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Bionovo Announces Cost Control Measures Taken
Date:1/15/2009

EMERYVILLE, Calif., Jan. 15 /PRNewswire-FirstCall/ -- The Compensation and Nominations Committee of the Board of Directors of Bionovo, Inc. (Nasdaq: BNVI) announced today that despite significant corporate and scientific accomplishments and progress during the year, given current market conditions and the status of the financial markets, they will be recommending to the Board of Directors that no executive bonuses be paid for 2008, and that there be no increase in salaries. In addition, the Company announced that it had taken other cost control actions, aimed at maximizing cash life, while not delaying key program activities.

The actions taken by the Company included:

  • No executive management bonuses for 2008.
  • No executive management pay rate increases for 2009.
  • An approximately 15% reduction in staff.
  • Deferring work on preclinical drug candidates, to allow focus on clinical drug candidates.
  • Increased effort on project partnership and strategic investors as an additional source of capital.

"While there has been excellent performance by the company - and by the executive management - we can not ignore the current economic conditions and the need to conserve cash, while still moving key programs ahead in our current regulatory environment," said David Naveh, the Chairman of the Compensation and Nominations Committee of Bionovo, Inc.'s Board of Directors

"The Board and management have had a number of in-depth conversations about general financial conditions, company performance, and the need to move forward on key programs. As part of that, the Company has already taken many internal steps to reduce expenses, including targeted headcount cuts. Management and the Board will continue to exa
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SOURCE Bionovo, Inc.
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