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

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As of December 31, 2010, cash, cash equivalents and short-term investments totaled approximately $2.6 million compared to $15.9 million at December 31, 2009. The decrease is due to the public offering completed in October of 2009 resulting in net proceeds of $17.4 million, whereas the public offering completed in October 2010 generated net proceeds of $2.5 million. The net cash used in operating activities for 2010 was $14.2 million, compared with $13.3 million in 2009.

2011 GuidanceOn February 10th, the Company laid out key milestones for 2011, which are reiterated here:Manufacture of drug material at higher potency for clinical and non-clinical testing.

Early first quarter. Completed.Conduct a 40 patient, 28-day "tolerability" trial at higher doses planned for later studies.

Late first quarter, early second quarter.Non-clinical study for toxicity in rodents.

Late first quarter, early second quarter.Manufacture of clinical material for Phase 3 study, using FDA-approved commercial process.

Second quarter.Complete contracts, IRB approval and training at U.S. clinical sites for the Phase 3 study.

First and second quarter.Initiate patient recruitment and screening in the Phase 3 study.

End of the second quarter.Initiate dosing in the Phase 3 study.

Early in the third quarter.Data Safety Monitoring Board interim reviews of Phase 3 data.

Five reviews are planned during the course of the Phase 3 study.Completion of recruitment for the Phase 3 study.

Anticipated by the end of the second quarter, 2012.Data available from the Phase 3 study.

Anticipated by the end of the fourth quarter, 2012.Conference CallBionovo will conduct a conference call and webcast to review the Company's financial results and plans for 2011. Interested parties can access the call by dialing 1-888-428-7458, or can listen via a live audio only webcast, which can be found at '/>"/>

SOURCE Bionovo, Inc.
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