EXHIBIT 10.27
                                                                   -------------

                                VOTING AGREEMENT

     THIS VOTING AGREEMENT (the "Voting Agreement") is entered into effective as
of June 18, 2003, by and between Roger D. Hurst ("Hurst"), and AspenBio, Inc., a
Colorado corporation (the "Company").

     WHEREAS,  Hurst owns  4,246,757  shares of common  stock,  no par value per
share of the Company (the "Common Stock");

     WHEREAS,  Hurst understands that the Company needs additional financing and
has agreed to restrictions on the voting and transfer of 2,250,000 shares of the
Common Stock (the  "Restricted  Shares") in order to facilitate  such financing;
and

     WHEREAS, for valuable  consideration,  the receipt and sufficiency of which
is hereby  acknowledged,  Hurst and the  Company  have agreed to enter into this
Voting Agreement.

     NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree
as follows:

1.   Voting of Restricted Shares

     a. Hurst agrees to vote the Restricted  Shares in the same  proportion that
all other shares of the outstanding  Common Stock (including the other shares of
Common  Stock  owned by  Hurst)  are  voted at any duly  called  meeting  of the
shareholders of the Company.  By way of example,  if 30% of the shares of Common
Stock vote in favor of a resolution and 70% of the shares of Common Stock oppose
such resolution,  Hurst shall vote the Restricted  Shares in the same proportion
(i.e.,  675,000 in favor and  1,575,000  against).  Upon request of the Company,
Hurst  shall  grant a proxy  for this  purpose  to Gail  Schoettler,  or if Gail
Schoettler is not then a member of the Company's  Board of Directors,  is unable
or unwilling to serve,  then Hurst shall grant such proxy to a person designated
by a majority of the Company's Board of Directors (the "Board").

2.   Transfer of Restricted Shares

     a. Hurst  agrees  not,  directly  or  indirectly,  to sell,  offer to sell,
contract to sell, assign, pledge,  hypothecate,  encumber or otherwise transfer,
or enter into any contract,  option or other  arrangement or understanding  with
respect to the sale, assignment, pledge or other disposition of (collectively, a
"Transfer") any rights with respect to the Restricted Shares except as expressly
provided herein. The foregoing restriction has been expressly agreed to preclude
Hurst from engaging in any hedging or other transaction  during the term of this
Voting Agreement that is designed to or reasonably expected to lead to or result
in a  Transfer  of the  Restricted  Shares.  Such  prohibited  hedging  or other
transaction would include,  without  limitation,  any short sale (whether or not
against  the box) or any  purchase,  sale,  or grant  of any  right  (including,
without  limitation,  any put or call  option)  with  respect to the  Restricted
Shares or with respect to any security  (other than a broad-based  market basket
or index) that includes, relates to or derives any significant part of its value
from the Restricted Shares.

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     b.  Hurst  also  agrees  and  consents  to  the  entry  of  stop   transfer
instructions  with the  Company's  Transfer  Agent  against the  Transfer of the
Restricted  Shares  except in compliance  with the terms and  conditions of this
Voting Agreement.

     c. In the  event any  Restricted  Shares  are  subject  to any  involuntary
transfer,  whether  by reason of death,  bankruptcy  or divorce  proceedings  or
otherwise,  the transferee of such Restricted  Shares shall take such Restricted
Shares  subject  to  this  Voting  Agreement.  Any  purported  transfer  of  any
Restricted  Shares that is not in accordance with this Voting Agreement shall be
null and void, and shall not operate to transfer any right, title or interest in
such  Restricted  Shares to the  purported  transferee.  Hurst  agrees  that the
Company  shall not cause or permit the transfer of any  Restricted  Shares to be
made on the  Company's  books  unless the  transfer is  permitted by this Voting
Agreement and has been made in accordance with its terms.

3.   Representations,  Warranties and Covenants of Hurst.  Hurst  represents and
     warrants to, and agrees with, the Company that:

     a.  Hurst now owns,  and will at all  times up to the  termination  of this
Voting  Agreement,  continue to own, the Restricted Shares free and clear of any
liens or  encumbrances,  and,  except with respect to that  certain  Shareholder
Agreement by and between Hurst,  Cambridge Holdings,  Ltd. and the Company dated
December 28, 2001,  has not,  prior to or on the date of this Voting  Agreement,
executed or delivered  any proxy or entered  into any other voting  agreement or
similar  arrangement other than one which has expired or terminated prior to the
date hereof.

     b. Hurst has the full power and  capacity to  execute,  deliver and perform
this  Voting  Agreement,  which has been duly  executed  and  delivered  by, and
evidences the valid and binding  obligation of Hurst  enforceable  in accordance
with its terms.

     4.  Price  Gateways.  Notwithstanding  anything  contained  herein  to  the
contrary,  at such time as the closing price of the Common Stock (OTCBB:APNB) on
the OTC  Bulletin  Board,  or such  other  market  as the  Common  Stock is then
publicly  traded,  equals or exceeds each price target (the "Gateway Price") set
forth on  Schedule  A hereto  for a period of 20  consecutive  trading  days,  a
corresponding  number of the  Restricted  Shares  set forth on  Schedule  A (the
"Released  Shares") shall be released from the  restrictions of Sections 1 and 2
herein.

5.   Term and Termination. This Agreement shall continue until 15 years from the
     date hereof unless earlier terminated due to any of the following events.

     a. On October 31, 2003, if the Company has not received  gross  proceeds of
at least $1 million from the sale of the Company's  securities during the period
from June 17, 2003 through October 31, 2003 (the "2003 Private Placement");

<PAGE>

     b. At such  time as the  holders  of a  majority  of the  then  issued  and
outstanding  shares of the Common  Stock vote or consent to the  termination  of
this Voting  Agreement,  it being  understood that the Restricted  Shares or any
other shares of Common Stock owned of record or  beneficially by Hurst shall not
be included in any vote or consent and shall not be included in a calculation of
the majority of the then issued and outstanding shares;

     c. At such time as a majority  of the members of the Board vote in favor of
the termination of this Voting  Agreement,  it being understood that Hurst shall
not be allowed to participate in such vote; or

     d. At such time as Hurst can demonstrate to the reasonable  satisfaction of
the Board that all persons who  purchased  shares in the 2003 Private  Placement
have sold all of the shares  that such  persons  purchased  in the 2003  Private
Placement.


6.   Legend.  At the  Company's  request,  Hurst shall cause stock  certificates
     representing  the  Restricted  Shares to be delivered  to the Company.  The
     Company may reissue such certificates to reflect the Restricted Shares and,
     in addition to any other required legends on such certificates,  imprint or
     otherwise  place on  certificates  representing  the Restricted  Shares the
     following restrictive legend (the "Legend"):

          THE SHARES  REPRESENTED BY THIS  CERTIFICATE  ARE SUBJECT TO THE TERMS
          AND CONDITIONS OF A VOTING  AGREEMENT DATED JUNE 18, 2003 WHICH PLACES
          CERTAIN  RESTRICTIONS  ON  THE  VOTING  AND  TRANSFER  OF  THE  SHARES
          REPRESENTED  HEREBY.  COPY OF SUCH VOTING  AGREEMENT IS ON FILE AT THE
          COMPANY'S  PRINCIPAL  PLACE OF BUSINESS  AND WILL BE  FURNISHED TO THE
          RECORD HOLDER OF THIS CERTIFICATE  WITHOUT CHARGE UPON WRITTEN REQUEST
          TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS.  NO TRANSFER OF THE
          SHARES  REPRESENTED BY THIS  CERTIFICATE  WILL BE EFFECTIVE UNLESS THE
          TERMS AND  CONDITIONS OF THE VOTING  AGREEMENT HAVE BEEN COMPLIED WITH
          IN FULL AND NO PERSON MAY REQUEST  THE COMPANY TO RECORD THE  TRANSFER
          OF ANY  SHARES  IF  SUCH  TRANSFER  IS IN  VIOLATION  OF  SUCH  VOTING
          AGREEMENT.

7.   Other Rights. Except as provided by this Voting Agreement, Hurst shall have
     and shall be entitled  to  exercise  the full rights of a holder of capital
     stock of the Company with respect to the Restricted Shares.

8.   Miscellaneous.

     a.  Specific  Performance.  Hurst  acknowledges  that  damages  would be an
inadequate  remedy for any breach of the provisions of this Voting Agreement and
agrees that the obligations of Hurst hereunder shall be specifically enforceable
and Hurst  shall not take any  action to impede  the  Company  from  seeking  to
enforce such right of specific  performance.  Hurst agrees that monetary damages
may not be adequate  compensation  for any loss incurred by reason of any breach
of his  obligations  in this Voting  Agreement and hereby agrees to waive in any
action for  specific  performance  of any such  obligation,  the defense  that a
remedy at law would be adequate.

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     b. Notices.  All notices,  demands and other  communications to be given or
delivered under or by reason of the provisions of this Voting Agreement shall be
in  writing  and shall be given and  shall be  deemed  to have been  given  when
personally  delivered or three days after being mailed, if mailed by first class
mail,  return  receipt  requested,  or one day  after  being  sent by  reputable
overnight  delivery  service,  or  when  receipt  is  acknowledged,  if  sent by
confirmed facsimile,  telecopy or other electronic transmission device. Notices,
demand and  communications to Hurst and the Company will, unless another address
is specified in writing,  be sent to the address  indicated  below,  except that
notices of change of address shall only be effective upon receipt:

             If to Hurst:
             ------------

             Roger D. Hurst
             1585 S. Perry Street
             Castle Rock, CO  80104
             Fax:  (303) 798-8332

             If to the Company:
             ------------------

             AspenBio, Inc.
             1585 S. Perry Street
             Castle Rock, CO 80104
             Fax:   (303) 798-8332

     Copies of any notices, demands and communication shall also be sent to:

             Gail Schoettler
             11855 East Daley Circle
             Parker, CO 80134

     c.  Assignment.  This Voting  Agreement and all  provisions  hereof will be
binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns,  except that neither this Voting Agreement nor
any of the rights,  interests or obligations  hereunder may be assigned by Hurst
without the prior written consent of the Company

     d.  Governing  Law. The internal law,  without  regard for conflicts of law
principals,  of the State of Colorado will govern all questions  concerning  the
construction,  validity  and  interpretation  of this Voting  Agreement  and the
performance of the obligations imposed by this Voting Agreement.

     e.  Adjustments.   The  number  and  kind  of  Restricted  Shares  will  be
appropriately  increased,  decreased or changed  without  further  action if the
Company effects a stock split, stock dividend, or reclassification of the Common
Stock.  In the event of a merger or a  consolidation  with another company where
the Company is not the surviving  entity,  the shares or other  consideration of
such  other  company  received  in  exchange  for the  Restricted  Shares  shall
thereafter constitute the "Restricted Shares" pursuant to this Voting Agreement.

     f. Amendment;  Waiver.  This Voting  Agreement may not be amended or waived
except,  (i) in a writing  executed by the party against which such amendment or
waiver is sought to be enforced,  and (ii) without the expressed written consent
of the  Company.  No course of dealing  between or among any persons  having any
interest in this Voting  Agreement  will be deemed  effective to modify or amend
any part of this Voting  Agreement  or any rights or  obligations  of any person
under or by reason of this Voting Agreement.

     g.  Review by Hurst.  Hurst has had the  opportunity  to review this Voting
Agreement with legal counsel and other advisors as Hurst deemed advisable, prior
to Hurst's  execution of this Agreement,  and Hurst has not relied on any advice
of Patton Boggs LLP.

     h.  Counterparts.  This  Voting  Agreement  may be  executed in one or more
counterparts,  any one of which need not contain the signatures of more than one
party,  but all such  counterparts  taken together shall  constitute one and the
same instrument.

     i. Severability. Whenever possible, each provision of this Voting Agreement
will be interpreted in such manner as to be effective and valid under applicable
law, but if any  provision of this Voting  Agreement is held to be prohibited by
or invalid under  applicable law, such provision will be ineffective only to the
extent of such provision or invalidity,  without  invalidating  the remainder of
such provision or the remaining provisions of this Voting Agreement.

     j.  Complete  Agreement.   This  Voting  Agreement  contains  the  complete
agreement  between the  parties  hereto  with  respect to the matters  addressed
herein and supersedes any prior understandings, agreements or representations by
or between the parties,  written or oral,  which may have related to the subject
matter hereof in any way.

     IN WITNESS WHEREOF,  the parties hereby have executed this Voting Agreement
as of the date first written above.


ASPENBIO, INC.



By:  /s/ Gail S. Schoettler                    /s/ Roger D. Hurst
     -------------------------------------     ---------------------------------
Name:  Gail S. Schoettler                      Roger D. Hurst
Title: Member of the Board of Directors

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                                   SCHEDULE A

                          Release Price Released Shares

                                 $ 6.00 450,000
                                 $ 7.00 450,000
                                 $ 8.00 450,000
                                 $ 9.00 450,000
                                 $10.00 450,000