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2006 Press Archive | |
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2002 Press Archive | |
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Sangamo BioSciences Reports 2002 Fourth Quarter and Year-End Financial Results
Richmond, California -- February 5, 2003-- Sangamo BioSciences, Inc. (Nasdaq: SGMO) today reported financial results for the fourth quarter ended December 31, 2002. The consolidated net loss, which includes non-cash charges and amortization expenses, was $706,000, or $0.03 per share as compared to a net loss of $3.4 million, or $0.14 per share, in the same period in 2001. Excluding the non-cash and amortization charges, the consolidated core net loss was $543,000, or $0.02 per share. In the comparable quarter of 2001, Sangamo reported a consolidated core net loss of $1.9 million or $0.08 per share. At December 31, 2002, the company had cash, cash equivalents, and investments of $52.6 million.
Revenues for the fourth quarter of 2002 were $2.5 million as compared to fourth quarter 2001 revenues of $2.2 million. The principal components of fourth quarter 2002 revenues were revenues from the amended ZFP-Therapeutics collaboration with Edwards Lifesciences Corporation, government research grants and revenues from Sangamo’s partnerships in the areas of human therapeutics.
Excluding the non-cash charges, total fourth quarter 2002 expenses were $3.3 million as compared to $4.7 million in the prior year period. Research and development expenses were $2.4 million for the three months ended December 31, 2002 as compared to $3.6 million for the fourth quarter of 2001. General and administrative expenses were $901,000 for the fourth quarter of 2002 as compared to $1.2 million for the same period in 2001. Operating expenses in the fourth quarter of 2002 were lower than expenses for the same period in 2001 primarily as a result of the closure of Sangamo’s wholly owned U.K. subsidiary, Gendaq Limited.ę The Gendaq facility was closed as of September 30, 2002.
Net interest income for the fourth quarter of 2002 was $261,000 as compared to $608,000 in the comparable period of 2001.
Recent Highlights
- Publication of first animal data in Nature Medicine: The first data demonstrating a physiological effect of zinc finger DNA binding protein transcription factors (ZFP TFs) in animals were published in Nature Medicine. In the study, conducted by Dr. Frank Giordano, of Yale University School of Medicine in collaboration with Sangamo scientists, the formation of new blood vessels was observed in animals treated with an engineered ZFP TF designed to up-regulate the expression of the vascular endothelial growth factor A (VEGF A) gene. Moreover, the blood vessels formed in ZFP TF treated animals appeared to be less leaky than those formed in animals treated with a cDNA encoding a single protein isoform of VEGF A. The research also demonstrated that the stimulation of angiogenesis by sequence specific ZFP TFs enabled more rapid wound closure than seen in control animals.
- Extension and expansion of agreement with Edwards Lifesciences in cardiovascular disease: Edwards Lifesciences extended research and development funding on the company’s lead ZFP therapeutic program focused on the up-regulation of the VEGF gene.ę In addition, the two companies agreed to jointly collaborate on using ZFP TFs for the regulation of phospholamban (PLN) for the treatment of congestive heart failure.ę Sangamo has granted Edwards an exclusive option to acquire an exclusive license to Sangamo’s ZFP TFs for the regulation of PLN.ę Further to the current agreements, Sangamo and Edwards reiterated their commitment to pursue discussions aimed at establishing a broader strategic relationship focused on the research, development and commercialization of ZFP Therapeutics for cardiovascular and vascular diseases.
- Appointment of Jan Nibel to VP, Finance and Administration: Sangamo announced the appointment of Janet L. Nibel as Vice President of Finance and Administration.ę Ms. Nibel, who has extensive experience in the biotech industry, has responsibility for all financial aspects of the company’s
operations and reporting as well as other administrative and support functions within the company.
- Award of SBIR phase II grant: The company was awarded a $539,396 Phase II SBIR NIH grant to conduct research on the application of Sangamo’s ZFP TF gene regulation technology to permanently turn off or ńsilenceī the expression of a gene and thus the production of the protein that it encodes.ę The grant, entitled ńTargeted VEGF Methylation: Novel Cancer Therapyī was awarded by the National Cancer Institute and will be paid out over a 2-year period.
Twelve Month Results
For the year ended December 31, 2002 the net loss attributable to common stockholders was $29.8 million, or $1.22 per share compared to $25.2 million, or $1.09 per share. Included in the year's net loss was a one-time restructuring charge of $371,000, non-cash and amortization expenses of $1.8 million and $18.0 million in impairment charges for patents and goodwill.ę In comparison, for the year ended December 31, 2001, the company reported non-cash charges related to compensation and amortization expenses of $3.9 million and a $13.1 million charge for acquired inĘprocess research and development related to the acquisition of Gendaq.ę Excluding these charges, the core operating loss was $9.5 million, or $0.39 per share for 2002 and $8.3 million or $0.36 per share for 2001. Revenues for the year ended December 31, 2002 were $4.3 million as compared to $4.9 million in 2001. Excluding restructuring and non-cash charges, total expenses for the years ended December 31, 2002 and 2001 were $15.7 million and $16.4 million, respectively.
At December 31, 2002, the company had cash, cash equivalents, and investments of $52.6 million, compared with $62.6 million at December 31, 2001.ę Total shares outstanding at December 31, 2002 were 24.7 million as compared to 24.5 million at December 31, 2001.
Conference Call
Sangamo will host a conference call today at 2:00 p.m. PST, which will be open to the public.ę During the conference call, the company will review these results, discuss other business matters, and provide forward-looking guidance with respect to 2003.
The conference call dial-in numbers are 800-730-7991 for domestic callers and 706-634-7552 for international callers.ę For those unable to listen in at the designated time, a conference call replay will be available for one week following the conference call, from approximately 5:00 p.m. PST on February 5, 2003 to 9:00 p.m. PST on February 12, 2003.ę The conference call replay numbers for domestic and international callers are 800-642-1687 and 706-645-9291, respectively.ę The conference ID number for the replay is 7865516.
About Sangamo
Sangamo BioSciences, Inc., of Richmond, CA, is focused on the research and development of novel transcription factors for the regulation of gene expression. The company’s most advanced therapeutic development program involves the use of transcription factors for the treatment of cardiovascular disease. Other therapeutics development programs are focused on cancer, neuropathic pain, ophthalmic and infectious diseases. Sangamo’s proprietary technology enables the engineering of transcription factors known as zinc finger DNA binding proteins, or ZFPs. By engineering ZFPs so that they can recognize a specific gene, Sangamo has created ZFP transcription factors (ZFP TFs) that can control gene expression and, consequently, cell function. The company is developing ZFP TFs as a fundamentally enabling technology for commercial applications in human therapeutics, pharmaceutical discovery, agriculture and industrial biotechnology. Over twenty leading pharmaceutical and biotechnology companies have utilized ZFP TFs.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by those sections. Actual results may differ materially from these forward-looking statements. See the company’s SEC filings, and in particular, the risk factors described in the company’s Annual Report on Form 10-K and its most recent 10-Q. Sangamo assumes no obligation to update the forward-looking information contained in this press release. Further, Sangamo assumes no obligation to update any guidance given on its upcoming conference call.
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