AspenBio Pharma, Inc. Adds Erik Miller as Vice President, Marketing and Business Development

CASTLE ROCK, CO--(Marketwire - January 18, 2011) - On January 17, 2011, AspenBio Pharma, Inc. (NASDAQ: APPY), an emerging company dedicated to the development of novel human in-vitro diagnostics for humans and bio-pharmaceuticals for animals, added Erik S. Miller to a new position of Vice President, Marketing and Business Development.

Miller began consulting with AspenBio in October 2010 and this hiring allows him to focus full time on commercial planning efforts, including pre-clinical field testing of the AppyScore cassette-based test system as well as investigating non-U.S. market opportunities for AppyScore.

"Aspen continues to make progress in advancing the AppyScore cassette-based test, and we are excited to have Erik commit to joining us full-time to focus on commercialization and development opportunities," said Steve Lundy, President and Chief Executive Officer.

Mr. Miller has over twenty years of experience focused on health care marketing, management, sales and business development. Most recently he served as Vice President, Business Development and Marketing for Radix Biosolutions which launched its first commercial products and defined services during his tenure. Previously he worked in increasing levels of marketing and business responsibility with Luminex Corporation, Safety Syringes, Inc. and Biosite Diagnostics. Mr. Miller received a Bachelor of Science Degree in Pharmacy from the University of Iowa and a Masters in Business Administration from the University of North Carolina.

Upon his commencement of employment, Mr. Miller was granted stock options to purchase 200,000 shares of the Company's common stock. This stock option award which is an employment-inducement grant made outside of the Company's Stock Incentive Plan, as amended, has the following material terms. The exercise price per share of the stock options granted was $0.65, the closing trading price of the Company's common stock on the last trading day prior to January 17, 2011, which is the Grant Date. The stock options are subject to a three (3) year vesting schedule with 33.33% of such options vesting on the first, second and third anniversary of the Grant Date, respectively. In the event of a consummation of a "change of control" of the Company, any non-vested options shall become fully vested. The options are exercisable for a period of ten (10) years after the Grant Date, subject to earlier termination on cessation of service with the Company.

About AspenBio Pharma

AspenBio Pharma, Inc. (NASDAQ: APPY) is developing innovative products that address unmet diagnostic and therapeutic needs. The company's lead product candidate, AppyScore, is designed to be a novel blood-based diagnostic test that, if successfully approved to be marketed by the FDA, will aid through the test's negative predictive value in the evaluation of low risk patients initially suspected of having acute appendicitis, thereby helping address the difficult challenge of triaging possible appendicitis patients in the hospital emergency department setting. For more information, please visit 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 activities required for FDA submission, obtain FDA approval for, cost effectively manufacture and generate revenues from the appendicitis test 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.