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Bionovo to Raise $3 Million Through Registered Direct Offering
Date:10/1/2010

EMERYVILLE, Calif., Oct. 1 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI), a drug discovery and development company focused on unmet needs in women's health and oncology, today announced that it has entered into definitive agreements to raise approximately $3.0 million in gross proceeds in a registered direct offering through the sale of common stock and warrants.  The Company agreed to sell a total of 2,727,270 shares, at a price of $1.10 per share. In addition, the Company agreed to issue 2,045,451 warrants to purchase shares. The warrants will be exercisable six (6) months after issuance at $1.64 per share and will expire five (5) years from the date of issuance.  The shares of common stock and warrants are immediately separable and will be issued separately.

Bionovo estimates that net proceeds from the offering will be approximately $2.8 million, after deducting placement agents' commissions.  The Company intends to use the net proceeds from the sale of the securities primarily for general corporate purposes, including clinical trial, research and development, general and administrative and manufacturing expenses.

William Blair & Company, L.L.C. is acting as the exclusive placement agent.

The securities described above are being offered pursuant to a registration statement on Form S-3 previously declared effective by the Securities and Exchange Commission on June 17, 2010.  The transaction is expected to close on or about Wednesday, October 6, 2010, subject to customary closing conditions.

A copy of the prospectus supplement relating to the offering and the accompanying base prospectus may be obtained by contacting William Blair & Company, L.L.C. at 222 West Adams, Chicago, Illinois 60606, attention: Equity Capital Markets at 312-236-1600.  A copy of the prospectus supplement relating to the offering and
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SOURCE Bionovo, Inc.
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