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Bionovo Announces First Quarter 2011 Highlights and Financial Results

Thursday, May 12, 2011 General News J E 4
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Bionovo, Inc.

(A Development Stage Company)

Consolidated Balance Sheets

(in thousands, except share data)

March 31,2011

December 31, 2010

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$                   16,718

$                     2,638

Short-term investments

6,340

-

Receivables

76

49

Prepaid expenses

795

973

Other current assets

406

396

Total current assets

24,335

4,056

Property and equipment, net

12,116

6,647

Patents pending, net

1,465

1,259

Other assets

1,265

1,020

Total assets

$                   39,181

$                   12,982

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                        613

$                        655

Accrued compensation and benefits

537

901

Current portion of capital lease obligations

989

1,055

Current portion of notes payable

27

40

Warrant liability

8,912

1,843

Other current liabilities

5,309

970

Total current liabilities

16,387

5,464

Non-current portion of capital lease obligations

583

836

Non-current portion of notes payable

79

81

Total liabilities

17,049

6,381

Commitments and contingencies

Shareholders’ equity:

Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding

-

-

Common stock $0.0001 par value, 340,000,000 shares authorized, 54,561,312 and 24,530,112 shares outstanding at March 31, 2011 and December 31, 2010, respectively

5

2

Additional paid-in capital

97,383

80,145

Accumulated other comprehensive income (loss)

-

-

Accumulated deficit

(75,256)

(73,546)

Total shareholders’ equity

22,132

6,601

Total liabilities and shareholders’ equity

$                   39,181

$                   12,982

* The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

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