AspenBio Proposes Name Change

Castle Rock, Colo.-based AspenBio Pharma Inc., an in-vitro diagnostic company, is asking shareholders to approve changing its name to Venaxis Inc. The company claims the change is part of a strategic rebranding that will focus on its blood-based appendicitis test, which is designed to help emergency room clinicians rule out acute appendicitis. As part of its corporate realignment, the company also is seeking shareholder approval for an increase in the number of shares available under its equity plan.

“We believe ‘Venaxis’ is more reflective of our current business,” said Steve Lundy, president and CEO of AspenBio. “The name is a combination of ‘vena’ and ‘axis’. Vena is Latin for vein, which ties to our product, a blood-based in-vitro diagnostic test that is entering a pivotal study. Axis conveys the idea of a central or principal structure, which lends the proposed company name strength and agility. We are focused on the future and we believe Venaxis provides an important foundation to build a long-lasting brand in the diagnostics sector.”

The company has filed the necessary paperwork for the name change and equity plan increase with the U.S. Securities and Exchange Commission.

AspenBio Pharma, Inc. develops and commercializes a blood-based appendicitis test designed to help identify patients at low risk for acute appendicitis, thus improving patient management. The test is being developed initially for pediatric, adolescent and young adult patients with abdominal pain—a population with the highest risk of appendicitis and the long-term health effects associated with computed tomography imaging.