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Sangamo BioSciences Reports Second Quarter 2012 Financial Results
Date:7/25/2012

RICHMOND, Calif., July 25, 2012 /PRNewswire/ -- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported second quarter 2012 financial results and accomplishments.

For the second quarter ended June 30, 2012, Sangamo reported a consolidated net loss of $5.7 million, or $0.11 per share, compared to a net loss of $10.3 million, or $0.20 per share, for the same period in 2011. As of June 30, 2012, the Company had cash, cash equivalents and marketable securities of $80.9 million.

Revenues for the second quarter of 2012 were $4.6 million, compared to $1.5 million for the same period in 2011. Second quarter 2012 revenues were comprised of revenues from the Company's collaboration agreements with Shire AG (Shire), Sigma-Aldrich Corporation (Sigma) and Dow AgroSciences (DAS), and research grants. The revenues recognized for the second quarter of 2012 consisted of $3.8 million in collaboration agreements and $0.8 million in research grants, compared to $0.6 million and $0.9 million, respectively, for the same period in 2011. 

The increase in collaboration agreement revenues was primarily due to the Company's collaboration and license agreement entered into with Shire 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 second quarter. Shire is also reimbursing Sangamo for approximately $1.5 million of internal and external program-related costs incurred during the quarter which is included in collaboration agreement revenue. The increase in collaboration agreement revenues in the second quarter was also attributable to increased royalty revenue and a commercial milestone of $1.0 million received from Sigma, which represents the first commercial milestone rece
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SOURCE Sangamo BioSciences, Inc.
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