Bionovo Reports First Quarter 2008 Financi...(way and induces cell death only in estro...)

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 developm
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