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

gher expenses for our HIV/AIDS program.  General and administrative expenses were $3.6 million for the third quarter of 2011, compared to $2.9 million for the same period in 2010. The increase was primarily due to increased professional services expenses.

Total operating expenses for the third quarter of 2011 were $11.4 million, compared to $11.7 million for the same period in 2010.  

Nine Months ResultsFor the nine months ended September 30, 2011, the consolidated net loss was $29.4 million, or $0.59 per share, compared to a consolidated net loss of $16.5 million, or $0.37 per share, for the nine months ended September 30, 2010.  Revenues were $5.6 million for the nine months of 2011, compared to $16.1 million in the same period in 2010, with the decrease primarily due to the completion, in July 2010, of the amortization period for the commercial and research license fee received from Sigma under the expanded agreement of October 2009. Total operating expenses were $35.0 million for the nine months of 2011 and $32.7 million for the same period in 2010.

Financial Guidance

  • Cash, cash equivalents and marketable securities of at least $85 million at the end of 2011, exclusive of new funding from potential future partnerships.
  • Operating expenses for 2011 to be relatively flat compared to 2010, in the range of $43 to $47 million.
  • Revenues and related cash proceeds in the range of $10 to $12 million in 2011.

  • Recent Events

  • Announcement that Sangamo's Phase 2b Trial (SB-509-901) in Subjects with Moderately Severe Diabetic Neuropathy Did Not Meet Key Endpoints. Based on the data, the Company announced that it has discontinued further development of SB-509 and will focus resources on its pipeline including ZFP Therapeutics for HIV and monogenic diseases.
  • Presentation at ICAAC 2011 of Groundbreaking Clinical Data from Sangamo's Ongoing Phase 1 Clinical Trials
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  • SOURCE Sangamo BioSciences, Inc.
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