Liolios Group to Lead Investor Relations Program for AspenBio Pharma, Inc.

CASTLE ROCK, CO--(Marketwire - June 10, 2011) - AspenBio Pharma, Inc. (NASDAQ: APPY), an emerging company dedicated to the development of novel in-vitro diagnostics for humans and bio-pharmaceuticals for animals, has engaged Liolios Group, Inc. to lead its investor relations and financial communications program.

"We are approaching a number of significant product development milestones, including reporting results of our in-process pilot study for AppyScore™ in the third quarter based upon a focused strategy for pursuing FDA clearance," said Steve Lundy, president and chief executive officer of AspenBio Pharma. "The Liolios Group will help us effectively communicate our progress to our shareholders and raise awareness in the financial community. Having represented us well in the past, they bring to us a proven track record in building valuable relationships with investors, analysts, money managers and institutions."

Liolios Group will collaborate with AspenBio Pharma's management to communicate with shareholders and the broader financial community, and plans to schedule a number of conference calls, road shows, and company attendance at financial conferences over the next several months, targeting key investors and influencers in the financial community.

To learn more about the company's progress, please contact Liolios Group at 949-574-3860 or email info@liolios.com.

About AspenBio Pharma and AppyScore
AspenBio Pharma, Inc. (NASDAQ: APPY) is developing innovative products that address unmet diagnostic and therapeutic needs. The company's lead product candidate, AppyScore, is a novel blood-based diagnostic test that, if successfully cleared to be marketed by the FDA, would provide emergency department physicians with an additional tool to evaluate low risk patients initially suspected of having acute appendicitis. The negative predictive value attributes of AppyScore could help 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 press 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 this 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 our Nasdaq listing status, fluctuations in our stock price, and our ability to successfully complete the clinical trial activities for AppyScore™ required for FDA submission, obtain FDA clearance, cost effectively manufacture and generate revenues from AppyScore 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, obtain and enforce intellectual property rights, and realize value of intangible assets. Furthermore, APPY 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 APPY's most recent Annual Report on Form 10-K as filed with the SEC.