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Bionovo Reports Third Quarter 2008 Financial Results
Date:11/3/2008

al dryness,

over other treatments. The Company expects to begin human clinical

trials for VG101 late in 2008 or early in 2009.

"The third quarter of the year continued the positive scientific progress for Bionovo," said Dr. Isaac Cohen, O.M.D., Bionovo's Chairman and Chief Executive Officer. "After much preparation and discussion with the FDA and our advisors, we are now poised to begin the next phase of clinical testing for our portfolio of women's health and oncology drug candidates. We are also continuing promising discussions with potential pharmaceutical partners."

"With over seventeen million dollars in cash, cash equivalents and short- term investments, and a lower than industry clinical trial cost profile, we are poised to progress our lead drug candidates through these challenging economic times," added Tom Chesterman, Bionovo's Senior Vice President and Chief Financial Officer. "Given our current plans and expectations, this funding will be sufficient for at least the next 12 months"

A full financial report on Form 10-Q is expected to be filed by Tuesday, November 4, 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 http://www.b
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SOURCE Bionovo, Inc.
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