| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the fiscal year ended December 31, 2011 |
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| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period from _______ to ______ |
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| AspenBio Pharma, Inc.                              |
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| (Exact name of registrant as specified in charter) |

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

| 1585 South Perry StreetCastle Rock, CO   | 80104      |
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| (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                     |

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|   | 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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| PART IV  |   |   |   |
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| Item 15. |   |   | Exhibits and Financial Statement Schedules. |   |   |   | 2 |   |
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| (a)   | Exhibits: |
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|  3.1    | Articles of Incorporation filed July 24, 2000 (1)                                                                                                                                                                                                                |
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|  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)                                                                                                                                                                                |
|  3.1.2  | Articles of Amendment to the Articles of Incorporation filed July 29, 2011 (17)                                                                                                                                                                                  |
|  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)                                                                                                                                                                            |
|  4.4    | Form of Warrant between the Company and each of the investors signatories to the Securities Purchase Agreement dated December 23, 2011 (18)                                                                                                                      |
|  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)                                                                                                                                                                                  |
|  10.1.4 | Amendment to Amended and Restated 2002 Stock  Incentive Plan, as amended, dated July 8, 2011  (16)                                                                                                                                           |
|  10.2   | Placement Agent Agreement, dated April 30, 2010, between the Company and Lazard Capital Markets LLC. (10)                                                                                                                                                        |
|  10.2.1 | Form of Subscription Agreement between the Company and each of the investors signatories thereto. (10)                                                                                                                                                           |
|  10.3   | Placement Agency Agreement, dated December 23, 2011, between the Company and Landenburg Thalmann & Co. Inc.  (18)                                                                                                                                  |
|  10.3.1 | Form of Securities Purchase Agreement between the Company and each of the investors signatories thereto. (18)                                                                                                                                                    |
|  10.4   | Exclusive License Agreement, dated May 1, 2004 between AspenBio and The Washington University, as amended.  (11)                                                                                                                                       |
|  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. (15)                                                                                                                                                      |
|  10.6.2 | Amendment to Exclusive License Agreement with Novartis Animal Health, dated July 26, 2010 (15)                                                                                                                                                                   |
|  10.6.3 | Termination and Settlement Agreement with Novartis Animal Health, dated November 15, 2011 *                                                                                                                                                                      |
|  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 Pusey effective as of January 1, 2010. (12)                                                                                                                                                                                       |
|  10.10  | Employment Agreement with Stephen Lundy effective as of March 24, 2010. (12)                                                                                                                                                                                     |
|  10.11  | Form of Stock Option Agreement under the 2002 Stock Incentive Plan, as amended and restated and amended. (12)                                                                                                                                                    |
|  10.12  | Non-Employee Director Compensation. (12)                                                                                                                                                                                                                         |
|  14     | Form of Code of Ethics (9)                                                                                                                                                                                                                                       |
|  23     | Consent of GHP Horwath, P.C. (19)                                                                                                                                                                                                                                |
|  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. *                                                                                                                                                                                           |
|  32     | Section 1350 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                             |
| 101          | Interactive data files pursuant to Rule 405 of Regulation S-T:  (i) the Balance Sheets, (ii) the Statements of Operations, (iii) Statements of Stockholders Equity, (iv) the Statement of Cash Flows and (v) the Notes to the Financial Statements (A) |
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| (A)    | Pursuant to Rule 106T for Regulation S-T, the XBRL related information in Exhibit 101 to this Annual Report on Form 10-K shall not be deemed to be filed by the Company for purposes of Section 18 or any other provision of the Exchange Act of 1934, as amended. |

| * | Filed herewith. |
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| (1)  | Incorporated by reference from the registrant's Registration Statement on Form S-1 (File no. 333-86190), filed April 12, 2002.                            |
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| (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.                                |
| (16) | Incorporated by reference from the registrant’s Report on Form 8-K, dated July 8, 2011 and filed July 13, 2011.                                          |
| (17) | Incorporated by reference from the registrant’s Report on Form 8-K, dated and filed July 29, 2011.                                                       |
| (18) | Incorporated by reference from the registrant’s Report on Form 8-K, dated December 23, 2011 and filed December 28, 2011.                                 |
| (19) | Incorporated by reference from the registrant's Report on Form 10-K for the year ended December 31, 2011, filed March 16, 2012.                                |

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|   | ASPENBIO PHARMA, INC. |
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|   | /s/ Stephen T. Lundy Stephen T. Lundy ,Chief Executive Officer |
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|   | /s/ Jeffrey G. McGonegalJeffrey G. McGonegal,Chief Financial Officer |
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