Sangamo Therapeutics Reports First Quarter 2019 Financial Results
"With recent encouraging clinical data in hemophilia A gene therapy and ex vivo gene-edited cell therapy for beta thalassemia, we are moving closer to achieving our vision for Sangamo as an integrated genomic medicine company," said
Recent Highlights
Clinical
- In partnership with Pfizer, announced phase 1/2 interim data for SB-525, a gene therapy candidate for the treatment of adults with hemophilia A, demonstrating dose-dependent increases in Factor VIII (FVIII) activity in eight patients, with the two patients treated with the 3e13 vg/kg dose reaching normal FVIII levels
- Initiated dose expansion of the 3e13 vg/kg dose cohort for the SB-525 hemophilia A program, based on Safety Monitoring Committee recommendations
- Announced early data from the first patient in the phase 1/2 clinical trial for ST-400, ex vivo gene-edited cell therapy candidate for the treatment of beta thalassemia being developed in partnership with
Sanofi
Corporate
- Strengthened balance sheet with
April 2019 public offering of common stock raising net proceeds of approximately$136.2 million - Signed option agreement with
Brammer Bio , a gene therapy contract development and manufacturing organization, to secure access to large-scale, commercial-grade AAV manufacturing
Research
- Publication of data demonstrating high-precision genome editing with new zinc finger nuclease architectures in
March 2019 issue ofNature Communications - Presented new preclinical data at 14th
International Conference on Alzheimer's & Parkinson's Diseases (ADPD) demonstrating significant reduction in tau expression in non-human primates with zinc finger protein transcription-factor (ZFP-TF) gene regulation technology - Presented data detailing zinc finger protein platform enhancements, and several clinical and preclinical genomic medicine programs at 2019
American Society of Gene & Cell Therapy (ASGCT) Annual Meeting, held inWashington, D.C. betweenApril 29 th andMay 2 nd - Presented preclinical data on the development of ZFP-TFs to selectively downregulate expression of pathogenic C9ORF72 repeat expansion-containing transcripts at the TargetALS meeting in
Boston onMay 2 nd
First Quarter 2019 Financial Results
For the first quarter ended
Revenues for the first quarter ended
As anticipated, operating expenses increased in the first quarter ended
Financial Guidance for 2019
- Operating Expense: Sangamo expects operating expense of
$210 to $220 million for the year endingDecember 31, 2019 . - Cash and Investments: Sangamo projects that current cash, cash equivalents, and investments, including net proceeds from the
April 2019 common stock offering, should provide funds for operations through year end 2021.
Conference Call
Sangamo will host a conference call today,
The conference call dial-in numbers are (877) 377-7553 for domestic callers and (678) 894-3968 for international callers. The conference ID number for the call is 7577586. 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
About
Forward-Looking Statements
This press release contains forward-looking statements regarding Sangamo's current expectations. These forward-looking statements include, without limitation, statements regarding the Company's vision to become an integrated genomic medicines company, the Company's ability to develop and commercialize product candidates to address genetic diseases with the Company's proprietary technologies, the anticipated benefit from investing in a diverse pipeline of products, and Sangamo's 2019 financial guidance related to cash, cash equivalents, and investments, anticipated operating expenses and cash runway. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, the dependence on the success of clinical trials, the lengthy and uncertain regulatory approval process, uncertainties related to the initiation, enrollment and completion of clinical trials, whether the final results from a study will validate and support interim safety and efficacy data, Sangamo's reliance on partners and other third-parties to meet their clinical and manufacturing obligations, and the ability to maintain strategic partnerships. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that Sangamo and its partners will be able to develop commercially viable product candidates. Actual results may differ from those projected in forward-looking statements due to risks and uncertainties that exist in Sangamo's operations and business environments. These risks and uncertainties are described more fully in Sangamo's Annual Report on Form 10-K for the year ended
SELECTED CONSOLIDATED FINANCIAL DATA |
|||
(unaudited; in thousands, except per share data) |
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Statement of Operations Data: |
|||
Three months ended |
|||
March 31, |
|||
2019 |
2018 |
||
Revenues |
$ 8,071 |
$ 12,637 |
|
Operating expenses: |
|||
Research and development |
34,850 |
23,547 |
|
General and administrative |
17,118 |
10,087 |
|
Total operating expenses |
51,968 |
33,634 |
|
Loss from operations |
(43,897) |
(20,997) |
|
Interest and other income, net |
1,694 |
810 |
|
Net loss |
(42,203) |
(20,187) |
|
Net loss attributable to non-controlling interest |
(53) |
— |
|
Net loss attributable to Sangamo Therapeutics, Inc. stockholders |
$ (42,150) |
$ (20,187) |
|
Basic and diluted net loss per common share attributable to Sangamo Therapeutics Inc. stockholders |
$ (0.41) |
$ (0.23) |
|
Shares used in computing basic and diluted net loss per common share attributable to Sangamo Therapeutics, Inc. stockholders |
102,270 |
86,334 |
|
SELECTED BALANCE SHEET DATA |
|||
March 31, 2019 |
December 31, 2018 |
||
Cash, cash equivalents, and investments |
$ 351,590 |
$ 400,508 |
|
Total assets |
542,729 |
590,395 |
|
Total stockholders' equity |
329,181 |
367,257 |
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SOURCE
Investor Relations - United States, McDavid Stilwell, 510-970-6000, x219, mstilwell@sangamo.com or Media Inquiries - United States, Aron Feingold, 510-970-6000, x421, afeingold@sangamo.com or Investor Relations and Media Inquiries - European Union, Caroline Courme, 33 4 97 21 27 27, ccourme@sangamo.com