Bionovo Announces Pricing of Securities Offering

Bionovo, Inc. (NASDAQ:BNVI) announced that it has entered into agreements with selected investors to sell up to 3,230,995 units at a price per unit of $6.20 for aggregate gross proceeds of up to $20.0 million. Each unit consists of ten shares of common stock and ten warrants. Each warrant entitles its holder to purchase one share of Bionovo common stock at an exercise price of $0.85. The warrants may be exercised at any time after six months from the date of the closing and will expire after five years. The offering is expected to close on or about Wednesday, October 7, 2009, subject to customary closing conditions.

Bionovo expects to use the net proceeds from this...

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