Document:

EXHIBIT 10.25
                                                                   -------------

                          OPTION AND LOCK-UP AGREEMENT

     THIS  OPTION AND  LOCK-UP  AGREEMENT  (the  "Agreement")  is  entered  into
effective as of June 9, 2003,  by and between MCL Trust (the  "Shareholder"),  a
shareholder of AspenBio,  Inc., a Colorado corporation (the "Company"),  and the
Company;

     WHEREAS,  Shareholder  beneficially  owns (within the meaning of Rule 13d-3
under the  Securities  Exchange  Act of 1934,  as amended)  1,085,060  shares of
common stock, no par value per share of the Company (the "Common Stock");

     WHEREAS,   Shareholder   understands  that  the  Company  needs  additional
financing and believes that the grant of an option to purchase substantially all
of the Shareholder's  shares will improve the Company's  prospects for obtaining
additional financing;

     WHEREAS, for valuable  consideration,  the receipt and sufficiency of which
is hereby acknowledged, the Shareholder has agreed to enter into this Agreement.

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

     1. Option to Purchase the Shares.
     ---------------------------------

     The  Shareholder  grants  to the  Company  the  option ( the  "Option")  to
purchase  from the  Shareholder  at any time  commencing  on the date hereof and
continuing  through  September 30, 2003 ( the "Termination  Date") up to 500,000
shares of Common Stock owned by  Shareholder  (the "Shares") at a purchase price
of $0.20 per Share.  The Company may exercise  the Option at any time,  and from
time to time,  prior to the Termination  Date,  upon notice to the  Shareholder.
Payment shall be made by check or wire transfer to the Shareholder upon transfer
of the Shares.

     2. Lock-up on Transfer of Shares.
     ---------------------------------

          (a) The Shareholder agrees not, directly or indirectly, to sell, offer
     to sell,  contract  to  sell,  assign,  pledge,  hypothecate,  encumber  or
     otherwise transfer, or enter into any contract, option or other arrangement
     or  understanding  with  respect to the sale,  assignment,  pledge or other
     disposition of (collectively, "Transfer") any rights with respect to any of
     the  Shares,  for a period  commencing  on the date  hereof and  continuing
     through the Termination Date, except as expressly provided herein.

          (b) The  Shareholder  also  agrees not to  Transfer  any  rights  with
     respect to 526,554 shares of the Common Stock  currently  owned directly by
     the Shareholder  for a period  commencing on the date hereof and continuing
     through  September  30, 2004 (the  "Lock-Up  Period")  except as  expressly
     provided  herein.  The foregoing  restriction has been expressly  agreed to
     preclude  Shareholder  from  engaging in any  hedging or other  transaction
     during the Lock-Up  Period that is  designed to or  reasonably  expected to
     lead to or  result in a  Transfer  of the  Common  Stock.  Such  prohibited
     hedging or other transaction would include,  without limitation,  any short

<PAGE>

     sale (whether or not against the box) or any purchase, sale or grant of any
     right (including,  without limitation, any put or call option) with respect
     to the  Common  Stock  or  with  respect  to  any  security  (other  than a
     broad-based  market basket or index) that  includes,  relates to or derives
     any significant part of its value from the Common Stock.

          (c) The  Shareholder  also  agrees and  consents  to the entry of stop
     transfer  instructions  with  the  Company's  Transfer  Agent  against  the
     Transfer of Common Stock held by Shareholder  except in compliance with the
     terms and conditions of this Agreement.

          (d) The  restrictions  contained  in this  Agreement  shall  apply  to
     Shareholder  with respect to any and all  Transfers of any of the Company's
     Common  Stock with the  exception  of that  Common  Stock  acquired  by the
     Shareholder  on  the  open  market.  In  the  event  any  Common  Stock  of
     Shareholder is subject to any  involuntary  transfer,  whether by reason of
     death,  bankruptcy or divorce  proceedings or otherwise,  the transferee of
     such Common Stock shall take such Common Stock  subject to this  Agreement.
     Any purported  transfer of any Common Stock of  Shareholder  that is not in
     accordance  with  this  Agreement  shall be null and  void,  and  shall not
     operate to transfer  any right,  title or interest in such Common  Stock to
     the purported transferee. The Shareholder agrees that the Company shall not
     cause or permit the transfer of any Common Stock of  Shareholder to be made
     on its books unless the transfer is  permitted  by this  Agreement  and has
     been made in accordance with its terms.

          (e) At such time as the closing price of the Common Stock (OTCBB:APNB)
     on the OTC Bulletin Board, or such other market as the Common Stock is then
     publicly traded,  equals or exceeds each price target (the "Gateway Price")
     set forth on Schedule A hereto for a period of twenty  consecutive  trading
     days subsequent to the Termination  Date, the  corresponding  percentage of
     Common Stock (the "Release  Percentage") set forth on Schedule A multiplied
     by the total number of shares of Common Stock (the "Total Number")  subject
     to this Agreement shall be released from the restrictions in this Agreement
     for so long as the price of the Common Stock  remains  equal to, or exceeds
     such Gateway Price. It is understood by Shareholder that no Shares shall be
     released pursuant to this Section 2(e) that are subject to the Option prior
     to the Termination Date. Any sale of Common Stock so released shall require
     duplicate  confirmation  (by  Shareholder's  broker and the Company) to the
     effect that it was consummated at or above the relevant Gateway Price.

          (f) In the event that Catherine  Landmann is involuntarily  terminated
     from the Company for any reason,  the lock-up  period and this agreement is
     null and void.  The remaining  stock is free to trade on the market without
     restriction.

     3. Representations, Warranties and Covenants of the Shareholder.
     ----------------------------------------------------------------

     Shareholder represents and warrants to, and agrees with, the Company that:

          (a) this Agreement has been duly executed and delivered by Shareholder
     and constitutes a valid and binding  obligation of Shareholder  enforceable
     in accordance with its terms;

                                        2
<PAGE>

          (b) neither the  execution  and  delivery  of this  Agreement  nor the
     consummation  of the  transactions  contemplated  hereby will result in any
     breach or violation  of, be in conflict  with or constitute a default under
     any  agreement or instrument  to which  Shareholder  is a party or by which
     Shareholder may be affected or is bound;

          (c) Shareholder is not subject to or obligated under any provisions of
     any law, regulation,  order,  judgment or decree which would be breached or
     violated by the  execution,  delivery and  performance of this Agreement by
     Shareholder and the consummation of the transactions  contemplated  hereby;
     and

          (d) Shareholder is now, and will be at all times up to the Termination
     Date, the record and  beneficial  owner of the Shares which at such time is
     subject to Transfer  restrictions  pursuant to the terms  hereof,  free and
     clear of any pledge,  lien,  security interest,  mortgage,  charge,  claim,
     equity,  option,  proxy,  voting  restriction,   right  of  first  refusal,
     limitation on disposition, adverse claim of ownership or use or encumbrance
     of any kind, other than pursuant to this Agreement.

     4. Miscellaneous.
     -----------------

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

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

         If to Shareholder:

         MCL Trust
         ====================

         Fax:  ________________

         If to the Company:

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

                                        3
<PAGE>

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

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

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

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

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

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

          (i) Complete Agreement. This Agreement contains the complete agreement
     between  the  parties  hereto  and  supersedes  any  prior  understandings,
     agreements or representations  by or between the parties,  written or oral,
     which may have related to the subject matter hereof in any way.

                                        4
<PAGE>

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

ASPENBIO, INC.

By:  /s/ Roger D. Hurst                            /s/ Cathy Landmann
    ---------------------------                     ----------------------------
Name:   Roger D. Hurst                             Cathy Landmann, Title
Title:  President

/s/ Mark Landmann
---------------------------
Mark Landmann, Title
]
                                        5EXHIBIT 10.26
                                                                   -------------

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

                                 PROMISSORY NOTE

$956,759.68                                                 Date:  June 12, 2003

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

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

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

                                   ASPENBIO, INC.

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

<PAGE>

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

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

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

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

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

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

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

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