Sangamo BioSciences Reports 2007 Fourth Quarter and Year-End Financial Results
For the fourth quarter ended December 31, 2007, Sangamo reported aconsolidated net loss of $6.7 million, or $0.17 per share, compared to a netloss of $8.9 million, or $0.26 per share, for the same period in 2006. As ofDecember 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 wereprimarily from Sangamo's agreements with Dow AgroSciences (DAS), Sigma-AldrichCorporation, research grants and enabling technology agreements in proteinproduction.
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 theone-time costs of Sangamo's acquisition of Edwards Lifesciences' ZFPTherapeutic(TM) angiogenesis program, a transaction valued at $5.8 million ofcommon stock. Excluding the one-time 2006 charge, the increase in researchand development expenses for the fourth quarter of 2007 of $3.6 million wasprimarily due to advancing the Company's clinical development program indiabetic neuropathy and pre-IND programs to develop ZFP Therapeutics for thetreatment of HIV/AIDS and glioblastoma, as well as increased R&D personnelcosts and lab supply expenses. General and administrative expenses were$2.5 million for the fourth quarter of 2007, compared to $1.9 million for thesame period in 2006. Total operating expenses for the fourth quarter of 2007were $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 higheraverage 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 $9.1million for 2007, compared to $7.9 million in 2006. Total operating expenseswere $33.9 million in 2007 and $28.6 million in 2006. Operating expenses in2006 included the acquisition of the Edwards Lifesciences' ZFP Therapeuticangiogenesis program, a one-time cost for Sangamo of $5.8 million. Theincrease in operating expenses for 2007 was primarily associated withSangamo's clinical development program in diabetic neuropathy and pre-INDprograms to develop ZFP Therapeutics for the treatment of HIV/AIDS andglioblastoma, as well as increased R & D personnel costs and lab supplyexpenses.
In today's conference call members of Sangamo's management team willdiscuss the company's plans and objectives for 2008 that include:
Sangamo will host a conference call today at 5:00 p.m. ET, which will beopen to the public. The call will also be webcast live and can be accessedvia a link on the Sangamo BioSciences website in the Investor Relationssection under "Events and Presentations"http://investor.sangamo.com/events.cfm. The webcast replay will also beavailable for two weeks after the call. During the conference call, thecompany will review these results, discuss other business matters, and provideforward-looking guidance with respect to 2008.
The conference call dial-in numbers are 877-545-1489 for domestic callersand 719-325-4844 for international callers. The passcode for the call is4452025. For those unable to listen in at the designated time, a conferencecall replay will be available for one week following the conference call, fromapproximately 5:00 p.m. PT on February 5, 2008 to 11:59 p.m. PT on February
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