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Sangamo BioSciences Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 4, 2011 03:46PM

Sangamo BioSciences Inc. (SGMO) filed Quarterly Report for the period ended 2011-09-30. Sangamo Biosciences Inc. has a market cap of $157.4 million; its shares were traded at around $3 with and P/S ratio of 7.5. Sangamo Biosciences Inc. had an annual average earning growth of 0.2% over the past 5 years.



Highlight of Business Operations:

For the three months ended September 30, 2011, revenues from our corporate collaboration and strategic partnering agreements were $0.8 million, compared to $2.2 million in the corresponding period in 2010. The decrease in collaboration agreement revenues was primarily due to the completion in July 2010 of the amortization period of revenues related to the commercial license fee received from Sigma under the expanded agreement of October 2009, as well as decreased revenues from manufacturing and research services pursuant to our collaboration agreement with Dow AgroSciences (DAS). Research grant revenues were $1.1 million for the three months ended September 30, 2011, compared to $0.7 million in the corresponding period in 2010. The increase of $0.4 million in research grant revenues related primarily to our agreement with CHDI Foundation, Inc. (CHDI) to develop a novel therapeutic for Huntington’s disease.

For the nine months ended September 30, 2011, revenues from our corporate collaboration and strategic partnering agreements were $2.9 million, compared to $14.6 million in the corresponding period in 2010. The decrease in collaboration agreement revenues was primarily attributable to decreased revenues of $10.8 million due to the completion in July 2010 of the amortization period of revenues related to the commercial license fee received from Sigma under the expanded agreement of October 2009 as well as decreased revenues of $0.9 million in connection with decreased research and manufacturing services provided to DAS. Research grant revenues were $2.7 million for the nine months ended September 30, 2011, compared to $1.5 million in the corresponding period in 2010. The increase in research grant revenues was primarily due to increased revenues of $0.8 million from CHDI and $0.7 million from California Institute for Regenerative Medicine, as well as an increase of $0.2 million related to other research grants. These were partially offset by decreased revenues of $0.5 million related to our agreement with the Juvenile Diabetes Research Foundation International.

Net cash used in operating activities for the nine months ended September 30, 2011 and 2010 was $25.9 million and $21.4 million, respectively. Net cash used in operating activities for the nine months ended September 30, 2011 primarily reflects the net loss for the period, a decrease in accounts payable and accrued liabilities and an increase in accounts receivable, partially offset by share-based compensation. Net cash used in operating activities for the nine months ended September 30, 2010 primarily reflects the net loss for the period, a decrease in deferred revenues, primarily associated with our expanded Sigma license agreement, and a decrease in accounts payable and accrued liabilities, partially offset by share-based compensation.

Net cash used in investing activities was $14.9 million for the nine months ended September 30, 2011. Net cash provided by investing activities was $8.6 million for the nine months ended September 30, 2010. Cash flows from investing activities for both periods primarily related to purchases, sales and maturities of investments.

Read the The complete Report



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