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.

Bionovo looks to sell $10M in preferred stock, warrants

Botanical drug developer Bionovo Inc. plans to raise $10 million by selling convertible preferred stock and warrants to buy up to 240 million shares of common stock.
The Emeryville company (Pink Sheets: BNVI) focuses on using traditional Chinese medicines for women’s health and cancer indications. Its lead drug candidate, Menerba, is designed to treat “hot flashes” during menopause.

Bionovo ready to shift hot-flash drug manufacturing to Bay Area

Bionovo is under a tight deadline to get its new production facility in Hayward up and running by mid-April.
The Emeryville-based biotechnology company signed a 51,500-square-foot lease early this year and has fast-tracked the build-out to make sure it can start making enough Menerba, a drug for menopause hot-flash symptoms, in time for Phase 3 clinical trials.
Previous attempts to outsource production to facilities in Asia and Colorado left executives concerned about quality, so they decided to set up their own manufacturing site closer to home.

Bionovo to raise $30M for R&D