Navigation Links
Bionovo Notified by NASDAQ of Minimum Bid Price Deficiency
Date:9/21/2009

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 - Capital Market criteria.

About Bionovo, Inc.

Bionovo, Inc. is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, markets with significant unmet needs and billions in potential annual revenue. The company applies its expertise in the biology of menopause and cancer to design new drugs derived from botanical sources, which have novel mechanisms of action. Based on the results of early and mid-stage clinical trials, Bionovo believes it has discovered new classes of drug candidates within its rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and its stock is traded on the NASDAQ Capital Market under the symbol "BNVI". For more information about Bionovo and its programs, visit www.bionovo.com.

Forward-Looking Statements

This release contains certain forward-looking statements relating to the business of Bionovo, Inc. that can be identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development, efficacy and safety, regulatory actions or delays, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, physician acceptance, third party reimbursement, future capital requirements, competition in general, our ability to raise additional capital to fund our operations, and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated, or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission, including, without limitation, our registration statement on Form S-1 filed with the Securities and Exchange Commission on September 10, 2009, which are available at www.sec.gov. Bionovo, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE Bionovo, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Bionovo to Present Positive Results from Phase 2 Trial of Menerba for Vasomotor Symptoms to the International Community
2. Bionovo Presents Positive Results from Phase 1B Trial of Bezielle for Metastatic Breast Cancer
3. Bionovo to Present at the BMO Capital Markets Ninth Annual Focus on Healthcare Conference
4. Bionovo Announces Arbitration Decision in Lawsuit Filed by Former Officer - All Claims Denied
5. Bionovo, Inc. to Announce First Quarter Fiscal Year 2009 Financial Results on Thursday, May 7, 2009
6. Bionovo to Present at the Cambria Capital Investor Meeting
7. Bionovo to Present at Wall Street Analyst Forums 20th Annual Institutional Investor Conference
8. Bionovo, Inc. to Announce Fourth Quarter and Year-End Financial Results on Thursday, March 12, 2009
9. Jan Ake Gustafsson, M.D., Ph.D., Joins Bionovos Scientific Advisory Board
10. Bionovo Announces Presentation at the National Cancer Institute
11. Bionovo Announces Cost Control Measures Taken
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... ... 05, 2016 , ... In the fourth quarter of 2015, ... the La Valencia Hotel in San Diego, California to discuss changes in the ... most outstanding franchise, walking away with the coveted David Wright Award of Excellence. ...
(Date:2/5/2016)... ... 05, 2016 , ... Pivot Point Consulting, a leading national ... & Services for HIT Implementation Support & Staffing report with an outstanding score ... by healthcare executives, managers and clinicians representing over 4,500 hospitals and 2,500 clinics. ...
(Date:2/5/2016)... (PRWEB) , ... February 05, 2016 , ... Colorize ... from on one drop zone to the next using Colorize's dynamic moving camera. Colorize ... project. This package includes a 3D slideshow environment with 1 to 5 focus points ...
(Date:2/5/2016)... , ... February 05, 2016 , ... Calls Blacklist has ... completely new user interface design and the developer has fixed known bugs within the ... want to on their phone while not consuming any of their device’s battery power ...
(Date:2/4/2016)... (PRWEB) , ... February 04, 2016 , ... ... "It's All About YOU Re-Treat" on February 19-21, 2016, in Southern California ... at Rancho Palos Verdes, California. These 30 professional speakers, including Clinical Psychologist and ...
Breaking Medicine News(10 mins):
(Date:2/4/2016)... , Feb. 4, 2016 For hospitals ... or those already participating in the program, the Health ... referred to as the , Mega-Guidance , could have ... guidance is published in September 2016. Essential ... and Service Marketing , summarizes the Mega-Guidance,s key proposed ...
(Date:2/4/2016)... -- Worldwide Radiology Oncology surgical robot markets are ... systems provide a way to improve traditional open ... systems pinpoint the delivery of radiation precisely, eliminating ... problem previously, limiting the quantity of radiation that ... far beyond what has been available, promising a ...
(Date:2/4/2016)... , Feb. 4, 2016 Wegener ... Global Markets Direct,s, ,Wegener Polyangiitis - Pipeline ... Wegener Polyangiitis,s therapeutic pipeline. This report provides ... Polyangiitis, complete with comparative analysis at various stages, ... (MoA), route of administration (RoA) and molecule type, ...
Breaking Medicine Technology: