Sangamo reports net loss of $3.3 million for the second quarter

By Lisa Kerner

Charlotte, N.C., July 25 - Sangamo BioSciences, Inc. reported a consolidated net loss of $3.3 million, or $0.11 per share, for the second quarter of 2006, up slightly from a net loss of $3.4 million, or $0.13 per share, in the same period of 2005.

Revenues for the second quarter of 2006 rose to $1.8 million, compared to second quarter 2005 revenues of $418,000. Sangamo attributes the increase to revenues from the Dow AgroSciences agreement.

Total second quarter 2006 operating expenses were $5.8 million, up from the prior year period's reported $3.9 million.

For the six-month period ended June 30, Sangamo had a consolidated net loss of $6.1 million, or $0.20 per share, compared with a consolidated net loss of $6.9 million, or $0.27 per share, in the comparable period in 2005.

Revenues for the first six months of $3.9 million were up from $674,000 for the first six month period of 2005.

Total expenses for the first half of 2006 were up at $11.2 million, compared to $7.7 million for the prior year period.

As of June 30, the company had cash, cash equivalents, investments and interest receivable of $59.3 million.

Company highlights for the quarter include closing a stock offering with net proceeds of $20.15 million and presentation of data from human clinical trials of SB-509 for the treatment of diabetic neuropathy.

Richmond, Calif.-based Sangamo develops novel DNA-binding proteins for therapeutic gene regulation and modification.

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