SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HEPLER DOUGLAS I

(Last) (First) (Middle)
815 CLIFF DRIVE

(Street)
MCLEANSVILLE NC 27301

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
AspenBio Pharma, Inc. [ APPY ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/10/2009
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/10/2009 S 6,000 D $2.94 14,000 I Held by Spouse(1)
Common Stock 5,000 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options $1.5 03/15/2004 03/15/2014 Common Stock 100,000 100,000 D
Stock Options $0.75 08/24/2004 08/23/2014 Common Stock 50,000 50,000 I By spouse(1)
Stock Options $0.8 03/28/2005 03/28/2015 Common Stock 50,000 50,000 D
Stock Options(2) $1.6 04/18/2006 04/18/2016 Common Stock 50,000 50,000 D
Stock Options(3) $2.96 01/24/2007 01/24/2017 Common Stock 50,000 50,000 D
Stock Options(4) $6.63 01/17/2008 01/17/2018 Common Stock 50,000 50,000 D
Stock Options(5) $1.33 01/27/2009 01/27/2019 Common Stock 50,000 50,000 D
Explanation of Responses:
1. Dr. Hepler disclaims beneficial ownership of the shares held by his spouse.
2. These options have vested in full. This stock option grant was exempt from Section 16(b) pursuant to Rule 16b-3d.
3. Options were granted pursuant to Board approval on January 24, 2007. The aggregate number of stock options granted was 50,000. One-third (16,666) of the options vest each year for three years following the date of grant. This transaction is exempt from Section 16(b) pursuant to Rule 16b-3(d).
4. Options were granted pursuant to Board approval on January 17, 2008. The aggregate number of stock options granted was 50,000. One third (16,666) of the options vest each year for three years following the date of grant. This transaction is exempt from Section 16(b) pursuant to Rule 16b-3(d).
5. Options were granted pursuant to Board approval on January 27, 2009. The aggregate number of stock options granted was 50,000. One third (16,666) of the options vest each year for three years following the date of grant. This transaction is exempt from Section 16(b) pursuant to Rule 16b-3(d).
/s/ Douglas Hepler 08/12/2009
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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