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Bionovo Announces Decision to Explore Strategic Options and to Delay Announcement of Financial Results for 2011
Date:2/21/2012

EMERYVILLE, Calif., Feb. 21, 2012 /PRNewswire/ -- Bionovo, Inc. (OTC Link Platform:  BNVI.PK), a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, today announced its decision to explore strategic options.  As a result of this decision, the Company has decided to delay the announcement of its financial results for the year ended December 31, 2011, previously planned for today, to a later date.  The Company will provide an update for the release of its 2011 financial results within the next two weeks.

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"We believe Menerba, our drug for the treatment of menopausal hot flashes currently in a Phase 3 trial, is a very valuable asset and we are focusing all of our efforts to complete that clinical trial," said Isaac Cohen, O.M.D., Bionovo's Chairman and Chief Executive Officer. "We are pursuing financial options to fund completion of the pivotal trial, but the outcome of those efforts cannot be assured.  We have therefore decided to explore in parallel, strategic options that may provide more value to our shareholders and ensure the continued development of Bionovo's products."

The Company has engaged Cowen and Company to assist Bionovo to explore its strategic options.

The Company will need to obtain substantial amounts of cash to achieve its objectives of internally developing drugs.  The Company does not currently have adequate internal liquidity to meet its cash needs in the near term including completion of the ongoing Phase 3 trial for Menerba.  If sufficient additional funds are not received in the near term, the Company may not be able to execute its business plan and may need to significantly curtail or cease operations.

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