Sangamo BioSciences Reports Third Quarter 2008 Financi... (nd administrative expenses were $2.6 mil...)

Sangamo BioSciences Reports Third Quarter 2008 Financial Results

Date:10/29/2008

nd administrative expenses were $2.6 million for the third quarter of 2008, compared to $1.7 million for the same period in 2007. The increase in general and administrative expenses was primarily due to increased personnel costs, including non-cash stock-based compensation which totaled $709,000 in the third quarter of 2008 compared to $202,000 in the same period in 2007.

Total operating expenses for the third quarter of 2008 were $10.1 million, compared to $7.6 million for the same period in 2007.

Net interest and other income was $42,000 for the third quarter of 2008, compared to $1.1 million for the same period in 2007. The decrease is due to lower average investment balances and lower interest rates as well as a foreign currency translation loss during the quarter.

Nine Month Results

For the nine months ended September 30, 2008, the consolidated net loss was $21.7 million, or $0.53 per share, compared to a net loss of $14.8 million, or $0.41 per share, for the nine-month period ended September 30, 2007. Revenues were $9.4 million for the first nine months of 2008, compared to $6.3 million in the same period in 2007. Total operating expenses were $32.5 million for the first nine months of 2008 and $23.5 million for the same period 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

* Initiation of a Phase 2 clinical trial (SB-509-801) to evaluate SB-509

in subjects with Amyotrophic Lateral Sclerosis (ALS). ALS is a

progressive, degenerative motor-neuron disease for which there are

limited treatment options and no cure. The Phase 2 trial is a

randomized repeat-dosing, open-label, multi-cen
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SOURCE Sangamo BioSciences, Inc.
Copyright©2008 PR Newswire.
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