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                                                                    EXHIBIT 10.2

                            INVESTOR RIGHTS AGREEMENT

            THIS INVESTOR RIGHTS AGREEMENT (the "Agreement") is entered into
this 28th day of December, 2001, by and between AspenBio, Inc., a Colorado
corporation (the "Company") and Cambridge Holdings, Ltd., a Colorado corporation
(the "Purchaser").

                                    RECITALS

      A. On the date hereof, the Company and the Purchaser entered into a
Securities Purchase Agreement (the "Purchase Agreement"), pursuant to which
Purchaser acquired, and agreed to acquire, certain securities of the Company as
described in the Purchase Agreement. All capitalized terms used in this
Agreement shall have the same meanings as ascribed to such terms in the Purchase
Agreement.

      B. Section 2.2 of the Purchase Agreement provides that the Parties enter
into this Agreement to provide rights for the Purchaser.

      C. This Agreement is being executed and delivered at the Closing in
connection with provision for payment of the purchase price under the Purchase
Agreement.

                             STATEMENT OF AGREEMENT

      NOW THEREFORE, in consideration of the premises and of the respective
covenants and provisions herein contained, and intending to be legally bound
hereby, the Parties agree as follows:

1.    Certain Definitions.

      As used in this Agreement, the following terms shall have the meanings
ascribed to them below:

      "Affiliate" means (i) with respect to any Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person or (ii) with respect to any
individual, the spouse, child, step-child, grandchild, niece, nephew or parent
of such Person, or the spouse thereof.

      "Common Stock" means the Common Stock of the Company and any equity
securities issued or issuable with respect to the Common Stock in connection
with a reclassification, recapitalization, merger, consolidation or other
reorganization.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended.

      "Holder" means any Person owning of record Registrable Securities that
have not been sold to the public.
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      "Person" means any individual, corporation, limited liability company,
limited or general partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivisions thereof.

      "Registrable Securities" means any (i) of the Shares purchased pursuant to
the Purchase Agreement, (ii) shares of Common Stock issuable or issued upon
exercise of the Warrants and, (iii) any other shares of Common Stock issued or
issuable, directly or indirectly, with respect to the Common Stock referenced in
clauses (i) or (ii) or by way of stock dividend, stock split or combination of
shares. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when (a) a registration statement filed pursuant to
a Demand Registration Request (as defined in Section 2.2 herein) or a Form S-3
Registration (as defined in Section 2.4 herein) with respect to such securities
shall have been declared effective under the Securities Act and the Company has
materially complied with Section 2.3(b) herein, or (b) such securities shall
have been disposed of in accordance with a registration described in Section 2.1
herein ("Piggyback Registration"), or (c) such securities shall have been sold
pursuant to Rule 144 (or any successor provision) under the Securities Act, or
(d) such securities are eligible for sale under Rule 144(k) (or any successor
provision) under the Securities Act. Provided, however, that Registrable
Securities which otherwise would cease to be considered Registrable Securities
as a result of item (a) above shall remain Registrable Securities solely for the
purposes of Section 2.1 herein.

      "SEC" means the United States Securities and Exchange Commission.

      "Securities Act" means the Securities Act of 1933, as amended.

2.    Registration Rights.

            2.1 Piggyback Registrations.

                  (a) Piggyback Registrations. If, at any time prior to June 30,
      2007 the Company proposes to register its Common Stock under the
      Securities Act in connection with the public offering of Common Stock
      (other than a registration relating solely to the sale of Common Stock to
      participants in an employee benefit plan or with respect to any corporate
      reorganization or other transaction under Rule 145 of the Securities Act)
      whether or not for its own account, the Company shall give prompt written
      notice of its intention to do so to the Holders. Upon the written request
      of any of the Holders made within 15 days following the receipt of any
      such written notice (which request shall specify the Registrable
      Securities intended to be disposed of by the Holders and the intended
      method of distribution thereof), the Company shall use commercially
      reasonable efforts to cause all such Registrable Securities to be
      registered under the Securities Act (with the securities which the Company
      at the time proposes to register) to permit the sale or other disposition
      by the Holders (in accordance with the intended method of distribution
      thereof) of the Registrable Securities to be so registered.

                  (b) Abandonment or Delay. If, at any time after giving written
      notice of its intention to register its Common Stock and prior to the
      effective date of the

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      registration statement filed in connection with such registration, the
      Company shall determine for any reason not to register or to delay
      registration of its Common Stock, the Company may, at its election, give
      written notice of such determination to all Holders and (i) in the case of
      a determination not to register, shall be relieved of its obligation to
      register any Registrable Securities in connection with such abandoned
      registration, without prejudice, however, to the rights of Holders under
      Section 2.1(a), and (ii) in the case of a determination to delay such
      registration of its Common Stock shall be permitted to delay the
      registration of such Registrable Securities for the same period as the
      delay in registering its Common Stock.

                  (c) Holder's Right to Withdraw. Any Holder shall have the
      right to withdraw its request for inclusion of its Registrable Securities
      in any registration statement pursuant to this Section 2.1 by giving
      written notice to the Company of its request to withdraw.

                  (d) Underwriting Requirements. In connection with any offering
      involving an underwriting of the Common Stock, the Company shall not be
      required under Section 2.1 to include any of the Registrable Securities in
      such underwriting unless the Holders accept the terms of the underwriting
      as agreed upon between the Company and the underwriters selected by it (or
      by other persons entitled to select the underwriters), and then only in
      such quantity as the underwriters determine in their sole discretion will
      not jeopardize the success of the offering by the Company. If the total
      amount of securities, including Registrable Securities, requested by
      persons to be included in such offering exceeds the amount of securities
      that the underwriters determine in their sole discretion is compatible
      with the success of the offering, then the Company shall be required to
      include in the offering only that number of shares of Common Stock,
      including Registrable Securities, which the underwriters determine in
      their discretion will not jeopardize the success of the offering (the
      securities so included to be apportioned pro rata among the Persons
      according to the total amount of securities entitled to be included
      therein owned by each Person or in such proportions as shall mutually be
      agreed to by such Persons. In the event that the underwriters determine
      that the total amount of securities requested to be included in the
      offering exceeds the amount that the underwriters determine is compatible
      with the success of the offering, then the underwriters shall provide
      written notice of such determination to the Holders.

            2.2 Demand Registration.

                  (a) Request for Registration. The Holders shall be entitled to
      one Demand Registration Request as defined herein. Subject to Section
      2.2(c), at any time between September 30, 2002 and June 30, 2006 one or
      more Holders holding at least a majority of the Registrable Securities
      then outstanding shall have the right to require the Company to file a
      registration statement under the Securities Act covering the Registrable

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      Securities, by delivering a written request therefor to the Company
      specifying the Registrable Securities to be included in such registration
      by such Holder(s) and the intended method of distribution thereof. Any
      such request pursuant to this Section 2.2(a) is referred to herein as the
      "Demand Registration Request" and the registration so requested is
      referred to herein as the "Demand Registration".

                  (b) Registration. The Company shall, as expeditiously as
      possible following the Demand Registration Request, use commercially
      reasonable efforts to effect such registration under the Securities Act
      (including, without limitation, by means of a shelf registration pursuant
      to Rule 415 under the Securities Act if so requested and if the Company is
      then eligible to use such a registration) of the Registrable Securities
      which the Company has been so requested to register, for distribution in
      accordance with such intended method of distribution.

                  (c) Limitations on Requested Registration. The rights of
      Holders to request the Demand Registration pursuant to Section 2.2(a) are
      subject to the following limitations: (i) in no event shall the Holders be
      entitled to more than one Demand Registration Request, (ii) if the request
      is made prior to June 20, 2003 and the Board of Directors of the Company
      makes a reasonable good faith determination that the payment of the legal
      and accounting fees and other pertinent expenses incident to the filing
      and prosecution of the registration statement would have a material
      adverse effect on the financial condition of the Company, the Company
      shall not be required to comply with the Demand Registration Request, or
      (iii) if any of the Holders have participated in a Demand Registration or
      a Form S-3 Registration in the twelve-month period preceding the request.
      Provided, however, that the Company shall be required to comply with the
      Demand Registration Request if the Purchaser agrees to pay such expenses.

                  (d) Company Registration. During the period starting with the
      date of filing of, and ending on a date 180 days after the effective date
      of, a registration subject to Section 2.1 hereof, the Company shall not be
      obligated to effect, or take any action to effect, any registration
      pursuant to this Section 2.2; provided that the Company is actively
      employing good faith and commercially reasonable efforts to cause such
      registration statement to become effective. In the event that the Company
      determines not to pursue a registration or to withdraw a registration that
      has been filed, notice of such action will be provided promptly by the
      Company to the Holders.

                  (e) Underwriting Requirements. If the Holders intend to
      distribute the Registrable Securities by means of an underwriting, they
      shall so advise the Company as a part of their request made pursuant to
      Section 2.2(a). The underwriter will be selected by the Company and shall
      be reasonably acceptable to the Holders. In such event, the right of the
      Holder to include its Registrable Securities in such registration shall be
      conditioned upon the Holder's participation in such underwriting and the
      inclusion of such Holder's Registrable Securities in the underwriting to
      the extent provided herein. All Holders proposing to distribute their
      Common Stock through such underwriting shall (together with the Company as
      provided in Section 3) enter into an underwriting agreement in customary
      form with the underwriter or underwriters selected for such

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      underwriting. Notwithstanding any other provisions of this Section 2.2, if
      the underwriter advises the Holders in writing that marketing factors
      require a limitation of the number of shares to be underwritten, then the
      number of shares of Registrable Securities and other securities that may
      be included in the underwriting shall be allocated among all Holders and
      other Persons whose Common Stock of the Company the Company has agreed may
      be included in the offering (collectively, the "Selling Shareholders") in
      proportion (as nearly practicable) to the amount of Common Stock of the
      Company owned by the Holders and the other Selling Shareholders. In the
      event that notice is received from the underwriter that the number of
      shares to be underwritten should be limited, and the number of shares of
      Registrable Securities included in the offering is less than a majority of
      the Registrable Securities, then the offering shall not be deemed to be
      the Demand Registration Request.

            2.3 Registration Procedures. If and whenever the Company is required
by the provisions of this Agreement to use commercially reasonable efforts to
effect or cause the registration of any Registrable Securities under the
Securities Act as provided in this Agreement, the Company shall, as
expeditiously as possible:

                  (a) prepare and file with the SEC a registration statement on
      an appropriate registration form of the SEC for the disposition of such
      Registrable Securities in accordance with the intended method of
      disposition thereof, which form (i) shall be selected by the Company and
      (ii) shall, in the case of a shelf registration, be available for the sale
      of the Registrable Securities by the Holders and such registration
      statement shall comply as to form in all material respects with the
      requirements of the applicable form and include all financial statements
      required by the SEC to be filed therewith, and the Company shall use its
      best efforts to cause such registration statement to become effective
      (provided, however, that before filing a registration statement or
      prospectus or any amendments or supplements thereto, or comparable
      statements under securities or blue sky laws of any jurisdiction, the
      Company will furnish to one counsel for the Holders participating in the
      planned offering and the underwriters, if any, copies of all such
      documents proposed to be filed (including all exhibits thereto), which
      documents will be subject to the reasonable review and reasonable comment
      of such counsel, and the Company shall not file any registration statement
      or amendment thereto or any prospectus or supplement thereto to which the
      underwriters, if any, shall reasonably object in writing);

                  (b) prepare and file with the SEC such amendments and
      supplements to such registration statement and the prospectus used in
      connection therewith as may be necessary to keep such registration
      statement effective for such period (which shall not be required to exceed
      180 days in the case of a Demand Registration and shall not exceed 90 days
      for all other registrations unless mutually agreed to in writing by the
      parties) as any seller of Registrable Securities pursuant to such
      registration statement shall request and to comply with the provisions of
      the Securities Act with respect to the sale or other disposition of all
      Registrable Securities covered by such registration statement in
      accordance with the intended methods of disposition by the seller or
      sellers thereof set forth in such registration statement;

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                  (c) furnish, without charge, to each seller of such
      Registrable Securities and each underwriter, if any, of the securities
      covered by such registration statement such number of copies of such
      registration statement, each amendment and supplement thereto (in each
      case including all exhibits), and the prospectus included in such
      registration statement (including each preliminary prospectus) in
      conformity with the requirements of the Securities Act, and other
      documents, as such seller and underwriter may reasonably request in order
      to facilitate the public sale or other disposition of the Registrable
      Securities owned by such seller (the Company hereby consenting to the use
      in accordance with applicable law of each such registration statement (or
      amendment or post-effective amendment thereto) and each such prospectus
      (or preliminary prospectus or supplement thereto) by each such seller of
      Registrable Securities and the underwriters, if any, in connection with
      the offering and sale of the Registrable Securities covered by such
      registration statement or prospectus);

                  (d) use its best efforts to register or qualify the
      Registrable Securities covered by such registration statement under such
      other securities or "blue sky" laws of such jurisdictions as any sellers
      of Registrable Securities or any managing underwriter, if any, shall
      reasonably request in writing, and do any and all other acts and things
      which may be reasonably necessary or advisable to enable such sellers or
      underwriter, if any, to consummate the disposition of the Registrable
      Securities in such jurisdictions, except that in no event shall the
      Company be required to qualify to do business as a foreign corporation in
      any jurisdiction where it would not, but for the requirements of this
      paragraph (d), be required to be so qualified, to subject itself to
      taxation in any such jurisdiction or to consent to general service of
      process in any such jurisdiction;

                  (e) promptly notify each Holder selling Registrable Securities
      covered by such registration statement and each managing underwriter, if
      any: (i) when the registration statement, any pre-effective amendment, the
      prospectus or any prospectus supplement related thereto or post-effective
      amendment to the registration statement has been filed and, with respect
      to the registration statement or any post-effective amendment, when the
      same has become effective; (ii) of any request by the SEC or state
      securities authority for amendments or supplements to the registration
      statement or the prospectus related thereto or for additional information;
      (iii) of the issuance by the SEC of any stop order suspending the
      effectiveness of the registration statement or the initiation of any
      proceedings for that purpose; (iv) of the receipt by the Company of any
      notification with respect to the suspension of the qualification of any
      Registrable Securities for sale under the securities or blue sky laws of
      any jurisdiction or the initiation of any proceeding for such purpose; (v)
      of the existence of any fact of which the Company becomes aware which
      results in the registration statement, the prospectus related thereto or
      any document incorporated therein by reference containing an untrue
      statement of a material fact or omitting to state a material fact required
      to be stated therein or necessary to make any statement therein not
      misleading; and (vi) if at any time the representations and warranties
      contemplated by Section 3 below cease to be true and correct in all
      material respects, and, if the notification relates to an event described
      in clause (v), the Company shall promptly prepare and furnish to each such
      seller and each underwriter, if any, a reasonable number of copies of a
      prospectus supplemented or amended so that, as

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      thereafter delivered to the purchasers of such Registrable Securities,
      such prospectus shall not include an untrue statement of a material fact
      or omit to state a material fact required to be stated therein or
      necessary to make the statements therein in the light of the circumstances
      under which they were made not misleading;

                  (f) enter into such customary agreements (including, if
      applicable, an underwriting agreement) and take such other actions as the
      Holders participating in such offering shall reasonably request in order
      to expedite or facilitate the disposition of such Registrable Securities.
      The Holders of the Registrable Securities which are to be distributed by
      such underwriters shall be parties to such underwriting agreement and may,
      at their option, require that the Company make to and for the benefit of
      such Holders the representations, warranties and covenants of the Company
      which are being made to and for the benefit of such underwriters and which
      are of the type customarily provided in secondary offerings;

                  (g) if an opinion from the Company's counsel is delivered to
      any underwriters in the offering, the Company shall furnish to the Holders
      of Registrable Securities participating in the offering, a copy of such
      opinion and letter addressed to such Holders;

                  (h) delivery promptly to the Holders of Registrable Securities
      participating in the offering and each underwriter, if any, copies of all
      correspondence between the Commission and the Company, its counsel or
      auditors and any memoranda relating to discussions with the Commission or
      its staff with respect to the registration statement, other than those
      portions of any such memoranda which contain information subject to
      attorney-client privilege with respect to the Company, and, upon receipt
      of such confidentiality agreements as the Company may reasonably request,
      make reasonably available for inspection by any seller of such Registrable
      Securities covered by such registration statement, by any underwriter, if
      any, participating in any disposition to be effected pursuant to such
      registration statement and by any attorney, accountant or other agent
      retained by any such seller or any such underwriter, all pertinent
      financial and other records, pertinent corporate documents and properties
      of the Company, and cause all of the Company's officers, directors and
      employees to supply all information reasonably requested by any such
      seller, underwriter, attorney, accountant or agent in connection with such
      registration statement provided the recipient of such information seeks
      such information in good faith and for a proper purpose;

                  (i) make reasonably available its employees and personnel and
      otherwise provide reasonable assistance to the underwriters (taking into
      account the needs to the Company's businesses and the requirements of the
      marketing process) in the marketing of Registrable Securities in any
      underwritten offering;

                  (j) cooperate with the Holders of Registrable Securities and
      the managing underwriters, if any, to facilitate the timely preparation
      and delivery of certificates not bearing any restrictive legends
      representing the Registrable Securities to be sold, and cause such
      Registrable Securities to be issued in such denominations and

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      registered in such names in accordance with the underwriting agreement
      prior to any sale of Registrable Securities to the underwriters or, if not
      an underwritten offering, in accordance with the instructions of the
      selling holders of the Registrable Securities at least three business days
      prior to any sale of Registrable Securities; and

                  (k) take all such other commercially reasonable actions as are
      necessary or advisable in order to expedite or facilitate the disposition
      of such Registrable Securities.

            2.4 Form S-3 Registration. At any time between September 30, 2003
and June 30, 2006, in case the Company shall receive from one or more Holders
holding at least a majority of the Registrable Securities then outstanding a
written request that the Company effect a registration on Form S-3 and any
related qualification or compliance with respect to all or part of the
Registrable Securities owned by such Holder or Holders, the Company will:

                  (a) promptly give written notice of the proposed registration,
      and any related qualification or compliance, to all other Holders of
      Registrable Securities; and

                  (b) as soon as practicable, effect such registration and all
      such qualifications and compliances made as to permit or facilitate the
      sale and distribution of all or such portion of such Holder's or Holders'
      Registrable Securities as are specified in such request, together will all
      such portion of the Registrable Securities of any other Holder or Holders
      joining in such request as are specified in a written request given within
      15 days after receipt of such written notice from the Company; provided,
      however, that the Company shall not be obligated to effect any such
      registration, qualification or compliance pursuant to this Section 2.4:

                  (i) if Form S-3 is not available for such offering by the
            Holders, or

                  (ii) if the Holders together with the holders of any other
            securities of the Company entitled to inclusion in such
            registration, propose to sell Registrable Securities and such other
            securities (if any) at an aggregate price to the public of less than
            $500,000.

                  (iii) if any of the Holders have participated in a Demand
            Registration, a Form S-3 Registration or a Piggyback Registration
            within the twelve-month period preceding the request.

            2.5 Registration Expenses.

                  (a) "Expenses" shall mean any and all fees and expenses
      incident to the Company's performance of or compliance with this Article
      2, including, without limitation: (i) SEC, stock exchange or NASD
      registration, listing and filing fees and all listing fees and fees with
      respect to the including of securities in NASDAQ, (ii) fees and expenses
      of compliance with state securities or "blue sky" laws and in connection
      with the preparation of a "blue sky" survey, including without limitation,
      reasonable fees and expenses of blue sky counsel, (iii) printing and
      copying expenses, (iv) messenger and

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      delivery expenses, (v) fees and disbursements of counsel for the Company,
      (vi) fees and disbursements of all independent public accountants
      (including the expenses of any audit and/or "cold comfort" letter) and
      fees and expenses of other persons, including special experts, retained by
      the Company, and (vii) any other fees and disbursements of underwriters,
      if any, customarily paid by issuers or sellers of securities
      (collectively, "Expenses").

                  (b) The Company shall pay all Expenses with respect to any
      Demand Registration, whether or not it becomes effective or remains
      effective for the period contemplated by Section 2.3(b), and with respect
      to any registration effected under Section 2.1 or Section 2.4.

                  (c) Notwithstanding the foregoing, (x) the provisions of this
      Section 2.5 shall be deemed amended to the extent necessary to cause these
      expense provisions to comply with "blue sky" laws of each state in which
      the offering is made and (y) in connection with any registration
      hereunder, each Holder of Registrable Securities being registered shall
      pay all underwriting discounts and commissions and any transfer taxes, if
      any, attributable to the sale of such Registrable Securities, pro rata
      with respect to payments of discounts and commissions in accordance with
      the number of shares sold in the offering by such Holder, and (z) the
      Company shall, in the case of all registrations under this Article 2, be
      responsible for all its internal expenses (including, without limitation,
      all salaries and expenses of its officers and employees performing legal
      or accounting duties).

            2.6 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2 with
respect to the Registrable Securities of any Holder that such Holder shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities.

            2.7 Indemnification.

                  (a) In the event of any registration of any securities of the
      Company under the Securities Act pursuant to this Article 2, the Company
      will, and hereby does, indemnify and hold harmless, to the fullest extent
      permitted by law, each Holder of Registrable Securities, its directors,
      officers and representatives, and each other person, if any, who controls
      such Holder within the meaning of the Securities Act, against any and all
      losses, claims, damages or liabilities, joint or several, actions or
      proceedings (whether commenced or threatened) in respect thereof
      ("Claims") and expenses (including reasonable fees of counsel and any
      amounts paid in any settlement effected with the Company's consent, which
      consent shall not be unreasonably withheld or delayed) to which each such
      indemnified party may become subject under the Securities Act or
      otherwise, insofar as such Claims or expenses arise out of or are based
      upon (i) any untrue statement or alleged untrue statement of a material
      fact contained in any registration statement under which such securities
      were registered under the Securities

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      Act, together with the documents incorporated by reference therein, or the
      omission or alleged omission to state therein a material fact required to
      be stated therein or necessary to make the statements therein not
      misleading, or (ii) any untrue statement or alleged untrue statement of a
      material fact contained in any preliminary, final or summary prospectus or
      any amendment or supplement thereto, together with the documents
      incorporated by reference therein, or the omission or alleged omission to
      state therein a material fact required to be stated therein or necessary
      in order to make the statements therein, in the light of the circumstances
      under which they were made, not misleading; provided, however, that the
      Company shall not be liable to any such indemnified party in any such case
      to the extent such Claim or expense arises out of or is based upon any
      untrue statement or alleged untrue statement of a material fact or
      omission or alleged omission of a material fact in such registration
      statement or amendment thereof or supplement thereto or in any such
      prospectus or any preliminary, final or summary prospectus in reliance
      upon and in conformity with written information furnished to the Company
      by or on behalf of such indemnified party specifically for use therein.
      Such indemnity and reimbursement of expenses shall remain in full force
      and effect regardless of any investigation made by or on behalf of such
      indemnified party and shall survive the transfer of such securities by
      such seller.

                  (b) In the event of any registration of any securities of the
      Company under the Securities Act pursuant to this Article 2, the Holders
      of Registrable Securities will, and hereby indemnify and hold harmless, to
      the fullest extent permitted by law, the Company, its shareholders,
      directors, officers, agents and representatives, and each other person, if
      any, who controls the Company within the meaning of the Securities Act,
      against any and all losses, claims, damages or liabilities, joint or
      several, actions or proceedings (whether commenced or threatened) in
      respect thereof ("Claims") and expenses (including reasonable fees of
      counsel and any amounts paid in any settlement effected with the Holders'
      consent, which consent shall not be unreasonably withheld or delayed) to
      which each such indemnified party may become subject under the Securities
      Act or otherwise, insofar as such Claims or expenses arise out of or are
      based upon (i) any untrue statement or alleged untrue statement of a
      material fact contained in any registration statement under which such
      securities were registered under the Securities Act, together with the
      documents incorporated by reference therein, or the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading, or (ii) any
      untrue statement or alleged untrue statement of a material fact contained
      in any preliminary, final or summary prospectus or any amendment or
      supplement thereto, together with the documents incorporated by reference
      therein, or the omission or alleged omission to state therein a material
      fact required to be stated therein or necessary in order to make the
      statements therein, in the light of the circumstances under which they
      were made, not misleading; provided, however, that the Holders shall not
      be liable to any such indemnified party in any such case to the extent
      such Claim or expense arises out of or is based upon any untrue statement
      or alleged untrue statement of a material fact or omission or alleged
      omission of a material fact in such registration statement or amendment
      thereof or supplement thereto or in any such prospectus or any
      preliminary, final or summary

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      prospectus unless it is contained in the written information furnished to
      the Company by or on behalf of such Holder specifically for use therein;
      provided, further, that the obligation to indemnify will be individual to
      each Holder and will be limited to the amount of proceeds received by such
      Holder from the sale of Registrable Securities pursuant to such
      registration statement.. Such indemnity and reimbursement of expenses
      shall remain in full force and effect regardless of any investigation made
      by or on behalf of such indemnified party and shall survive the transfer
      of such securities by such seller.

                  (c) Any person entitled to indemnification under this
      Agreement shall notify promptly the indemnifying party in writing of the
      commencement of any action or proceeding with respect to which a claim for
      indemnification may be made pursuant to this Section 2.7, but the failure
      of any indemnified party to provide such notice shall not relieve the
      indemnifying party of its obligations under the preceding paragraphs of
      this Section 2.7, except to the extent the indemnifying party is
      materially prejudiced thereby and shall not relieve the indemnifying party
      from any liability which it may have to any indemnified party otherwise
      than under this Section 2. In case any action or proceeding is brought
      against an indemnified party and it shall notify the indemnifying party of
      the commencement thereof, the indemnifying party shall be entitled to
      participate therein and, unless in the reasonable opinion of outside
      counsel to the indemnified party a conflict of interest between such
      indemnified and indemnifying parties may exist in respect of such claim,
      to assume the defense thereof jointly with any other indemnifying party
      similarly noticed, to the extent that it chooses, with counsel reasonably
      satisfactory to such indemnified party, and after notice from the
      indemnifying party to such indemnified party that it so chooses, the
      indemnifying party shall not be liable to such indemnified party for any
      legal or other expenses subsequently incurred by such indemnified party in
      connection with the defense thereof other than reasonable costs of
      investigation; provided, however, that (i) if the indemnifying party fails
      to take reasonable steps necessary to defend diligently the action or
      proceeding within 20 days after receiving notice from such indemnified
      party that the indemnified party believes it has failed to do so; or (ii)
      if such indemnified party who is a defendant in any action or proceeding
      which is also brought against the indemnifying party reasonably shall have
      concluded that there may be one or more legal defenses available to such
      indemnified party which are not available to the indemnifying party; or
      (iii) if representation of both parties by the same counsel is otherwise
      inappropriate under applicable standards of professional conduct, then, in
      any such case, the indemnified party shall have the right to assume or
      continue its own defense as set forth above, and the indemnifying party
      shall be liable for any expenses therefor. No indemnifying party shall,
      without the written consent of the indemnified party, effect the
      settlement or compromise of, or consent to the entry of any judgment with
      respect to, any pending or threatened action or claim in respect of which
      indemnification or contribution may be sought hereunder (whether or not
      the indemnified party is an actual or potential party to such action or
      claim) unless such settlement, compromise or judgment (A) includes an
      unconditional release of the indemnified party from all liability arising
      out of such action or claim and (B) does not include a statement as to or
      an admission of fault, culpability or a failure to act, by or on behalf of
      any indemnified party.

                                      -11-
<PAGE>
                  (d) If for any reason the foregoing indemnity is unavailable
      or is insufficient to hold harmless an indemnified party under Section 2.7
      or each indemnifying party shall contribute to the amount paid or payable
      by such indemnified party as a result of any Claim in such proportion as
      is appropriate to reflect the relative fault of the indemnifying party, on
      the one hand, and the indemnified party, on the other hand, with respect
      to such offering of securities. The relative fault shall be determined by
      reference to, among other things, whether the untrue or alleged untrue
      statement of a material fact or the omission or alleged omission to state
      a material fact relates to information supplied by the indemnifying party
      or the indemnified party and the parties' relative intent, knowledge,
      access to information and opportunity to correct or prevent such untrue
      statement or omission. If, however, the allocation provided in the second
      preceding sentence is not permitted by applicable law, then each
      indemnifying party shall contribute to the amount paid or payable by such
      indemnified party in such proportion as is appropriate to reflect not only
      such relative faults but also the relative benefits of the indemnifying
      party and the indemnified party as well as any other relevant equitable
      considerations. The parties hereto agree that it would not be just and
      equitable if contributions pursuant to this Section 2.7(d) were to be
      determined by pro rata allocation or by any other method of allocation
      which does not take into account the equitable considerations referred to
      in the preceding sentences of this Section 2.7(d). The amount paid or
      payable in respect of any Claim shall be deemed to include any legal or
      other expenses reasonably incurred by such indemnified party in connection
      with investigating or defending any such Claim. No person guilty of
      fraudulent misrepresentation (within the meaning of Section 11(t) of the
      Securities Act) shall be entitled to contribution from any person who was
      not guilty of such fraudulent misrepresentation.

                                      -12-
<PAGE>
      2.8 Underwritten Offerings. If requested by the underwriters for any
underwritten offering by the Holders of Registrable Securities pursuant to a
registration requested under Section 2, the Company shall enter into a customary
underwriting agreement with the underwriters. Such underwriting agreement shall
be reasonably satisfactory in form and substance to the Holders and shall
contain such representations and warranties by, and such other agreements on the
part of, the Company and such other terms as are generally included in the
underwriting agreement of such underwriters, including, without limitations,
indemnities and contribution agreements.

3.    Rule 144 Reporting. With a view of making available to the Holders the
benefits of certain rules and regulations of the SEC which may permit the sale
of the Registrable Securities to the public without registration, the Company
agrees to use its best efforts to:

                  (a) Make a keep public information available, as those terms
      are understood and defined in SEC Rule 144 or any successor rule
      promulgated under the Securities Act, at all times after the effective
      date of the first registration filed by the Company for an offering of its
      securities to the general public;

                  (b) File with the SEC, in a timely manner, all reports and
      other documents required of the Company under the Exchange Act; and

                  (c) So long as Holder owns any Registrable Securities, furnish
      to such Holder forthwith upon request a written statement by the Company
      as to its compliance with the reporting requirements of Rule 144 and of
      the Exchange Act at any time after it has become subject to such reporting
      requirements.

4.    Covenants of the Company. The Company covenants as follows:

      4.1 Board of Directors. The Company shall use its best efforts to have the
Board hold a minimum of three meetings per year. During the period from the date
thereof through June 30, 2003, so long as Purchaser owns a minimum of 250,000
Shares, the Company shall use its best efforts to insure that the Purchaser
shall be entitled to appoint one director to the Board. Unless instructed
otherwise by the Purchaser, the person so entitled to be appointed to the Board
shall be Gregory Pusey.

      4.2 Committees. The Company shall establish and maintain a Compensation
and Audit Committee, each of which shall have no more than three members. Until
at least June 20, 2003, Greg Pusey shall serve as a member of the Compensation
Committee.

      4.3 Expenses of Directors. The Company shall promptly reimburse, in full,
the director of the Company who has been designated by the Purchaser for all of
such director's reasonable out-of-pocket expenses incurred in attending each
meeting of the Board or any Committee thereof and any other reasonable expenses
incurred by such director while acting on the Company's behalf at the request of
the Company.

      4.4 Non-Disclosure and Invention Agreements. The Company shall require all
officers, employees, consultants and advisors now or hereafter employed or
engaged by the

                                      -13-
<PAGE>
Company who have or shall have access to proprietary information relating to the
Company to enter into nondisclosure and development agreements in form and
substance satisfactory to the Company's Board.

      4.5 Insurance. The Company shall at all times maintain in full force and
effect from a financially sound and reputable insurer a director's and officer's
liability insurance policy in the amount of not less $1 million covering any
representative of the Purchaser who is a director of the Company.

      4.6 Size of the Board of Directors. From the date hereof to December 20,
2002, the size of the Company's Board shall not be increased to more than five
members without the Purchaser's approval.

      4.7 Stock Options. From the date hereof until December 20, 2002, the
Company shall restrict stock option or stock award grants to its employees and
consultants to a limit of 900,000 shares at an exercise price of $1.00 or
greater (exclusive of directors) and will not increase the limit without the
Purchaser's approval. It is understood that the Company has recently granted
options purchase up to 200,000 shares of Common Stock at $1.00 per share to its
directors and prior to December 20, 2002, which shall not reduce the 900,000
available options or awards.

5.    General.

      5.1 Amendments and Waivers. This Agreement may be amended, modified,
supplemented or waived only upon the written agreement of the party against whom
enforcement of such amendment, modification, supplement or waiver is sought.

      5.2 Notices. All notices, elections, request, demands or other
communications hereunder shall be in writing and shall be deemed given at the
time delivered personally or by fax or upon receipt if deposited in the United
States mail, certified or registered, return receipt requested, postage prepaid
addressed to the parties as follows (or to such other person or place, written
notice of which any party hereto shall have given to the other):

            (a)   If to the Purchaser:      Cambridge Holdings, Ltd.
                                            106 S. University Boulevard #14
                                            Denver, Colorado  80209
                                            Attention:  Gregory Pusey, President
                                            Telephone:  (303) 722-4008
                                            Facsimile:  (303) 722-4011

                  With a Copy to:           Patton Boggs LLP
                                            1660 Lincoln Street, Suite 1900
                                            Denver, Colorado  80264
                                            Attention:  Robert M. Bearman, Esq.
                                            Telephone:  (303) 894-6169
                                            Facsimile:  (303) 894-9239

                                      -14-
<PAGE>
            (b)   If to Company:            AspenBio, Inc.
                                            8100 Southpark Way, Building B-1
                                            Littleton, Colorado  80120
                                            Attention:  Roger Hurst, President
                                            Telephone:  (303) 794-2000
                                            Facsimile:  (303) 798-8332

                  With a Copy to:           Krendl Krendl Sachnoff & Way PC
                                            370 17th Street, Suite 5350
                                            Denver, Colorado  80202
                                            Telephone:  (303) 629-2600
                                            Facsimile :  (303) 629-2606
                                            Attention:  Cathy S. Krendl, Esq.

      5.3   Miscellaneous.

                  (a) This Agreement shall be binding upon and inure to the
      benefit of and be enforceable by the parties hereto and the respective
      successors, personal representatives and assigns. No Person other than a
      Holder shall be entitled to any benefits under this Agreement, except as
      otherwise expressly provided herein.

                  (b) This Agreement as well as the Securities Purchase
      Agreement (and the Related Agreements referred to therein) between the
      parties of even date (with the documents referred to herein or delivered
      pursuant hereto) embodies the entire agreement and understanding between
      the parties hereto and supersedes all prior agreements and understanding
      relating to the subject matter hereof.

                  (c) This Agreement shall be construed and enforced in
      accordance with and governed by the laws of the State of Colorado without
      giving effect to the conflicts of law principles thereof.

                  (d) The headings in this Agreement are for convenience of
      reference only and shall not limit or otherwise affect the meaning hereof.
      All section references are to this Agreement unless otherwise expressly
      provided.

                  (e) This Agreement may be executed in any number of
      counterparts, each of which shall be an original, but all of which
      together shall constitute one instrument.

                  (f) Any term or provision of this Agreement which is invalid
      or unenforceable in any jurisdiction shall, as to such jurisdiction, be
      ineffective to the extent of such invalidity or unenforceability without
      rendering invalid or unenforceable the remaining terms and provisions of
      this Agreement or affecting the validity or enforceability of any of the
      terms or provisions of this Agreement in any other jurisdiction.

                                      -15-
<PAGE>
                  (g) The parties hereto acknowledge that there would be no
      adequate remedy at law if any party fails to perform any of its
      obligations hereunder, and accordingly agree that each party, in addition
      to any other remedy to which it may be entitled at law or in equity, shall
      be entitled to injunctive relief, including specific performance, to
      enforce such obligations without the posting of any bond, and, if any
      action should be brought in equity to enforce any of the provisions of
      this Agreement, none of the parties hereto shall raise the defense that
      there is an adequate remedy at law.

                  (h) Each party hereto shall do and perform or cause to be done
      and performed all such further acts and things and shall execute and
      deliver all such other agreements, certificates, instruments, and
      documents as any other party hereto reasonably may request in order to
      carry out the intent and accomplish the purposes of this Agreement and the
      consummation of the transactions contemplated hereby.

                            [SIGNATURE PAGE FOLLOWS]

                                      -16-
<PAGE>
            IN WITNESS WHEREOF, the undersigned have executed this Inventory
Rights Agreement as of the date set forth above.

                                            ASPENBIO, INC.

                                            By:_________________________________
                                            Name:_______________________________
                                            Title:______________________________

                                            CAMBRIDGE HOLDINGS, LTD.

                                            By:_________________________________
                                            Name:_______________________________
                                            Title:______________________________

                                      -17-<PAGE>

                                                                    EXHIBIT 10.3

                              CONSULTING AGREEMENT

      This Consulting Agreement (the "Agreement") is entered into effective as
of December 28, 2001, by and between AspenBio, Inc., a Colorado corporation (the
"Company") and Cambridge Holdings, Ltd., a Colorado corporation ("Consultant").

      RECITALS. The Company and Consultant have entered into that certain
Securities Purchase Agreement of even date hereof (the "Purchase Agreement").
Unless otherwise defined herein, capitalized terms used herein shall have the
meanings given such terms in the Purchase Agreement. The Company is desirous of
considering joint venture and other strategic arrangements and of becoming a
reporting company under the provisions of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). The Company would like to
file a registration statement with the SEC as soon as possible, to register for
resale shares held by certain of the Company's shareholders and to distribute to
the Consultant's shareholders the Company's shares acquired by the Consultant
pursuant to the Purchase Agreement. The parties hereto desire that Consultant
act as a consultant for the Company and provide advice and counsel to the
Company pursuant to the terms and conditions hereof. In consideration of these
recitals which are hereby incorporated herein, of the mutual covenants herein
set forth, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

      1. CONSULTING PERIOD. The term of Consultant's engagement under this
Agreement shall begin on the date hereof and shall continue until September 30,
2002, unless (i) the Company earlier becomes a reporting company under the
provisions of Exchange Act at which point this Agreement shall terminate; or
(ii) this Agreement is sooner terminated in accordance with the terms hereof or
by the mutual agreement of the parties hereto (the "Consulting Period").

      2. COMPENSATION.

            (a) As the sole consideration for the services to be provided
hereunder, the Company agrees to deliver to Consultant or to Consultant's
designees as set forth on Schedule 2(a) to this Agreement, the Warrants
described in the Purchase Agreement.

            (b) The Company shall reimburse Consultant solely for the reasonable
and necessary legal expenses and fees incurred by the Consultant in the
performance of Consultant's duties under Section 4(a) herein up to a maximum of
$100,000.

      3. TERMINATION. The Company may terminate the Consulting Period and this
Agreement at any time upon five (5) days prior written notice to Consultant for
any of the following reasons: (a) the failure of the Company to become a
reporting company under the provisions of the Exchange Act by September 30,
2002; (b) Consultant's willful failure or refusal to perform adequately the
duties as required by this Agreement after notice and an opportunity to cure;
(c) Consultant's appropriation (or attempted appropriation) of a business
opportunity of the Company; (d) any actions undertaken in competition with, or
for the purpose of aiding a competitor of the Company; or (e) any other material
breach of any material covenant of this Agreement by Consultant. In the event
that the Company fails to become a reporting company under the provisions of the
Exchange Act by September 30, 2002, the Consultant shall automatically forfeit
the 330,000 Warrants. In the event of termination by the Consultant or by the
Company for any reason other than the failure of the Company to become a
reporting company under the provisions of the Exchange Act by September 30,
2002, in the absence of a material breach by the Company, the Consultant shall
forfeit 330,000 Warrants delivered by the Company to the Consultant
<PAGE>
pursuant to the Purchase Agreement. In the event of termination, the sole remedy
of the Company for breach of this Agreement shall be the Consultant's forfeiture
of the 330,000 Warrants.

      4. DUTIES. Consultant shall report to the President of the Company. During
the Consulting Period, Consultant shall:

            (a) use its best efforts to assist the Company in the Company's
efforts to become a reporting company under the provisions of the Exchange Act
by September 30, 2002;

            (b) introduce and promote the Company to potential joint venture and
strategic alliance partners; and

            (c) assist Company with introductions and presentations to brokerage
firms and prospective market makers.

      5. INDEPENDENT CONTRACTOR. Consultant acknowledges that Consultant is an
independent contractor and not an employee of the Company. The Consultant shall
be responsible for the payment of any taxes, including, without limitation,
federal, state, and local personal and business income taxes, sales and use
taxes, other business taxes and licenses fees arising out if its activities.
Consultant is not in any way responsible for the operation or management of the
Company or any of its affiliates.

      6. COOPERATION. The Company agrees to use its reasonable best efforts to
ensure that all of the Company's employees cooperate with Consultant to enable
Consultant to perform its duties hereunder.

      7. CONFIDENTIALITY. As a condition precedent to this Agreement, Consultant
acknowledges that it will execute and be bound by the terms of that certain
Confidentiality Agreement set forth as Exhibit G to the Purchase Agreement.

      8. NONCOMPETITION COVENANT. Consultant agrees that Consultant will not,
during the Consulting Period, and for a period of one (1) year after the
termination of such Consulting Period, regardless of the reason for termination,
in the United States of America (the "Restricted Area"), directly or indirectly,
engage in any business that is similar to or competitive with the business of
the Company, as now conducted or as conducted at any time during the Consulting
Period. Competition within the Restricted Area will include working within the
Restricted Area and making any offer or sale of any product competitive with
products offered by the Company to any customer located within the Restricted
Area, even though the business of producing, processing, shipping, or marketing
such products may be located outside the Restricted Area. For purposes of this
Agreement, direct or indirect competition will include but not be limited to
competition as a sole proprietor, partner, corporate officer, director, manager,
member, shareholder, employee, consultant, agent, independent contractor,
trustee, guarantor, advisor, lender, or in any other capacity whatsoever
pursuant to which Consultant holds any beneficial interest in a competitor,
derives any income or other benefit from a competitor, or provides any service,
advice, support (financial or otherwise), or assistance of any type whatsoever
to a competitor.

      9. MISCELLANEOUS.

            a. AMENDMENT. This Agreement may not be amended or modified except
by an instrument in writing signed by and on behalf of both of the parties
hereto.

            b. ATTORNEYS' FEES. If any party shall commence any action or
proceeding against another that arises out of the provisions hereof or to
recover damages as the result of the alleged breach of any of the provisions
hereof, the prevailing party therein shall be entitled to recover from the

                                      -2-
<PAGE>
nonprevailing party (and the court shall award to the prevailing party) all
reasonable costs incurred in connection therewith, including reasonable
attorneys' fees.

            c. EQUITABLE RELIEF. Consultant acknowledges that Consultant and/or
its affiliates will be irreparably harmed by any breach of Section 8, that
monetary damages would be inadequate and that Consultant and/or its affiliates
shall have the right to have an injunction or other equitable remedies imposed
in relief of, or to prevent or restrain, such breach. The Consultant agrees that
Consultant and/or its affiliates shall also be entitled to any and all other
relief available under law or equity for such breach.

            d. COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, and all of which when affixed
together shall constitute but one and the same instrument. Signatures exchanged
by facsimile shall be deemed original signatures for all purposes.

            e. GOVERNING LAW; VENUE. This Agreement shall be construed,
enforced, and interpreted in accordance with the laws of the state of Colorado
(without regard to its conflicts of laws doctrines). In the event of any dispute
arising out of this Agreement, the parties hereto consent to the exclusive
jurisdiction of any court of competent jurisdiction in the Denver, Colorado
metropolitan area, and submit to the jurisdiction of such court regardless of
their residence.

            f. SEVERABILITY. In the event that any provision of this Agreement
is held to be invalid, illegal, prohibited or unenforceable by any court or
other authority of competent jurisdiction, such provision shall be ineffective
only to the extent of such prohibition, illegality, or invalidity, without
invalidating or affecting in any manner the remainder of such provision or the
remaining terms or provisions of this Agreement.

            g. SUCCESSORS AND ASSIGNS. This Agreement is binding upon and shall
inure to the benefit of the parties hereto and their respective successors,
heirs, legal representatives, and permitted assigns. The duties, covenants and
services to be provided by Consultant hereunder are personal in nature and shall
be provided exclusively by Consultant, without assignment or delegation. The
Company may not assign this Agreement without the prior written consent of
Consultant.

                           [SIGNATURE PAGE TO FOLLOW]

                                      -3-
<PAGE>
            IN WITNESS WHEREOF, the parties have duly executed this Agreement
effective as of the day and year first above written.

CONSULTANT:                                         COMPANY:

CAMBRIDGE HOLDINGS, LTD.,                           ASPENBIO, INC.,
a Colorado corporation                              a Colorado corporation

By:                                                 By:
   ----------------------------                        -------------------------
      Greg Pusey, President                              Roger Hurst, President

                                      -4-
<PAGE>
                                  SCHEDULE 2(a)

                               PERMITTED DESIGNEES

Greg Pusey
Vermut - Weinberger Living Trust UDT 3/22/93
Jeff McGonegal
John Altshuler
Scott Menefee
Robert Bearman

                                      -5-

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