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

06. Total operating expenses for the fourth quarter of 2007 were $10.4 million, compared to $12.0 million for the same period in 2006.

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.

2007 Highlights

-- 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
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SOURCE Sangamo BioSciences, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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