AspenBio Pharma Closes $18.2 Million Private Placement of Co...(nts are subject to a number of assumptio...)

Date:12/24/2007

nts 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 private placement, and the ability to successfully complete the development of, obtain FDA approval for 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.

For more information contact:

AspenBio Pharma, Inc.

Gregory Pusey, Chairman

Tel 303-722-4008

Investor Relations:

Liolios Group, Inc.

Scott Liolios or Ron Both

Tel 949-574-3860

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SOURCE AspenBio Pharma, Inc. Copyright©2007 PR Newswire. All rights reserved

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