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AspenBio Pharma Begins Training Hospital Sites for Pivotal Clinical Trial

  AspenBio Pharma Begins Training Hospital Sites for Pivotal Clinical Trial

Company Remains on Track to Obtain CE Mark and Enroll First U.S. Patients
Before Year End

Quarterly Conference Call and Webcast Today at 4:30 p.m. ET

PR Newswire

CASTLE ROCK, Colo., Nov. 13, 2012

CASTLE ROCK, Colo., Nov. 13, 2012 /PRNewswire/ --AspenBio Pharma, Inc.
(Nasdaq: APPY), an in vitro diagnostic company, today provided a clinical and
business update for the third quarter 2012. The Company reported it has
started the hospital training phase of its pivotal U.S. clinical study and
remains on track to initiate patient enrollment before the end of the year.
AspenBio also reiterated its anticipated timeline for obtaining CE Mark for
its lead blood-based diagnostic test by year end, and provided an update on
market development activities in Europe, including its discussions with
potential commercial distributors.

Steve Lundy, Chief Executive Officer of AspenBio Pharma, commented, "We're
happy with the progress made since our last update. We updated our clinical
trial protocol for the pivotal study, incorporating the FDA's feedback from
our September meeting, and have begun training our hospital sites, preparing
them to begin enrolling patients. This is a key development for AspenBio,
because it sets the foundation for a clinically successful trial and brings us
closer to potential FDA clearance and commercialization of our in vitro
diagnostic test in the United States. In parallel, we've advanced our
negotiations significantly with European distributors in key commercial
territories, engaged an experienced Europe-based sales and marketing
consultant, and continued to scale up our product manufacturing activities in
order to maximize our potential for a timely and successful European product
launch after obtaining CE Mark."

AspenBio expects to continue training the remaining hospital sites on the
trial protocol over the coming weeks in order to advance to patient enrollment
before the end of the year. Once enrollment commences, the study is expected
to enroll a total of ~2,000 net evaluable patients at approximately 25
hospital emergency departments across the United States. AspenBio plans to
complete this study, file for marketing clearance, and upon receipt of such
clearance from the FDA, launch the product in the U.S. in late 2013.

In Europe, the Company is currently pursuing agreements with top distributors
in what AspenBio believes will be major sales territories, including Germany,
UK, France, Italy and Benelux. The Company expects to file for and obtain CE
Mark for its diagnostic test before the end of the year and hopes to be
positioned to commence sales and distribution efforts as soon as possible
thereafter.

At September 30, 2012, the Company had $10.2 million in cash, cash equivalents
and short-term investments. AspenBio believes it has sufficient cash to
complete the planned pivotal trial, as well as launch the product in Europe.

Mr. Lundy concluded, "This is a critical time in the Company's history, with
many exciting regulatory, development and commercial initiatives ongoing. We
remain deeply focused on execution of these important milestones, and we look
forward to providing additional near-term updates as we advance toward
commercialization of our first diagnostic product."

Conference Call Information
The Company has scheduled its quarterly conference call and webcast for today,
November 13, 2012, at 4:30 p.m. ET. Interested participants and investors may
access the conference call by dialing 1-800-860-2442 (U.S.), 1-866-605-3852
(Canada) or 1-412-858-4600 (international). A live audio webcast will be
accessible via the Investor Relations section of the AspenBio web site,
www.aspenbiopharma.com.

A telephonic replay of the call will be available for two weeks beginning at
8:00 p.m. ET on November 13, 2012. Access numbers for this replay are
1-877-344-7529 (U.S./Canada) and 1-412-317-0088 (international); conference
ID: 10020579. 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
www.aspenbiopharma.com.

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 AppyScore required
for FDA submission, obtain FDA clearance or approval, complete and obtain CE
Mark, cost effectively manufacture and generate revenues from AppyScore,
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 Form 10-Q for the period
ended September 30, 2012 filed on November 7, 2012.

For Investors & Media:
Joshua Drumm, PhD / Jason Rando
Tiberend Strategic Advisors, Inc.
(212) 827-0020
jdrumm@tiberend.com
jrando@tiberend.com

SOURCE AspenBio Pharma, Inc.

Website: http://www.aspenbiopharma.com