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Bionovo Reports Second Quarter 2008 Financial Results

EMERYVILLE, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced results for the second quarter of 2008.

Quarter Results

The company did not report any revenue for the three and six months ended June 30, 2008. Revenues were $3,750 and $7,500 for the three and six months ended June 30, 2007, respectively, received from a licensing and technology transfer agreement with a Taiwanese company. In October of 2007, we terminated the agreement following notice of material breach by the other party and recognized the remaining deferred revenue of $91,250 in December 2007.

Total operating expenses for the three and six months ending June 30, 2008 were $4.4 million and $8.6 million, respectively, compared to $2.8 million and $6.3 million, respectively, for the same period in 2007.

The Company reported a net loss for the three and six months ended June 30, 2008 of $4.2 million, or $0.06 per share, and $8.2 million, or $0.11 per share, respectively, compared with a net loss of $2.7 million, or $0.04 per share, and $6.0 million, or $0.09 per share, respectively, for the same periods in 2007.

The Company ended the quarter with $24.6 million in cash, cash equivalents and short term investments, and began the quarter with $29.2 million, a difference of $4.6 million.

Company Highlights

-- The Phase 1 portion of the BZL101 Phase 1/2 clinical trial for advanced metastatic breast cancer continues successfully, demonstrating both positive safety and tolerability profiles, as well as the early signs of efficacy.

-- 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 participated in a number of studies that have further elucidated the mechanisms of the estrogen receptor beta pathway, which are the basis of the Company's MF101 and VG101 drug candidates, for menopausal hot flashes and vaginal dryness, respectively.

"The second quarter of the year was again a very productive quarter for Bionovo," said Dr. Isaac Cohen, O.M.D., Bionovo's Chairman and Chief Executive Officer. "We have continued to advance our scientific base with several key publications of our discoveries. We have had very productive discussions with our advisors and the FDA, and we are now poised to launch clinical trials for both MF101 and VG101."

"We are very excited at the progress BZL101 is making in the clinical trials for advanced breast cancer. This drug candidate is showing excellent tolerability and safety, and the early signs of significant efficacy," stated Dr. Mary Tagliaferri, M.D., Bionovo's President and CMO.

A full financial report on Form 10-Q is expected to be filed by Tuesday, August 5, 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


Three months ended

June 30,

2008 2007

Revenues $ - $ 3,750

Operating expenses:

Research and development 2,552,644 1,979,103

General and administrative 1,808,303 864,924

Merger cost - -

Total operating expenses 4,360,947 2,844,027

Loss from operations (4,360,947) (2,840,277)

Change in fair value of warrant

liability - -

Interest income 189,555 197,975

Interest expense (35,375) (12,446)

Other income (expense) (39) -

Loss before income tax (4,206,806) (2,654,748)

Income tax provision - (1,600)

Net loss $ (4,206,806) $ (2,656,348)

Basic and diluted net loss per

common share $ (0.06) $ (0.04)

Shares used in computing basic and

diluted net loss per common share 76,344,199 65,213,935



February 1, 2002

(Date of

Six months ended Inception)

June 30, to

2008 2007 2008

Revenues $ - $ 7,500 $ 659,490

Operating expenses:

Research and development 4,940,036 4,767,771 20,732,241

General and administrative 3,630,330 1,559,845 11,082,097

Merger cost - - 1,964,065

Total operating expenses 8,570,366 6,327,616 33,778,403

Loss from operations (8,570,366) (6,320,116) (33,118,913)

Change in fair value of

warrant liability - - 831,288

Interest income 495,747 347,687 1,564,163

Interest expense (61,912) (26,527) (298,929)

Other income (expense) (15,616) - 129,281

(8,152,147) (5,998,956) (30,893,110)

Loss before income tax

Income tax provision (3,256) (2,400) (12,258)

$(8,155,403) $(6,001,356) $(30,905,368)

Net loss

Basic and diluted net loss

per common share $ (0.11) $ (0.09) $ (0.78)

Shares used in computing

basic and diluted

net loss per common share 76,343,649 63,388,724 39,407,904

Bionovo, Inc.

(A Development Stage Company)

Condensed Balance Sheets

June 30, December 31,

2008 2007

(Unaudited) (Note 1)


Current assets:

Cash and cash equivalents $11,918,365 $28,472,485

Short-term investments 12,698,636 4,823,938

Receivables 136,904 285,899

Prepaid expenses and other current assets 1,027,786 405,381

Total current assets 25,781,691 33,987,703

Property and equipment, net 3,966,475 3,900,248

Other assets and patent pending, net 938,257 277,220

Total assets $30,686,423 $38,165,171


Current liabilities:

Accounts payable $296,981 $299,677

Accrued clinical and costs of other studies 201,554 298,559

Accrued compensation and benefits 630,323 462,485

Current portion of lease obligation 874,851 706,710

Other current liabilities 358,970 949,200

Total current liabilities 2,362,679 2,716,631

Non-current portion of lease obligation 866,210 526,346

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; 76,363,101

and 76,343,101 shares issued and

outstanding as of June 30, 2008 and

December 31, 2007, respectively 7,636 7,634

Additional paid-in capital 58,388,703 57,660,045

Accumulated other comprehensive income (33,437) 4,480

Accumulated deficit (30,905,368) (22,749,965)

Total shareholders' equity 27,457,534 34,922,194

Total liabilities and shareholders' equity $30,686,423 $38,165,171

* 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 statements.

SOURCE Bionovo, Inc.
Copyright©2008 PR Newswire.
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