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Bionovo Announces 2007 Financial Results and Highlights
Date:3/13/2008

- Company Outlines Milestones for 2008 -

EMERYVILLE, Calif., March 13 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced financial results for the fourth quarter and full year ended December 31, 2007.

Fourth Quarter Results

The company reported revenues for the three months ended December 31, 2007 of $330,875 compared to $3,750 for the same period in 2006. The increase in revenues over the comparable period in 2006, is due primarily to the recognition of $239,625 from our National Institute of Health grant drawdown earned in 2007 and the recognition of unamortized deferred revenue of $91,250 as a result of the termination of our licensing agreement with United Biotechnology Corporation ("UBC") of Taiwan on October 15, 2007.

Total operating expenses for the three months ended December 31, 2007 were $4.3 million compared to $2.0 million for the same period in 2006.

The company reported a net loss for the three months ended December 31, 2007 of $3.7 million, or $0.05 per share, compared with a net loss of $1.9 million, or $0.04 per share, for the same period in 2006.

Full Year Results

For the year ended December 31, 2007 total revenues were $581,750 compared with $15,000 for the same period in 2006. Revenues in 2007 also included a National Institute of Health (NIH) grant drawdown of $239,625 received for 2006 and the recognition of $11,250 in amortization from the proceeds of our licensing and technology transfer agreement with UBC of Taiwan

For the year ended December 31, 2007 total operating expenses were $14.2 million compared with $5.8 million for the same period in 2006. The increase in 2007 operating expenses include the impact of research and de
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SOURCE Bionovo, Inc.
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