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Sangamo BioSciences Reports First Quarter 2009 Financial Results
Date:4/29/2009

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

For the first quarter ended March 31, 2009, Sangamo reported a consolidated net loss of $6.8 million, or $0.17 per share, compared to a net loss of $8.0 million, or $0.20 per share, for the same period in 2008. As of March 31, 2009, the company had cash and cash equivalents, marketable securities and interest receivable of $57.9 million.

Revenues for the first quarter of 2009 were $3.2 million, compared to $2.8 million for the same period in 2008. First quarter 2009 revenues were primarily from Sangamo's agreements with Dow AgroSciences and Sigma-Aldrich Corporation and enabling technology agreements.

Research and development expenses were $7.3 million for the first quarter of 2009, compared to $8.6 million for the same period in 2008. The decrease in research and development expenses is primarily related to lower clinical trial expenses in Sangamo's ongoing SB-509 program in diabetic neuropathy, partially offset by the ramp up for its Phase 1 clinical trial for HIV/AIDS, which opened in the first quarter of 2009, and its planned Phase 1 clinical trial in glioblastoma multiforme. Non-cash employee stock-based compensation included in research and development expenses totaled $0.7 million and $0.9 million in the 2009 and 2008 periods, respectively.

General and administrative expenses were $2.9 million for both the first quarter of 2009 and the corresponding 2008 period. Non-cash employee stock-based compensation included in general and administrative expenses totaled $0.8 million and $0.9 million in the 2009 and 2008 periods, respectively.

Total operating expenses for the first quarter of 2009 were $10.2 million, com
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SOURCE Sangamo BioSciences, Inc.
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