AspenBio Pharma Announces Closing of Public Offering of 1,946,000 Shares of Common Stock

 AspenBio Pharma Announces Closing of Public Offering of 1,946,000 Shares of
                                 Common Stock

PR Newswire

CASTLE ROCK, Colo., Nov. 20, 2012

CASTLE ROCK, Colo., Nov. 20, 2012 /PRNewswire/ --AspenBio Pharma, Inc.
(Nasdaq: APPY), an in vitro diagnostic company, today announced the closing of
an underwritten public offering of 1,946,000 shares of common stock at an
offering price of $2.10 per share. After underwriting discounts and
commissions and estimated offering expenses, the Company received net proceeds
from the offering of approximately $3.7 million. AspenBio Pharma has also
granted the underwriters a 45-day option to purchase up to an additional
291,900 shares of common stock to cover over-allotments, if any.

AspenBio intends to use the net proceeds from this offering for general
corporate purposes, including conducting a clinical trial for its blood-based
appendicitis test and for working capital purposes.

Aegis Capital Corp. acted as the sole book-running manager for the offering.

A registration statement on Form S-3 relating to the shares was filed with the
Securities and Exchange Commission and was declared effective on July 27,
2011. A final prospectus supplement relating to the offering has been filed
with the SEC and is available on the SEC's web site at http://www.sec.gov.
Copies of the final prospectus may be obtained from the offices of Aegis
Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New
York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com, or
from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation
of an offer to buy, these securities, nor will there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.

About AspenBio Pharma and AppyScore

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, 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