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Sangamo BioSciences Reports First Quarter 2013 Financial Results
Date:5/8/2013

RICHMOND, Calif., May 8, 2013 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported first quarter 2013 financial results and accomplishments.

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For the first quarter ended March 31, 2013, Sangamo reported a consolidated net loss of $6.9 million, or $0.13 per share, compared to a net loss of $7.3 million, or $0.14 per share, for the same period in 2012. As of March 31, 2013, the company had cash, cash equivalents, marketable securities and interest receivable of $70.3 million.

Revenues for the first quarter of 2013 were $4.6 million, compared to $3.2 million for the same period in 2012. First quarter 2013 revenues were generated from the Company's collaboration agreements with Shire AG (Shire) and Sigma-Aldrich Corporation, and research grants. The revenues recognized for the first quarter of 2013 consisted of $4.1 million in collaboration agreements and $0.5 million in research grants, compared to $1.7 million and $1.6 million, respectively, for the same period in 2012.

The increase in collaboration agreement revenues was primarily due to the Company's collaboration and license agreement with Shire established in January 2012.  Pursuant to the agreement, Sangamo received an upfront payment of $13.0 million, which is being amortized on a straight-line basis over the initial six-year research term, of which the Company recognized $0.5 million as revenue for the first quarter of 2013. Sangamo also recognized $3.2 million of revenues related to research services performed under the collaboration agreement with Shire in the first quarter. The decrease in research grant revenues was primarily due to the completion of foundation grants in 2012.

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SOURCE Sangamo BioSciences, Inc.
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