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AspenBio Pharma Executes Worldwide License Agreement for its Animal Health Assets
Date:7/30/2012

CASTLE ROCK, Colo., July 30, 2012 /PRNewswire/ -- AspenBio Pharma, Inc. (Nasdaq: APPY) today announced that it has executed an exclusive worldwide license agreement with a major international animal health company, providing license and sub-license rights to AspenBio's entire animal health portfolio.

Under the license agreement AspenBio will receive license fees of approximately $1.0 million and milestone payments totaling $2.0 million tied to specified development and regulatory achievements and royalties on licensed product sales. An additional $2.0 million in milestone payments is potentially payable under the agreement associated with expanded development and commercialization efforts by the licensee. The agreement contains standard terms and conditions, including provisions for confidentiality, indemnification and product development and regulatory requirements, all of which will be conducted and funded by the licensee.                

Steve Lundy, President and CEO of AspenBio Pharma, commented, "The licensing of our animal health assets is a significant milestone in the ongoing transformation of AspenBio.  Following the $12.2 million the company raised in June, this agreement provides additional cash infusion and enables us to concentrate our efforts and resources on our primary corporate objective – the clinical development and commercialization of AppyScore™. Looking ahead, AspenBio expects to finalize its pre-IDE application with the FDA and commence clinical trials for AppyScore in the third quarter of 2012."

For additional details on the exclusive worldwide animal health license agreement, please refer to
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SOURCE AspenBio Pharma
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