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Sangamo BioSciences Reports 2007 Fourth Quarter and Year-End Financial Results
Date:2/5/2008

Company Ends Year with Cash and Investments of $81.4 Million

RICHMOND, Calif., Feb. 5 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported 2007 fourth quarter and year-end financial results and accomplishments and provided an outlook for 2008.

For the fourth quarter ended December 31, 2007, Sangamo reported a consolidated net loss of $6.7 million, or $0.17 per share, compared to a net loss of $8.9 million, or $0.26 per share, for the same period in 2006. As of December 31, 2007, the company had cash, cash equivalents and investments of $81.4 million.

Revenues for the fourth quarter of 2007 were $2.8 million, compared to $2.2 million for the same period in 2006. Fourth quarter 2007 revenues were primarily from Sangamo's agreements with Dow AgroSciences (DAS), Sigma-Aldrich Corporation, research grants and enabling technology agreements in protein production.

Research and development expenses were $7.9 million for the 2007 quarter, compared to $10.1 million for the same period in 2006 which included the one-time costs of Sangamo's acquisition of Edwards Lifesciences' ZFP Therapeutic(TM) angiogenesis program, a transaction valued at $5.8 million of common stock. Excluding the one-time 2006 charge, the increase in research and development expenses for the fourth quarter of 2007 of $3.6 million was primarily due to advancing the Company's clinical development program in diabetic neuropathy and pre-IND programs to develop ZFP Therapeutics for the treatment of HIV/AIDS and glioblastoma, as well as increased R&D personnel costs and lab supply expenses. General and administrative expenses were $2.5 million for the fourth quarter of 2007, compared to $1.9 million for the same period in 20
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SOURCE Sangamo BioSciences, Inc.
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