Company Provided 180 Days to Regain Compliance
EMERYVILLE, Calif., Sept. 21 /PRNewswire-FirstCall/ -- Bionovo, Inc. (Nasdaq: BNVI) today announced that on September 15, 2009, the company received a letter from NASDAQ stating that, for the last 30 consecutive business days, the bid price of its common stock has closed below the minimum $1.00 per share requirement for continued listing on the NASDAQ Capital Market. The letter further stated that the company has been provided a period of 180 calendar days, or until March 15, 2010, to regain compliance. If, at anytime before March 15, 2010, the bid price of the common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ has indicated that it will provide written notification that compliance has been regained.
The deficiency letter has no effect on the listing of the company's common stock at this time and its common stock will continue to trade on the NASDAQ Capital Market under the symbol "BNVI."
In the event the Company does not regain compliance with the rule prior to the expiration of the period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with exception of bid price, for the NASDAQ Capital Market. If it meets the initial listing criteria, NASDAQ staff will notify the Company that it has been granted an additional 180 calendar day compliance period.
Bionovo intends to use its best efforts to regain compliance with NASDAQ's minimum bid requirement.
For further information on the relevant NASDAQ rules, please consult NASDAQ Listing Rules 5550(a)(2) - bid price, 5810(c)(3)(A) - grace period, 5810(b) - public disclosure, and 5505 - Capital Market criteria.
About Bionovo, Inc.
Bionovo, Inc. is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, markets with significant unmet needs and billions in potential annual revenue. The company applies its expertise in the biology of menopause and cancer to design new drugs derived from botanical sources, which have novel mechanisms of action. Based on the results of early and mid-stage clinical trials, Bionovo believes it has discovered new classes of drug candidates within its rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and its stock is traded on the NASDAQ Capital Market under the symbol "BNVI". For more information about Bionovo and its programs, visit www.bionovo.com.
This release contains certain forward-looking statements relating to the business of Bionovo, Inc. that can be identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development, efficacy and safety, regulatory actions or delays, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, physician acceptance, third party reimbursement, future capital requirements, competition in general, our ability to raise additional capital to fund our operations, and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated, or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission, including, without limitation, our registration statement on Form S-1 filed with the Securities and Exchange Commission on September 10, 2009, which are available at www.sec.gov. Bionovo, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Bionovo, Inc.
Claire Fong or Tom Chesterman, both of Bionovo, Inc., +1-510-601-2000, firstname.lastname@example.org; or Investors, Joe Diaz, Robert Blum or Joe Dorame, all of Lytham Partners, LLC, +1-602-889-9700, email@example.com, for Bionovo, Inc.