Document:

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                                                                    EXHIBIT 10.8

                          TECHNOLOGY TRANSFER AGREEMENT

        THIS TECHNOLOGY TRANSFER AGREEMENT (the "Agreement") is made and is
effective as of the last date of signature hereto, (the "Effective Date") by and
between The University of Wyoming, having its statewide office of its Research
Products Center (RPC) at Education Annex Rm. 152 P.O. Box 3672 Laramie, WY
82071-3672, (hereinafter referred to as "UW"), and AspenBio, a Colorado
corporation having a principal place of business at 8100 Southpark Way, Suite
B-1, Littleton, CO 80120 (hereinafter referred to as "COMPANY").

                                    RECITALS

        WHEREAS, Certain inventions disclosed under UW Technology ID No. 02-008,
generally characterized as "[*]", hereinafter collectively referred to as the
"Invention," were made in the course of research at UW, by Prof Thomas R.
Hansen, and Kathy Austin. (hereinafter, "Inventors"); and

        WHEREAS, COMPANY entered into a non-disclosure agreement with UW
effective August 27, 2001 and for the purpose of evaluating the Invention and/or
negotiating a technology transfer agreement; and

        WHEREAS, COMPANY wishes to fund certain research at UW which is of
interest and benefit to COMPANY and UW, and which will further the instructional
and research objectives of UW and the public interest in a manner consistent
with its status as a non-profit, tax-exempt, public, educational institution,
and may derive benefits for both COMPANY and UW by advancing knowledge through
discovery, and by creating new technologies through invention; and

        WHEREAS, COMPANY wishes to obtain certain rights from UW for the
commercial development, manufacture, use, and sale of the Invention or any
Future Invention (defined below), and UW is willing to grant such rights on the
terms and conditions set forth in this Agreement; and

        WHEREAS, UW desires that the Invention and Future Inventions be
developed and utilized to the fullest extent so that the general public can
enjoy its benefits.

        NOW THEREFORE, the parties agree as follows:

                                 1. DEFINITIONS

        1.1 "Affiliate" means any corporation or business entity that directly
or indirectly controls, is controlled by, or is under common control with
COMPANY to the extent of at least 50 percent of the outstanding stock or other
voting rights entitled to elect directors.

*  Portions of this marked Exhibit have been omitted pursuant to a request for
   confidential treatment and filed separately with the Commission.

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        1.2 "Research" means a project funded by COMPANY for further research in
the Licensed Field and which is entered into in accordance with the provisions
of Article 5 of this Agreement.

        1.3 "Biological Material(s)" means all (i) hybridomas owned or
controlled by UW and all cell line derivatives, progeny, and material derived
therefrom, (ii) all products containing monoclonal antibodies or fragments
thereof produced by said hybridomas, and iii) recombinant proteins, and (iv)
nucleotide and amino acid sequences, all related to the Invention or Future
Invention.

        1.4 "Future Invention(s)" means any inventions, discoveries, biological
materials, software, know-how, trade secrets, data, works and information
created in the course of and within the scope of the Research.

        1.5 "UW Patent Rights" means any U.S. Patent Applications and U.S.
Patent(s) issuing thereon, and foreign patent(s) and patent application(s)
corresponding to the foregoing, owned by UW, including any reissues, extensions
(including governmental equivalents thereto), substitutions, continuations, and
divisions thereof for Future Inventions.

        1.6 "UW Technology" means all non-patentable, and tangible information,
know-how and physical objects to the extent reasonably necessary or useful to
practice the Invention or Future Invention (including Biological Materials) in
the Licensed Field (other than UW Patent Rights); owned or controlled by UW,
which UW has the right to disclose and license to third parties.

        1.7 "Data" means all information owned or controlled by UW and acquired
by COMPANY, its Affiliates directly or indirectly from or through UW, its units,
its employees, the Inventors, or its consultants relating to the Invention,
Licensed Products, or this Agreement, including but not limited to, all patent
prosecution documents and all information received from Inventors as well as all
UW Technology.

        1.8 "Licensed Field" or "Field" means the use of the Invention or Future
invention for a Bovine Pregnancy Test.

        1.9 "Licensed Method" means any process, method, or use that is covered
by the Invention, Future Invention, UW Technology, Data or UW Patent Rights.

        1.10 "Licensed Product(s)" means any material or product or kit, or any
service, process, or procedure that (i) either is covered by the Invention,
Future Invention, or UW Patent Rights or whose discovery, development,
registration, manufacture, use, or sale would constitute, but for the license
granted to COMPANY pursuant to this Agreement, an infringement of any claim
within UW Patent Rights or (ii) is discovered, developed, made, sold,
registered, or practiced using UW Technology, Data, or Licensed Method or which
may be used to practice the Licensed Method, in whole or in part or (iii) is a
kit, reagent, or material which comprises, contains, or makes use of Biological
Material in its manufacture, testing, use or sale.

        1.11 "Bovine Pregnancy Test" means any material or product or kit, or
any service, process, or procedure that COMPANY sells for testing of bovine
pregnancy.

        1.12 "Net Sales" means the total of the gross consideration received for
a Bovine Pregnancy Test or Licensed Product made, used, leased, transferred,
distributed, sold or otherwise disposed of by COMPANY or its Affiliates, less
the sum of the following actual and customary deductions (net

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of rebates or allowances of such deductions received) included on the invoice
and actually paid: cash, trade, or quantity discounts; sales or use taxes
imposed upon particular sales; import/export duties; and transportation charges.
In the event COMPANY or any of its Affiliates makes a transfer of a Bovine
Pregnancy Test or Licensed Product to a third party for other than monetary
consideration or for less than fair market value, such transfer shall be
considered a sale hereunder to be calculated at a fair market value for
accounting and royalty purposes. A Bovine Pregnancy Test or Licensed Product
shall be deemed made, used, leased, transferred, sold, or otherwise disposed of
at the time COMPANY bills, invoices, ships, or receives payment for such
Licensed Product, whichever occurs first.

        1.13 "Territory" means all countries of the world.

                                    2. GRANT

        2.1 Subject to the limitations set forth in this Agreement, UW hereby
grants to COMPANY an exclusive license under the Invention, Future Inventions,
UW Patent Rights, UW Technology, and Data in the Licensed Field to make, have
made, use, distribute and sell Licensed Products and to practice Licensed Method
in the Territory during the term of this Agreement.

        2.2 UW expressly reserves the right to have the Invention, Future
Inventions, and all associated intellectual property rights licensed hereunder
used for educational, research and other non-commercial purposes and to publish
the results thereof.

        2.3 To the extent UW, principally through the Inventors, has provided or
will provide UW Technology, Biological Materials, or Data to COMPANY, it is
understood that at the time of disclosure to the COMPANY some of the UW
Technology, Biological Materials, or Data may have been made available to the
public without restrictions.

                              3. CONTRACT ISSUE FEE

        3.1 COMPANY agrees to pay to UW a Contract Issue Fee of Ten Thousand
Dollars ($10,000) upon execution of this Agreement. This fee is non-refundable
and is not an advance against royalties.

                                   4. RESEARCH

        4.1 COMPANY shall fund Research at UW in the amount of $140,000
(including overhead) for the Research program generally described in Appendix I
to this Agreement. $35,000 of the total amount is payable on January 2, 2002.
The remaining balance is payable in equal installments at six (6) month
intervals thereafter during the period described in Article 4.2 of this
Agreement. Checks should be made payable to University of Wyoming and should
identify the Company and the Principal Investigator and be sent to:

        The University of Wyoming Research Office
        Old Main Rm. 305
        PO Box 3355 Laramie, Wyoming 82071
        Attention: Associate Vice President

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        UW will not be obligated to expend funds in excess of those provided
under this Agreement to conduct the Research.

        4.2 Research under this Agreement will be performed during a two year
period beginning with the Effective Date. UW's Principal Investigator for the
Research program described in Appendix II is Professor Thomas R. Hansen. The
Principal Investigator shall be responsible for the direction of the Research
and shall conduct the Research in accordance with applicable policies and
procedures of UW.

        4.3 COMPANY shall appoint a technical or scientific representative
(hereafter COMPANY's Technical Representative") who initially will be Dr. Mark
Colgin, or such other representative as COMPANY may subsequently designate in
writing. During the period of the Research, COMPANY's Technical Representative
may have reasonable access personally or by telephone to discuss the Research
informally with Principal Investigator. Access to work performed in UW
laboratories and at other UW premises in the course of the Research will be
entirely under the control of UW personnel. COMPANY's representatives are
permitted to visit such laboratories and premises only during usual hours of
operation or as is mutually agreeable.

        4.4 The Principal Investigator may make up to two (2) oral reports each
year if requested by COMPANY. Within sixty (60) days after the expiration of the
Research, the Principal Investigator shall submit a comprehensive final written
report to COMPANY.

        4.5 UW has the right to copyright and publish and otherwise publicly
disclose, through technical presentations or otherwise, the information and
results gained in the course of the Research. In order to permit COMPANY an
opportunity to determine if patentable inventions will thereby be disclosed, the
Principal Investigator will provide COMPANY with copies of articles written by
project personnel reporting on the Research prior to submission for publication.
If COMPANY wishes to request that the article be delayed so that a patent
application may be filed on an invention disclosed in such article, COMPANY
shall so notify Principal Investigator and UW in writing within thirty (30) days
of receipt of the proposed publication from UW.

        4.6 All rights in Future Inventions shall be the property of UW in
accordance with the applicable policies and procedures of UW, and subject to the
licenses granted in this agreement. UW shall promptly report any such Future
Inventions to COMPANY upon receipt by its Research Products Center of a
completed written disclosure (hereinafter "Disclosure") thereof from the
Principal Investigator.

        4.7 In the event UW's Principal Investigator is unavailable or unable to
continue direction of the Research for a period in excess of ninety (90) days,
UW shall notify COMPANY and may nominate a replacement; if UW does not nominate
a replacement or if that replacement is unsatisfactory to COMPANY, COMPANY may
terminate the Research upon thirty (30) days written notice and such right to
terminate shall be COMPANY's sole remedy at law or in equity.

        4.8 UW shall retain title to all equipment purchased and/or fabricated
by it with funds provided by COMPANY under the Research.

        4.9 UW will be excused from performance of the Research if a delay is
caused by inclement weather, fire, flood, strike or other labor dispute, acts of
God, acts of governmental officials or

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agencies, or any other cause beyond the control of UW. The excusable delay is
allowed for the period of time affected by the delay. If a delay occurs, the
parties will revise the performance period of the Research or other provisions
of the Research, as appropriate.

           5. PATENT PROSECUTION AND MAINTENANCE FOR FUTURE INVENTIONS

        5.1 If, within sixty (60) days of Disclosure of a Future Invention to
COMPANY by UW, COMPANY notifies UW that it elects to include the Future
Invention into this agreement, then UW shall diligently prosecute and maintain
United States patent applications and patents for the Future Invention using
counsel agreed to by UW and COMPANY. Counsel shall take instructions only from
UW. UW shall provide COMPANY with copies of all relevant documentation so that
COMPANY may be informed and apprised of the continuing prosecution. COMPANY
agrees to keep this documentation confidential. All costs of preparing, filing,
prosecuting, defending, and maintaining all United States patent applications
and/or patents, including interferences and oppositions, and all corresponding
foreign patent applications and patents for Future Inventions covered by UW
Patent Rights shall be borne by COMPANY. If COMPANY for any reason elects not to
include the Future Invention in this Agreement, then COMPANY shall no longer
thereafter have any rights with respect to the Future Invention.

        5.2 UW shall give due consideration to amending any patent application
to include claims reasonably requested by COMPANY to protect the Licensed
Products contemplated to be sold under this Agreement.

        5.3 UW shall, at the request of COMPANY, file, prosecute, and maintain
patent applications and patents covered by UW Patent Rights in foreign countries
if available. COMPANY shall notify UW within three (3) months of the filing of
the corresponding United States application of its decision to obtain all other
foreign patents. This notice shall be in writing and shall identify the
countries desired. The absence of such a notice from COMPANY shall be considered
by UW to be an election not to request foreign rights.

        5.4 COMPANY's obligation to underwrite and to pay U.S. and foreign
patent prosecution and maintenance costs shall continue for so long as this
Agreement remains in effect, provided, however, that COMPANY may terminate its
obligations with respect to any given patent application or patent upon three
(3) months' prior written notice to UW. UW shall use reasonable efforts to
curtail future patent costs when such a notice is received from COMPANY. COMPANY
shall promptly pay patent costs which cannot be so curtailed. Commencing on the
effective date of such notice, UW may continue prosecution and/or maintenance of
such application(s) or patent(s) at its sole discretion and expense, and COMPANY
shall have no further right or licenses thereunder.

        5.5 UW shall have the right to file patent applications at its own
expense in any country or countries in which COMPANY has not elected to secure
patent rights or in which COMPANY's patent rights hereunder have terminated, and
such applications and resultant patents shall not be subject to this Agreement
and may be freely licensed by UW to third parties together with UW Technology.

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                                  6. ROYALTIES

        6.1 COMPANY shall pay to UW a running royalty of two and one-half
percent (2.5%) of Net Sales for as long as a Bovine Pregnancy Test is sold by
COMPANY. Sales among COMPANY and Affiliates for ultimate third party use shall
be disregarded for purposes of computing royalties; royalties shall be payable
only upon sales or transfers between unrelated parties and shall be based on
arms length consideration.

        6.2 Royalties payable to UW shall be paid to UW quarterly on or before
the following dates of each calendar year:

                             February 28           May 31

                             August 31             November 30

Each such payment will be for unpaid royalties on collected funds that accrued
within COMPANY's most recently completed calendar quarter.

        6.3 If COMPANY notifies UW that it elects to include a Future Invention
into this agreement, COMPANY shall pay to UW annual minimum royalties equal to
the amounts set forth on the following schedule:

        A payment in the amount of $25,000 in the first year of commercial
        sales;
        A payment in the amount of $50,000 in the second year of commercial
        sales;
        A payment in the amount of $125,000 in the third year of commercial
        sales;
        A payment in the amount of $250,000 in the fourth year of commercial
        sales; and annually thereafter, for the term of this Agreement beginning
        with the date of first commercial sale of Licensed Product.

This annual minimum royalty shall be paid to UW by February 28 of each year and
shall be credited against the earned royalty due and owing for the calendar year
in which the minimum annual royalty is paid. The first year's annual minimum
royalty shall be prorated by the fractional number of full months remaining in
that calendar year and shall be paid within forty-five days (45) of the date of
first commercial sale of a Licensed Product.

        6.4 All amounts due VW shall be payable in United States Dollars in
Laramie, WY. When Bovine Pregnancy Tests or Licensed Products are sold for
monies other than United States Dollars, the earned royalties will first be
determined in the foreign currency of the country in which such Bovine Pregnancy
Tests or Licensed Products were sold and then converted into equivalent United
States Dollars. Royalties will be paid on funds received by COMPANY,
post-conversion.

        6.5 COMPANY shall be responsible for any and all taxes, fees, or other
charges imposed by the government of any country outside the United States on
the remittance of royalty income for sales occurring in any such country.
COMPANY shall also be responsible for all bank transfer charges.

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                                  7. DILIGENCE

        7.1 COMPANY, upon execution of this Agreement, shall use its best
efforts to develop, test, obtain any required governmental approvals,
manufacture, market and sell Bovine Pregnancy Test or Licensed Products in all
countries of the Territory and shall earnestly and diligently endeavor to market
the same within a reasonable time after execution of this Agreement and in
quantities sufficient to meet the market demands therefor.

                         8. PROGRESS AND ROYALTY REPORTS

        8.1 Beginning six (6) months after the Effective Date, and semi-annually
thereafter, COMPANY shall submit to UW a progress report covering COMPANY's
activities related to the development and testing of a Bovine Pregnancy Test and
Licensed Products and the obtaining of the governmental approvals necessary for
marketing. These progress reports shall be made for each Bovine Pregnancy Test
and Licensed Product in each country of the Territory.

        8.2 The progress reports submitted under section 9.1 shall include
sufficient information to enable UW to determine COMPANY's progress in
fulfilling its obligations under Article 7, including, but not limited to, the
following topics:

        -       summary of work completed

        -       summary of work in progress, including product development and
                testing and progress in obtaining government approvals

        -       current schedule of anticipated events or milestones market
                plans for introduction of Bovine Pregnancy Test and Licensed
                Products in countries of the Territory in which Licensed Product
                has not been introduced

        -       summary of resources (dollar value) spent in the reporting
                period for research, development, and marketing of Licensed
                Products

        -       financial statements as of the end of the previous calendar
                quarter

        8.3 COMPANY shall have a continuing responsibility to keep UW informed
of the large/small entity status (as defined by the United States Patent and
Trademark Office) of itself.

        8.4 COMPANY shall report to UW in its immediately subsequent progress
and royalty report the date of first commercial sale of each Bovine Pregnancy
Test or Licensed Product in each country.

        8.5 After the first commercial sale of a Bovine Pregnancy Test or
Licensed Product anywhere in the world, COMPANY will make quarterly royalty
reports to UW on or before each February 28, May 31, August 31 and November 30
of each year. Each such royalty report will cover COMPANY's most recently
completed calendar quarter and will show (a) the units and gross sales and Net
Sales of each type of Bovine Pregnancy Test and Licensed Product sold by COMPANY
on which royalties have not been paid, including a clear indication of how Net
Sales were calculated; (b) the royalties and fees, in U.S. dollars, payable
hereunder, (c) the method used to calculate the royalty; (d) the exchange rates
used, if any; and (d) any other information relating to the foregoing reasonably
requested by UW.

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        8.6 If no sales of Bovine Pregnancy Test or Licensed Products have been
made during any reporting period, a statement to this effect shall be made by
COMPANY.

        9.1 COMPANY shall keep and cause its Affiliates to keep books and
records in accordance with generally acceptable accounting principles accurately
showing all transactions and information relating to this Agreement. Such books
and records shall be preserved for at least five (5) years from the date of the
entry to which they pertain and shall be open to inspection by representatives
or agents of UW at reasonable times upon reasonable notice.

        9.2 The fees and expenses of UW's representatives performing such an
examination shall be borne by UW. However, if an error in royalties of more than
five percent (5%) of the total royalties due for any year is discovered, or if
as a result of the examination it is determined that COMPANY is in material
breach of its other obligations under this Agreement, then the fees and expenses
of these representatives shall be borne by COMPANY, and COMPANY shall promptly
reimburse UW for reasonably documented audit expenses as well as all overdue
royalty and late interest payments.

                            10. TERM OF THE AGREEMENT

        10.1 Unless otherwise terminated by operation of law or by acts of the
parties in accordance with the provisions of this Agreement, this Agreement
shall be in force from the Effective Date and shall remain in effect in each
country of the Territory until the expiration of the last-to-expire patent of
the UW Patent Rights in such country or 10 years from the date of first
commercial sale of a Bovine Pregnancy Test or Licensed Product in such country,
whichever is later.

        10.2 Any expiration or termination of this Agreement shall not affect
the rights and obligations set forth in the following Articles:

                Article 6       Royalties
                Article 9       Books and Records
                Article 12      Disposition of Licensed Products
                                On Hand Upon Termination
                Article 13      Use of Names, Trademarks and
                Article 17      Indemnification
                Article 22      Failure to Perform
                Article 26      Confidentiality

                    11. TERMINATION FOR CAUSE BY EITHER PARTY

        11.1 If one party should breach or fail to perform any provision of this
Agreement, then the other party may give written notice of such default (Notice
of Default) to the breaching party. If the breaching party should fail to cure
such default within sixty (60) days of notice thereof, the nonbreaching party
shall have the right to terminate this Agreement and the licenses herein by a
second written notice (Notice of Termination) to the breaching party. If a
Notice of Termination is sent to breaching party, this Agreement shall
automatically terminate on the effective date of such notice. Termination shall
not relieve breaching party of its obligation to pay all amounts due to the
nonbreaching party as of the effective date of termination and shall not impair
any accrued rights of the non-breaching party.

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              12. DISPOSITION OF LICENSED PRODUCTS AND INFORMATION
                            ON HAND UPON TERMINATION

        12.1 Upon termination this Agreement for breach or cause by either party
(i) COMPANY shall have the privilege of disposing of all previously made or
partially made Licensed Products (COMPANY may complete partially made Licensed
Products), but no more, within a period of one hundred and eighty (180) days
after the initial notice of termination, provided, however, that the disposition
of such Licensed Products shall be subject to the terms of this Agreement
including, but not limited to, the payment of royalties at the rate and at the
time provided herein and the rendering of reports thereon; (ii) COMPANY shall
promptly return, and shall cause its Affiliates to return, to UW all property
belonging to UW including without limitation UW Technology and Data, if any,
that has been provided to COMPANY or its Affiliates hereunder, and all copies
and facsimiles thereof and derivatives therefrom (except that COMPANY may retain
one copy of written material for record purposes only, provided such material is
not used by COMPANY for any other purpose and is not disclosed to others).

            13. USE OF NAMES, TRADEMARKS AND CONFIDENTIAL INFORMATION

        13.1 Nothing contained in this Agreement shall be construed as granting
any right to COMPANY or its Affiliates to use in advertising, publicity, or
other promotional activities or otherwise any name, trade name, trademark, or
other designation of UW or any of its units (including contraction, abbreviation
or simulation of any of the foregoing). Unless required by law or consented to
in advance in writing by an authorized representative of UW, the use by COMPANY
of the name, "University of Wyoming" or any campus or unit of UW is expressly
prohibited.

                              14. LIMITED WARRANTY

        14.1 UW warrants to COMPANY that it has the lawful right to enter into
this agreement.

        14.2 The licenses contained herein and associated Inventions and Future
Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. UW MAKES NO
REPRESENTATION OR WARRANTY THAT THE LICENSED PRODUCTS OR LICENSED METHODS WILL
NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.

        14.3 IN NO EVENT WILL UW BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL
OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, RESULTING
FROM EXERCISE OF THIS LICENSE OR MANUFACTURE. SALE, OR USE OF THE INVENTION OR
LICENSED PRODUCTS OR UW INTELLECTUAL PROPERTY LICENSED HEREUNDER.

        14.4 Nothing in this Agreement shall be construed as:

                (14.4a) a warranty or representation by UW as to the validity or
                        scope of any UW Patent Rights; or
                (14.4b) a warranty or representation that anything made, used,
                        sold or otherwise disposed of under any license granted
                        in this Agreement is or will be free

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                        from infringement of patents or other intellectual
                        property rights of third parties; or
                (14.4c) an obligation to bring or prosecute actions or suits
                        against third parties except as provided in Article 16;
                        or
                (14.4d) conferring by implication, estoppel or otherwise any
                        license or rights under any patents or other
                        intellectual property of UW other than UW Patent Rights
                        and UW Technology, regardless of whether such patents
                        are dominant or subordinate to UW Patent Rights; or
                (14.4e) an obligation to furnish any know-how not provided in UW
                        intellectual property licensed hereunder.

                               15. PATENT MARKING

        15.1 COMPANY shall mark all Licensed Products made, used, sold or
otherwise disposed of under the terms of this Agreement, and/or their
containers, in accordance with the applicable patent marking laws.

                             16. PATENT INFRINGEMENT

        16.1 In the event that COMPANY shall learn of the substantial
infringement of UW Patent Rights, COMPANY shall notify UW in writing and shall
provide UW with reasonable evidence of such infringement. Both parties to this
Agreement agree that during the period and in a jurisdiction where COMPANY has
exclusive rights under this Agreement, neither will notify a third party of the
infringement of any of UW Patent Rights without first obtaining consent of the
other Party, which consent shall not be unreasonably denied. Both parties shall
use their best efforts in cooperation with each other to terminate such
infringement without litigation.

        16.2 COMPANY may request that UW take legal action against the
infringement of UW Patent Rights. Such request shall be made in writing and
shall include reasonable evidence of such infringement and damages to COMPANY.
If the infringing activity has not been abated within ninety (90) days following
the effective date of such request, UW shall have the right to commence suit on
its own account or refuse to commence such suit. UW shall give notice of its
election in writing to COMPANY by the end of the one-hundredth (100th) day after
receiving notice of such request from COMPANY. COMPANY may thereafter bring suit
for patent infringement if and only if UW refuses to commence suit and if the
infringement occurred during the period and in a jurisdiction where COMPANY had
exclusive rights under this Agreement. However, in the event COMPANY elects to
bring suit in accordance with this paragraph, UW may thereafter join such suit
at its own expense.

        16.3 Such legal action as is decided upon shall be at the expense of the
party on account of whom suit is brought and all recoveries recovered thereby
shall belong to such party, provided, however, that recoveries from legal
actions brought jointly by UW and COMPANY shall be shared equally by them, after
paying the reasonable legal expenses of both parties.

        16.4 Each party agrees to cooperate with the other in litigation
proceedings instituted hereunder but at the expense of the party on account of
whom suit is brought for out-of-pocket expenses. Such litigation shall be
controlled by the party bringing the suit. Each party may be represented by
counsel of its choice at its own expense.

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                        17. INDEMNIFICATION AND INSURANCE

        17.1 COMPANY shall indemnify, hold harmless and defend the State of
Wyoming, UW, its trustees, officers, employees, students, agents and the
Inventors against any and all claims, suits, losses, liabilities, damages,
costs, fees and expenses (including reasonable attorneys' fees) resulting from
or arising out of the exercise of the rights granted under this license. This
indemnification shall include, but is not limited to, any and all claims
alleging products liability.

        17.2 Throughout the term of this Agreement, and to the extent applicable
from and after the date of first commercial sale of a Licensed Product, COMPANY
shall maintain commercially issued policies of insurance, or programs of
self-insurance with financial reserves sufficient to support its obligations
under this Agreement, which provide coverage and limits as required by statute
or as necessary to prudently insure the activities and operations of COMPANY.
The commercial general liability insurance policy, or liability self-insurance
program, shall include the interests of UW as an additional insured and provide
coverage limits of not less than $1,000,000 combined single limits as respects
premises, operations, contractual liability and, if applicable, liability
arising out of products and/or completed operations. COMPANY shall provide UW
with certificates of insurance for commercially insured policies, or a letter
from COMPANY's independent auditors stating its opinion as to the adequacy of
any self-insurance program.

        It is expressly agreed that the insurance or self-insurance are minimum
requirements which shall not in any way limit the liability of COMPANY and shall
be primary coverage. Any insurance or selfinsurance program maintained by UW
shall be excess and noncontributory.

        17.3 UW shall promptly notify COMPANY in writing of any claim or suit
brought against UW in respect of which UW intends to invoke the provisions of
Article 17. COMPANY shall keep UW informed on a current basis of its defense of
any claims pursuant to Article 17.

                                   18. NOTICES

        18.1 Any notice or payment required to be given to either party shall be
deemed to have been properly given and to be effective (a) on the date of
delivery if delivered in person, (b) five (5) days after mailing if mailed by
first-class certified mail, postage paid and deposited in the United States
mail, to the respective addresses given below, or to such other address as it
shall designate by written notice given to the other party or (c) on the date of
delivery if delivered by express delivery service such as Federal Express or
DHL.

        In the case of COMPANY:         AspenBio, Inc.
                                        8100 Southpark Way, Suite B-1
                                        Littleton, CO 80120
                                        Attention: President

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        In the case of UW:              Wyoming Research Products Center
                                        University of Wyoming
                                        Education Annex Rm. 152
                                        P.O. Box 3672
                                        Laramie, WY 82071-3672
                                        Attention: Director

                                19. ASSIGNABILITY

        19.1 This Agreement is binding upon and shall inure to the benefit of
UW, its successors and assigns, but shall be personal to COMPANY and assignable
by , COMPANY only with the written consent of UW, which consent shall not be
unreasonably withheld.

                                20. LATE PAYMENTS

        20.1 In the event any amounts due UW hereunder, including but not
limited to royalty payments, fees and patent cost reimbursements, are not
received when due, COMPANY shall pay to UW interest charges at a rate of
eighteen (18) percent per annum or the highest rate permitted by law, if less
than eighteen percent. Such interest shall be calculated from the date payment
was due until actually received by UW.

                                   21. WAIVER

        21.1 It is agreed that failure to enforce any provisions of this
Agreement by a party shall not be deemed a waiver of any breach or default
hereunder by the other party. It is further agreed that no express waiver by
either party hereto of any breach or default of any of the covenants or
agreements herein set forth shall be deemed a waiver as to any subsequent and/or
similar breach or default.

                             22. FAILURE TO PERFORM

        22.1 In the event of a failure of performance due under the terms of
this Agreement and if it becomes necessary for either party to undertake legal
action against the other on account thereof, then the prevailing party shall be
entitled to reasonable attorney's fees in addition to costs and necessary
disbursements.

                               23. GOVERNING LAWS

        23.1 The laws of the State of Wyoming shall govern all legal matters
relating to this agreement, but the scope and validity of any patent or patent
application shall be governed by the applicable laws of the country of such
patent or patent application. The University of Wyoming does not waive its
sovereign immunity or its governmental immunity by entering into this Agreement.
Any actions or claims against UW under this Agreement must be in accordance with
and are controlled by the Wyoming governmental Claims Act, W.S. 1-39-101 et.
seq. - (1977) as amended.

                                       12
<PAGE>

                 24. FOREIGN GOVERNMENT APPROVAL OR REGISTRATION

        24.1 If this Agreement or any associated transaction is required by the
law of any nation to be either approved or registered with any governmental
agency, COMPANY shall assume all legal obligations to do so and the costs in
connection therewith.

                             25. EXPORT CONTROL LAWS

        25.1 COMPANY shall observe all applicable United States and foreign laws
with respect to the transfer of Licensed Products and related technical data to
foreign countries, including, without limitation, the International Traffic in
Arms Regulations (ITAR) and the Export Administration Regulations.

                               26. CONFIDENTIALITY

        26.1 COMPANY (i) shall not use any Biological Material, UW Technology,
Data or unpublished UW Patent Rights, except for the sole purpose of performing
this Agreement, (ii) shall safeguard the same against disclosure to others with
the same degree of care as it exercises with its own data of a similar nature,
and (iii) shall not disclose or permit the disclosure of Data or unpublished UW
Patent Rights to others (except to its employees, agents or consultants who are
bound to COMPANY and UW by a like obligation of confidentiality) without the
express written permission of UW, except that COMPANY shall not be prevented
from using or disclosing any Data:

        (26.1a) which COMPANY can demonstrate by written records was previously
                known to it; or

        (26.1b) which is now, or becomes in the future, information generally
                available to the public in the form supplied, other than through
                acts or omissions of COMPANY; or

        (26.1c) which is lawfully obtained by COMPANY from sources independent
                of UW who were entitled to provide such information to COMPANY;
                or

        (26.1d) which is required by law to be disclosed.

        26.2 UW and COMPANY each agree that all information contained in
documents marked "Confidential" and forwarded to one by the other (i) be
received in strict confidence, (ii) be used only for the purposes of this
Agreement, and (iii) not be disclosed by the recipient party, its agents or
employees without the prior written consent of the other party, except to the
extent that the recipient party can establish competent written proof that such
information:

        a. was in the public domain at the time of disclosure;

        b. later became part of the public domain through no act or omission of
           the recipient party, its employees, agents, successors or assigns;

        c. was lawfully disclosed to the recipient party by a third party having
           the right to disclose it;

        d. was already known by the recipient party at the time of disclosure;

        e. was independently developed by the recipient; or

        f. is required by law or regulation to be disclosed.

                                       13
<PAGE>

        26.3 Each party's obligation of confidence hereunder shall be fulfilled
by using at least the same degree of care with the other party's confidential
information as it uses to protect its own confidential information.

                                27. MISCELLANEOUS

        27.1 The headings of the several articles are inserted for convenience
of reference only and are not intended to be a part of or to affect the meaning
or interpretation of this Agreement.

        27.2 This Agreement will not be binding upon the parties until it has
been signed below on behalf of each party by a duly authorized representative.

        27.3 No amendment or modification hereof shall be valid or binding upon
the parties unless made in writing and signed on behalf of each party by a duly
authorized representative.

        27.4 This Agreement embodies the entire understanding of the parties and
shall supersede all previous and contemporaneous communications, representations
or understandings, either oral or written, between the parties relating to the
subject matter hereof, except that the confidentiality agreement executed on
8/27/01 between the parties shall remain in effect.

        27.5 COMPANY shall not enter into any agreements relating to this
Agreement with Inventors or other UW employees or students in contravention of
the legal rights or policies of UW.

        27.6 In case any of the provisions contained in this Agreement shall be
held to be invalid, illegal or unenforceable in any respect, (i)such invalidity,
illegality or unenforceability shall not affect any other provisions hereof,
(ii) the particular provision, to the extent permitted by law, shall be
reasonably construed and equitably reformed to be valid and enforceable and
(iii) this Agreement shall be construed as if such invalid or illegal or
unenforceable provisions had never been contained herein.

        27.7 UW shall have the right to terminate this Agreement forthwith by
giving written notice of termination to COMPANY at any time upon or after the
filing by COMPANY of a petition in bankruptcy or insolvency, or upon or after
any adjudication that COMPANY is bankrupt or insolvent, or upon or after the
filing by COMPANY of any petition or answer seeking judicial reorganization,
readjustment or arrangement of the business of COMPANY under any law relating to
bankruptcy or insolvency, or upon or after the appointment of a receiver for all
or substantially all of the property of COMPANY, or upon or after the making of
any assignment or attempted assignment for the benefit of creditors, or upon or
after the institution of any proceeding or passage of any resolution for the
liquidation or winding up of COMPANY's business or for termination of its
corporate life.

                                       14
<PAGE>

                                   Appendix II
                                  Research Plan

SUMMARY

        Currently we have limited evidence that detection of [*] mRNA or protein
can be used as an early pregnancy test in cows. Limitations of this approach are
that peripheral blood mononuclear cells need to be purified and this is
technically difficult to accomplish. We generated polyclonal and monoclonal
antibodies against recombinant [*]. An ELISA was developed with a sensitivity of
-50 ng/ml. Our challenge now is to develop a more sensitive test using either
antibody and/or RNA approaches so that detection of [*] in the blood is a
reliable and sensitive indicator for early pregnancy in the cow. These
experiments will continue over the next two years.

        We also are initiating a new series of experiments designed to identify
other pregnancy- specific antigens in white blood cells using modern molecular
biology approaches. The approaches of differential display and, possibly,
subtractive libraries will be used during the first year to identify gene
products that are either enhanced or suppressed in white blood cells in response
to pregnancy on day 18 and 22.

SPECIFIC AIMS

        The purpose of the following experiments is to develop an early
pregnancy test in cows. The first aim tests the hypothesis that detection of [*]
in the blood can be used as an effective early pregnancy test in cows. The
second and third aims are to screen blood cells from pregnant and non-pregnant
cows so that additional proteins/antigens can be identified and tested for
efficacy of use as an early pregnancy test. Aims are listed below for clarity:

        Aim 1. Continue work in developing a pregnancy test based on detection
        of [*] mRNA and protein in blood cells (Years 1-2).
        Aim 2. Identify additional genes that are induced or up-regulated in
        blood cells in response to pregnancy (Year 1).
        Aim 3. Develop additional antibody and/or RNA detection approaches based
        on identification of gene products identified in Aim 1 (Year 2).

CONCLUDING REMARKS

        We propose to complete the experiments over two years. The costs
associated with these experiments are $140,000. I believe that we can accomplish
what is described in the proposed time frame. If one additional year is required
to complete experiments, we will continue under current budgetary guidelines
(i.e., simply roll over funds into the third year). It will become difficult to
generate antibodies against all antigens that will be discovered following
completion of differential display or subtractive library approaches. The number
of antigens that we identify could be limiting. Also, the inherent properties or
soluability of the antigen might make purification a difficult chore. In
consultation with scientists at AspenBio we would select/prioritize a few
antigens (if there are many) to be generated as recombinant proteins for the
purposes of making antibodies. The ultimate goal of the experiments would be to
identify a single antigen/antibody that could be used to develop an accurate
early pregnancy test in cows. It is assumed that AspenBio will make separate

*  Portions of this marked Exhibit have been omitted pursuant to a request for
   confidential treatment and filed separately with the Commission.

                                       15

<PAGE>

arrangements for future mass-production of antibodies required for the final
marketed pregnancy test. We look forward to working closely with scientists at
AspenBio and hope to maintain flexibility so that additional approaches in
developing an early bovine pregnancy test may be implemented as needed.

        27.8 Neither COMPANY nor its Affiliates shall originate any publicity,
news release or other public announcement, written or oral, relating to this
Agreement or the existence of an arrangement between the parties, except as
required by law, without the prior written approval of UW, which approval shall
not be unreasonably withheld.

        27.9 This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

        27.10 Nothing herein shall be deemed to constitute one party as the
agent or representative of the other party or both parties as joint venturers or
partners. Each party is an independent contractor.

        IN WITNESS WHEREOF, both UW and COMPANY have executed this Agreement, in
duplicate originals, by their duly authorized representatives on the day and
year hereinafter written.

<TABLE>
<CAPTION>
AspenBio                                           University of Wyoming
<S>                                                <C>
By:/s/ Roger Hurst                                 By:    /s/Daniel Baccari
   ---------------------------------                  ----------------------------------------

Name:Roger Hurst                                   Name:  Daniel Baccari
     -------------------------------                    --------------------------------------

Title:President                                    Title: Vice President
      ------------------------------                     -------------------------------------

Date:10/29/01                                      Date:  10/25/01
     -------------------------------                    --------------------------------------
</TABLE>

                                       16<PAGE>

                                                                    EXHIBIT 10.9

                                LICENSE AGREEMENT

                                       FOR

                 DETERMINATION OF PREGNANCY STATUS OF UNGULATES

                                     BETWEEN

                                 ASPENBIO, INC.

                                       AND

                       THE IDAHO RESEARCH FOUNDATION, INC.

<PAGE>

<TABLE>
<S>                                                                                        <C>
1. DEFINITIONS...............................................................................2
--------------
2. GRANT OF LICENSES.........................................................................3
--------------------
3. SUBLICENSES...............................................................................4
--------------
4. LICENSE FEES..............................................................................4
---------------
5. ROYALTIES.................................................................................5
------------
6. DUE DILIGENCE.............................................................................6
----------------
7. REPORTS AND RECORD KEEPING................................................................7
-----------------------------
8. TERM AND TERMINATION......................................................................9
-----------------------
9. TERMINATION BY IRF.......................................................................10
---------------------
10. TERMINATION BY ASPENBIO. INC............................................................11
---------------------------------
11. PROSECUTION AND MAINTENANCE OF IRF PATENT RIGHTS........................................11
----------------------------------------------------
12. PATENT MARKING..........................................................................12
------------------
13. PATENT INFRINGEMENT.....................................................................12
-----------------------
14. CONFIDENTIALITY.........................................................................14
-------------------
15. NON-USE OF NAMES AND TRADEMARKS.........................................................15
-----------------------------------
16. LIMITED WARRANTY........................................................................16
--------------------
17. INDEMNIFICATION.........................................................................17
-------------------
18. ASSIGNABILITY...........................................................................18
-----------------
20. PAYMENTS, NOTICES AND OTHER COMMUNICATIONS..............................................19
----------------------------------------------
21. MISCELLANEOUS PROVISIONS................................................................19
----------------------------
</TABLE>

<PAGE>

IRF CASE: 01-015

                            IDAHO RESEARCH FOUNDATION

                            PATENT LICENSE AGREEMENT

                                       FOR

                 DETERMINATION OF PREGNANCY STATUS OF UNGULATES

                THIS LICENSE AGREEMENT (the "Agreement") is made and entered
into this 25th day of September, 2001 (the "Effective Date") by and between the
IDAHO RESEARCH FOUNDATION, a not-for-profit corporation duly organized and
existing under the laws of the State of Idaho and having its principal office at
Morrill Hall 103, University of Idaho, Moscow, Idaho, 83844-3003, U.S.A.
(hereinafter referred to as IRF), and ASPEN BIO INC. and having an address at
8100 Southpark Way, B-1, Littleton, Colorado 80120 (hereinafter referred to as
"Aspen Bio".)

                                   WITNESSETH

                WHEREAS, the IRF is a nonprofit technology transfer organization
dedicated to building the research capability of the University of Idaho; and

                WHEREAS, the University of Idaho assigns all commercial rights
to intellectual property to the IRF so that it may be used for the public good
and so that income generated from the commercialization of such property can be
used to attract and retain outstanding faculty and staff; and

                WHEREAS, certain inventions, technology, knowledge and
information generally characterized as DETERMINATION OF PREGNANCY STATUS OF
UNGULATES, (hereinafter collectively referred to as "the Invention"), were made
or obtained in the course of

<PAGE>

research at the University of Idaho by TROY L. OTT and are covered by IRF Patent
Rights (as defined below); and

                WHEREAS, the Inventor(s) have assigned to IRF the ownership
rights to the Invention, as provided in an assignment agreement made and
effective [DATE OF ASSIGNMENT IF APPLICABLE] and attached hereto as Exhibit A;
and

                WHEREAS, ASPENBIO, INC. entered into a Confidential Disclosure
Agreement (IRF Agreement No.: 4150-501) with IRF effective September 12th, 2001
and terminating September 12th, 2006 for the purpose of evaluating the
Invention; and

                WHEREAS, ASPENBIO, INC. is desirous of obtaining the exclusive
rights from IRF for the development, use, and sale of products derived from the
Technology, and IRF is willing to grant such rights; and

                WHEREAS, both parties recognize and agree that royalties due
hereunder will be paid on the issued patents and any pending patents so long as
such patents are valid and remain in full force and effect, but only by the
extent covered in this licensing agreement.

                NOW THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto mutually
agree as follows:

                                 1. DEFINITIONS

                1.1     "Invention" is defined in the fourth paragraph of the
recitals of this Agreement.

                1.2     "IRF Patent Rights" shall mean any and all U.S. and
foreign patent rights now or hereafter owned by IRF to the Invention, including,
but not limited to, any subject matter claimed in or covered by any of the
following: U.S. Patent no. 60/299,533 entitled DETERMINATION OF PREGNANCY STATUS
OF UNGULATES, filed June 19th, 2001 by TROY L. OTT and assigned to IRF. The
patents and patent applications comprising IRF Patent

                                       2
<PAGE>

Rights are listed in Exhibit B attached hereto, which Exhibit shall be amended
as patent applications are issued or abandoned, and as additional patent
applications are filed by IRF.

                1.3     "IRF Property Rights" shall mean property rights owned
by IRF to the "Invention".

                1.4     "Licensed Technology" shall mean any material or method
for use, either is covered by IRF Patent Rights or employs materials or methods
covered by IRF Patent Rights in its manufacture or operation, or whose
manufacture, use, sale or practice would constitute, but for the license granted
to ASPENBIO, INC. pursuant to this Agreement, an infringement of any claim
within IRF Patent Rights.

                1.5     "Included Territory" means all of the world.

                1.6     "Affiliate" shall mean any corporation or other business
entity in which ASPENBIO, INC., shall own or control, directly or indirectly, at
least fifty percent (50%) of the outstanding stock or other voting rights
entitled to elect directors; provided, however, that in any country where the
local law shall not permit foreign equity participation of at least 50%, then an
"Affiliate" shall include any company in which ASPENBIO, INC.'S PARENT IF
APPLICABLE shall own or control, directly or indirectly, the maximum percentage
of such outstanding stock or voting rights permitted by local law.

                              2. GRANT OF LICENSES

                2.1     Subject to the limitations set forth in this Agreement,
IRF hereby grants to an exclusive field of use, worldwide license of IRF Patent
Rights to make, have made, use, sell and sublicense Licensed Technologies.

                2.2     Subject to the limitations set forth in this Agreement,
IRF hereby grants to ASPENBIO, INC. an exclusive worldwide license of IRF
Property Rights to possess, and practice the Invention.

                                       3
<PAGE>

               2.3 IRF expressly reserves the right, for itself and for the
University of Idaho, to use the Invention for educational and research purposes,
except that in no event will the IRF or the University of Idaho use or disclose
the Invention in any manner that would permit any third party to use the
Invention.

                                 3. SUBLICENSES

                3.1     As part of the licenses granted to ASPENBIO, INC.
pursuant to Article 2, and not in limitation thereof, IRF also grants to
ASPENBIO, INC. the right to issue sublicenses to third parties of all or part of
the rights granted to ASPENBIO, INC. in Article 2 of this Agreement. To the
extent applicable, such sublicenses shall include all of the rights of and
obligations due to IRF that are contained in this Agreement.

                3.2     ASPENBIO, INC. shall provide IRF with a copy of each
sublicense issued hereunder; pay to IRF its portion of royalties paid to
ASPENBIO, INC. from Sub licensee, and summarize and deliver all reports due IRF
from Sub Licensee. ASPENBIO, INC. shall use reasonable and prudent business
practices in its selection of Sub Licensee and in the collection of royalty
payments due IRF.

                3.3     Upon termination of ASPENBIO, INC.'S rights under this
Agreement pursuant to Section 9.1 and 10.1 of this Agreement, all Sub licensees'
current in their obligations to IRF shall be, without recourse or
representation, assigned to IRF and be continued by IRF pursuant to the terms
thereof so long as such Sub licensee performs all of its obligations there
under.

                                 4. LICENSE FEES

                4.1     ASPENBIO, INC. agrees to pay to IRF a license issue fee
of TWENTY THOUSAND DOLLARS ($20,000) payable upon execution of this Agreement.

                4.2     This fee is non-refundable and is not an advance against
royalties.

                                       4
<PAGE>

                                  5. ROYALTIES

                5.1     ASPENBIO, INC. shall also pay to IRF the following
earned royalty on all Revenues (as hereinafter defined) from Licensed
Technologies. "Revenue" shall be defined as AspenBio Inc.'s invoice price less
any Price Exceptions, taxes, duties, or insurance on Ungulate Pregnancy Test
Assays or Kits.

                        (a)     A royalty equal to Two and One Half percent
        (2.5%) of the Revenues from Registered Licensed Technologies for the
        term of this Agreement and continuing until the earliest of (i) a
        determination by a court of competent jurisdiction that the IRF Patent
        Rights are not filly valid and effective, or (ii) the expiration of the
        last to expire patent in said country covering Licensed Technology, or
        (iii) upon termination of this Agreement.

                5.2     Royalties shall be earned in each country for the
duration of IRF Patent Rights in that country, and shall accrue to the IRF when
Licensed Technologies or Processes are invoiced, or if not invoiced, when
delivered to a third party.

                5.3     Royalties accruing to IRF shall be paid to IRF quarterly
on or before September 30th, December 31st, March 31st, and June 30th of each
year. Each such payment will be for royalties that accrued within ASPENBIO,
INC.'S most recently completed fiscal quarter.

                5.4     ASPENBIO, INC. shall pay to IRF a minimum annual royalty
of TWENTY FIVE THOUSAND DOLLARS ($25,000.00) during the term of this Agreement.
The minimum annual royalties will be paid on a quarterly basis starting December
31st, 2001 and quarterly thereafter to IRF and shall be credited against the
earned royalty due and owing for the fiscal year in which the minimum payment
was made.

                5.5     All monies due IRF shall be payable in United States
funds collectible at par in Moscow, Idaho. When Licensed Technologies or
Processes are sold for monies other than United States dollars, the earned
royalties will first be determined in the foreign currency of the country in

                                       5
<PAGE>

which such Licensed Technologies or Processes were sold and then converted into
equivalent United States funds. The exchange rate will be that established by
the Bank of America in New York, New York on the last day of the reporting
period. ASPENBIO, INC. shall also be responsible for all bank transfer charges.

                5.6     Royalties earned with respect to sales occurring in any
country outside the United States will be reduced by any taxes, fees, or other
charges imposed by the government of such country on the remittance of royalty
income.

                5.7     ASPENBIO, INC.'S obligation to pay royalties hereunder
on ASPENBIO, INC.'S sales of the Licensed Technology in any country shall cease
upon (i) the expiration of the last to expire patent in said country covering
Licensed Technologies or (ii) the termination of this Agreement. Furthermore, in
the event that any patent or any claim thereof included within IRF Patent Rights
shall be held invalid by operation of law or in a final decision by a court of
competent jurisdiction and last resort and from which no appeal has or can be
taken, all obligation to pay royalties based on such patent or claim or any
claim patentably indistinct therefrom shall cease as of the date of such final
action of invalidation. ASPENBIO, INC. shall not, however, be relieved from
paying any royalties that accrued before such final action or that are based on
another patent or claim not involved in such action of invalidation.

                                6. DUE DILIGENCE

                6.1     ASPENBIO, INC., upon execution of this Agreement, shall
proceed in its usual commercial manner with the development, manufacture and
sale of Licensed Technologies and shall earnestly and diligently endeavor to
market the same within a reasonable time after execution of this Agreement and
in quantities sufficient to meet the market demands thereof. For purposes of
this agreement, market demand shall be the total demand, verifiable by
reasonable and customary business practices, for Licensed Technologies in the
Included Territory.

                                       6
<PAGE>

                6.2     ASPENBIO, INC. shall be entitled to exercise prudent and
reasonable business judgment in meeting its due diligence obligations hereunder.

                6.3     ASPENDIO, INC. shall endeavor to obtain all necessary
governmental approvals for the use and sale of Licensed Technologies.

                6.4     If ASPENBIO, INC. has not begun public sale of Licensed
Technologies in the United States within ONE (1) year from the Effective Date,
then IRF shall have the right, at its sole discretion, to either reduce the
exclusive licenses granted herein to non-exclusive licenses or to terminate this
Agreement, except that to the extent ASPENBIO, INC. has granted any sublicense
that is exclusive in any country, such sublicense shall remain exclusive for the
term thereof. This right, if exercised by IRF, supersedes the rights granted in
Article 2 (GRANT OF LICENSES).

                6.5     To exercise either the right to terminate this Agreement
or any of the licenses granted hereunder or to reduce any of said licenses to
nonexclusive licenses for lack of diligence, IRF must give ASPENBIO, INC.
written notice of the deficiency. ASPENBIO, INC. thereafter has sixty (60) days
to provide a detailed written plan as to how its proposed deficiency will be
cured by ASPENBIO, INC. If IRF has not received a reasonably satisfactory plan
as to how such deficiency will be cured by the end of the sixty (60) day period,
then IRF may, at its option, either terminate this Agreement or reduce any such
ASPENBIO, INC. exclusive licenses to nonexclusive licenses by giving written
notice to ASPENBIO, INC. These notices shall be subject to Article 20 (PAYMENTS,
NOTICES AND OTHER COMMUNICATIONS).

                          7. REPORTS AND RECORD KEEPING

                7.1     Beginning February 1st next following the execution of
this Agreement and semiannually thereafter, ASPENBIO, INC. shall submit to IRF a
progress report covering ASPENBIO, INC.'S activities related to the development
and testing and marketing of all Licensed Technologies and the obtaining of any
approvals necessary for marketing. These progress reports

                                       7
<PAGE>

shall be made for each Licensed Technology until the first commercial sale of
that Licensed Technology occurs in the United States. The progress reports shall
include, but not be limited to, the following topics:

                                (a)     summary of work completed,

                                (b)     key scientific discoveries,

                                (c)     summary of work in progress,

                                (d)     revised schedule of anticipated events
                or milestones, e.g., regulatory submissions, regulatory
                approvals,

                                (e)     marketing plans for introduction of
                Licensed Technology, and

                                (f)     a summary of resources (dollar value)
                spent in the reporting period, and activities of Sublicenses and
                Affiliates.

                7.2     ASPENBIO, INC. also agrees to report to IRF in its
immediately subsequent progress or royalty report the date of first commercial
sale of a Licensed Technology in each country.

                7.3     After the first commercial sale of a Licensed Technology
by ASPENBIO, INC. anywhere in the world, ASPENBIO, INC. will make quarterly
royalty reports to IRF on or before September 30th, December 31st, March 31st,
and June 30th of each year. Each such royalty report will cover ASPENBIO, INC.
most recently completed fiscal quarter and will show (a) the gross sales and Net
Sales of Licensed Technology sold in each country by ASPENBIO, INC. and its
Sublicenses during the most recently completed calendar quarter; (b) the number
of Licensed Technology sold; (c) the royalties, in U.S. dollars, payable
hereunder with respect to such sales; and (d) the exchange rates used.

                7.4     If no sale of Licensed Technology has been made during
any reporting period, a statement to this effect shall be required.

                                       8
<PAGE>

                7.5     ASPENBIO, INC. shall keep, and require its Sublicensee
to keep, books and records accurately showing all Licensed Technology used,
and/or sold under the terms of this Agreement, and shall require its Sublicensee
to keep such books and records. Such books and records shall be preserved for at
least Five (5) years from the date of the royalty payment to which they pertain
and shall be open to inspection by representatives or agents of IRF at
reasonable times.

                7.6     The fees and expenses of IRF's representatives
performing such an examination shall be borne by IRF. However, if an error in
royalties of more than percent (5%) of the total royalties due for any year is
discovered, then the fees and expenses of these representatives shall be borne
by ASPENBIO, INC. or its Sublicensee.

                             8. TERM AND TERMINATION

                8.1     If ASPENBIO, INC. or its successors or assigns shall
cease to be engaged in the product development and sales of animal science
products, IRF shall have the right to terminate the licenses granted to
ASPENBIO, INC. pursuant to this Agreement.

                8.2     Unless otherwise terminated by operation of law or by
acts of the parties in accordance with the terms of this Agreement, this
Agreement shall be in force from the Effective Date recited on page one and
shall remain in effect for the life of the last-to-expire patent licensed under
this Agreement.

                8.3     Any termination of this Agreement shall not affect the
rights and obligations set forth in the following Articles:

                        Article 7. REPORTS AND RECORD KEEPING
                        Article 14. CONFIDENTIALITY
                        Article 15. NON-USE OF NAMES AND TRADEMARKS
                        Article 17. INDEMNIFICATION

                                       9
<PAGE>

                8.4     Upon termination of this Agreement, ASPENBIO, INC. shall
have the privilege of selling all previously started or partially finished
Licensed Technologies, but no more, within a period of one hundred and twenty
(120) days, provided, however, that the sale of such Licensed Technology shall
be subject to the terms of this Agreement including, but not limited to, the
payment of royalties at the rate and at the time provided herein and the
rendering of reports thereon.

                8.5     Upon termination of this Agreement, except by expiration
of the last-to-expire patent or the abandonment of the last patent licensed
hereunder, ASPENBIO, INC. shall return to IRF, at the option of IRF, any
licensed equipment owned by the University or the IRF.

                              9. TERMINATION BY IRF

                9.1     If ASPENBIO, INC. should violate or fail to perform any
term or covenant of this Agreement, except for the provisions of Article 6 (DUE
DILIGENCE), then IRF may give written notice of such default (Notice of Default)
to ASPENBIO, INC. If ASPENBIO, INC. should fail to cure such default within
sixty (60) days of the effective date of such notice; IRF shall have the right
to terminate this Agreement and the licenses granted herein by a second written
notice (Notice of Termination) to ASPENBIO, INC. If a Notice of Termination is
sent to ASPENBIO, INC., this Agreement shall automatically terminate on the
effective date of such notice. Such termination shall not relieve ASPENBIO, INC.
of its obligation to pay any royalty or other fees owing at the time of such
termination and shall not impair any accrued right of IRF. These notices shall
be subject to Article 20 (PAYMENTS, NOTICES AND OTHER COMMUNICATIONS).

                                       10
<PAGE>

                        10. TERMINATION BY ASPENBIO. INC.

                10.1    ASPENBIO, INC. shall have the right at any time to
terminate this Agreement in whole or as to any portion of IRF Patent Rights by
giving notice in writing to IRF. Such notice of termination shall be subject to
Article 20 (PAYMENTS, NOTICES AND OTHER COMMUNICATIONS) and termination of this
Agreement shall be effective ninety (90) days from the effective date of such
notice.

                10.2    Any termination pursuant to the above paragraph shall
not relieve ASPENBIO, INC. of its obligation to pay any royalty or license fees
owing at the time of such termination and shall not impair any accrued right of
IRF, nor shall such termination rescind anything done by ASPENBIO, INC. or any
payments made to IRF hereunder prior to the time such termination becomes
effective.

              11. PROSECUTION AND MAINTENANCE OF IRF PATENT RIGHTS

                11.1    IRF shall diligently prepare, file, prosecute and
maintain the United States and foreign patents comprising IRF Patent Rights
using counsel of its choice. Without limiting the foregoing, IRF shall prepare,
file, prosecute and maintain patents in any country as requested by ASPENBIO,
INC.

                11.2    IRF shall use all reasonable efforts to amend any patent
application comprised within IRF Patent Rights to include claims or information
reasonably requested by ASPENBIO, INC. to protect the Licensed Technologies
under this Agreement.

                11.3    IRF shall apply for an extension of the term of any
patent included within IRF Patent Rights if appropriate under the Drug Price
Competition and Patent Term Restoration Act of 1984. IRF shall prepare and
execute such documents as are necessary for such application, and take such
additional reasonable action as is necessary to obtain such patent term
extension.

                                       11
<PAGE>

ASPENBIO, INC. agrees to provide any information, documents and the like which
IRF may reasonably request in connection therewith.

                11.4    The cost of preparing, filing, prosecuting and
maintaining all patent applications contemplated by this Agreement shall be
borne by ASPENBIO, INC.

                11.5    If ASPENBIO, INC. declines to so reimburse IRF, IRF may
abandon all IRF Patent Rights in said country and no further royalty will be
payable with respect to any Revenue arising in such country.

                               12. PATENT MARKING

                12.1    ASPENBIO, INC. agrees to mark all Licensed Technologies
or Processes made, used or sold under the terms of this Agreement, in accordance
with the applicable patent marking laws.

                             13. PATENT INFRINGEMENT

                13.1    In the event that ASPENBIO, INC. shall learn of the
infringement of any patent right owned by IRF and licensed under this Agreement,
ASPENBIO, INC. shall call IRF's attention thereto in writing and shall provide
IRF with reasonable evidence of such infringement. The parties to this Agreement
agree that during the period and in a jurisdiction where ASPENBIO, INC. has a
license under this Agreement, neither will notify a third party of the
infringement of any IRF Patent Rights without first obtaining consent of the
other Party, which consent shall not be unreasonably denied. Both parties shall
use their best efforts in cooperation with each other to terminate such
infringement without litigation.

                13.2    ASPENBIO, INC. may request that IRF take legal action
against any infringement of IRF Patent Rights. Such request shall be made in
writing and shall include reasonable evidence of such infringement and related
injuries to ASPENBIO, INC. If the infringing activity has not been abated within
ninety (90) days following the effective date of such request, IRF

                                       12
<PAGE>

shall have the right to commence suit on its own account against such
infringement, in which case any recoveries from such suit shall belong to IRF.
IRF shall give notice of its election in writing to ASPENBIO, INC. by the end of
the one-hundredth (100th) day after receiving notice of such request from
ASPENBIO, INC. Until and unless such infringement has ceased completely,
ASPENBIO, INC. (or any Sub Licensee.) shall have no further obligation to pay
any royalty to IRF in respect of any Licensed Technology in such country or
countries unless such infringement (e.g., any practice of any intellectual
property or making or selling any product or process using such intellectual
property) is occurring.

                13.3    If IRF does not commence suit against an infringement,
ASPENBIO, INC. may commence legal action in respect to such patent infringement
if the infringement occurred during the period and in a jurisdiction where
ASPENBIO, INC. had exclusive rights under this Agreement. However, in the event
ASPENBIO, INC. commences legal action in accordance with this paragraph, IRF may
thereafter join such action at its own expense, but ASPENBIO, INC. will be
entitled to all recoveries from such legal action.

                13.4    The parties hereto may enter into an agreement under
which the parties jointly commence suit against any such infringement, with each
party paying one half of the legal costs and receiving one half of any
recoveries, or such other allocation of legal costs and apportionment of
recoveries as such agreement may provide.

                13.5    Each party to this Agreement agrees to cooperate with
the other parties hereto in litigation proceedings instituted hereunder. Such
litigation shall be controlled by the party bringing the suit, except that any
other party may be represented by counsel of their choice at their expense in
any suit brought by one party. Except as provided in 13.4 hereof, both parties
shall be reimbursed from any recoveries for their out-of-pocket legal costs
incurred in any infringement

                                       13
<PAGE>

litigation, in proportion to their share of such legal expenses, before any
other disposition of such recoveries is made.

                               14. CONFIDENTIALITY

                14.1    All information and tangible property, including but not
limited to "Invention", provided to ASPENBIO, INC. by IRF or the University of
Idaho under this Agreement shall be deemed confidential. ASPENBIO, INC. agrees
not to use any confidential information or tangible property for any purpose
other than for the purpose of this Agreement.

                14.2    ASPENBIO, INC. agrees to protect and keep secret
confidential information supplied by IRF and relating to IRF Patent Rights
against disclosure to others with the same degree of care as it exercises with
its own data of a similar nature. ASPENBIO, INC. may not disclose such
information to others (except to its employees, agents or consultants who are
bound to it by a like obligation of confidentiality) without the express written
permission of IRF.

                14.3    IRF agrees to protect and keep secret confidential
information supplied by ASPENBIO, INC. under the provisions of Article 7
(REPORTS AND RECORD KEEPING), and any information supplied to it by ASPENBIO,
INC. which is identified in writing as confidential, against disclosure to
others with the same degree of care as it exercises with its own data of a
similar nature. IRF may not disclose such information to others (except to its
employees, agents or consultants who are bound to it by a like obligation of
confidentiality) without the express written permission of ASPENBIO, INC.,
unless IRF is otherwise required by law to disclose the information.

                14.4    The obligations of confidentiality provided by 14.1,
14.2 and 14.3 shall not prevent the recipient of confidential information
(RECIPIENT) from using or disclosing any confidential information provided to it
by the other party (DISCLOSER) which:

                                       14
<PAGE>

                        (a)     Is or becomes generally available to the public
        through no fault of RECIPIENT or its employees, consultants, agents,
        subcontractors or subsidiaries to whom DISCLOSER has released same;

                        (b)     Is published or disclosed by DISCLOSER, its
        employees or agents to the general public (including but not limited to,
        publication in trade or academic journals, or presentation at a trade or
        academic seminar, meeting, or similar events open to the general
        academic or trade community);

                        (c)     Is disclosed to RECIPIENT by a third party
        having the lawful right to disclose same, without obligation of
        confidentiality to DISCLOSER, its consultants or agents;

                        (d)     Is disclosed by RECIPIENT to a government agency
        with which RECIPIENT is unable to lawfully secure an obligation of
        confidentiality, to comply with statutory requirements for market
        approval, clinical trials, or certification of Licensed Technology;

                        (e)     Is approved for release in writing by DISCLOSER,
        and then only to the extent such written approval is granted; or

                        (f)     Which RECIPIENT can demonstrate was already
        known to it, or was independently developed by employees of RECIPIENT
        having no access to the confidential information.

                14.5    The obligations of confidentiality with respect to
information shall remain in effect until five (5) years after the termination of
this Agreement.

                       15. NON-USE OF NAMES AND TRADEMARKS

                15.1    No party to this Agreement shall, without express
written consent, use any name, trade name, trademark, or other designation of
any other party hereto (including contraction,

                                       15
<PAGE>

abbreviation or simulation of any of the foregoing) in advertising, publicity,
or other promotional activities. Unless required by law, ASPENBIO, INC. shall
not use the names of the Idaho Research Foundation, the University of Idaho or
any of its employees, nor any adaptation thereof, in any advertising,
promotional or sales literature without prior written consent obtained from IRF
or the University of Idaho.

                15.2    The parties hereto agree that the terms and conditions
of this Agreement shall be held in confidence except as required by or for
applicable disclosure laws, financing sources, enforcement of the Agreement,
mergers and acquisitions, or as otherwise mutually agreed by the Parties, and
such agreement shall not be withheld unreasonably.

                15.3    It is understood that IRF shall be free to release in
confidence, to the inventors and senior administrative officials of the
University of Idaho, the terms and conditions of this Agreement upon their
request. It is further understood that should a third party inquire whether a
license to IRF Patent Rights is available, IRF may disclose the existence of
this Agreement and the extent of the grant in Article 2 to such third party, but
shall not disclose the name of ASPENBIO, INC. except where required by law.

                              16. LIMITED WARRANTY

                16.1    IRF warrants to ASPENBIO, INC. that (i) IRF has the
lawful right to grant the licenses granted herein, (ii) IRF has obtained from
the Inventors and the University of Idaho all rights necessary to grant to
ASPENBIO, INC. the licenses granted herein, (iii) none of IRF, the Inventors or
the University of Idaho has granted or will grant any rights to any third person
in the IRF Patent Rights or the Invention that would infringe or limit the
licenses granted to ASPENBIO, INC. herein; and (iv) to the best knowledge of
IRF, the IRF Patent Rights and the Invention do not infringe any patent or other
property rights of any third party.

                                       16
<PAGE>

                16.2    EXCEPT AS PROVIDED IN 16.1 HEREOF OR OTHERWISE EXPRESSLY
SET FORTH IN THIS AGREEMENT, IRF MAKES NO REPRESENTATIONS AND EXTENDS NO
WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO:
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF
PATENT RIGHTS CLAIMS ISSUED OR PENDING, COPYRIGHTS, TRADEMARKS AND OTHER RIGHTS.

                16.3    IN NO EVENT WILL THE IRF OR ASPENBIO, INC. BE LIABLE FOR
ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS
LICENSE OR THE USE OF LICENSED TECHNOLOGY.

                16.4    Except as provided in 16.1 hereof, nothing in this
Agreement shall be construed as: a) a warranty or representation by IRF as to
the validity or scope of any IRF Patent Rights; b) a warranty that anything
made, used, sold or otherwise disposed of under any license granted in this
Agreement is or will be free from infringement of patents, copyrights,
trademarks or other property rights of third parties; c) an obligation to bring
or prosecute actions or suits against third parties for infringement, except as
provided in Article 13 hereof; d) granting by implication, estoppel or otherwise
any licenses under patents of the IRF other than those comprised within IRF
Patent Rights of Paragraph 1.1, regardless of whether such patents are dominant
or subordinate to the patents comprised within said IRF Patent Rights; or e)
granting by implication, estoppel or otherwise any licenses under tangible
property of IRF or the University of Idaho.

                               17. INDEMNIFICATION

                17.     ASPENBIO, INC. agrees to indemnify, hold harmless and
defend IRF and the University of Idaho, its officers, employees, and agents and
the inventors of the patents and patent applications in IRF Patent Rights from
and against any and all liability, claims, suits, losses,

                                       17
<PAGE>

damages, costs, fees, and expenses arising out of the exercise of the licenses
granted herein. This indemnification will include, but not be limited to, any
process liability.

                17.2    IRF agrees to indemnify, hold harmless and defend
ASPENBIO, INC., its officers, directors, shareholders, employees, and agents
from and against any and all liability, claims, suits, losses, damages, costs,
fees, and expenses arising out of any breach of the representation, warranties
or covenants of IRF set forth in this Agreement.

                                18. ASSIGNABILITY

                18.1    This Agreement is assignable only with the express
written consent of IRF, which consent shall not be unreasonably withheld, except
that upon ten (10) days prior written notice to IRF by ASPENBIO, INC., this
Agreement may be assignable by ASPENBIO, INC. to any affiliate of ASPENBIO,
INC.'S or to any third party acquiring all or substantially all of the business
of ASPENBIO, INC. or all of that portion of the business of ASPENBIO, INC. where
it utilizes the licenses granted to it herein without the consent of IRF. IRF
may assign its rights under this Agreement upon ten (10) days prior written
notice to ASPENBIO, INC. Any assignee of this Agreement shall accept and assume
the terms hereof in writing.

                             19. DISPUTE RESOLUTION

                19.1    The parties shall endeavor to resolve any and all
claims, disputes or controversies arising under, out of, or in connection with
this Agreement, including any dispute relating to patent validity or
infringement, through good faith negotiations between the parties.

                19.2    Notwithstanding the foregoing, nothing in this Article
shall be construed to waive any rights or timely performance of any obligations
by either party existing under this Agreement.

                                       18
<PAGE>

                 20. PAYMENTS, NOTICES AND OTHER COMMUNICATIONS

                20.1    Any payment, notice or other communication pursuant to
this Agreement shall be in writing, and shall be sufficiently made or given on
the date of mailing if sent to such party by certified first class mail, postage
prepaid, addressed to it at its address below or as it shall designate by
written notice given to the other parties hereto:

                In the Case of IRF:

                        Director of Technology Licensing
                        Idaho Research Foundation
                        Morrill Hall 103
                        P.O. Box 443003
                        University of Idaho
                        Moscow, Idaho 83844-3003

                In the Case of ASPENBIO, INC.:

                        President, AspenBio Inc.
                        8100 Southpark Way, B-1
                        Littleton, CO 80120

                          21. MISCELLANEOUS PROVISIONS

                21.1    The headings of the several sections are inserted for
convenience of reference only and are not intended to be a part of or to affect
the meaning or interpretation of this Agreement.

                21.2    This Agreement will not be binding upon the parties
until it has been signed below on behalf of each party, in which event, it shall
be effective as of the date recited on page one.

                21.3    The parties hereto acknowledge that this Agreement sets
forth the entire Agreement and understanding of the parties hereto as to the
subject matter hereof, and shall not be subject to any change or modification
except by the execution of a written instrument subscribed to by the parties
hereto.

                                       19
<PAGE>

                21.4    This Agreement shall be construed, governed, interpreted
and applied in accordance with the laws of the State of Idaho, U.S.A., except
that questions affecting the construction and effect of any patent shall be
determined by the law of the country in which the patent was granted.

                21.5    The provisions of this Agreement are severable, and in
the event that any provisions of this Agreement shall be determined to be
invalid or unenforceable under any controlling body of the law, such invalidity
or unenforceability shall not in any way affect the validity or enforceability
of the remaining provisions hereof.

                21.6    The failure of either party to assert a right hereunder
or to insist upon compliance with any term or condition of this Agreement shall
not constitute a waiver of that right or excuse a similar subsequent failure to
perform any such term or condition by the other party.

                21.7    In the event of a failure of performance due under the
terms of this Agreement and if it becomes necessary for either party to
undertake legal action against the other on account thereof, then the prevailing
party shall be entitled to reasonable attorney's fees in addition to costs and
necessary disbursements.

                21.8    The parties to this Agreement shall be excused from any
performance required hereunder if such performance is rendered impossible or
unfeasible due to any catastrophes or other major events beyond their reasonable
control, including, without limitation, war, riot, and insurrection; laws,
proclamations, edicts, ordinances or regulations; strikes, lock-outs or other
serious labor disputes; and floods, fires, explosions; earthquakes or other
natural disasters. When such events have abated, the parties' respective
obligations hereunder shall resume.

                21.9    This Agreement includes Exhibits A and B which are
attached hereto.

                                       20
<PAGE>

                IN WITNESS WHEREOF, IRF and ASPENBIO, INC. have executed this
Agreement, in duplicate originals, by their respective officers hereunto duly
authorized, on the day and year hereinafter written.

       ASPENBIO, INC.                       IDAHO RESEARCH FOUNDATION

By:    /s/ Roger Hurst                      By     Ronald J. Satterfield
   -----------------------------              ----------------------------------
       (Signature)                                 (Signature)

Name:  Roger Hurst                          Name:  Ronald J. Satterfield
     ---------------------------
       (Please Print)

Title: President                            Title: Director of Technology
      --------------------------                          Licensing
       (Please Print)

Date:  9/26/01                              Date   9/27/01
     ---------------------------                --------------------------------

                                       21

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