Bionovo granted additional grace period for regaining compliance with NASDAQ's minimum bid requirement

Bionovo, Inc. (Nasdaq: BNVI) today announced that on March 16, 2010, the Company received a letter from NASDAQ stating that the Company has been granted an additional 180 day grace period, until September 13, 2010, to regain compliance with the minimum bid price of $1.00 required for continued listing on the NASDAQ Capital Market.

Bionovo intends to use its best efforts to regain compliance with the NASDAQ's minimum bid requirement.

For further information on the relevant NASDAQ rules, please consult NASDAQ Listing Rules 5550(a)(2) – bid price, 5810(c)(3)(A) – grace period, 5810(b) – public disclosure, and 5505 – Capital Market criteria.

SOURCE Bionovo, Inc.