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Fourth Quarter Results
The company reported revenues for the three months ended December 31, 2007of $330,875 compared to $3,750 for the same period in 2006. The increase inrevenues over the comparable period in 2006, is due primarily to therecognition of $239,625 from our National Institute of Health grant drawdownearned in 2007 and the recognition of unamortized deferred revenue of $91,250as a result of the termination of our licensing agreement with UnitedBiotechnology Corporation ("UBC") of Taiwan on October 15, 2007.
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Total operating expenses for the three months ended December 31, 2007 were$4.3 million compared to $2.0 million for the same period in 2006.
The company reported a net loss for the three months ended December 31,2007 of $3.7 million, or $0.05 per share, compared with a net loss of$1.9 million, or $0.04 per share, for the same period in 2006.
Full Year Results
For the year ended December 31, 2007 total revenues were $581,750 comparedwith $15,000 for the same period in 2006. Revenues in 2007 also included aNational Institute of Health (NIH) grant drawdown of $239,625 received for2006 and the recognition of $11,250 in amortization from the proceeds of ourlicensing and technology transfer agreement with UBC of Taiwan
For the year ended December 31, 2007 total operating expenses were$14.2 million compared with $5.8 million for the same period in 2006. Theincrease in 2007 operating expenses include the impact of research anddevelopment expense for the development of our lead drug candidates, clinicaltrial expenses and a related increase in operational support.
The net loss for the year ended December 31, 2007 was $12.9 million, or$0.20 per share, compared with a net loss of $5.6 million, or $0.11 per share,for the same period in 2006. The year-over-year increase in net loss wasdriven primarily by the increased activity related to our clinical trials anda related increase in operational support.
As of December 31, 2007, cash, cash equivalents and short-term investmentstotaled approximately $33.3 million compared to $3.1 million at December 31,2006. The increase in cash, cash equivalents and short term investments in2007 is due primarily to $14.5 million, net of financing expense, raised fromour Private Placement (a.k.a. "PIPE") completed in January 2007, a publicoffering completed in October 2007, which raised aggregate net cash proceedsof $24.0 million, and $4.8 million received from the exercise of stock optionsand warrants, offset by net cash used in operating activities of$10.3 million.
"We believe our achievements in the last year have positioned Bionovo wellfor an exciting and promising 2008," said Isaac Cohen, O.M.D., Bionovo'schairman and CEO. "With the proceeds of our recent public offering, we are ina strong financial position to support the ongoing product development andclinical trials for our lead product candidates for metastatic breast cancer,BZL101, and menopausal hot flashes, MF101. We are also pleased with theinterest we have received from potential partners in ongoing discussions ofour programs and drug candidates. With the combination of our strong financialposition, our partner discussions, and the momentum in our clinical trials webelieve we are on the right path to become a leader in the areas of breastcancer and women's health."
About Bionovo, Inc.
Bionovo is a pharmaceutical company focused on the discovery anddevelopment 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 todesign new drugs derived from botanical sources
