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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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1. Bionovo Announces Positive Developments in On-going Phase 1/2 Cancer Drug Trial
2. Bionovo Announces Publication of the Paper Detailing the Mechanism of Action of Its Cancer Drug BZL101
3. Bionovo Discovers New Estrogen Regulatory Elements for Breast Cancer and Osteoporosis Drugs
4. Bionovos Drug Candidate for Menopausal Symptoms Shows Effect on Neural Pathways Related to Temperature Regulation
5. Bionovo Elucidates Mechanism of Breast Cancer Control by Estrogen Receptor Beta
6. Bionovo Reports on Metabolic Studies Related to Its Menopausal Hot Flash Drug Candidate
7. Bionovos MF101 Shows Statistically Significant Improvement in Sleep Disturbance from Hot Flashes
8. Bionovos VG101 Shows Greater Efficacy Than Estrogen in the Treatment of Vaginal Dryness
9. Bionovo Advances BZL101 to Phase 2 Clinical Trials After Positive Phase 1 Results for Metastatic Breast Cancer
10. Bionovo Presents Positive Results from Phase 1B Trial of BZL101 for Metastatic Breast Cancer at the Society for Integrative Oncology
11. Bionovo Announces Development Plans for Menopausal Hot Flash Drug Candidate, Menerba (MF101), Following FDA Meetings
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