Sangamo ends third quarter with $2.8 million loss, $57 million of cash

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Sangamo BioSciences, Inc. said its consolidated net loss was $2.8 million, or $0.09 per share, for the third quarter ended Sept. 30, compared with a net loss of $3.7 million, or $0.14 per share, for the same period of 2005.

The company had $57.0 million of cash, cash equivalents, investments and interest receivable at Sept. 30.

Third-quarter revenues rose to $1.8 million from $412,000 for the third quarter of 2005. Sangamo attributed the increase to its agreement with Dow AgroSciences entered into in the fourth quarter of 2005.

Operating expenses for the period increased to $5.4 million from $4.2 million for the prior-year period.

Sangamo's research and development expenses were also up at $3.9 million for quarter from $3.0 million for the third quarter of 2005.

For the nine-month period ended Sept. 30, Sangamo reported a consolidated net loss of $8.9 million, or $0.28 per share, revenues of $5.7 million and total expenses of 16.6 million.

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

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