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Bionovo Announces Reverse Stock Split
Date:8/30/2010

EMERYVILLE, Calif., Aug. 30 /PRNewswire-FirstCall/ --  Bionovo, Inc. (Nasdaq: BNVI, BNVID) announced today that it will effect a 1-for-5 reverse stock split, that will become effective with the opening of trading on August 31, 2010. The primary objective in effecting a reverse stock split at this time is to better enable the company to maintain the listing of its common stock on The NASDAQ Capital Market. The company's common stock will continue trading on The NASDAQ Capital Market and will begin trading on a split-adjusted basis at the opening of trading on Tuesday, August 31, 2010.

At Bionovo's annual general meeting of shareholders held on May 3, 2010, shareholders voted to approve a proposal authorizing the board of directors of the company to effect a reverse split of the company's common stock at a ratio within a range of 1-for-2 and 1-for-5, as determined by the board in its sole discretion. As authorized, the board has elected to effect a reverse split at a ratio of 1-for-5.

"After in-depth consideration of our options and input from advisors and shareholders, the board determined that a reverse split of the company's common stock is in the best interest of shareholders," commented Isaac Cohen, O.M.D., Bionovo's Chairman and Chief Executive Officer. "By effecting a reverse stock split, the company is better positioned to comply with the NASDAQ listing rules. Maintaining our listing on NASDAQ provides the company with greater flexibility to support the development of the company."

Details of the Reverse Split

At the effective time of the reverse stock split, every five (5) shares of Bionovo's pre-split common stock, par value $0.0001 per share, will automatically be consolidated into one (1) post-split share of common stock, par value $0.0001 per share. The Reverse Stock Split will automatically convert all of the company's common stock issued and outstanding, and all unexercised warrants and options. As a result of
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SOURCE Bionovo, Inc.
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