AspenBio Pharma Changes Company Name to Venaxis, Inc.

CASTLE ROCK, Colo., Dec. 12, 2012 /PRNewswire/ -- Venaxis, Inc. (Nasdaq: APPY), formerly AspenBio Pharma, an in vitro diagnostic company, today announced it has changed its corporate name after receiving approval from its shareholders at a Special Meeting of Shareholders held on December 11, 2012.  The Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "APPY".  As part of its rebranding process Venaxis has also changed the name of the Company's blood-based appendicitis diagnostic test in development to "APPY1".   

Steve Lundy, President and CEO of Venaxis, stated, "These changes represent another major step forward in our corporate rebranding process and we are pleased that our shareholders overwhelmingly supported our recent efforts to align our corporate identity with our core in vitro diagnostics business.  Our goal is to become a recognizable name in the human diagnostics space and we feel that the timing of these branding changes is auspicious, as we draw closer to commercializing APPY1 in Europe and initiating a pivotal clinical study for purposes of gaining regulatory clearance in the United States."

Venaxis is revising and updating the Company web site and corporate materials, including the logo, and plans to unveil its new corporate look and investor website shortly after the first of the year. 

During the Special Shareholder Meeting, the Company's shareholders approved all motions, including the proposed increase in the number of shares available under its equity plan.

About Venaxis, Inc.
Venaxis, Inc. is an in vitro diagnostic company focused on the clinical development and commercialization of its blood-based appendicitis test, APPY1.  The unique appendicitis test has projected high sensitivity and negative predictive value and is designed to aid in the identification of patients at low risk for acute appendicitis, allowing for more conservative patient management.  APPY1 is being developed initially for pediatric, adolescent and young adult patients with abdominal pain, as this population is at the highest risk for appendicitis and has the highest risk of long-term health effects associated with CT imaging.  For more information, visit www.venaxis.com.

Forward-Looking Statements
This press release includes "forward-looking statements" of Venaxis, Inc. ("Venaxis") (formerly AspenBio Pharma, Inc.) as defined by the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Venaxis believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors Venaxis believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Venaxis. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including our ability to successfully complete required product development and modifications in a timely and cost effective manner, complete clinical trial activities for APPY1 required for FDA submission, obtain FDA clearance or approval, complete and obtain CE Mark, cost effectively manufacture and generate revenues from APPY1, execute agreements required to successfully advance the company's objectives, retain the management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, obtain and enforce intellectual property rights, and realize value of intangible assets. Furthermore, Venaxis does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the risk factors contained in Venaxis' recent filings with the SEC, including its Form 10-Q for the period ended September 30, 2012, filed on November 7, 2012.

For Investors & Media:
Joshua Drumm, PhD / Jason Rando
Tiberend Strategic Advisors, Inc.
(212) 827-0020
[email protected]
[email protected]

SOURCE Venaxis, Inc.