EMERYVILLE, Calif., Nov. 2, 2010 /PRNewswire/ -- Bionovo Inc. (Nasdaq: BNVI), a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer derived from botanicals, today received notification that it had two projects approved for funding at the maximum level under the Qualifying Therapeutic Discovery Project Credit ("QTDP") program. Bionovo expects to receive the maximum level allowable under the program for its Menerba and Bezielle programs, for menopausal symptom alleviation and the treatment of advanced breast cancer, respectively, or about $489,000.
The QTDP program was created by the U.S. Congress as part of the Patient Protection and Affordable Care Act passed on March 23, 2010. It was intended specifically to provide incentive to smaller companies who are focusing on innovative therapeutic discoveries, especially in the area of cancer prevention and treatment.
"We are extremely pleased that our programs for Menerba and Bezielle have been reviewed and assessed favorably by the federal government resulting in two grants under the QTDP grant program, both grants at the maximum level available," said Isaac Cohen, Bionovo's Chairman and Chief Executive Officer. "These funds and other grant sources continue to support Bionovo's ongoing research and development programs."
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 http://www.bionovo.com.
Forward Looking Statements
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 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, which are available at http://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.