Sangamo BioSciences Reports Second Quarter 2008 Financi...(for the same period in 2007. Theincrease...)

Date:7/23/2008

for the same period in 2007. The increase in general and administrative expenses was primarily due to increased personnel costs, including non-cash employee stock-based compensation which totaled $0.6 million in the second quarter of 2008 compared to $0.2 million in the same period in 2007.

Total operating expenses for the second quarter of 2008 were $10.8 million, compared to $8.4 million for the same period in 2007.

Net interest and other income was $570,000 for the second quarter of 2008, compared to $657,000 for the same period in 2007.

Six Month Results

For the six months ended June 30, 2008, the consolidated net loss was $15.4 million, or $0.38 per share, compared to a net loss of $10.5 million, or $0.30 per share, for the period ended June 30, 2007. Revenues were $5.6 million for the first half of 2008, compared to $4.0 million in the same period in 2007. Total operating expenses were $22.4 million for the first half of 2008 and $15.9 million in the first half of 2007. The increase in operating expenses for 2008 was primarily associated with Sangamo'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 and lab supply expenses.

Recent Highlights

-- Dow AgroSciences announces early exercise of commercial license for ZFP technology. Four months earlier than expected Dow AgroSciences (DAS) announced during the BIO International Convention in June that they had exercised their option, under and existing agreement with Sangamo, for a commercial license to Sangamo's zinc finger DNA-binding protein (ZFP) technology for use in plant agriculture. DAS will use the technology to generate products itself and plans to sublicense the technology to other companies under the trademark of ExZact Precision Traits(TM). As part of the agreement, Sangamo will receive a license fee p
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SOURCE Sangamo BioSciences, Inc. Copyright©2008 PR Newswire. All rights reserved

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