AspenBio Pharma, Inc. Enters Into Development and Supply Agreement for AppyScore(TM) Cassette With BBInternational

CASTLE ROCK, CO--(Marketwire - March 10, 2010) - AspenBio Pharma, Inc. (NASDAQ: APPY), an emerging bio-science company dedicated to the development of novel diagnostics and drugs for humans and animals, announced that it has entered into a strategic manufacturing relationship with BBInternational ("BBI") to complete commercial development and manufacture of the AppyScore™ consumable test cassette.

BBI is a leading OEM provider of lateral flow tests and provides reagents, development services, and contract manufacturing for rapid diagnostic tests for the point-of-care markets.

"BBI has provided us with valuable expertise in advancing our ELISA test to a state of the art quantitative lateral flow format," said Daryl J. Faulkner, Chief Executive Officer of AspenBio Pharma. "Combined with our recently announced alliance with LRE, we now have the major pieces in place for high-volume production of our AppyScore Test and can expand our options for commercialization of this important diagnostic tool."

The ELISA format of the AppyScore Test is currently in clinical trials for clearance by the FDA and is designed to aid in the evaluation of patients suspected of having acute appendicitis. In parallel with development of the ELISA format, the company has been developing a cassette and instrument format of the test, which will require separate regulatory clearance prior to commercialization. Under the terms of the agreement, BBI will manufacture the lateral flow test cassette and associated reagents (the "Cassette") and will be responsible for providing the required manufacturing capacity and quality standards necessary to meet global market demand.

About AspenBio Pharma, Inc.

AspenBio Pharma is an emerging bio-science company dedicated to the discovery, development and commercialization of novel products that address unmet diagnostic and therapeutic needs in both human and animal health. The Company's AppyScore blood-based test addresses the difficult challenge of diagnosing human appendicitis in the hospital emergency department. The Company is also advancing unique therapeutic proteins designed to improve reproduction in non-companion animals of economic importance. For more information, go to 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.