AspenBio Pharma, Inc. Proposes Corporate Name Change to Venaxis, Inc.

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.