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Bionovo Reports Second Quarter 2008 Financial Results
Date:8/5/2008

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)

ASSETS

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 33,987,70
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SOURCE Bionovo, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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