RICHMOND, Calif., April 30 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported first quarter 2008 financial results and accomplishments.
For the first quarter ended March 31, 2008, Sangamo reported a consolidated net loss of $8.0 million, or $0.20 per share, compared to a net loss of $5.4 million, or $0.15 per share, for the same period in 2007. As of March 31, 2008, the company had cash, cash equivalents and short-term investments of $73.6 million.
Revenues for the first quarter of 2008 were $2.8 million, compared to $1.4 million for the same period in 2007. First quarter 2008 revenues were primarily from Sangamo's agreements with Dow AgroSciences and Sigma-Aldrich Corporation, research grants and enabling technology agreements in protein production.
Research and development expenses were $8.6 million for the first quarter of 2008, compared to $5.4 million for the same period in 2007. The increase in R&D expenses is primarily related to advancing Sangamo's ZFP Therapeutic(TM) clinical program in diabetic neuropathy and costs related to pre-IND programs in HIV/AIDS and glioblastoma, as well as increased personnel and laboratory supply expenses. Non-cash employee stock-based compensation included in research and development expenses totaled $0.9 million and $0.3 million in the 2008 and 2007 periods, respectively.
General and administrative expenses were $2.9 million for the first quarter of 2008, compared to $2.0 million for the corresponding 2007 period. The increase in general and administrative expenses was primarily due to increased personnel costs. Non-cash employee stock-based compensation included in general and administrative expenses totaled $0.9 million and $0.2 million in the 2008 and 2007 periods, respectively.
Total operating expenses for the first quarter of 2008 were $11.6 million, compared to $7.4 million for the same period in 2007.
Net interest and other income was $0.8 million for the first quarter of 2008, compared to $0.6 million for the same period in 2007, primarily due to higher average cash and investment balances.
Sangamo will host a conference call today at 5:00 p.m. ET, which will be open to the public. The call will also be webcast live and can be accessed via a link on the Sangamo BioSciences website in the Investor Relations section under "Events and Presentations" http://investor.sangamo.com/events.cfm. The webcast replay will also be available for two weeks after the call. During the conference call, the company will review these results, discuss other business matters, and provide forward-looking guidance.
The conference call dial-in numbers are 877-675-4749 for domestic callers and 719-325-4940 for international callers. The passcode for the call is 6274211. For those unable to listen in at the designated time, a conference call replay will be available for one week following the conference call, from approximately 8:00 p.m. ET on April 30, 2008 to 11:59 p.m. ET on May 7, 2008. The conference call replay numbers for domestic and international callers are 888-203-1112 and 719-457-0820 respectively. The conference ID number for the replay is 6274211.
Sangamo BioSciences, Inc. is focused on the research and development of novel DNA-binding proteins for therapeutic gene regulation and modification. The most advanced ZFP Therapeutic(TM) development program is currently in Phase 2 clinical trials for evaluation of safety and clinical effect in patients with diabetic neuropathy. Phase 1 clinical trials are ongoing to evaluate a ZFP Therapeutic for peripheral artery disease. Other therapeutic development programs are focused on stem cell mobilization, ALS, cancer, HIV/AIDS, neuropathic pain, nerve regeneration, Parkinson's disease and monogenic diseases. Sangamo's core competencies enable the engineering of a class of DNA-binding proteins known as zinc finger DNA-binding proteins (ZFPs). By engineering ZFPs that recognize a specific DNA sequence Sangamo has created ZFP transcription factors (ZFP TF(TM)) that can control gene expression and, consequently, cell function. Sangamo is also developing sequence-specific ZFP Nucleases (ZFN(TM)) for gene modification. Sangamo has established strategic partnerships with companies outside of the human therapeutic space including Dow AgroSciences, Sigma-Aldrich Corporation and several companies applying its ZFP Technology to enhance the production of protein pharmaceuticals. For more information about Sangamo, visit the company's web site at http://www.sangamo.com.
This press release contains forward-looking statements regarding Sangamo's current expectations. These forward looking statements include, without limitation, references to the research and development of ZFP TFs and ZFNs, clinical trials and therapeutic applications of Sangamo's ZFP technology platform, achievement of research milestones and objectives, strategic partnership with collaborators and anticipated amount of cash and cash equivalents. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, the early stage of ZFP Therapeutic development, uncertainties related to the timing of initiation and completion of clinical trials, whether clinical trial results will validate and support the safety and efficacy of ZFP Therapeutics, and the ability to establish strategic partnerships. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that Sangamo will be able to develop commercially viable gene based therapeutics. Actual results may differ from those projected in forward-looking statements due to risks and uncertainties that exist in the company's operations and business environments. These risks and uncertainties are described more fully in the company's' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
SOURCE Sangamo BioSciences, Inc.