Bionovo Announces a $15 Million At-The-Market Firm Commitment Financing... ( EMERYVILLE Calif. ...)

Bionovo Announces a $15 Million At-The-Market Firm Commitment Financing Agreement

Date:7/6/2010

EMERYVILLE, Calif., July 6 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) announced today that it has entered into a common stock purchase agreement with Aspire Capital Fund LLC, an Illinois limited liability company, which provides that, subject to certain conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $15.0 million of Bionovo shares of common stock over a two year term, based on prevailing market prices over a period preceding each sale.

Key aspects of the agreement and facility include:

The Company will control the timing and amount of any sales of common stock to Aspire Capital and will always know the sales price before giving notice to sell any shares to Aspire Capital.
The purchase price of the stock for any sale will be equal to the lesser of (i) the lowest sale price of our common stock on the purchase date and (ii) the arithmetic average of the three lowest closing sale prices for common stock during the twelve consecutive trading days ending on the trading day immediately preceding each purchase date.
Aspire Capital has no right to require any sales by the Company, but is obligated to make purchases as the Company directs, in accordance with the Purchase Agreement.
Under the Purchase Agreement, the sale price cannot be less than $0.396 per share, which is above the most recent closing stock price.
Bionovo expects that any proceeds received from sales of common stock to Aspire Capital will be used to advance the scientific and clinical development of the Company's drug cand
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SOURCE Bionovo, Inc.
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