Exhibit 99.1
| Company Contact:
David Boyle
Tel: 510.601.2000
investor@bionovo.com |
Bionovo Restructures Work Force
Management Compensation Restructured
EMERYVILLE, Calif. – March 9, 2012 -- Bionovo, Inc. (OTC Link Platform: BNVI.PK) today announced that it will need to obtain substantial additional funding to achieve its objectives of internally developing drugs. The Company reduced its workforce by over 90%. The remaining management of the Company will receive reduced cash compensation until either adequate financing can be obtained or the Company is sold. The Company can not make any assurances about either of these events. As previously announced, management and the board of directors are continuing to explore strategic options for the Company. Management is currently reviewing the status of the ongoing clinical trial for Menerba.
The Company does not currently have adequate internal liquidity to meet its cash needs. If sufficient additional funds are not received in the near term, the Company may not be able to execute its business plan and may need to further curtail or cease operations.
AboutBionovo,Inc.
Bionovo,Inc.isapharmaceuticalcompanyfocusedonthediscoveryanddevelopmentofsafeand effectivetreatmentsforwomen'shealthandcancer;marketswithsignificantunmetneedsand billionsinpotentialannualrevenue.TheCompanyappliesitsexpertiseinthebiologyof menopauseandcancertodesignnewdrugsderivedfrombotanicalsourceswhichhavenovel mechanisms ofaction.Basedontheresultsofearlyandmid-stageclinicaltrials,Bionovobelieves theyhavediscoverednewclassesofdrugcandidateswithintheirrichpipelinewiththepotentialto beleadersintheirmarkets.Bionovoisheadquartered inEmeryville,Californiaandistradedon theOTCQBunderthesymbol,"BNVI".FormoreinformationaboutBionovoand itsprograms,visit:http://www.bionovo.com.
ForwardLookingStatements
The statements contained in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the company’s or management’s expectations, hopes, beliefs, intentions, or strategies regarding future developments and their potential effects on the company. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “hope” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. While the company believes the forward-looking statements contained in this press release are accurate, there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements. There can be no assurance that future developments will be those that the company has anticipated. The forward-looking statements contained in this press release include, but are not limited to, those that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.Suchforward-lookingstatementsinvolveknownandunknownrisksuncertainties,including risks anduncertainties relatingtoproductdevelopment,efficacyandsafety, regulatoryactionsordelays,theabilitytoobtainormaintainpatentorotherproprietaryintellectual propertyprotection,marketacceptance, physicianacceptance, thirdpartyreimbursement,future capitalrequirements,competitioningeneralandotherfactorsthatmaycauseactualresultstobe materiallydifferentfromthosedescribedhereinasanticipated,believed,estimatedorexpected. Certainoftheserisks, uncertainties and other factors areorwillbedescribedingreaterdetailinourfilingswith theSecuritiesandExchangeCommission,whichareavailableathttp://www.sec.gov. Bionovo,Inc. is providing the information in this press release only as of the date hereof and isundernoobligation(andexpresslydisclaimsanysuchobligation)toupdateoralterits forward-lookingstatementswhetherasaresultofnewinformation,futureeventsorotherwise.
