Tuesday, March 13, 2012

As cash dwindles, Bionovo lays off 90% of staff, plans stock sale

Bionovo Inc., which last week laid off more than 90 percent of its workforce, said Monday that it will net $740,000 by selling 14.2 million shares of its common stock and warrants.
The Emeryville-based drug developer (Pink Sheets: BNVI) said the sale of its stock, which closed Monday at 6 cents per share, will raise about $427,000. It also will receive about $344,575 if all the warrants are exercised for cash by March 30 into nearly 11.5 million shares of stock at 3 cents each.

No comments:

Post a Comment