AspenBio Pharma, Inc. (AspenBio), formerly known as AspenBio, Inc., is a biotechnology company engaged in the discovery, development, manufacture and marketing of products for animal healthcare. As a supplier of human antigens, the Company manufactures these antigens primarily for use as controls to determine whether diagnostic test kits are functioning properly. AspenBio markets more than 30 products to diagnostic test kit manufacturers and research facilities. The Company has a product pipeline with four recombinant hormones and a bovine early pregnancy detection test in development. AspenBio has initiated its United States Food and Drug Administration (FDA) application with the investigational new animal drug application (INADA) filing of its quine drug, EquiPure LH. New Bovine Reproduction Products The two largest bovine products the Company is developing are SurBred (bovine early pregnancy test) and StayBred, a single-chain bovine luteinizing hormone (LH) analog. Both of these specialized products are designed to create breeding programs for artificially inseminated dairy cows. SurBred is a blood test designed to determine pregnancy status. The test will enable dairy herd managers to identify open cows and then either breed or cycle them. This immunoassay-based blood test is not subject to FDA approval regulation. In March 2003, AspenBio entered into a distribution agreement with Merial Limited for the worldwide sales and marketing rights to this test. Merial, a joint venture between Merck and Aventis, has the right to market and distribute SurBred worldwide, once the product is fully developed. StayBred is a single-chain bovine LH analog. BoviPure-FSH is a single-chain bovine follicle stimulating hormone (FSH) analog designed to be used for super-ovulation and embryo transfer in dairy and beef cows. As the Company's product is a non-animal derived recombinant form of bovine FSH, it does not have the potential to transmit infectious diseases, such as bovine spongiform encephalopathy (BSE)-Mad CowDisease that animal derived extracts of such products potentially carry. New Equine Reproduction Products AspenBio has two new equine reproduction management products in development. EquiPure-LH is a single-chain equine LH analog. The Company is also in advanced development of a recombinant form of Equine follicle stimulating hormone. EquiPure-FSH is a single-chain equine FSH analog designed to be used for super-ovulation and embryo transfer in horses. This product is in late-stage development. Other Non-Core Products The Company is pursuing a number of other product and technology opportunities. This includes a new blood based human appendicitis test.

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