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Sangamo BioSciences Reports Fourth Quarter and Full Year 2010 Financial Results
Date:2/2/2011

RICHMOND, Calif., Feb. 2, 2011 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported fourth quarter and full year 2010 financial results and accomplishments.

For the fourth quarter ended December 31, 2010, Sangamo reported a consolidated net loss of $8.3 million, or $0.18 per share, compared to a net loss of $2.4  million, or $0.05 per share, for the same period in 2009. As of December 31, 2010, the company had cash, cash equivalents, marketable securities and interest receivable of $60.6 million.

Revenues for the fourth quarter of 2010 were $4.7 million, compared to $10.2 million for the same period in 2009. Fourth quarter 2010 revenues were generated from the Company's collaboration agreements with Sigma-Aldrich Corporation (Sigma) and Dow AgroSciences (DAS), agreements related to protein production and research grants. The revenues recognized for the fourth quarter of 2010 consisted of $2.2 million in collaboration agreements and $2.5 million related to research grants, compared to $10.2 million in collaboration agreements and $70,000 related to research grants for the same period in 2009.  The decrease in collaboration agreement revenues was primarily due to the completion in July 2010 of the amortization period for the commercial license fees received from Sigma under the expanded agreement of October 2009.  The increase in research grant revenues was primarily due to renewed funding for our Phase 2b clinical trial in diabetic neuropathy from the Juvenile Diabetes Research Foundation, receipt of four Qualifying Therapeutic Development Program awards to support qualified expenses incurred in Sangamo's clinical development programs, Sangamo's portion of the Disease Team Research Award from the California Institute for Regenerative Medicine and research funding from the Michael J. Fox Foundation for Parkinson's Research (MJFF).  
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SOURCE Sangamo BioSciences, Inc.
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