AspenBio Appoints Diagnostics Industry Veteran Don Hurd As Senior Vice President And Chief Commercial Officer

AspenBio Pharma, Inc. (Nasdaq: APPY), today announced that Don Hurd has been appointed to the new position of Senior Vice President and Chief Commercial Officer, effective May 23, 2012. Mr. Hurd brings to AspenBio Pharma over 30 years of experience in the medical diagnostic and device industry with a diverse background in sales, marketing, strategic planning, business development and customer operations.

Mr. Hurd began consulting with AspenBio on May 1, 2012, and will be responsible for building out the company’s commercial plans in anticipation of a successful clinical trial and FDA filing for AppyScore™: a blood-based test, designed, following FDA clearance or approval, to assist clinicians with their rule-out of appendicitis in pediatric and adolescent patients. Mr. Hurd joins AspenBio Pharma from BioBehavioral Diagnostics, where he most recently served as Vice President - Sales. Prior positions include: Vice President - Marketing/Sales at MicroPhage; Vice President North American Customer Operations, Siemens Healthcare Diagnostics; and U.S. Director of Sales, Bayer Healthcare Diagnostics.

Steve Lundy, President and CEO of Aspen Bio Pharma, commented, “Don joining the AspenBio Pharma team is an important next step as we prepare for commercialization of our lead product, AppyScore. I have previously worked closely with Don in both large and small companies and know the high level of execution and leadership he will bring leading and directing our sales, marketing and customer operations teams.”

Upon his commencement of employment, Mr. Hurd was granted stock options to purchase 120,000 shares of the Company’s common stock. This stock option award, which is an employment-inducement grant made outside of the Company’s Stock Incentive Plan, as amended, has the following material terms: the exercise price per share of the stock options granted was $0.57; the stock options shall vest as to 50% of the total at the sixth-month anniversary of the Grant Date, and the balance vesting one-twelfth monthly over months seven through twelve, following the Grant Date. Any stock options granted that are then unvested, shall vest upon the consummation of a “Change in Control” of AspenBio, using the same terms as contained in the Company’s 2002 Stock Incentive Plan, as amended. The options are exercisable for a period of ten (10) years after the Grant Date, subject to earlier termination on cessation of service with the Company.

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