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Bionovo Announces $5 Million Financing
Date:1/3/2012

EMERYVILLE, Calif., Jan. 3, 2012 /PRNewswire/ -- Bionovo, Inc. (NASDAQ: BNVI), a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, today announced that it has entered into a $5 million securities purchase agreement with Socius CG II, Ltd. ("Socius"), a Bermuda-based subsidiary of Socius Capital Group, LLC.

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"In a challenging economic environment, we are pleased to have the necessary financial resources to continue the development of our drug candidate, Menerba," stated Isaac Cohen, OMD, Bionovo's chairman and CEO. "With this funding, we will continue the phase 3 clinical trial for Menerba, our drug candidate for the treatment of menopausal hot flashes. We also will be able to continue discussions with strategic partners to provide a stronger financial base."

Under the terms of the agreement, the Company has the right, in its sole discretion, over a term of two (2) years and subject to certain closing conditions and limitations, to sell to Socius up to a total of $5 million of redeemable Series A Preferred Stock of the Company (the "Preferred Stock"), payable in tranches. The Preferred Stock will accrue a 10% dividend per annum from the date of issuance. Pursuant to the purchase agreement, in addition to the Preferred Stock, Socius shall receive warrants to purchase shares of the Company's common stock valued at 35% of the Preferred Stock amount.  The exercise price of the warrants will equal the closing bid price of the Company's common stock on the preceding day.

When Preferred Stock is sold, Socius is also obligated to exercise an additional investment right to purchase a number of shares of common stock valued at 100% of the amount o
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SOURCE Bionovo, Inc.
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Related biology technology :

1. Bionovo Announces Closing of Follow-on Offering of Common Stock and Warrants
2. Bionovo, Inc. to Announce First Quarter Fiscal Year 2010 Financial Results on Tuesday, May 11, 2010
3. Bionovo Announces Publication Describing First Novel Dual mTOR Inhibitor, BN107, for the Treatment of Breast Cancer
4. Bionovo to Present on Novel Female-Specific Drugs for Obesity at the 20th Annual Meeting of the North American Menopause Society
5. Bionovo, Inc. to Announce Second Quarter Fiscal Year 2009 Financial Results on Monday, August 10, 2009
6. Bionovo Appoints Dr. Klaus Kohl as Chief Technical Officer
7. Bionovo Announces Publication of Data on Active Compound and Mechanism of Action for Its Preclinical Cancer Treatment, BN108
8. Bionovo Announces 2008 Highlights and Year-End Financial Results
9. Bionovo Announces Publication of Positive Phase 2 Trial Results for Menerba(TM)
10. Bert W. OMalley, M.D., Recipient of the 2008 National Medal for Science, Joins Bionovos Scientific Advisory Board
11. Bionovo Publishes Discoveries in Predictable Tissue Selectivity for Selective Estrogen Receptor Modulators Platform
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