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Sangamo BioSciences Reports Third Quarter 2009 Financial Results
Date:11/4/2009

RICHMOND, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported third quarter 2009 financial results and accomplishments.

For the third quarter ended September 30, 2009, Sangamo reported a consolidated net loss of $4.9 million, or $0.12 per share, compared to a consolidated net loss of $6.3 million, or $0.15 per share, for the same period in 2008. As of September 30, 2009, the company had cash, cash equivalents, marketable securities and interest receivable of $47.9 million. In October 2009, Sangamo completed an underwritten public offering that resulted in net proceeds of $20.9 million to the company and entered into an expanded agreement with Sigma-Aldrich Corporation under the terms of which Sigma made initial payments of $20.0 million to Sangamo.

Revenues for the third quarter of 2009 were $4.1 million, compared to $3.7 million for the same period in 2008. Third quarter 2009 revenues were from the Company's collaboration agreements with Dow AgroSciences and Sigma-Aldrich Corporation, enabling technology agreements in protein production and research grants. The revenue recognized for the third quarter of 2009 consisted of $4.0 million in collaboration agreements and $51,000 in research grants.

Research and development expenses were $6.2 million for the third quarter of 2009, compared to $7.6 million for the same period in 2008. The decrease in research and development expenses for the third quarter of 2009 was primarily due to decreased manufacturing, preclinical, licensing and consulting expenses partially offset by increased stock based compensation expenses. Non-cash employee stock-based compensation included in research and development expenses totaled $0.8 million for the third quarter of 2009 compared to $0.6 million for the same period in 2008.

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SOURCE Sangamo BioSciences, Inc.
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