AspenBio Pharma, Inc. Receives Research Award From Federal Government on AppyScore(TM)

CASTLE ROCK, CO--(Marketwire - November 04, 2010) - AspenBio Pharma, Inc. (NASDAQ: APPY) today announced the receipt of a cash grant of approximately $250,000 from the Qualifying Therapeutic Discovery Project (QTDP) Program. The $1.0 billion in funding and credits allocated to the QTDP Program is being distributed to companies with fewer than 250 employees whose research shows the greatest potential to result in new therapies that address areas of unmet medical need.

“The QTDP Program was designed to identify and support innovation. We are pleased that they recognize the potential of our AppyScore™ product -- a novel, blood-based diagnostic test in development, designed to aid emergency department physicians in the difficult challenge of evaluating patients suspected of having appendicitis,” said Steve Lundy, AspenBio’s Chief Executive Officer and President. “This cash grant will help support our continued development activities.”

About AspenBio Pharma

AspenBio Pharma, Inc. (NASDAQ: APPY) is developing and commercializing 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 aids in the evaluation of low risk patients initially suspected of having acute appendicitis, 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.