Exhibit 99.1
 | Company Contact:
David Boyle
Tel: 510.601.2000
investor@bionovo.com |
Bionovo Enters Into Agreement for Offering of Common Stock and Warrants
EMERYVILLE, Calif. – March 12, 2012 — Bionovo, Inc. (OTCQB: BNVI) On March 12, 2012, Bionovo, Inc., entered into a securities purchase agreement with investors to purchase an aggregate of 14,231,696 shares of our common stock, par value $0.0001 per share (the “Common Shares”). The aggregate purchase price for the Common Shares is approximately $426,951.
Additionally, each Investor will receive a warrant (“Warrant”) exercisable into shares of our common stock. The Warrants shall be exercisable into an aggregate of 11,485,844 shares of our common stock at an exercise price of $0.03 per share. The Warrants expire on March 30, 2012. If the Warrants are exercised in full for cash, the Company will receive approximately an additional $344,575 in proceeds.
The Common Shares and the Warrants will be issued pursuant to the Company's Registration Statement on Form S-3 (File No. 333-167466).
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,whichareavailableat http://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.
