Sangamo BioSciences Reports Second Quarter 2009 Financi...( RICHMOND Calif. July 29 /...)

RICHMOND, Calif., July 29 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported second quarter 2009 financial results and accomplishments.

For the second quarter ended June 30, 2009, Sangamo reported a consolidated net loss of $4.5 million, or $0.11 per share, compared to a consolidated net loss of $7.4 million, or $0.18 per share, for the same period in 2008. As of June 30, 2009, the company had cash, cash equivalents, marketable securities and interest receivable of $52.6 million.

Revenues for the second quarter of 2009 were $4.7 million, compared to $2.8 million for the same period in 2008. Second quarter 2009 revenues were from the Company's collaboration agreements with Dow AgroSciences (DAS) and Sigma-Aldrich Corporation, enabling technology agreements in protein production and research grants. The revenue recognized for the second quarter of 2009 consisted of $4.2 million in collaboration agreements and $0.5 million in research grants.

Research and development expenses were $6.9 million for the second quarter of 2009, compared to $8.3 million for the same period in 2008. The decrease in research and development expenses for the second quarter of 2009 was primarily due to decreased manufacturing and preclinical expenses partially offset by increased clinical trial expenses. Non-cash employee stock-based compensation included in research and development expenses totaled $0.7 million for the second quarters of both 2009 and 2008.

General and administrative expenses were $3.0 million for the second quarter of 2009, compared to $2.5 million for the same period in 2008. The increase in general and administrative expenses was primarily due to increased professional services and personnel costs including non-cash employee stock-based comp
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