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Sangamo BioSciences Inc. Reports Operating Results (10-Q)

November 03, 2010 | About:
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10qk

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Sangamo BioSciences Inc. (SGMO) filed Quarterly Report for the period ended 2010-09-30.

Sangamo Biosciences Inc. has a market cap of $179.4 million; its shares were traded at around $4.09 with and P/S ratio of 8.1. SGMO is in the portfolios of Louis Moore Bacon of Moore Capital Management, LP.
This is the annual revenues and earnings per share of SGMO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SGMO.


Highlight of Business Operations:

For the third quarter ended September 30, 2010, we incurred a consolidated net loss of $8.7 million, or $0.19 per share, compared to a net loss of $4.9 million, or $0.12 per share, for the same period in 2009. As of September 30, 2010, we had cash, cash equivalents, marketable securities and interest receivable totaling $63.1 million compared to $85.3 million as of December 31, 2009. As of September 30, 2010, we had an accumulated deficit of $209.2 million.

Revenues from our corporate collaboration and strategic partnering agreements were $2.2 million for the three months ended September 30, 2010, compared to $4.0 million in the corresponding period in 2009. The decrease in collaboration agreement revenues was primarily attributable to decreased revenues of $846,000 in connection with our license agreement with DAS, primarily due to a decrease in amortized revenues associated with the commercial option fee paid by DAS in June 2008, and decreased revenues of $689,000 in connection with the completion of the research term of our license agreement with Sigma in July 2010. Research grant revenues were $709,000 for the three months ended September 30, 2010, compared to $51,000 in the corresponding period in 2009. The increase in research grant revenues was primarily due to increased revenues of $433,000 related to our grant from CIRM and increased revenues of $276,000 in connection with our grant from MJFF.

Revenues from our corporate collaboration and strategic partnering agreements were $14.6 million for the nine months ended September 30, 2010, compared to $11.4 million in the corresponding period in 2009. The increase in collaboration agreement revenues was primarily attributable to increased revenues of $7.8 million in connection with our license agreement with Sigma, which was expanded in October 2009, partially offset by decreased revenues of $4.0 million in connection with our license agreement with DAS, primarily due to a decrease in amortized revenues associated with the commercial option fee paid by DAS in June 2008. Research grant revenues were $1.5 million for the nine months ended September 30, 2010, compared to $564,000 in the corresponding period in 2009. The increase in research grant revenues was primarily due to increased revenues of $599,000 related to our grant from CIRM and increased revenues of $299,000 in connection with our grant from MJFF.

Research and development expenses were $8.8 million for the three months ended September 30, 2010, compared to $6.2 million in the corresponding period in 2009. The increase in research and development expenses was primarily attributable to increased clinical and manufacturing expenses of $1.9 million related to the advancement of our clinical programs, particularly our SB-509-901 clinical trial, as well as increased personnel related expenses of $322,000.

Research and development expenses were $23.3 million for the nine months ended September 30, 2010, compared to $20.3 million in the corresponding period in 2009. The increase in research and development expenses was primarily attributable to increased clinical and manufacturing expenses of $1.6 million related to the advancement of our clinical programs, particularly our SB-509-901 clinical trial, as well as increased personnel related expenses of $1.1 million.

General and administrative expenses were $9.4 million for the nine months ended September 30, 2010, compared to $8.6 million in the corresponding period in 2009. The increase was primarily attributable to increased personnel related expenses of $684,000.

Read the The complete Report

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