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Sangamo BioSciences Reports Third Quarter 2011 Financial Results
Date:10/25/2011

RICHMOND, Calif., Oct. 25, 2011 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported third quarter 2011 financial results and accomplishments.

For the third quarter ended September 30, 2011, Sangamo reported a consolidated net loss of $9.6 million, or $0.18 per share, compared to a net loss of $8.7 million, or $0.19 per share, for the same period in 2010. As of September 30, 2011, the Company had cash, cash equivalents and marketable securities of $85.0 million.

Revenues for the third quarter of 2011 were $1.9 million, compared to $2.9 million for the same period in 2010. Third quarter 2011 revenues were generated from the Company's collaboration agreements with Dow AgroSciences (DAS), Sigma-Aldrich Corporation (Sigma) and agreements related to protein production and research grants. The revenues recognized for the third quarter of 2011 consisted of $0.8 million in collaboration agreements and $1.1 million related to research grants, compared to $2.2 million in collaboration agreements and $0.7 million related to research grants for the same period in 2010.  

The decrease in collaboration agreement revenues was primarily due to the completion of the research term of our commercial license agreement with Sigma in July 2010.  The increase in research grant revenues was primarily due to funding from the CHDI Foundation, Inc. to support research using zinc finger DNA-binding (ZFP) technology for a novel therapeutic for Huntington's disease as well as Sangamo's portion of the Disease Team Research Award from the California Institute for Regenerative Medicine.

Research and development expenses were $7.8 million for the third quarter of 2011, compared to $8.8 million for the same period in 2010.   The decrease was primarily due to reduced clinical expenses associated with our diabetic neuropathy program, partially offset by hi
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SOURCE Sangamo BioSciences, Inc.
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