Bionovo Notified by NASDAQ of Minimum Bid Price ...( EMERYVILLE Calif. S...),Health

EMERYVILLE, Calif., Sept. 21 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced that on September 15, 2009, the company received a letter from NASDAQ stating that, for the last 30 consecutive business days, the bid price of its common stock has closed below the minimum $1.00 per share requirement for continued listing on the NASDAQ Capital Market. The letter further stated that the company has been provided a period of 180 calendar days, or until March 15, 2010, to regain compliance. If, at anytime before March 15, 2010, the bid price of the common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ has indicated that it will provide written notification that compliance has been regained.

The deficiency letter has no effect on the listing of the company's common stock at this time and its common stock will continue to trade on the NASDAQ Capital Market under the symbol "BNVI."

In the event the Company does not regain compliance with the rule prior to the expiration of the period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with exception of bid price, for the NASDAQ Capital Market. If it meets the initial listing criteria, NASDAQ staff will notify the Company that it has been granted an additional 180 calendar day compliance period.

Bionovo intends to use its best efforts to regain compliance with NASDAQ's minimum bid requirement.

For further information on the relevant NASDAQ rules, please consult NASDAQ Listing Rules 5550(a)(2) - bid price, 5810(c)(3)(A) - grace period, 5810(b) - public disclosure, and 5505 - Ca
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