CASTLE ROCK, CO–( EMWNews – April 7, 2008) – AspenBio Pharma, Inc. (NASDAQ: APPY), an

emerging bio-pharmaceutical company dedicated to the development of novel

drugs and diagnostics for animals and humans, has entered a long-term

exclusive license and commercialization agreement with Novartis Animal

Health, Inc. for the development and launch of AspenBio’s novel recombinant

single-chain bovine products, BoviPure LH™ and BoviPure FSH™.

AspenBio licensed this single-chain technology from Washington University

in St. Louis for use in all animal species. The technology was developed

over the past 15 years by Dr. Irving Boime, a Department of Developmental

Biology professor at Washington University’s School of Medicine.

The license agreement with Novartis is structured as a collaborative

arrangement that provides for a sharing of; product development activities,

development and registration costs and worldwide product sales. AspenBio

receives an upfront cash payment and ongoing royalties based upon net

direct product margins as defined and specified under the agreement.

AspenBio has agreed to fund its share of 35% of the product development and

registration costs.

BoviPure FSH is a novel single chain follicle stimulating hormone (FSH)

analog for cows with many potential advantages over existing products.

BoviPure LH is a novel single-chain luteinizing hormone (LH) analog for

cows. This new bovine LH hormone analog is the first of its type in the

world and is designed to increase pregnancy rates in dairy cows using both

pre-breeding and post-breeding applications.

“The execution of this agreement successfully culminates an important 2008

objective for AspenBio Pharma,” said Richard Donnelly, AspenBio’s president

and CEO. “In addition to securing very attractive and what we believe to

be highly competitive royalty terms, having Novartis as a partner means

these drugs will be launched by an organization with leading market

positions in the most important countries throughout the world. Novartis

also has a large worldwide sales and marketing team with a strong track

record of success in launching new drugs.”

Dr. Boime, whose team worked to develop the platform technology, commented,

“I am delighted to see that basic science research conducted here at

Washington University has generated a therapeutic class of veterinary drugs

to help improve the success of livestock reproduction.”

About AspenBio Pharma, Inc.

AspenBio Pharma is an emerging bio-pharmaceutical company dedicated to the

discovery; development, manufacture, and marketing of novel proprietary

products, including those that enhance the reproductive efficiency of

animals and that have large worldwide market potential. The company was

originally formed to produce purified proteins for diagnostic applications

and has become a leading supplier of human hormones to many of the nation’s

largest medical diagnostic companies and research institutions. The company

has successfully leveraged this foundational science and technology

expertise to rapidly develop an enviable late-stage pipeline of several

novel reproduction hormone analogs for wide-ranging therapeutic use in

animals of economic importance. AspenBio Pharma continues to advance the

development and testing of its two first-generation blood-based human

diagnostic tests designed to rapidly help diagnose or rule out acute

appendicitis in patients complaining of abdominal pain. 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 (the

“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 development

of, obtain FDA approval for, cost effectively manufacture and generate

revenues from the appendicitis test as well as the animal products under

this agreement 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