Bionovo Reports Third Quarter 2008 Financi...( EMERYVILLE Calif. Nov. 3 /- Biono...)
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EMERYVILLE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced results for the third quarter of 2008.
Quarter Results
The company did not report any revenue for the three and nine months ended September 30, 2008.
Total operating expenses for the three and nine months ending September 30, 2008 were $5.2 million and $13.7 million, respectively, compared to $3.6 million and $9.9 million, respectively, for the same period in 2007. This reflects the increase in costs related to the clinical trials of our leading drug candidates.
The Company reported a net loss for the three and six months ended September 30, 2008 of $5.1 million, or $0.07 per share, and $13.2 million, or $0.17 per share, respectively, compared with a net loss of $3.2 million, or $0.05 per share, and $9.2 million, or $0.15 per share, respectively, for the same periods in 2007.
The Company ended the quarter with $17.3 million in cash, cash equivalents and short term investments, and began the quarter with $24.6 million, a difference of $7.3 million. This difference includes $3.4 million in non- recurring capital expenditures associated with tenant improvements for laboratory and production capability expansion.
Company Highlights
The Company has continued the scientific and clinical development of
its drug candidates for the treatment of advanced breast cancer, menopausal
hot flashes, and menopausal vaginal atrophy. Recent advances have included:
-- The Phase 1 portion of the BZL101 Phase 1/2 clinical trial for
advanced metastatic breast cancer has now been completed
successfully, showing positive safety and tolerability profiles, as
well as the e
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