Sangamo BioSciences Reports Third Quarter 2008 Financi...( RICHMOND Calif. Oct. 29 /- Sangam...)

RICHMOND, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported third quarter 2008 financial results and accomplishments.

For the third quarter ended September 30, 2008, Sangamo reported a consolidated net loss of $6.3 million, or $0.15 per share, compared to a net loss of $4.3 million, or $0.11 per share, for the same period in 2007. As of September 30, 2008, the company had cash, cash equivalents and investments of $59.5 million. Subsequent to the end of the quarter, the company received $8.5 million in scheduled payments from collaborators.

Revenues for the third quarter of 2008 were $3.7 million, compared to $2.3 million for the third quarter of 2007. Third 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 third quarter of 2008 consisted of $3.2 million from collaboration agreements and $549,000 from research grants.

Research and development expenses were $7.6 million for the third quarter of 2008, compared to $5.9 million for the same period in 2007. The increase in research and development expenses for the third 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 stock-based compensation included in research and development expenses totaled $580,000 and $364,000 in the third quarter of 2008 and 2007, respectively.

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