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Bionovo Announces First Quarter 2009 Highlights and Financial Results

EMERYVILLE, Calif., May 7 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced first quarter highlights and financial results for the three months ended March 31, 2009.

Company Highlights

  • Bionovo presented data on a preclinical anti-cancer drug candidate, BN108, at the American Association of Cancer Research (AACR) conference in April. TspA3 has been identified as an active compound of BN108 that is responsible for BN108's selective cytotoxicity. BN108 and TspA3 induce apoptosis through rapid inactivation of AKT and mTOR kinases in breast cancer cells but not in normal cells.
  • Two additional members joined Bionovo's Scientific Advisory Board, Jan-Ake Gustafsson and Bert W. O'Malley.
  • The Company continues to work towards satisfying the FDA's requests for clarification of the manufacturing and analytical strategy to be used in ensuring the consistency of its drug products.
  • The Company continues to pursue a wide variety of funding options including government grants, partnering, and debt and equity offerings.

First Quarter Results

Total operating expenses for the three months ending March 31, 2009 were $4.6 million compared to $4.2 million for the same period in 2008. Total operating expenses for the first quarter included one-time expenses associated with the relocation of the Company's headquarters, the purchase of raw materials for manufacturing purposes throughout the year, and severance costs. The Company expects operating expenses to decrease in the second quarter.

The Company reported a net loss for the three months ended March 31, 2009 of $4.7 million, or $0.06 per share, compared with a net loss of $3.9 million, or $0.05 per share, for the same period in 2008.

The Company ended the quarter with $9.1 million in cash, cash equivalents and short term investments, and began the quarter with $13.6 million, a difference of $4.5 million. The cash balance at the end of the quarter reflects the one-time cash expenses mentioned above.

Commenting on the quarter, Dr. Isaac Cohen, chairman and CEO of Bionovo, stated, "We have been diligently addressing the FDA's requests, and are hopeful that we can satisfy them swiftly. We have also been aggressively pursuing partnership opportunities, potential grants, and other forms of funding. We remain confident that we will be able to continue development of our exciting pipeline of drug candidates."

Conference Call

The Company will conduct a conference call and webcast to review the financial results and the Company's plans for 2009 later today, Thursday, May 7, 2009 at 4:30 p.m. ET.

Interested parties can access the call by dialing (877) 356-5706 or (706) 643-0580, or can listen via a live Internet webcast, which can be found at A replay of the call will be available via webcast at for 30 days or by playback at (800) 642-1687 or (706) 645-9291, access code 94818134, through May 10, 2009.

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 they have discovered new classes of drug candidates within their rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and is traded on the NASDAQ Capital Market under the symbol, "BNVI". For more information about Bionovo and its programs, visit:

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 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, which are available at 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.

Financial Tables on Following Pages

                                   Bionovo, Inc.
                          (A Development Stage Company)
                   Condensed Consolidated Statements of Operations
                 (Unaudited, in thousands, except per share amounts)

                                                                from February
                                                             1, 2002 (Date of
                                         Three months ended     inception) to
                                              March 31,            March 31,
                                           2009        2008            2009

    Revenues                                $ -         $ -         $   892

    Operating expenses:
      Research and development            3,601       2,387          30,809
      General and administrative          1,009       1,822          14,558
      Merger cost                             -           -           1,964
    Total operating expenses              4,610       4,209          47,331

    Loss from operations                 (4,610)     (4,209)        (46,439)

      Change in fair value of
        warrant liability                     -           -             831
      Interest income                        54         306           2,045
      Interest expense                      (33)        (27)           (399)
      Other expense                         (79)        (19)           (156)
    Net loss                            $(4,668)    $(3,949)       $(44,118)
      Basic and diluted net loss
        per common share                 $(0.06)     $(0.05)         $(1.02)

      Shares used in computing basic
        and diluted net loss per share   76,363      76,343          43,280

                                  Bionovo, Inc.
                           (A Development Stage Company)
                      Condensed Consolidated Balance Sheets
                       (in thousands, except share amounts)

                                               March 31,         December 31,
                                                 2009               2008


    Current assets:
        Cash and cash equivalents                $5,338            $3,270
        Short-term investments                    3,757            10,292
        Receivables                                  67               126
        Prepaid expenses and other
         current assets                             438               805
            Total current assets                  9,600            14,493
    Property and equipment, net                   6,758             6,938
    Other assets and patent pending, net          1,309             1,073
            Total assets                        $17,667           $22,504


    Current liabilities:
        Accounts payable                           $471              $521
        Accrued clinical and costs of
         other studies                               86                73
        Accrued compensation and benefits           360               456
        Current portion of lease obligations        656               682
        Other current liabilities                   570               595
            Total current liabilities             2,143             2,327

    Non-current portion of lease obligation         392               545

    Commitments and contingencies

    Shareholders' equity:
        Preferred stock, $0.0001 par value;
         10,000,000 shares authorized; none
         issued and outstanding                       -                 -
        Common stock $0.0001 par value,
         190,000,000 shares authorized,
         76,363,101 and 76,363,101 shares
         outstanding at March 31, 2009 and
         December 31, 2008, respectively              8                 8
        Additional paid-in capital               59,235            59,050
        Accumulated other comprehensive gain          7                24
        Accumulated deficit                     (44,118)          (39,450)
            Total shareholders' equity           15,132            19,632
                Total liabilities and
                 shareholders' equity           $17,667           $22,504

    * The balance sheet at December 31, 2008 has been derived from the audited
    financial statements at that date but does not include all of the
    information and footnotes required by accounting principles generally
    accepted in the United States for complete financial statements.

SOURCE Bionovo, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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