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Bionovo Announces Third Quarter 2009 Highlights and Financial Results
Date:11/5/2009

EMERYVILLE, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI), a drug discovery and development company focused on the unmet needs in women's health and oncology, today announced third quarter highlights and financial results for the three months ended September 30, 2009.

Subsequent to the end of the quarter, in October 2009, Bionovo successfully completed a public offering and issued approximately 31 million shares of common stock together with approximately 29 million warrants. The net proceeds to the Company were approximately $17.7 million. The Company intends to use these proceeds to conduct a Phase 3 trial of Menerba, its lead product candidate for the treatment of menopausal vasomotor symptoms.

"The third quarter was an extremely productive quarter for Bionovo," stated Isaac Cohen, Bionovo's Chairman and Chief Executive Officer. "Not only did we publish and present a considerable amount of scientific data and make significant progress in the Menerba manufacturing and quality control process, but we also completed an important financing that sets the stage for the next chapter in the history of Bionovo. This financing provides us with the necessary funds to conclude our preparation for the FDA submission and conduct the first of two pivotal clinical trials for Menerba. This is an exciting time at Bionovo, and we eagerly anticipate the accomplishment of important milestones in the upcoming quarters."

Third Quarter 2009 Company Highlights

  • During the third quarter of 2009, Bionovo completed the raw material characterization, analytical method development and pilot manufacturing process development that constitutes a large part of the Chemistry, Manufacturing and Control (CMC) specifications necessary to satisfy the FDA's requests for clarification of the Company's ma
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SOURCE Bionovo, Inc.
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