Bionovo (BNVI) Announces No Bonuses For Executives In '08
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The Board of Directors of Bionovo, Inc. (Nasdaq: BNVI) announced that despite significant corporate and scientific accomplishments and progress during the year, given current market conditions and the status of the financial markets, they will be recommending to the Board of Directors that no executive bonuses be paid for 2008, and that there be no increase in salaries. In addition, the Company announced that it had taken other cost control actions, aimed at maximizing cash life, while not delaying key program activities.
The actions taken by the Company included:
-- No executive management bonuses for 2008.
-- No executive management pay rate increases for 2009.
-- An approximately 15% reduction in staff.
-- Deferring work on preclinical drug candidates, to allow focus on clinical drug candidates.
-- Increased effort on project partnership and strategic investors as an additional source of capital.
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Bionovo is a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, markets with significant unmet needs and billions in potential annual revenue.
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