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Bionovo Announces 2009 Highlights and Year-End Financial Results
Date:3/15/2010

As of December 31, 2009, cash, cash equivalents and short-term investments totaled approximately $15.9 million compared to $13.6 million at December 31, 2008. The increase is due to the public offering completed in October of 2009 resulting in net proceeds of $17.4 million, partially offset by cash used in operating activities. The net cash used in operating activities for 2009 was $13.3 million, compared with $15.3 million in 2008.

2010 Expense and Cash Guidance

Operating expenses in 2010 are expected to follow a run-rate of $1.0-1.5 million per month. Operating expenses will increase from the current run rate of $1.0 million per month when clinical trial activities increase.

The Company currently has enough funds to continue operating through 2010 into the first quarter of 2011. The Company will need to seek additional funding prior to that time, in order to continue operations and/or to increase the clinical testing program and other research.


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