FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Roaring Fork Capital SBIC, L.P.
 2. Date of Event Requiring Statement (Month/Day/Year)
05/06/2005		 3. Issuer Name and Ticker or Trading Symbol
ASPENBIO INC [APNB]
(Last)
(First)
(Middle)
8400 E PRENTICE AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

GREENWOOD VILLAGE, CO 80111		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 1,142,857
D (1)
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant (Right to Buy) 05/06/2005 05/06/2010 Common Stock 1,142,857 $ 1.35 D (1)  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Roaring Fork Capital SBIC, L.P.
8400 E PRENTICE AVENUE
GREENWOOD VILLAGE, CO 80111		     X    

Signatures

/s/ Eugene C. McColley, Manager of Roaring Fork Capital Management, LLC, General Partner 05/16/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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).
(1) This report is filed by Roaring Fork Capital SBIC, L.P. ("RFLP"), Roaring Fork Capital Management, LLC, is RFLP's sole general partner ("RFLLC") and may be deemed to indirectly own the securities owned by RFLP. Mr. Eugene McColley is the sole manager of RFLLC and, as a principal of RFLLC, may be deemed to indirectly own the securities which RFLLC may beneficially own. RFLLC and Mr. McColley disclaim beneficial ownership of the reported securities execpt to the extent of their pecuniary interest.

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