the FDA, we plan to initiate
our pivotal study in the U.S. during the fourth quarter. We are currently
modifying the study protocol in accordance with the FDA's constructive
feedback, and we continue to engage hospitals across the U.S. for
participation in our study. In parallel, we are preparing to launch the
product in Europe once we obtain a CE Mark, which we anticipate receiving
during the fourth quarter."

In addition to the Company's clinical advancements, AspenBio announced that
progress continues for its out-licensed animal health assets. To date,
cumulative consideration achieved under the exclusive license agreement is
approximately $1.3 million, including license fees and milestone payments.

Finally, the Company outlined strategic changes designed to further position
AspenBio for success. The Board of Directors is being restructured in
alignment with the strategic focus of the Company and certain board members
have stepped down voluntarily from their positions. These Board members are
Greg Pusey, Doug Hepler, Mark Ratain and Michael Merson. AspenBio is in the
process of identifying potential new board members with the desired skills,
qualifications and experience to guide the Company's refocused strategy, but
ultimately intends to have a smaller sized Board. Additionally, a rebranding
of the Company is underway and is expected to include the evaluation of new
company and product names, as well as associated logos. The Company intends
to propose a new company name later this year and such change will require
shareholder approval.

Mr. Lundy concluded, "As we move ahead with a balance sheet strengthened by
funding from our recent public offering and by the out-licensing of our animal
health assets, we are confident that we have the capital resources to continue
executing on our clinical and business objectives. We believe we are taking
important steps to position the Company strategically for our future as a
successful commercial in vitro diagnostics company."

Conference Call and Webcast Information

Interested participants and investors may access the conference call by
dialing 800-860-2442 (U.S.); 866-605-3852 (Canada); or 412-858-4600
(international). An audio webcast will be accessible via the Investors
Relations section of the AspenBio web site,

A telephonic replay of the call will be available for two weeks beginning at
9:30 a.m. ET on September 27, 2012. Access numbers for this replay are
877-344-7529 (U.S./Canada) and 412-317-0088 (international); conference ID:
10018947. The webcast replay will remain available in the Investors Relations
section of the AspenBio web site for 30 days.

About AspenBio Pharma

AspenBio Pharma, Inc. is an in vitro diagnostic company focused on the
clinical development and commercialization of its blood-based appendicitis
test. The unique appendicitis test has projected high sensitivity and
negative predictive value and is designed to aid in the identification of
patients at low risk for acute appendicitis, allowing for more conservative
patient management. The test is being developed initially for pediatric,
adolescent and young adult patients with abdominal pain, as this population is
at the highest risk for appendicitis and has the highest risk of long-term
health effects associated with CT imaging. For more information, visit

Forward-Looking Statements

This press release includes "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 press release 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 required product development and modifications in a timely and cost
effective manner, complete clinical trial activities for the appendicitis test
required for FDA submission, obtain FDA clearance or approval, complete and
obtain CE Mark, cost effectively manufacture and generate revenues from the
appendicitis test, 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 press release should be considered in conjunction with the risk factors
contained in AspenBio's recent filings with the SEC, including its Final
Prospectus filed on June 20, 2012.

For Investors & Media:

Joshua Drumm, Ph.D. / Jason Rando
Tiberend Strategic Advisors, Inc.
(212) 827-0020

SOURCE AspenBio Pharma, Inc.

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