Sangamo BioSciences fourth quarter revenues increase to $8.9 million

Published on February 7, 2013 at 12:02 AM · No Comments

Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported fourth quarter and full year 2012 financial results and accomplishments.

For the fourth quarter ended December 31, 2012, Sangamo reported a consolidated net loss of $3.5 million, or $0.07 per share, compared to a net loss of $6.4  million, or $0.12 per share, for the same period in 2011. As of December 31, 2012, the Company had cash, cash equivalents, marketable securities and interest receivable of $76.3 million.

Revenues were $8.9 million for the fourth quarter of 2012, compared to $4.7 million for the same period in 2011.  Fourth quarter 2012 revenues were generated from the Company's collaboration agreements with Shire AG (Shire), Dow AgroSciences (DAS) and Sigma-Aldrich Corporation (Sigma), and research grants. The revenues recognized for the fourth quarter of 2012 consisted of $8.5 million in collaboration agreements and $0.4 million in research grants, compared to $3.2 million and $1.5 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 with Shire established 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 fourth quarter of 2012. Sangamo also recognized $4.3 million of revenues related to research services performed under the collaboration agreement with Shire in the fourth quarter. The increase in collaboration agreement revenues for the fourth quarter of 2012 was also partly attributable to increased minimum annual sublicensing revenue from DAS.

Research and development expenses were $9.3 million for the fourth quarter of 2012, compared to $7.9 million for the same period in 2011. The increase in research and development expenses for the fourth quarter of 2012 was primarily related to the increase in external research expenses associated with our preclinical programs, partially offset by lower clinical trials and manufacturing expenses for our SB-728-T HIV/AIDS program.  General and administrative expenses were $3.0 million for the fourth quarter of 2012 and $3.2 million for the same period in 2011.

Total operating expenses for the fourth quarter of 2012 were $12.3 million, compared to $11.1 million for the same period in 2011. 

Full Year Results
For the year ended December 31, 2012, the consolidated net loss was $22.3 million, or $0.42 per share, compared to a consolidated net loss of $35.8 million, or $0.71 per share, for the year ended December 31, 2011.  Revenues were $21.7 million in 2012, compared to $10.3 million in 2011, with the increase primarily due to Sangamo's collaboration agreement with Shire. Total operating expenses were $43.9 million for 2012 and $46.1 million for 2011.

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