EXHIBIT 10.26
                                                                   -------------

This Note has not been  registered  under the Securities Act of 1933, as amended
(the "Act'), and is a "restricted security," as that term is defined in Rule 144
under  the Act.  This  Note may not be  offered  for sale,  sold,  or  otherwise
transferred  except  pursuant to an effective  Registration  Statement under the
Act,  or  pursuant  to  an  exemption  from  registration  under  the  Act,  the
availability of which is to be established to the satisfaction of AspenBio.


                                 PROMISSORY NOTE

$956,759.68                                                 Date:  June 12, 2003


FOR VALUE RECEIVED, AspenBio, Inc., a Colorado corporation ("AspenBio") promises
to pay Roger D. Hurst, a resident of Castle Rock,  Colorado ("Hurst") at 1585 S.
Perry  Street,  Castle  Rock,  Colorado  80104 or such other place of payment as
Hurst may specify  from time to time in writing,  in lawful  money of the United
States of America,  the  principal  amount of $ 956,759.68  with interest at the
rate of 6% per annum.

Payments  shall  be  applied  first  to  accrued  interest  and  then to  unpaid
principal.  Interest  shall be  compounded  and  computed on the basis of a year
consisting of twelve months of thirty days each. Monthly payments by the Company
of accrued interest only shall begin on September 1, 2004 in accordance with the
attached schedule. The Additional Terms and Conditions which are attached hereto
are made a part hereof by this reference.

AspenBio waives presentment and demand for payment, notice of dishonor,  protest
and notice of protest  and any other  notice as  permitted  under the UCC or any
applicable law.

                                   ASPENBIO, INC.

                                   By:      /s/ Roger Hurst
                                            ----------------------------------
                                   Title:   Chairman of the Board of Directors


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                                 PROMISSORY NOTE
                             MADE BY ASPENBIO, INC.
                                TO ROGER D. HURST
                         ADDITIONAL TERMS AND CONDITIONS

     These  Additional  Terms and Conditions are attached to and shall be made a
part of the  Promissory  Note of  AspenBio,  Inc.  payable  to  Roger  D.  Hurst
("Hurst") dated June 12, 2003 (the "Note"), as if incorporated therein:

     1. Maturity Date. The Note will mature on June 12, 2008; provided, that, if
AspenBio  raises  $3,000,000 in gross proceeds from the sale of its common stock
in the offering  commenced in June 2003,  then AspenBio  shall make a payment on
this Note to Hurst of $150,000.

     2. Not a Consumer  Note.  The loan  represented  by this Note is solely for
commercial and business purposes,  and is not made in connection with a consumer
transaction.  The loan  represented  by this Note is not for  personal,  family,
agricultural or household  purposes.  The loan represented by this Note is not a
consumer loan within the meaning of the Uniform Consumer Credit Co. ("UCCC") and
accordingly, the UCCC shall not apply to this Note.

     3. Default. This Note shall be in default if AspenBio fails to cure, within
30 days of  notice  from  Hurst of  default,  its  failure  to make  payment  of
principal or interest due under this Note when the same becomes due and payable.
From and after the date of any such default, all principal and interest then due
hereunder  shall  thereafter  accrue  interest at the rate of 10% per annum.  If
default  shall occur and be continuing  and Hurst  proceeds to enforce or pursue
any legal or equitable remedies, AspenBio agrees to pay all expenses incurred by
Hurst (including  reasonable attorneys' fees) incident to the enforcement of the
Note.

     4. Notices.  Any notice or other  communication  given  hereunder  shall be
given in writing and sent by overnight  courier or registered or certified mail,
return  receipt  requested,  addressed to AspenBio or Hurst at their  respective
addresses as set forth in the Note.  Notices  shall be deemed to have been given
three business days after the date of mailing or one business day after delivery
to an overnight courier. The address for notices for any party may be changed by
notice given  pursuant to this  Section 5. For purposes of this Note,  "business
day"  shall  exclude  Saturdays,  Sundays  and  legal  holidays  in the State of
Colorado.

     5. Governing Law. This Note and its validity,  construction and performance
shall be governed in all respects by the laws of the State of Colorado.