Bionovo Regains Compliance With NASDAQ Minimum Closing Bid Price Requirement
EMERYVILLE, Calif., Sept. 16 /PRNewswire/ -- Bionovo, Inc. (Nasdaq: BNVI, BNVID), a drug discovery and development company focused on unmet needs in women's health and oncology, today announced that it has received notification from the NASDAQ Listing Qualifications department that it has regained compliance with the $1.00 minimum bid price requirement for continued listing set forth in Listing Rule 5450(a)(2), as its common stock has achieved a closing bid-price of $1.00 or more for 10 consecutive business days.
On September 15, 2009, the Company received a letter from NASDAQ stating that, for the preceding 30 consecutive business days, the bid price of its common stock had closed below the minimum $1.00 per share requirement for continued listing on the NASDAQ Capital Market. Additionally, on March 16, 2010, the Company received a letter from NASDAQ stating that the Company had been granted an additional 180 day grace period, or until September 13, 2010, to regain compliance with the minimum bid price of $1.00 required for continued listing on the NASDAQ Capital Market.
About Bionovo, Inc.
Bionovo 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 they have discovered new classes of drug candidates within their rich pipeline with the potential to be leaders in their markets. Bionovo is headquartered in Emeryville, California and is traded on the NASDAQ Capital Market under the symbol, "BNVI, BNVID". 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.