Bionovo Announces First Quarter 2009 Highlights and Financi...( EMERYVILLE Calif. May 7 /- Bionovo In...),Health

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,
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