AspenBio Proposes Corporate Name Change to Venaxis, Inc.

           AspenBio Proposes Corporate Name Change to Venaxis, Inc.

PR Newswire

CASTLE ROCK, Colo., Oct. 15, 2012

CASTLE ROCK, Colo., Oct. 15, 2012 /PRNewswire/ --AspenBio Pharma, Inc.
(Nasdaq: APPY), an in vitro diagnostic company, today announced that it will
ask its shareholders to approve changing its name to Venaxis, Inc.,
(pronounced: "Ven-ak'-sis"). As announced recently during the Company's
clinical and business update conference call, a name change is part of a
strategic rebranding of the Company in line with its focus on its blood-based
appendicitis test, which is designed to assist emergency room clinicians in
ruling out acute appendicitis. As part of its corporate re-alignment, the
company is also seeking shareholder approval for an increase in the number of
shares available under its equity plan.

"We believe 'Venaxis' is more reflective of our current business," stated
Steve Lundy, President and CEO of AspenBio. "The name is a combination of
'Vena' and 'Axis'. Vena is Latin for vein, which ties to our product, a
blood-based in vitro diagnostic test that is entering a pivotal study. Axis
conveys the idea of a central or principal structure, which lends the proposed
Company name strength and agility. We are focused on the future and we
believe Venaxis provides an important foundation to build a long-lasting brand
in the diagnostics sector."

In connection with the proposed name change and increase under the equity
plan, the Company has filed a definitive proxy statement with the Securities
and Exchange Commission for a Special Meeting of its Stockholders.

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
www.aspenbiopharma.com.

The definitive proxy statement for the Special Meeting of Shareholders can be
accessed as part AspenBio's publicly filed documents at www.sec.gov.

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
jdrumm@tiberend.com
jrando@tiberend.com

SOURCE AspenBio Pharma, Inc.

Website: http://www.aspenbiopharma.com