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Sangamo BioSciences Reports Second Quarter 2008 Financial Results
Date:7/23/2008

RICHMOND, Calif., July 23 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported second quarter 2008 financial results and accomplishments.

For the second quarter ended June 30, 2008, Sangamo reported a consolidated net loss of $7.4 million, or $0.18 per share, compared to a net loss of $5.2 million, or $0.15 per share, for the same period in 2007. As of June 30, 2008, the company had cash, cash equivalents and investments of $64.3 million.

Revenues for the second quarter of 2008 were $2.8 million, compared to $2.6 million for the second quarter of 2007. Second quarter 2008 revenues were primarily comprised of revenue recognition from the Company's collaboration agreements with Dow AgroSciences (DAS) and Sigma-Aldrich, enabling technology agreements in protein production and research grants. The revenue recognized for the second quarter of 2008 consisted of $2.4 million in collaboration agreements and $464,000 in research grants.

Research and development expenses were $8.3 million for the second quarter of 2008, compared to $6.3 million for the same period in 2007. The increase in research and development expenses for the second quarter of 2008 was primarily due to advancing the Company's clinical development programs in diabetic neuropathy and pre-IND programs to develop ZFP Therapeutics for the treatment of HIV/AIDS and glioblastoma, as well as increased research and development personnel costs. Non-cash employee stock-based compensation included in research and development expenses totaled $0.7 million and $0.3 million in the second quarter of 2008 and 2007, respectively.

General and administrative expenses were $2.5 million for the second quarter of 2008, compared to $2.1 million
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SOURCE Sangamo BioSciences, Inc.
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