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Bionovo Announces 2010 Highlights and Year-End Financial Results
Date:3/15/2011

and metabolic syndrome.
  • In July, Bionovo entered into a $15 million, at-the-market firm commitment financing agreement with Aspire Capital. Although the Company has not yet accessed this facility, it is still available under the original conditions. Further, Aspire Capital participated in the underwritten offering that closed in February, 2011.
  • The Company also announced additions to its network of advisors and consultants, including leading healthcare professionals with extensive experience in the development of therapeutic treatments:
  • Dr. Richard Weiner, PhD, Emeritus Professor in the Department of Obstetrics, Gynecology and Reproductive Sciences, at the University of California, San Francisco.
  • Dr. Paul Pui-Hay But, PhD, Chief Scientist for the Food and Drug Authentication Laboratory Ltd., Hong Kong, China.

    • Full Year ResultsFor the year ended December 31, 2010 total revenues were $0.6 million compared with $0.3 million for the same period in 2009. Revenues in 2010 consisted of a Qualifying Therapeutic Discovery Project Credit of $0.5 million and $0.1 million in a National Institute of Health (NIH) grant drawdown.  Revenue in 2009 was comprised of approximately $55,000 in limited research services revenue combined with $0.2 million in NIH grant drawdown.

    For the year ended December 31, 2010 total operating expenses were $18.2 million compared with $16.6 million for the same period in 2009. The increase in 2010 operating expenses were primarily due to additional expenses to support our Menerba manufacturing process development.

    The net loss for the year ended December 31, 2010 was $17.7 million, or $0.80 per share, compared with a net loss of $16.4 million, or $0.98 per share, for the same period in 2009. The year-over-year increase in net loss was driven primarily by the expenses related to the Menerba manufacturing process development and 2010 director and employee performance bonuse
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