| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the fiscal year ended December 31, 2010 |
|---|----------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period from _______ to ______ |
|---|-------------------------------------------------------------------------------------------------------------------------------------------|

| AspenBio Pharma, Inc.                              |
|----------------------------------------------------|
| (Exact name of registrant as specified in charter) |

| Colorado                                                       | 84-1553387                        |
|----------------------------------------------------------------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

| 1585 South Perry StreetCastle Rock, CO   | 80104      |
|------------------------------------------|------------|
| (Address of principal executive offices) | (Zip Code) |

| Title of Each Class        | Name of each exchange on which registered |
|----------------------------|-------------------------------------------|
| Common Stock, No Par Value | NASDAQ Capital Market                     |

|   | Large accelerated filer o Non-accelerated filer o(Do not check if smaller reporting company) | Accelerated filer o Smaller reporting company x |
|--------|---------------------------------------------------------------------------------------------------|------------------------------------------------------|

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|     |                                                                                            | Page   |
|----------|-------------------------------------------------------------------------------------------------|--------|
|     |                                                                                            |   |
| PART III |
|     |                                                                                            |   |
| Item 10. | Directors, Executive Officers and Corporate Governance.                                         | 1      |
| Item 11. | Executive Compensation.                                                                         | 6      |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | 15     |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence.                      | 18     |
| Item 14. | Principal Accountant Fees and Services.                                                         | 18     |
|     |                                                                                            |   |
| PART IV  |
|     |                                                                                            |   |
| Item 15. | Exhibits and Financial Statement Schedules.                                                     | 19     |
|     | Signatures.                                                                                     | 21     |

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| Name                 |   | Age    |   | Position                                                     |
|----------------------|--------|--------|--------|--------------------------------------------------------------|
|                 |   |   |   |
|                 |   |   |   |                                                         |
| Stephen T. Lundy     |   | 49     |   | Chief Executive Officer, President and a Director            |
| Gail S. Schoettler   |   | 67     |   | Non-Executive Chair and a Director                           |
| Daryl J. Faulkner    |   | 62     |   | Director                                                     |
| Douglas I. Hepler    |   | 64     |   | Director                                                     |
| John H. Landon       |   | 70     |   | Director                                                     |
| Michael R. Merson    |   | 66     |   | Director                                                     |
| Gregory Pusey        |   | 58     |   | Vice President, Investor Relations and a Director       |
| Mark J. Ratain, M.D. |   | 56     |   | Director                                                     |
| David E. Welch       |   | 64     |   | Director                                                     |
| Gregory L. Bennett   |   | 49     |   | Senior Vice President, Product Development and Manufacturing |
| Jeffrey G. McGonegal |   | 60     |   | Chief Financial Officer                                      |
| Erik S. Miller       |   | 45     |   | Vice President, Marketing and Business Development           |

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|   ● | Stephen Lundy – over 20 years’ experience in drug and diagnostic development companies, including experience leading the commercial launch of diagnostic products and participation in merger and acquisition transactions in the industry; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ● | Gail Schoettler – business acumen, years of public service and extensive public company board, business and financial experience; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   ● | Daryl Faulkner – significant chief executive and senior executive experience in medical device and medical diagnostics publicly traded companies, both national and global; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ● | Douglas Hepler – pharmaceutical and regulatory experience at the executive level in the field of animal health; |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

|   ● | John Landon – extensive executive experience in the life science industry, with particular experience with medical products businesses, and broad executive compensation knowledge and committee experience; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ● | Mark Ratain, M.D. – medical practice expertise, previous public company board experience and broad knowledge of medicine; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------|

|   ● | Michael Merson – health insurance company executive and extensive experience in the health care provider industry; |
|----------------|--------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   ● | Gregory Pusey – extensive fundraising and financial expertise, particularly in publicly traded companies; and |
|----------------|---------------------------------------------------------------------------------------------------------------------|

|   ● | David Welch – financial and information systems expertise, particularly in publicly traded companies. |
|----------------|-------------------------------------------------------------------------------------------------------------|

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| ·     | provide a competitive total executive compensation package that enables us to attract, motivate and retain key executives; |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·     | integrate the compensation arrangements with our annual and long-term business objectives and strategy, and focus executives on the fulfillment of these objectives; and |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | provide variable compensation opportunities that are directly linked with our financial and strategic performance. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------|

| ·     | base salary; |
|---------------------------|--------------|

| ·     | annual incentive awards; |
|---------------------------|--------------------------|

| ·     | long-term equity awards; and |
|---------------------------|------------------------------|

| ·     | other benefits. |
|---------------------------|-----------------|

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| ● | Advances on AppyScoreTM developments including ELISA FDA progress, cassette and instrument advances, evaluation of alternative uses for the MRP8/14 biomarker, and refinement of market and commercialization drivers for AppyScore (60% of total); |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Advances on veterinary sciences milestones and strategies, including achievement of  program milestones for the LH products and technology transfer for GMP manufacturing (15% of total); |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Achieve specified technology and science leadership goals related to next generation product development efforts (5% of total); and |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|

| ● | Achieve specified investor relations and fund raising goals (20% of total; 25% if achieved in the second quarter of 2010). |
|---------|----------------------------------------------------------------------------------------------------------------------------|

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| Name and Principal Position                         | Year   |   | Salary ($) |    |   | Option Awards ($) (2) |   |    | Non-Equity Incentive Plan Compensation ($)(6) |   |   | All Other Compensation ($) |   |   | Total ($) |   |
|-----------------------------------------------------|--------|--------|------------|---------|--------|-----------------------|--------|---------|-----------------------------------------------|--------|--------|----------------------------|--------|--------|-----------|--------|
|                                                |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |
| Stephen T. Lundy, Chief Executive                   | 2010   |   |       | 212,596 |   |                  |   | 726,400 |                                          |   |   | 42,100                     |   |   |      | 16,963 |   |   |   | 998,059 |   |
|  Officer and President (1) (2)                 |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |   |   |   |   |   |
|                                                |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |   |   |   |   |   |
| Daryl J. Faulkner, Former Executive                 | 2010   |   |       | 192,308 |   |                  |   | 220,750 |                                          |   |   | -                          |   |   |      | 37,903 |   |   |   | 450,961 |   |
|  Chair; Former Chief Executive Officer (2) (3) | 2009   |   |       | 233,974 |   |                  |   | 696,000 |                                          |   |   | -                          |   |   |      | 61,284 |   |   |   | 991,258 |   |
|                                                |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |   |   |   |   |   |
| Gregory L. Bennett, Senior Vice                     | 2010   |   |       | 225,000 |   |                  |   | 88,300  |                                          |   |   | 50,000                     |   |   |      | 7,024  |   |   |   | 370,324 |   |
|  President, Product Development and            | 2009   |   |       | -       |   |                  |   | 340,200 |                                          |   |   | -                          |   |   |      | 51,042 |   |   |   | 391,242 |   |
|  Manufacturing (4)                             |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |   |   |   |   |   |
|                                                |   |   |       |    |   |                  |   |    |                                          |   |   |                       |   |   |      |   |   |   |   |   |   |
| Jeffrey G. McGonegal, Chief Financial               | 2010   |   |       | 200,000 |   |                  |   | 88,300  |                                          |   |   | 35,000                     |   |   |      | 19,722 |   |   |   | 343,022 |   |
|  Officer (5)                                   | 2009   |   |       | 167,523 |   |                  |   | 54,800  |                                          |   |   | 40,000                     |   |   |      | 18,390 |   |   |   | 280,713 |   |
|                                                | 2008   |   |       | 110,000 |   |                  |   | 156,320 |                                          |   |   | -                          |   |   |      | 20,613 |   |   |   | 286,933 |   |

| (1) | Stephen T. Lundy joined the Company on March 24, 2010 as Chief Executive Officer and President.  Mr. Lundy also serves as a director of the Company; he does not receive additional compensation for serving in such role. Amounts included in “All Other Compensation” in 2010 include: temporary living and travel accommodations he was provided at a total cost of $7,024 and coverage under the Company’s group medical plan at a total cost of $9,939. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The “Option Awards” columns reflect the grant date fair value for all stock option awards granted under the Plan during 2008, 2009 and 2010.  These amounts are determined in accordance with FASB Accounting Standards Codification 718 (previously known as Statement of Financial Accounting Standards No. 123(R)) (ASC 718), without regard to any estimate of forfeiture for service vesting.  The amounts for 2008 have been restated to comply with revised disclosure rules of the Securities and Exchange Commission (SEC).  Assumptions used in the calculation of the amounts in these columns for 2008, 2009, and 2010 are included in footnotes 1 and 7 to the Company’s audited financial statements for the fiscal year ended December 31, 2010, included in the Original Filing.  The closing price of the Company’s common stock on March 24, 2010 (the date of the stock option new hire incentive award to Mr. Lundy) was $2.28 per share; and on January 26, 2009 (the date of the stock option new hire incentive award to Mr. Faulkner) was $1.69 per share.  The closing price of the Company’s common stock on April 28, 2011 was $0.66 per share. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Mr. Faulkner served as interim Chief Executive Officer and President of the Company from February 10, 2009 through March 23, 2010.  During his tenure as interim Chief Executive Officer, Mr. Faulkner also served as Executive Chairman and a Director and did not receive any additional compensation for service on the Board.  Mr. Faulkner continued as the Executive Chairman of the Board from March 24, 2010 through October 7, 2010.  Effective October 7, 2010, Mr. Faulkner stepped down as the Executive Chairman and remained on the board as a director.   Amounts included in “All Other Compensation” include: temporary living and travel accommodations he was provided at a total cost of $15,724 and $49,271 in 2010 and 2009 and coverage under the Company’s group medical plan at a total cost of $19,449 and $12,013 in 2010 and 2009. Also included in “All Other Compensation” for 2010 is $2,730 in compensation for service as a non-employee director commencing October 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Mr. Bennett joined the Company on January 1, 2010 as Senior Vice President, Product Development and Manufacturing. Prior to joining the Company he was served as a consultant to the Company. Amounts included in “All Other Compensation” include: temporary living and travel accommodations he was provided at a total cost of $7,024 in 2010.  In 2009 $51,042 was paid in consulting payments to Mr. Bennett. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Mr. McGonegal’s base compensation was adjusted to $225,000 effective January 1, 2011, as provided for under the terms of his employment agreement.  The amount included in “All Other Compensation” includes the amount paid on his behalf for group medical benefits. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (6) | The “Non-Equity Incentive Plan Compensation” column reflects the annual cash bonuses earned under the Incentive Plan.  The non-equity incentive plan compensation listed was earned for the fiscal year reported, but paid in the subsequent year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Named Executive Officer |   | Grant Date |   |   | Estimated Future Payouts Under Non-Equity Incentive Plan Awards (2) |   |   | All Other Option Awards: Number of Securities Underlying Options (3) |   |   | Exercise or Base Price of Option Awards |   |   | Grant Date Fair Value of Stock and Option Awards (4) |   |
|-------------------------|--------|------------|--------|--------|---------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------------------------|--------|
|                    |   |       |   |   | Threshold                                                           |   |   | Target                                                               |   |   | (#)                                     |   |   | ($/Sh)                                               |   |   | ($) |   |
|                    |   |       |   |   |                                                                |   |   |                                                                 |   |   |                                    |   |   |                                                 |   |   |   |   |
| Stephen T. Lundy (1)    |   | 3-12-2010  |   |   | $0                                                                  |   |   | $123,750                                                             |   |   |                                    |   |   |                                                 |   |   |   |   |
|                    |   | 3-24-2010  |   |   |                                                                |   |   |                                                                 |   |   | 400,000                                 |   |   | $2.28                                                |   |   | $726,400 |   |
|                    |   |       |   |   |                                                                |   |   |                                                                 |   |   |                                    |   |   |                                                 |   |   |   |   |
| Daryl J. Faulkner       |   | 3-11-2010  |   |   | N/A                                                                 |   |   | N/A                                                                  |   |   |                                    |   |   |                                                 |   |   |   |   |
|                    |   | 1-19-2010  |   |   |                                                                |   |   |                                                                 |   |   | 125,000                                 |   |   | $2.20                                                |   |   | $220,750 |   |
|                    |   |       |   |   |                                                                |   |   |                                                                 |   |   |                                    |   |   |                                                 |   |   |   |   |
| Gregory L. Bennett      |   | 3-11-2010  |   |   | $0                                                                  |   |   | $78,750                                                              |   |   |                                    |   |   |                                                 |   |   |   |   |
|                    |   | 1-19-2010  |   |   |                                                                |   |   |                                                                 |   |   | 50,000                                  |   |   | $2.20                                                |   |   | $88,300 |   |
|                    |   |       |   |   |                                                                |   |   |                                                                 |   |   |                                    |   |   |                                                 |   |   |   |   |
| Jeffrey G. McGonegal    |   | 3-11-2010  |   |   | $0                                                                  |   |   | $60,000                                                              |   |   |                                    |   |   |                                                 |   |   |   |   |
|                    |   | 1-19-2010  |   |   |                                                                |   |   |                                                                 |   |   | 50,000                                  |   |   | $2.20                                                |   |   | $88,300 |   |

| (1) | Mr. Lundy joined the Company on March 24, 2010, as Chief Executive Officer and President.  The employment agreement executed on such date established his target bonus award for 2010 at 45% of base salary, and documented his new hire stock options award identified above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The target bonus amounts under the Incentive Plan reflect the potential payout if the identified goals are achieved at the 100% level.  There is no maximum amount, and if the established goals are not achieved the NEOs could receive no annual incentive award.  See above under “Compensation Discussion and Analysis - Annual incentive plan” for a discussion of the fiscal 2010 annual incentive plan goals, and see above under “- Summary compensation table” for the actual payouts for fiscal 2010.   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The “All Other Option Awards” column represents Non-Qualified Stock Options granted under the Plan.  The options will vest and become exercisable in three installments of one-third each on the first, second, and third anniversary of the date of grant.  In the event of a change in control, any unvested stock options will vest. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The “Grant Date Fair Value” for the stock option awards was determined by using the Black-Scholes option pricing model.  The dividend yield assumption was 0%; the expected volatility assumption ranged from 110 to 112%; the risk-free interest rate assumption ranged from 2.48 to 2.62%; and the expected term was five years.  These numbers are calculated based on the disclosure requirements and do not reflect the Company’s estimate of future stock price growth.  Use of this model should not be viewed in any way as a forecast of the future performance of the Company’s common stock, which will be determined by future events and unknown factors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                             |   | Option Awards                                                            |    |
|------------------------------------------------------------------|--------|--------------------------------------------------------------------------|---------|
|      Name      |   | Number of Securities Underlying Unexercised Options  Exercisable(#) |    | Number of Securities Underlying Unexercised Options Unexercisable(#) |   | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options(#) |   |   | Option Exercise  Price($) |   |   | Option Expiration Date($) |   |
|                                                             |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stephen T. Lundy (1)                                             |   |                                                                     | 100,000 |   | 300,000 |   |   | -- |   |   |   | 2.28 |   |   |   | 3-24-2020 |   |
|                                                             |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Daryl J. Faulkner (2)                                            |   |                                                                     | 166,667 |   | 333,333 |   |   | -- |   |   |   | 1.69 |   |   |   | 1-26-2019 |   |
|                                                             |   |                                                                     | --      |   | 125,000 |   |   | -- |   |   |   | 2.20 |   |   |   | 1-19-2020 |   |
|                                                             |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gregory L. Bennett (3)                                      |   |                                                                     | 100,000 |   | 100,000 |   |   | -- |   |   |   | 2.09 |   |   |   | 9-26-2019 |   |
|                                                             |   |                                                                     | --      |   | 50,000 |   |   | -- |   |   |   | 2.20 |   |   |   | 1-19-2020 |   |
|                                                             |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jeffrey G. McGonegal (4)                                         |   |                                                                     | 60,000  |   | -- |   |   | -- |   |   |   | 1.47 |   |   |   | 6-17-2013 |   |
|                                                             |   |                                                                     | 140,000 |   | -- |   |   | -- |   |   |   | 1.21 |   |   |   | 1-19-2014 |   |
|                                                             |   |                                                                     | 100,000 |   | -- |   |   | -- |   |   |   | 0.75 |   |   |   | 8-24-2014 |   |
|                                                             |   |                                                                     | 50,000  |   | -- |   |   | -- |   |   |   | 0.80 |   |   |   | 3-24-2015 |   |
|                                                             |   |                                                                     | 50,000  |   | -- |   |   | -- |   |   |   | 2.96 |   |   |   | 1-24-2017 |   |
|                                                             |   |                                                                     | 26,667  |   | 13,333 |   |   | -- |   |   |   | 6.63 |   |   |   | 1-17-2018 |   |
|                                                             |   |                                                                     | 16,667  |   | 33,333 |   |   | -- |   |   |   | 1.33 |   |   |   | 1-27-2019 |   |
|                                                             |   |                                                                     | --      |   | 50,000 |   |   | -- |   |   |   | 2.20 |   |   |   | 1-19-2020 |   |

| (1) | Includes options to purchase 400,000 shares at $2.28 per share which were granted on March 24, 2010.  All options are scheduled to vest 33% on the first and second anniversaries and 34% on the third anniversary of the grant date with the exception of 100,000 shares of the March 24, 2010 stock options which vested early based upon their terms, upon the completion of the May 2010 capital raising transaction. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes options to purchase 500,000 shares at $1.69 per share which were granted on January 26, 2009 and options to purchase 125,000 shares at $2.20 per share which were granted on January 19, 2010.  All options are scheduled to vest 33% on the first and second anniversaries and 34% on the third anniversary of the grant date with 100,000 of the options granted on January 26, 2009 subject to forfeiture restrictions. The forfeiture restrictions related to 50,000 of such stock options lapsed upon after the successful completion of the October 2009 capital raising transaction and 50,000  unvested stock options contingent upon the receipt of FDA approval for the ELISA appendicitis test were forfeited in 2011. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes options to purchase 200,000 shares at $2.09 per share which were granted on September 26, 2009 and options to purchase 50,000 shares at $ 2.20 per share which were granted on January 19, 2010.  The options exercisable at $2.09 were granted to Mr. Bennett when he was serving as a consultant with the Company and they vest in equal amounts after six months, twelve months, twenty-four months and thirty-six months from the date of grant and expire in ten years from the grant date.  The options exercisable at $2.20 each are scheduled to vest 33% on the first and second anniversaries and 34% on the third anniversary of the grant date and expire in ten years from the grant date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes options to purchase 60,000 shares at $1.47 per share which were granted on June 17, 2003, options to purchase 140,000 shares at $1.21 per share which were granted January 19, 2004, options to purchase 100,000 shares at $.75 per share which were granted August 24, 2004, options to purchase 50,000 shares at $.80 per share which were granted March 24, 2005, options to purchase 50,000 shares at $2.96 per share which were granted January 24, 2007, options to purchase 40,000 shares at $6.63 per share which were granted January 17, 2008, options to purchase 50,000 shares at $ 1.33 per share which were granted on January 27, 2009, and options to purchase 50,000 shares at $ 2.20 per share which were granted on January 19, 2010.  All options are scheduled to vest 33% on the first and second anniversaries and 34% on the third anniversary of the grant date with the exception of the stock options granted March 24, 2005 which were fully vested at grant date. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| Named Executive Officer |   | Benefit     |   | Terminationwithout Cause ($) |   | Death orDisability ($) |   |   | Change In Control (Single Trigger)($) |   |   | Change In Control (Double Trigger)($) |   |
|-------------------------|--------|-------------|--------|------------------------------|--------|------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------------------|--------|
|                    |   |        |   |                         |   |                   |   |   |                                  |   |   |                                  |   |
| Stephen T. Lundy        |   | Severance   |   | 275,000                      |   | 68,750                 |   |   | -                                     |   |   | 275,000                               |   |
|                    |   | Options (1) |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   | Total       |   | 275,000                      |   | 68,750                 |   |   | -                                     |   |   | 275,000                               |   |
|                    |   |        |   |                         |   |                   |   |   | -                                     |   |   |                                  |   |
| Daryl J. Faulkner       |   | Severance   |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   | Options (1) |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   | Total       |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   |        |   |                         |   |                   |   |   | -                                     |   |   |                                  |   |
| Gregory L. Bennett      |   | Severance   |   | 112,500                      |   | 112,500                |   |   | -                                     |   |   | 112,500                               |   |
|                    |   | Options (1) |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   | Total       |   | 112,500                      |   | 112,500                |   |   | -                                     |   |   | 112,500                               |   |
|                    |   |        |   |                         |   |                   |   |   | -                                     |   |   |                                  |   |
| Jeffrey G. McGonegal    |   | Severance   |   | 100,000                      |   | 100,000                |   |   | -                                     |   |   | 100,000                               |   |
|                    |   | Options (1) |   | -                            |   | -                      |   |   | -                                     |   |   | -                                     |   |
|                    |   | Total       |   | 100,000                      |   | 100,000                |   |   | -                                     |   |   | 100,000                               |   |

| (1) | As of December 31, 2010, all unvested stock options has exercise prices above the closing trading price of the Common Stock of $0.60.  Therefore, no value is attributable to such stock options. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                  |   | CashFees PaidMonthly($) |   |   | Option Awards ($) (7) |   |   | Total($) |   |
|-----------------------|--------|-------------------------|--------|--------|----------------------------|--------|--------|----------|--------|
|                  |   |                    |   |   |                       |   |   |     |   |
| Gail Schoettler (1)   |   |                    | 15,000 |   |                       |   | 88,300 |     |   |   | 103,300 |   |
| John Landon (6)       |   |                    | 12,000 |   |                       |   | 88,300 |     |   |   | 100,300 |   |
| Douglas Hepler (2)    |   |                    | 12,000 |   |                       |   | 88,300 |     |   |   | 100,300 |   |
| Michael R. Merson (5) |   |                    | 12,000 |   |                       |   | 88,300 |     |   |   | 100,300 |   |
| Mark Ratain, M.D. (4) |   |                    | 12,000 |   |                       |   | 88,300 |     |   |   | 100,300 |   |
| David Welch (3)       |   |                    | 12,000 |   |                       |   | 88,300 |     |   |   | 100,300 |   |

| (1) | On January 19, 2010, Ms. Schoettler was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Ms. Schoettler held a total of 500,000 options to purchase shares of our common stock. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | On January 19, 2010, Mr. Landon was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Mr. Landon held a total of 167,035 options to purchase shares of our common stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | On January 19 2010, Mr. Hepler was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Mr. Hepler held a total of 400,000 options to purchase shares of our common stock. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4) | On January 19, 2010, Mr. Merson was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Mr. Merson held a total of 165,674 options to purchase shares of our common stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | On January 19, 2010, Dr. Ratain was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Dr. Ratain held a total of 166,313 options to purchase shares of our common stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | On January 19, 2010, Mr. Welch was granted options to purchase 50,000 shares at $2.20 per share, vesting over three years in arrears and expiring in ten years. As of December 31, 2010, Mr. Welch held a total of 400,000 options to purchase shares of our common stock. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The “Option Awards” columns reflect the grant date fair value for all stock option awards granted to non-employee directors under the Plan during 2010.  These amounts are determined in accordance with FASB Accounting Standards Codification 718 (previously known as Statement of Financial Accounting Standards No. 123(R)) (ASC 718), without regard to any estimate of forfeiture for service vesting.  Assumptions used in the calculation of the amounts in this column are included in footnotes 1 and 7 to the Company’s audited financial statements for the fiscal year ended December 31, 2010, included in the Original Filing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|           Name and Address |   | Number of Shares |   | Percent |
|------------------------------------------------------------------------------|--------|------------------|--------|---------|
|                                                                         |   |             |   |
| Stephen T. Lundy (1)                                                         |   | 233,333          |   |    | * |   |
| Daryl J. Faulkner (2)                                                        |   | 368,334          |   |    | * |   |
| Gail S. Schoettler (3)                                                       |   | 465,000          |   |    | 1.2 | % |
| Douglas I. Hepler (4)                                                        |   | 391,300          |   |    | * |   |
| John H. Landon (5)                                                           |   | 94,690           |   |    | * |   |
| Michael R. Merson (6)                                                        |   | 99,183           |   |    | * |   |
| Gregory Pusey (7)                                                            |   | 1,393,847        |   |    | 3.4 | % |
| Mark J. Ratain (8)                                                           |   | 116,313          |   |    | * |   |
| David E. Welch (9)                                                           |   | 350,000          |   |    | * |   |
| Gregory L. Bennett (10)                                                      |   | 116,667          |   |    | * |   |
| Jeffrey G. McGonegal (11)                                                    |   | 730,531          |   |    | 1.8 | % |
| Erik S. Miller (12)                                                          |   | —          |   |    | * |   |
|                                                                         |
| All Officers and Directors as a Group                                        |   | 4,359,198        |   |    | 10.8 | % |
| (12 persons) (13)                                                            |   |             |   |    |   |   |
|                                                                         |
| RMB Capital Management, LLC                                                  |   | 2,082,422        |   |    | 5.2 | % |
| 115 S. LaSalle St., 34th Floor                                               |   |             |   |    |   |   |
| Chicago, IL 60603 (14)                                                       |   |             |   |    |   |   |
|                                                                         |
| The Peierls Foundation, Inc.                                                 |   | 3,178,313        |   |    | 8.4 | % |
| c/o U.S. Trust Company of N.Y.                                               |   |             |   |    |   |   |
| 114 West 47th Street                                                         |   |             |   |    |   |   |
| New York, N.Y. 10036 (15)                                                    |   |             |   |    |   |   |
|                                                                         |

| (1) | Consists of options to acquire 233,333 shares at $2.28 per share.  Does not include options of acquire 166,667 shares at $2.28 per share which are scheduled to vest 133,333 in March 2012 and 33,334 in March 2013, and also excludes 90,000 shares that were granted in January 2011 at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes 10,000 common shares held by the Daryl J. and Terri L Faulkner Family Trust. Also includes options to acquire 316,667 shares at $1.69 per share and 41,667 shares at $2.20 per share.  Does not include options to acquire 133,333 shares at $1.69 per share which are scheduled to vest in January 2012, options to acquire 83,333 shares at $2.20 per share which are scheduled to vest equally in January 2012 and January 2013, and 50, 000 shares that were granted in January 2011 at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes 15,000 shares directly owned. Also includes options to purchase 100,000 shares at $1.47 per share, options to purchase 50,000 shares at $.85 per share, options to purchase 100,000 shares at $.96 per share, options to purchase 50,000 shares at $1.60 per share, options to purchase 50,000 shares at $2.96 per share, options to purchase 50,000 shares at $6.63 per share and options to acquire 33,333 shares at $1.33 per share and options to purchase 16,667 shares at $2.20 per share which vests equally in January 2012 and 2013.  Excludes options to purchase 16,667 shares at $1.33 per share which vest in January 2012, options to acquire 33,333 shares at $2.20 per share which vest in equally in January 2012 and January 2013, and also excludes options to acquire 75,000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4) | Includes 9,000 shares directly and jointly owned with his wife plus 32,300 shares held solely by Dr. Hepler's wife. Dr. Hepler disclaims ownership of the shares held soley by his wife. Also includes options to purchase 100,000 shares at $1.50 per share, options to purchase 50,000 shares at $.80 per share, options to purchase 50,000 shares at $ 1.60 per share, options to purchase 50,000 shares at $2.96 per share, options to purchase 50,000 shares at $6.63 per share, options to purchase 33,333 shares at $1.33 per share, and options to purchase 16,667 shares at $2.20 per share. Excludes options to purchase 16,667 shares at $1.33 per share which vest in January 2012, 33,333 options at $2.20 per share which vest equally in January 2012 and January 2013, and also excludes options to 50,000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes options to acquire 44,690 shares at $5.87 per share, options to acquire 33,333 shares at $1.33 per share and options to acquire 16,667 shares are $2.20. Excludes options to purchase 22,345 shares at $5.87 per share which vest in December 2011, options to purchase 16,667 shares at $1.33 per share which vest in January 2012, options to acquire 33,333 options at $2.20 which vest equally in January 2012 and January 2013 and also excludes options to acquire 50,000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes 5,400 shares held directly.  Also includes options to purchase 43,783 shares at $6.38 per share, options to acquire 33,333 shares at $1.33 per share, and also includes options to acquire 16,667 shares at $2.20 per share.  Excludes options to acquire 21,891 shares at $6.38 per share which vest in July 2011, options to acquire 16,667 shares at $1.33 per share which vest in January 2012, options to acquire 33,333 shares at $2.20 per share which vest equally in January 2012 and January 2013 and also excludes options to acquire 50,000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Includes 736,276 shares directly owned by Mr. Pusey.  Also, includes 76,466 shares held by Mr. Pusey’s wife and his wife's IRA account; however Mr. Pusey disclaims beneficial ownership of these shares. Also includes: (i) 60,433 shares held in Mr. Pusey's IRA account, (ii) 6,409 shares held jointly with his wife and (iii) 14,263 shares held by Cambridge Holdings Ltd.  Mr. Pusey is President, a director and principal shareholder of Cambridge.  Further, Mr. Pusey’s beneficial ownership includes options to acquire 100,000 shares at $1.21 per share, options to acquire 250,000 options at $0.80 per share, options to acquire 50,000 shares at $2.96 per share, options to acquire 50,000 shares at $6.63 per share and options to acquire 33,333 shares at $1.33 per share and 16,667 at $2.20 per share. Excludes options to acquire 16,667 shares at $1.33 per share which vest in January 2012, 33,333 shares at $2.20 which vest equally in January 2012 and January 2013, and also excludes options to acquire 50, 000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes options to acquire 66,313 shares at $6.13 per share and options to acquire 33,333 shares at $1.33 per share, and includes 16,667 shares at $2.20 per share. Excludes, options to purchase 16,667 shares at $1.33 per share which vest in January 2012, excludes options to acquire 33,333 shares at $2.20 per share which vest equally in January 2012 and January 2013 and also excludes options to acquire 50,000 shares at $.59 per share which vest annually over three years commencing in January 2012. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes options to acquire 100,000 shares at $.76 per share, options to acquire 50,000 shares at $.80 per share, options to acquire 50,000 shares at $1.60 per share, options to purchase 50,000 shares at $2.96 per share, options to purchase 50,000 shares at $6.63 per share, options to purchase 33,333 shares at $1.33 per share, and options to purchase 16,667 shares at $2.20 per share which vests in January 2012.  Excludes options to purchase 16,667 shares at $1.33 per share which vest in January 2012, 33,333 options at $2.20 per share which vest equally in January 2012 and January 2013 and also excludes options to acquire 50,000 shares $.59 per share which vests annually over three years commencing in January 2012. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Includes options to acquire 100,000 shares at $2.09 per share and options to acquire 16,667 shares at $2.20 per share. Excludes options to acquire 100,000 shares at $2.09 per share which are scheduled to vest 50,000 in September 2011 and 50,000 in September 2012, options to acquire 33,333 share at $2.20 per share that are scheduled to vest equally in January 2012 and January 2013, and options to acquire 50,000 shares at $2.20 per share which vest annually over three years commencing in January 2012. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Includes 224,031 shares held directly and 1,500 shares owned by his daughter however Mr. McGonegal disclaims beneficial ownership of the shares owned by his daughter.  Also includes 15,000 shares held in Mr. McGonegal's IRA account.  Also includes options to purchase 60,000 shares at $1.47, options to acquire 140,000 shares at $1.21 per share, options to acquire 100,000 shares at $.75 per share, options to purchase 50,000 shares at $.80 per share, options to purchase 50,000 shares at $2.96 per share, options to purchase 40,000 shares at $6.63 per share, options to acquire 33,333 shares at $1.33 per share and options to acquire 16,667 shares at $2.20 per share. Excludes options to purchase 16,667 shares at $1.33 per share which vest in January 2012, 33,333 shares at $2.20 per share which scheduled to vest equally in January 2012 and January 2013, and also excludes options to acquire 50,000 shares at $059 per share which vest annually over three years commencing in January 2012. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (12) | Excludes options to purchase 200,000 shares at $.65 per share which vest annually over three years commencing in January 2012. |
|------|--------------------------------------------------------------------------------------------------------------------------------|

| (13) | Includes footnotes (1) through (12). |
|------|--------------------------------------|

|   |   |
|--------|--------|

| (14) | Information is based upon holdings as of December 31, 2010 as reported on Schedule 13G filed on February 9, 2011. |
|------|-------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (15) | Information is based upon holdings as of December 31, 2009 as reported on Schedule 13G filed on February 16, 2010. |
|------|--------------------------------------------------------------------------------------------------------------------|

| Plan Category                            |   | Number of securities to be issued upon exerciseof outstanding options |      |   | Weighted average exercise price of outstanding options |    | Number of securities remaining available for future issuance |
|------------------------------------------|--------|-----------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------|---------|-------------------------------------------------------------------|
|                                     |   |                                                                  |      |   |                                                        |
| Equity compensation plans approved       |   |                                                                  |      |   |                                                        |    |                                                              |   |   |
|   by security holders          |   |                                                                  | 5,516,789 |   |                                                        | $  |    2.12                                                 |   | 1,022,168 |
| Equity compensation plans not            |   |                                                                  |      |   |                                                        |    |                                                              |   |   |
|   approved by security holders |   |                                                                  | —   |   |                                                        | $  |       —                       |   | — |
|                                     |   |                                                                  |      |   |                                                        |    |
| Total                                    |   |                                                                  | 5,516,789 |   |                                                        | $  |   2.12                                                       |   | 1,022,168 |

----

|               |   | 2010   |    |   | 2009   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
|               |   |   |    |   |   |   |
| Audit Fees         |   | $      | 106,000 |   |   | $      | 120,000 |   |
| Audit Related Fees |   |   | — |   |   |   | — |   |
| Tax Related Fees   |   |   | — |   |   |   | — |   |
| All Other Fees     |   |   | — |   |   |   | — |   |

----

|  3.1    | Articles of Incorporation filed July 24, 2000 (1)                                                                                                                                                                                                         |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  3.1.1  | Articles of Amendment to the Articles of Incorporation filed December 26, 2001 (1)                                                                                                                                                                        |
|  3.1.2  | Articles of Amendment to the Articles of Incorporation filed November 9, 2005 (2)                                                                                                                                                                         |
|  3.2    | Amended and Restated Bylaws (3)                                                                                                                                                                                                                           |
|  4.1    | Specimen Certificate of Common Stock (1)                                                                                                                                                                                                                  |
|  4.2    | Form of Warrant between the Company and each of the investors signatories thereto (incorporated by reference to the Company’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission (SEC) on April 30, 2010). (11) |
|  4.3    | Form of Common Stock Warrant between AspenBio and Liolios Group, Inc.  (12)                                                                                                                                                                     |
|  10.1   | 2002 Stock Incentive Plan, as amended and restated effective July 1, 2007 (13)                                                                                                                                                                            |
|  10.1.1 | Amendment to 2002 Stock Incentive Plan, dated June 9, 2008 (12)                                                                                                                                                                                           |
|  10.1.2 | Amendment to 2002 Stock Incentive Plan, dated November 20, 2009 (12)                                                                                                                                                                                      |
|  10.1.3 | Amendment to 2002 Stock Incentive Plan, dated November 22, 2010  (14)                                                                                                                                                                           |
|  10.2   | Placement Agent Agreement, dated April 30, 2010, between the Company and Lazard Capital Markets LLC. (10)                                                                                                                                                 |
|  10.3   | Exclusive License Agreement, dated May 1, 2004 between AspenBio and The Washington University, as amended.  (11)                                                                                                                                |
|  10.4   | Form of Subscription Agreement between the Company and each of the investors signatories thereto. (10)                                                                                                                                                    |
|  10.5   | Debt Modification Agreement dated June 13, 2003 with FirstBank of Tech Center. (4)                                                                                                                                                                        |
|  10.5.1 | Loan Agreement between AspenBio, Inc. and Front Range Regional Economic Development Corporation dated June 13, 2003 for $1,300,000 regarding loan for physical plant or capital equipment acquisitions. (4)                                               |
|  10.5.2 | Promissory Note dated June 13, 2003 by AspenBio, Inc. to Front Range Regional Economic Development Corporation in principal amount of $1,300,000. (4)                                                                                                     |
|  10.5.3 | Unconditional Guarantee dated June 13, 2003 by AspenBio, Inc. to Front Range Regional Economic Development Corporation in principal amount of $1,300,000. (4)                                                                                             |
|  10.6   | Exclusive License Agreement with Novartis Animal Health, Inc., dated as of April 2, 2008. (5)                                                                                                                                                             |
|  10.6.1 | Amendment to Exclusive License Agreement with Novartis Animal Health, Inc., dated as of April 2, 2008. (5)                                                                                                                                                |
|  10.6.2 | Amendment to Exclusive License Agreement with Novartis Animal Health, dated July 26, 2010 (15)                                                                                                                                                            |
|  10.7   | Employment Agreement with Jeffrey McGonegal, effective as of February 10, 2009. (6)                                                                                                                                                                       |
|  10.8   | Assignment and Consultation Agreement, dated May 29, 2003, between AspenBio and John Bealer, M.D. (7)                                                                                                                                                     |
|  10.9   | Employment Agreement with Greg Bennett effective as of January 1, 2010. (12)                                                                                                                                                                              |
|  10.10  | Employment Agreement with Greg Pusey effective as of January 1, 2010. (12)                                                                                                                                                                                |
|  10.11  | Employment Agreement with Stephen Lundy effective as of March 24, 2010. (12)                                                                                                                                                                              |
|  10.12  | Form of Stock Option Agreement under the 2002 Stock Incentive Plan, as amended and restated and amended. (12)                                                                                                                                             |
|  10.13  | Non-Employee Director Compensation. (12)                                                                                                                                                                                                                  |
|  14     | Form of Code of Ethics (12)                                                                                                                                                                                                                               |
|         |                                                                                                                                                                                                                                                      |
|  31.1   | Rule 13a-14(a)/15d-14(a) - Certification of Chief Executive Officer *                                                                                                                                                                                     |
|  31.2   | Rule 13a-14(a)/15d-14(a) - Certification of Chief Financial Officer. *                                                                                                                                                                                    |
|         |                                                                                                                                                                                                                                                      |

| *   | Filed herewith.                                                                                                                                           |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Incorporated by reference from the registrant's Registration Statement on Form S-1 (File no. 333-86190), filed April 12, 2002.                            |
| (2) | Incorporated by reference from the registrant's Report on Form 10-QSB for the quarter ended October 31, 2005, filed November 10, 2005                     |
| (3) | Incorporated by reference from the registrant's Report on Form 10-Q for the quarter ended March 31, 2008 filed on May 15, 2008.                           |
| (4) | Incorporated by reference from the registrant's Report on Form 10-KSB/A for the year ended December 31, 2004 (file no. 000-50019), filed March 29, 2004.  |
| (5) | Incorporated by reference from the registrant's Report on Form 10-Q for the quarter ended June 30, 2008, filed August 13, 2008.                      |
| (6) | Incorporated by reference from the registrant's Report on Form 8-K dated February 10, 2009, filed on February 17, 2009.                                   |

----

| (7)  | Incorporated by reference from the registrant's Report on Form 10-K for the year ended December 31, 2008, filed March 16, 2009.    |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|
| (8)  | Incorporated by reference from the registrant's Report on Form 8-K dated January 19, 2009, filed January 23, 2009.                 |
| (9)  | Incorporated by reference from the registrant's Report on Form 10-KSB for the year ended December 31, 2007, filed March 21, 2008.  |
| (10) | Incorporated by reference from the registrant’s Report on Form 8-K dated and filed on April 30, 2010.                        |
| (11) | Incorporated by reference from the registrant's Report on Form 10-Q for the quarter ended June 30, 2010, filed August 5, 2010.     |
| (12) | Incorporated by reference from the registrant's Report on Form 10-K for the year ended December 31, 2009, filed March 9, 2010.     |
| (13) | Incorporated by reference from the registrant’s Registration Statement on Form S-8, filed June 22, 2007.                     |
| (14) | Incorporated by reference from the registrant’s Report on Form 8-K, dated November 22, 2010 and filed November 29, 2010.     |
| (15) | Incorporated by reference from the registrant's Report on Form 10-K for the year ended December 31, 2010, filed April 15, 2011.         |

----

|   | ASPENBIO PHARMA, INC.                    |
|--------|------------------------------------------|
|   |                                     |
|   | /s/ Stephen T. Lundy                     |
|   | Stephen T. Lundy,Chief Executive Officer |
|   |                                     |

|   | /s/ Stephen T. Lundy                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------|
|   | Stephen T. Lundy,Chief Executive Officer (principal executive officer)                                       |
|   |                                                                                                         |
|   | /s/ Gail S. Schoettler                                                                                       |
|   | Gail S. Schoettler,Non-Executive Chair and Director                                                          |
|   |                                                                                                         |
|   | /s/ Jeffrey G. McGonegal                                                                                     |
|   | Jeffrey G. McGonegal, Chief Financial Officer (principal financial officer and principal accounting officer) |
|   |                                                                                                         |
|   | /s/ Gregory Pusey                                                                                            |
|   | Gregory Pusey, Vice President and Director                                                                   |
|   |                                                                                                         |
|   | /s/ Daryl Faulkner                                                                                           |
|   | Daryl J. Faulkner, Director                                                                                  |
|   |                                                                                                         |
|   | /s/ Douglas I. Hepler                                                                                        |
|   | Douglas I. Hepler, Director                                                                                  |
|   |                                                                                                         |
|   | /s/ David E. Welch                                                                                           |
|   | David E. Welch, Director                                                                                     |
|   |                                                                                                         |
|   | /s/ Mark J. Ratain                                                                                           |
|   | Mark J. Ratain, Director                                                                                     |
|   |                                                                                                         |
|   | /s/ Michael R. Merson                                                                                        |
|   | Michael R. Merson, Director                                                                                  |
|   |                                                                                                         |
|   | /s/ John H. Landon                                                                                           |
|   | John H. Landon, Director                                                                                     |

----