Is this Toshiba SATA HDD, one that's been removed from a Toshiba computer? Do you have another SATA HDD (perhaps a full size 3.5" one and not a tiny laptop one) that you can try with your motherboard? I'm not saying a 2.5" drive won't work, I just think its good practice to start with minimal common/standard arrangements in order to try and get to the bottom of this issue. If you don't own another SATA HDD, perhaps you have a friend who can lend you a spare?
How have you tested the SATA drive - was the parallel ATA (IDE) drive connected at the same time and if so, try just a SATA drive connected to the board with both the data cable and power cable connected to it). You should then go into the BIOS to see if that drive shows up there - also listen to hear if it's spinning up on boot. You may also need to change options in there to get the best performance in HDD intensive environments as well (such as enabling AHCI rather than just IDE in order to use NCQ and have better control with regard to power saving states).
I wouldn't worry about trying a BIOS update at this stage (because it's extremely unlikely that your old BIOS stops SATA HDDs from being detected) but you can see a full history of any changes or fixes in newer BIOS versions by reading the pdf file thats on the download page - typically one of the pdfs includes instructions on how to flash the BIOS and the other details history of the various versions with fixes along the way. If you are experiencing any of the issues that a newer version fixes then you should try the update (preferably using the Express method and making sure you follow the instructions carefully), otherwise the old addage of 'if it aint broke, don't try to fix it' should apply with regard to BIOS updates.