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, which has 51 employees, said it would use proceeds from the offering to partially fund a Phase III trial of Menerba... (Source: bizjournals.com Health Care:Pharmaceuticals headlines)

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