Bionovo Reports Second Quarter 2008 Financi...( EMERYVILLE Calif. Aug. 5 /- Biono...)

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) conf
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