Net interest and other income was $935,000 for the fourth quarter of 2007, compared to $858,000 for the same period in 2006, primarily due to higher average cash and investment balances.
Full Year Results
For the year ended December 31, 2007, the consolidated net loss was
$21.5 million, or $0.58 per share, compared to a net loss of $17.9 million,
or $0.55 per share, for the year ended December 31, 2006. Revenues were
$9.1 million for 2007, compared to $7.9 million in 2006. Total operating
expenses were $33.9 million in 2007 and $28.6 million in 2006. Operating
expenses in 2006 included the acquisition of the Edwards Lifesciences' ZFP
Therapeutic angiogenesis program, a one-time cost for Sangamo of $5.8
million. The increase in operating expenses for 2007 was primarily
associated with Sangamo'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.
-- Presentation of first clinical data from Phase 1b study of SB-509 in
subjects with diabetic neuropathy (DN). Data from the Phase 1b
clinical trial were presented at the American Diabetes Association
Meeting in June and the Society for Neuroscience Meeting in November.
The data demonstrate statistically significant improvement in
quantitative sensory testing and clinically relevant trends toward
improvement in nerve conduction velocity in subjects with mild to
moderate diabetic neuropathy over a six month period after a single
administration of SB-509. SB-509 is an injectable formulation of
plasmid DNA that encodes a zinc finger DNA-binding protein
transcription factor (ZFP
|SOURCE Sangamo BioSciences, Inc.|
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