The net loss for the year ended December 31, 2007 was $12.9 million, or $0.20 per share, compared with a net loss of $5.6 million, or $0.11 per share, for the same period in 2006. The year-over-year increase in net loss was driven primarily by the increased activity related to our clinical trials and a related increase in operational support.
As of December 31, 2007, cash, cash equivalents and short-term
investments totaled approximately $33.3 million compared to $3.1 million at
December 31, 2006. The increase in cash, cash equivalents and short term
investments in 2007 is due primarily to $14.5 million, net of financing
expense, raised from our Private Placement (a.k.a. "PIPE") completed in
January 2007, a public offering completed in October 2007, which raised
aggregate net cash proceeds of $24.0 million, and $4.8 million received
from the exercise of stock options and warrants, offset by net cash used in
operating activities of $10.3 million.
2007 Highlights and 2008 Plans
* Clinical Trials -- In addition to starting a pharmacokinetics trial
of its lead menopause drug candidate, MF101, early in the year,
Bionovo also announced results from the Phase 2 trial.
-- In June 2007, Bionovo reported on a trial in which 217 severe
menopausal women were treated and showed positive results with
respect to safety, tolerability and efficacy. This trial
successfully met its objectives, and will now allow the company
to move forward in developing this safe and efficacious
treatment for an indication that is poorly served by the
current pharmaceutical offerings.
-- Data from this Phase 2 trial was presented and deemed the top
|SOURCE Bionovo, Inc.|
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