Sangamo BioSciences Reports 2007 Fourth Quarter and Year-End Financial Results

Wednesday, February 6, 2008 General News
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RICHMOND, Calif., Feb. 5 Sangamo BioSciences,Inc. (Nasdaq: SGMO) today reported 2007 fourth quarter and year-end financialresults and accomplishments and provided an outlook for 2008.

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.

2008 Objectives

In today's conference call members of Sangamo's management team willdiscuss the company's plans and objectives for 2008 that include:

Conference Call

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" 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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