View printer-friendly version EMERYVILLE, Calif.,
Company Highlights
-- Bionovo presented data on a preclinical anti-cancer drug candidate,
BN108, at the American Association of Cancer Research (AACR)
conference in April. TspA3 has been identified as an active compound
of BN108 that is responsible for BN108's selective cytotoxicity.
BN108 and TspA3 induce apoptosis through rapid inactivation of AKT and
mTOR kinases in breast cancer cells but not in normal cells.
-- Two additional members joined Bionovo's Scientific Advisory Board,
Jan-Ake Gustafsson and Bert W. O'Malley .
-- The Company continues to work towards satisfying the FDA's requests
for clarification of the manufacturing and analytical strategy to be
used in ensuring the consistency of its drug products.
-- The Company continues to pursue a wide variety of funding options
including government grants, partnering, and debt and equity
offerings.
First Quarter Results
Total operating expenses for the three months ending
The Company reported a net loss for the three months ended
The Company ended the quarter with
Commenting on the quarter, Dr.
Conference Call
The Company will conduct a conference call and webcast to review the
financial results and the Company's plans for 2009 later today,
Interested parties can access the call by dialing (877) 356-5706 or (706)
643-0580, or can listen via a live Internet webcast, which can be found at
http://bionovo.com/investors/events. A replay of the call will be available
via webcast at http://bionovo.com/investors/events for 30 days or by playback
at (800) 642-1687 or (706) 645-9291, access code 94818134, through
About
Forward Looking Statements
This release contains certain forward-looking statements relating to the
business of
Financial Tables on Following Pages
Bionovo, Inc.
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
Accumulated
from February
1, 2002 (Date of
Three months ended inception) to
March 31, March 31,
2009 2008 2009
Revenues $ - $ - $ 892
Operating expenses:
Research and development 3,601 2,387 30,809
General and administrative 1,009 1,822 14,558
Merger cost - - 1,964
Total operating expenses 4,610 4,209 47,331
Loss from operations (4,610) (4,209) (46,439)
Change in fair value of
warrant liability - - 831
Interest income 54 306 2,045
Interest expense (33) (27) (399)
Other expense (79) (19) (156)
Net loss $(4,668) $(3,949) $(44,118)
Basic and diluted net loss
per common share $(0.06) $(0.05) $(1.02)
Shares used in computing basic
and diluted net loss per share 76,363 76,343 43,280
Bionovo, Inc.
(A Development Stage Company)
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
March 31, December 31,
2009 2008
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $5,338 $3,270
Short-term investments 3,757 10,292
Receivables 67 126
Prepaid expenses and other
current assets 438 805
Total current assets 9,600 14,493
Property and equipment, net 6,758 6,938
Other assets and patent pending, net 1,309 1,073
Total assets $17,667 $22,504
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $471 $521
Accrued clinical and costs of
other studies 86 73
Accrued compensation and benefits 360 456
Current portion of lease obligations 656 682
Other current liabilities 570 595
Total current liabilities 2,143 2,327
Non-current portion of lease obligation 392 545
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.0001 par value;
10,000,000 shares authorized; none
issued and outstanding - -
Common stock $0.0001 par value,
190,000,000 shares authorized,
76,363,101 and 76,363,101 shares
outstanding at March 31, 2009 and
December 31, 2008, respectively 8 8
Additional paid-in capital 59,235 59,050
Accumulated other comprehensive gain 7 24
Accumulated deficit (44,118) (39,450)
Total shareholders' equity 15,132 19,632
Total liabilities and
shareholders' equity $17,667 $22,504
* The balance sheet at December 31, 2008 has been derived from the audited
financial statements at that date but does not include all of the
information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements.
SOURCEBionovo, Inc. -0-05/07/2009 /CONTACT: Company,Claire Fong orTom Chesterman , both ofBionovo, Inc. , +1-510-601-2000, investor@bionovo.com; or Investors,Joe Diaz ,Robert Blum orJoe Dorame , all ofLytham Partners, LLC , +1-602-889-9700, bnvi@lythampartners.com, forBionovo, Inc. / /Web Site: http://www.bionovo.com / (BNVI) CO:Bionovo, Inc. ST:California IN: HEA MTC SU: TRI ERN CCA PR -- SF13245 -- 484505/07/2009 16:05 EDT http://www.prnewswire.com