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Bionovo Reports First Quarter 2008 Financial Results

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 pathway, and induces cell death only in estrogen

receptor negative breast cancer cells. BN108 induces cancer cell death

by rapid inactivation of both AKT and mTOR pathways in breast cancer

cells, but not in normal cells.

-- The Company commissioned and reported results from two independent

physician surveys which showed the Company's drug candidate MF101

could become first-line treatment for menopausal vasomotor symptoms

(hot flashes). In both qualitative and quantitative studies, 124 board

certified physicians in internal medicine or obstetrics and gynecology

specializing in the treatment of menopause reported that MF101, if

approved, would be their drug of choice for the treatment of hot

flashes. In addition, 92% of physicians reported they would prescribe

MF101 before prescribing an antidepressant agent for hot flashes.

-- Three additional members were appointed to the Board of Directors:

George Butler, Louis Drapeau, and John Baxter.

"The first quarter of the year was a very productive quarter for Bionovo, with tremendous scientific and operational progress," said Dr. Isaac Cohen, O.M.D., Bionovo's Chairman and Chief Executive Officer. "We are positioned quite well for 2008, a year in which we will have additional new drug candidates in clinical trials, each addressing a significant unmet medical need with great commercial opportunity."

"We believe that our scientific and operational success is not yet reflected in our stock price," Dr. Cohen continued. "However, our value has been re-affirmed throughout the scientific community, as reflected by the industry reception of our scientific papers and quality of our new board members."

A full financial report on Form 10-Q is expected to be filed on Friday, May 9, 2008.

Bionovo, Inc.

Bionovo is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, markets with significant unmet needs and billions in potential annual revenue. The company applies its expertise in the biology of menopause and cancer to design new drugs derived from botanical sources which have novel mechanisms of action. Based on the results of early and mid-stage clinical trials, Bionovo believes they have discovered new classes of drug candidates within their rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and is traded on the NASDAQ Capital Market under the symbol, "BNVI". For more information about Bionovo and its programs, visit

Forward Looking Statements

This release contains certain forward-looking statements relating to the business of Bionovo, Inc. that can be identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development, efficacy and safety, regulatory actions or delays, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, physician acceptance, third party reimbursement, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission, which are available at Bionovo, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Bionovo, Inc.

(A Development Stage Company)

Condensed Statements of Operations


Accumulated from

February 1,


(Date of inception)

Three months to

ended March 31, March 31,

2008 2007 2008

Revenues $- $3,750 $659,490

Operating expenses:

Research and development 2,387,393 2,788,668 18,179,598

General and administrative 1,822,027 694,921 9,273,794

Merger cost - - 1,964,065

Total operating expenses 4,209,420 3,483,589 29,417,457

Loss from operations (4,209,420) (3,479,839) (28,757,967)

Change in fair value of

warrant liability - - 831,288

Interest income 306,192 149,712 1,374,609

Interest expense (26,537) (14,081) (263,554)

Other income (expense) (15,575) - 129,321

Loss before income tax (3,945,340) (3,344,208) (26,686,303)

Income tax provision (3,256) (800) (12,258)

Net loss $(3,948,596) (3,345,008) $(26,698,561)

Basic and diluted net loss per $(0.05) $(0.05) $(0.70)

Shares used in computing

basic and diluted net loss

per common share 76,343,101 61,525,518 37,914,036

Bionovo, Inc.

(A Development Stage Company)

Condensed Balance Sheets

March 31, December 31,

2008 2007

(Unaudited) (Note 1)


Current assets:

Cash and cash equivalents $19,187,934 $ 28,472,485

Short-term investments 10,198,744 4,823,938

Receivables 19,942 285,899

Prepaid expenses and other current

assets 530,709 405,381

Total current assets 29,937,329 33,987,703

Property and equipment, net 4,040,105 3,900,248

Other assets and patent pending, net 733,445 277,220

Total assets $34,710,879 $38,165,171


Current liabilities:

Accounts payable $ 206,799 $ 299,677

Accrued clinical and costs of other

studies 152,444 298,559

Accrued compensation and benefits 553,242 462,485

Current portion of lease obligation 928,252 706,710

Deferred revenue - -

Other current liabilities 540,922 949,200

Total current liabilities 2,381,659 2,716,631

Non-current portion of lease obligation 1,018,976 526,346

Non-current portion of deferred revenue - -

Commitments and contingencies

Shareholders' equity:

Preferred stock, $0.0001 par value;

10,000,000 shares authorized; none

issued and outstanding

Common stock, $0.0001 par value, 190,000,000

shares authorized; 76,343,101 shares issued

and outstanding as of March 31, 2008 and

December 31, 2007, respectively 8,166 8,166

Additional paid-in capital 57,980,224 57,659,513

Accumulated other comprehensive income 20,415 4,480

Accumulated deficit (26,698,561) (22,749,965)

Total shareholders' equity 31,310,244 34,922,194

Total liabilities and shareholders' equity 34,710,879 38,165,171

(1) The balance sheet at December 31, 2007 has been derived from the

audited financial statements at that date but does not include all of

the information and footnotes required by accounting principles

generally accepted in the United States for complete financial


SOURCE Bionovo, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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