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Bionovo Announces Pricing of Follow-on Offering of Common Stock and Warrants
Date:1/28/2011

EMERYVILLE, Calif., Jan. 28, 2011 /PRNewswire/ -- Bionovo, Inc. (Nasdaq: BNVI), a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, today announced the pricing of its previously announced underwritten public offering, to sell up to 30,031,200 units at a price per unit of $1.00 for aggregate gross proceeds of approximately $30 million.  Each unit consists of one share of common stock and a warrant to purchase one half of one share of Bionovo common stock at an exercise price of $1.30 per share.  The warrants may be exercised at any time after the date of the closing and will expire after five years.  The offering is expected to close on or about Wednesday, February 2, 2011, subject to customary closing conditions.

Bionovo expects to use the net proceeds from this offering to advance its lead drug candidate for postmenopausal vasomotor symptoms, Menerba, into Phase 3 clinical trials, and for general corporate purposes.

Cowen and Company, LLC, is acting as the sole bookrunner for the transaction. Bionovo granted the underwriter a 30-day option to arrange for the sale of up to 4,504,680 units to cover over-allotments. Lifetech Capital (a division of Aurora Capital) is acting as an advisor on the transaction.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.  You may obtain these documents for free by visiting EDGAR on the SEC's website, at '/>"/>

SOURCE Bionovo, Inc.
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