Bionovo Reports First Quarter 2008 Financi...( EMERYVILLE Calif. May 9 /- Bionov...)

EMERYVILLE, Calif., May 9 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced results for the first quarter of 2008.

Quarter Results

The company did not report any revenue for the three months ended March 31, 2008. Revenues for the three months ended March 31, 2007 were $3,750, received from our licensing and technology transfer agreement with United Biotechnology Corporation of Taiwan. In October of 2007, we terminated the agreement following notice of material breach of the Agreement by UBC and we recognized the remaining deferred revenue of $91,250 in December 2007.

Total operating expenses for the three months ending March 31, 2008 were $4.2 million compared to $3.5 million for the same period in 2007.

The company reported a net loss for the three months ended March 31, 2008 of $3.9 million, or $0.05 per share, compared with a net loss of $3.3 million, or $0.05 per share, for the same period in 2007.

The Company ended the quarter with $29.4 million in cash, cash equivalents and short term investments, and began the quarter with $33.3 million, a difference of $3.9 million.

Company Highlights

-- Patient enrollment and dosing continues in the Phase 1 portion of the

BZL101 Phase 1/2 clinical trial for advanced metastatic breast cancer.

Presentations, papers and scientific discussions have expounded the

mechanisms of action and described the positive progress to date.

-- Bionovo presented data on two additional preclinical anti-cancer drug

candidates -- BN107 and BN108 -- at the American Association of Cancer

Research (AACR) conference in April. BN107 induces apoptosis through

the mitochondrial path
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