Nov. 4, 2009 (PR Newswire) -- RICHMOND, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported third quarter 2009 financial results and accomplishments.
For the third quarter ended September 30, 2009, Sangamo reported a consolidated net loss of $4.9 million, or $0.12 per share, compared to a consolidated net loss of $6.3 million, or $0.15 per share, for the same period in 2008. As of September 30, 2009, the company had cash, cash equivalents, marketable securities and interest receivable of $47.9 million. In October 2009, Sangamo completed an underwritten public offering that resulted in net proceeds of $20.9 million to the company and entered into an expanded agreement with Sigma-Aldrich Corporation under the terms of which Sigma made initial payments of $20.0 million to Sangamo.
Revenues for the third quarter of 2009 were $4.1 million, compared to $3.7 million for the same period in 2008. Third quarter 2009 revenues were from the Company's collaboration agreements with Dow AgroSciences and Sigma-Aldrich Corporation, enabling technology agreements in protein production and research grants. The revenue recognized for the third quarter of 2009 consisted of $4.0 million in collaboration agreements and $51,000 in research grants.
Research and development expenses were $6.2 million for the third quarter of 2009, compared to $7.6 million for the same period in 2008. The decrease in research and development expenses for the third quarter of 2009 was primarily due to decreased manufacturing, preclinical, licensing and consulting expenses partially offset by increased stock based compensation expenses. Non-cash employee stock-based compensation included in research and development expenses totaled $0.8 million for the third quarter of 2009 compared to $0.6 million for the same period in 2008.
General and administrative expenses were $2.7 million for the third quarter of 2009, compared to $2.6 million for the same period in 2008. The increase in general and administrative expenses was primarily due to increased personnel costs, including non-cash employee stock-based compensation, which totaled $0.9 million in the third quarter of 2009 compared to $0.7 million in the same period in 2008.
Total operating expenses for the third quarter of 2009 were $8.9 million, compared to $10.1 million for the same period in 2008.
Net interest and other income (loss) were recorded as a net loss of $47,000 for the third quarter of 2009 compared to income of $42,000 for the same period in 2008.
Nine Month Results
For the nine months ended September 30, 2009, the consolidated net loss was $16.2 million, or $0.39 per share, compared to a consolidated net loss of $21.7 million, or $0.53 per share, for the nine-months ended September 30, 2008. Revenues were $11.9 million for the nine months ended September 30, 2009, compared to $9.4 million for the same period in 2008. Total operating expenses were $28.9 million for the nine months ended September 30, 2009, compared to $32.5 million for the same period in 2008. The decrease in operating expenses for 2009 was primarily associated with decreased manufacturing, preclinical, consulting and lab supply expenses.
Recent Highlights
-- Presentation of top-line statistically significant Phase 2 ZFP
Therapeutic(TM) data at the Society for Neuroscience Meeting. Sangamo
presented top-line, statistically significant Phase 2 clinical data from
its zinc finger DNA-binding protein (ZFP) Therapeutic program to develop
SB-509 for treatment of diabetic neuropathy (DN) at the Society for
Neuroscience Annual Meeting held in Chicago. The data demonstrated a
direct neuroregenerative effect of SB-509 treatment that resulted in a
statistically significant (p value=0.02) increase in small unmyelinated
nerve fibers in the skin, or intraepidermal nerve fiber density (IENFD),
in subjects with DN. Data were also presented that provided additional
evidence of the positive effect of SB-509 on large fiber sensory nerve
health as measured by improvements in nerve conduction velocity (NCV),
in subjects with elevated markers of vascular damage (ICAM-1), and
improvements in the muscle components of the neurologic exam (NIS-LL)
30-days after each of the three administrations of SB-509. Together
these data confirm the neuroregenerative activity of SB-509 in patients
with DN and define a drug-responsive population for future trials.
-- Completion of an underwritten public offering.
