RICHMOND, Calif., Nov. 3, 2010 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) announced that the company has been awarded a total of $978,000 in grants for four qualifying therapeutic projects under the Qualifying Therapeutic Discovery Project Program.
Under the recently enacted Patient Protection and Affordable Care Act, which added section 48D of the Internal Revenue Code, cash grants were awarded to Qualifying Therapeutic Discovery Projects that showed significant potential to produce new and cost-saving therapies, support job growth and increase U.S. competitiveness in life, biological and medical sciences. Grants were awarded through a competitive application process administered by the Departments of Health and Human Services and the Treasury.
"We believe that the selection of our programs for these grants is a reflection of the potential of our proprietary ZFP technology platform for the development of a novel class of drugs to address unmet medical needs," said Edward Lanphier, Sangamo's president and CEO. "These awards will directly contribute to the development and commercialization of our ZFP Therapeutic programs."
Sangamo submitted applications for four qualifying projects:
Each project was awarded $244,000 based on qualifying expenses incurred by Sangamo. The total amount awarded is expected to be received, and recognized as research grant revenues, during the fourth quarter of 2010.
Sangamo BioSciences, Inc. is focused on research and development of novel DNA-binding proteins for therapeutic gene regulation and modification. The most advanced ZFP Therapeutic® development program is currently in a Phase 2b clinical trial for evaluation of safety and clinical effect in patients with diabetic neuropathy and a Phase 2 trial in ALS. Sangamo also has a Phase 1 / 2 clinical trial and two ongoing Phase 1 clinical trials to evaluate safety and clinical effect of a treatment for HIV/AIDS as well as a Phase 1 trial of a treatment for recurrent glioblastoma multiforme. Other therapeutic development programs are focused on Parkinson's disease, monogenic diseases, neuropathic pain and nerve regeneration. 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) that can control gene expression and, consequently, cell function. Sangamo is also developing sequence-specific ZFP Nucleases (ZFN) for gene modification. Sangamo has established strategic partnerships with companies in non-therapeutic applications of its technology including Dow AgroSciences and Sigma-Aldrich Corporation. For more information about Sangamo, visit the company's website at http://www.sangamo.com/
ZFP Therapeutic® is a registered trademark of Sangamo BioSciences, Inc.
This press release may contain forward-looking statements based on Sangamo's current expectations. These forward-looking statements include, without limitation, references to the research and development of novel ZFP TFs and ZFNs and their applications in the treatment of disease. Actual results may differ materially from these forward-looking statements due to a number of factors, including technological challenges, Sangamo's ability to develop commercially viable products and technological developments by our competitors. See the company's SEC filings, and in particular, the risk factors described in the company's Annual Report on Form 10-K and its most recent quarterly report on Form 10-Q. Sangamo BioSciences, Inc. assumes no obligation to update the forward-looking information contained in this press release.
|SOURCE Sangamo BioSciences, Inc.|
Copyright©2010 PR Newswire.
All rights reserved