AspenBio Pharma Forms Medical Advisory Board for AppyScore(TM), the World's First Blood Test to Aid in the Diagnosis of Appendicitis

CASTLE ROCK, CO--(Marketwire - June 8, 2009) - AspenBio Pharma, Inc. (NASDAQ: APPY), an emerging bio-science company dedicated to the development of novel diagnostics and drugs for humans and animals, announced today the initial members for its newly-formed Medical Advisory Board ("MAB"). The independent members of AspenBio's MAB are recognized leading thinkers and innovators in the fields of surgery, emergency medicine and health research and policy, the disciplines most directly involved with diagnosing and treating appendicitis. The board is chaired by the company's chief operating officer and chief medical officer, Robert F. Caspari, MD. The initial members of AspenBio's MAB consist of:

Robert F. Caspari, M.D. - COO / CMO, Advisory Board Chairman, joined AspenBio Pharma in February 2009 with more than 25 years of experience in drug and diagnostic product development and commercialization. He most recently served as CEO of Living Cell Technologies, a publicly traded biotech company focused on cellular therapy for Type I diabetes and neurological disorders. He was previously president and CEO of Aurogen, a privately held biotech company involved in drug development for neurological disorders. Dr. Caspari has also served as senior vice president of commercial operations and medical affairs at Myogen (now a unit of Gilead Sciences, traded on the Nasdaq), and as vice president and general manager of biopharmaceuticals at Novo Nordisk Pharmaceuticals (the U.S. operations of Novo Nordisk A/S, traded on the Denmark exchange). Earlier in his career he held management positions at Schering-Plough, Boehringer Mannheim, Somatogen, and Baxter International. Dr. Caspari entered the pharmaceutical industry in 1982 after practicing internal medicine for four years. He received a B.A. in psychology from UCLA and his medical degree from Georgetown University.

David Flum, MD, MPH is a leading gastrointestinal surgeon and outcomes researcher at the University of Washington. He holds the rank of Professor in the Schools of Medicine and Public Health and serves as the Director of the Surgical Outcomes Research Center (SORCE) at the University of Washington. He has a Masters in Public Health in the field of health services research. Dr. Flum serves as Medical Director of the Surgical Care and Outcomes Assessment Program (SCOAP), a quality of care improvement program providing hospital-specific data feedback and best practices regarding processes of care and outcomes across the Pacific Northwest. He is also one of the Principal Investigators of the Longitudinal Assessment of Bariatric Surgery (LABS) study-the first NIH-funded study in bariatric surgery aimed at addressing fundamental issues in the field. He is the contributing editor for surgery at the Journal of the American Medical Association, serves on the editorial board of the journal Surgery for Obesity and Related Disease, and is a member of the Executive Leadership of the American College of Surgeons Research Committee.

Douglas K. Owens, MD, MS is a general internist and a Professor of Medicine and of Health Research and Policy at Stanford University, where he directs the Program on Clinical Decision Making and Guideline Development at the Center for Primary Care and Outcomes Research (PCOR). Dr. Owens also directs the Stanford University-UCSF Evidence-Based Practice Center funded by the Agency for Healthcare Research and Quality (AHRQ). Dr. Owens' research interests include diagnostic test evaluation, evidence synthesis, technology assessment, cost-effectiveness analysis and guideline development. Dr. Owens has been principal investigator on grants funded by the National Institutes of Health, the Agency for Healthcare Research and Quality, and the Centers for Disease Control and Prevention (CDC), among others. From 2005 to 2009, Dr. Owens was Chair of the Clinical Efficacy Assessment Subcommittee (CEAS) of the American College of Physicians (ACP), which develops clinical practice guidelines for the ACP. Dr. Owens is a past President of the Society for Medical Decision Making. He was elected to the American Society for Clinical Investigation (ASCI), and the Association of American Physicians (AAP), societies that recognize excellence in clinical research.

David A. Talan, MD, FACEP, FIDSA is Chairman of the Department of Emergency Medicine and faculty in the Division of Infectious Diseases at Olive View-UCLA Medical Center, and Professor of Medicine in Residence at UCLA School of Medicine. He is a Fellow of the American College of Emergency Physicians and the Infectious Diseases Society of America, and a member of the Society for Academic Emergency Medicine and the American Society for Microbiology. Dr. Talan received his medical degree from the University of Illinois Medical College in Chicago. He completed his residencies in Internal and Emergency Medicine and fellowship in Infectious Diseases at the University of California Los Angeles (UCLA) and its associated medical centers. He is board certified in Internal Medicine, Emergency Medicine, and Infectious Diseases. Dr. Talan serves on the editorial boards of the Annals of Emergency Medicine, Emergency Medicine News, and Pediatric Emergency Care and is a reviewer for Clinical Infectious Diseases, Journal of the American Medical Association, and The Medical Letter.

Steven E. Wolf, MD is the Bob and Betty Kelso Distinguished Chair in Burn and Trauma Surgery, Vice Chairman for Research and Professor in the Department of Surgery at the University of Texas Health Science Center at San Antonio (UTHSCSA). He serves as Chair for the Institutional Review Board UTHSCSA. He is Burn Surgeon and Chief of Clinical Research at the United States Army Institute of Surgical Research at Fort Sam Houston and Pediatric Burn Program Director at University Hospital. Dr. Wolf received his medical degree from UTMB Galveston and completed his post graduate training at the University of Missouri-Kansas City and at Shriners Hospital for Children in Galveston. Dr. Wolf has previously held the position of Director of the US Army Institute of Surgical Research Burn Center at Brooke Army Medical Center and Assistant Chief of Staff at Shriners Hospital for Children. He has authored over 150 peer reviewed publications and is nationally and internationally recognized for his work in burn and trauma care and regenerative medicine. Dr. Wolf received the 2009 Health Care Heroes Outstanding Physician Award. Dr. Wolf is Editor-in-Chief of Burns and on the editorial boards of Journal of Burn Care and Rehabilitation and Surgery News.

AspenBio has completed its pivotal clinical trial for AppyScore, the world first rapid diagnostic blood based test for appendicitis and is advancing towards anticipated 510(k) submission for FDA clearance of the test. The United States Patent and Trademark Office has also recently issued AspenBio's patent directed to methods relating to its appendicitis diagnostic technology. The patent, No. 7,501,256, is entitled "Methods and Devices for Diagnosis of Appendicitis."

Dr. David Flum commented: "I have spent considerable time studying appendicitis and its current diagnosis protocols and outcomes and I firmly believe a rapid blood based test to assist in the diagnosis of appendicitis will be well received by emergency medicine physicians and surgeons. I am very excited to be working as part of the AspenBio team on the advancement of AppyScore."

Mr. Daryl Faulkner, CEO of AspenBio, said: "We are fortunate that Drs. Flum, Owens, Talan and Wolf have agreed to join Dr. Caspari on our Medical Advisory Board. The outstanding caliber of their expertise will bring tremendous clinical insight to the company which will help guide the development and commercialization of our novel appendicitis diagnostic test. We are also encouraged by their endorsement of the substantial medical need for better diagnostic tools for appendicitis and their commitment to our success."

About AspenBio Pharma, Inc.

AspenBio Pharma, Inc. is dedicated to the discovery, development and marketing of novel patented diagnostics to aid physicians in making more accurate medical decisions. Additionally, AspenBio Pharma continues to advance its innovative bovine reproduction therapeutics toward commercialization in conjunction with Novartis Animal Health. AspenBio's product development is focused on large worldwide markets that target previously unmet clinical needs. For more information, go to http://www.aspenbiopharma.com.

Forward-Looking Statements

This news release includes "forward-looking statements" of AspenBio Pharma, Inc. ("APPY") as defined by the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that APPY 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 APPY 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 APPY. 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 statements regarding the ability to successfully complete the clinical trial data assessments required for FDA submission, obtain FDA approval for, cost effectively manufacture and generate revenues from the appendicitis test as well as the animal products and other new products, execute agreements required to successfully advance the company's objectives, retain the scientific management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, fluctuations in sales volumes, obtain and enforce intellectual property rights, and realization of intangible assets. Furthermore, APPY does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this news release should be considered in conjunction with the warnings and cautionary statements contained in APPY's recent filings with the SEC.