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Sangamo BioSciences Reports Second Quarter 2011 Financial Results
Date:7/27/2011

RICHMOND, Calif., July 27, 2011 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported second quarter 2011 financial results and accomplishments.

For the second quarter ended June 30, 2011, Sangamo reported a consolidated net loss of $10.3 million, or $0.20 per share, compared to a net loss of $3.9  million, or $0.09 per share, for the same period in 2010. As of June 30, 2011, the company had cash, cash equivalents and marketable securities of $92.0 million.

Revenues for the second quarter of 2011 were $1.5 million, compared to $6.5 million for the same period in 2010. Second quarter 2011 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 second quarter of 2011 consisted of $0.6 million in collaboration agreements and $0.9 million related to research grants, compared to $6.2 million in collaboration agreements and $0.3 million related to research grants for the same period in 2010.  

The increase in the net loss and decrease in collaboration agreement revenues were primarily due to the completion, in July 2010, of the amortization period for the commercial license fee received from Sigma under the expanded agreement of October 2009.  The increase in research grant revenues was primarily due to funding from CHDI Foundation, Inc. to support research using zinc finger DNA-binding (ZFP) technology for a novel therapeutic for Huntington's disease, 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).  

Research and development expenses were $8.1 million for the second quarter of 2011, compared to $7.1 mill
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SOURCE Sangamo BioSciences, Inc.
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