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Bionovo Reports Third Quarter 2008 Financial Results

ange in fair value of warrant liability 831,288

Interest income 1,706,979

Interest expense (335,216)

Other income (expense) 127,959

Loss before income tax (35,951,525)

Income tax provision (12,258)

Net loss $(35,963,783)

Basic and diluted net loss per common share $(0.88)

Shares used in computing basic and diluted

net loss per common share 40,805,306

Bionovo, Inc

(A Development Stage Company)

Condensed Balance Sheets

September 30, December 31,

2008 2007

(Unaudited) (Note 1)


Current assets:

Cash and cash equivalents $6,664,427 $28,472,485

Short-term investments 10,645,621 4,823,938

Receivables 262,233 285,899

Prepaid expenses and other current assets 1,159,263 405,381

Total current assets 18,731,544 33,987,703

Property and equipment, net 6,777,308 3,900,248

Other assets and patent pending, net 1,027,306 277,220

Total assets $26,536,158 $38,165,171


Current liabilities:

Accounts payable $881,452 $299,677

Accrued clinical and costs of other studies 102,814 298,559


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

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