Sangamo Therapeutics Reports First Quarter 2018 Financial Results
"This is an exciting time for Sangamo; we expect potential clinical data readouts from 7 studies in 2018 and 2019, beginning in late summer of this year with anticipated data from our hemophilia A gene therapy and MPS II genome editing programs," said
Recent Highlights
Corporate
- Strengthened balance sheet with public offering of common stock raising net proceeds of approximately
$216 million - Established global collaboration and license agreement with Kite, a
Gilead Company , for the development of next-generation cell therapies for oncology
Clinical
- Treated the fourth patient in the SB-525 Phase 1/2
Alta Study for hemophilia A - Treated the fourth patient in the SB-913 Phase 1/2 CHAMPIONS Study for MPS II
- Received Clinical Trial Authorization (CTA) from the MHRA of the
U.K. for enrollment of subjects in the ongoing Phase 1/2 clinical trial of SB-FIX for hemophilia B. The CTA allows enrollment of adolescent patients, ages 12-17, once preliminary safety and efficacy have been demonstrated in adults - Awarded an
$8 million grant from theCalifornia Institute of Regenerative Medicine (CIRM) to evaluate ST-400, a gene-edited cell therapy candidate, for the treatment of transfusion-dependent beta-thalassemia. ST-400 is being developed in collaboration with Bioverativ, aSanofi Company - After demonstrating safety at the first dose cohort in the SB-913 MPS II clinical trial, amended Phase 1/2 study protocol for SB-318 MPS I trial to begin enrolling patients directly into the second dose cohort
Research
- Publication of preclinical murine study data from MPS II in vivo genome editing program in the
April 2018 issue of Molecular Therapy - Sangamo scientists or collaborators will deliver three oral and four poster presentations during the 21st Annual Meeting of the
American Society of Gene & Cell Therapy (ASGCT) being held inChicago, IL fromMay 16-19, 2018
First Quarter 2018 Financial Results
For the first quarter ended
Revenues for the first quarter ended
Total operating expenses for the first quarter ended
Financial Guidance for 2018
The Company updates guidance as follows:
- Operating Expenses: Sangamo expects that operating expenses will be in the range of
$140 million to $150 million for year-end 2018, including non-cash stock-based compensation expense. - Cash and Investments: Sangamo expects a year-end 2018 balance of cash, cash equivalents, marketable securities and interest receivable of at least
$485 million . This anticipated cash balance is inclusive of research funding from existing collaborators and recent financings, but exclusive of funds arising from any additional new collaborations or partnerships or other sources of capital.
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 1194369. 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 Sangamo
Forward-Looking Statements
This press release contains forward-looking statements regarding Sangamo's current expectations. These forward looking statements include, without limitation, the expectation for potential clinical data readouts from 7 studies in 2018 and 2019, beginning in late summer of this year with anticipated data from our hemophilia A gene therapy and MPS II genome editing programs, that the recently received funding will allow us to retain and invest in valuable programs for development and potential commercialization, particularly in select therapeutic areas including inherited metabolic diseases, rare CNS disorders, and immunology, the expectation that we will begin to enroll patients directly into the second dose cohort in the Phase 1/2 study protocol for SB-318 MPS I trial, the expectation that Sangamo scientists or collaborators will deliver three oral and four poster presentations during the 21st Annual Meeting of the
SELECTED CONSOLIDATED FINANCIAL DATA |
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(unaudited; in thousands, except per share data) |
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Statement of Operations Data: |
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Three months ended |
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March 31, |
|||
2018 |
2017 |
||
Revenues: |
|||
Collaboration agreements |
$ 12,551 |
$ 3,306 |
|
Research grants |
86 |
119 |
|
Total revenues |
12,637 |
3,425 |
|
Operating expenses: |
|||
Research and development |
23,547 |
12,942 |
|
General and administrative |
10,087 |
7,275 |
|
Total operating expenses |
33,634 |
20,217 |
|
Loss from operations |
(20,997) |
(16,792) |
|
Interest and other income, net |
810 |
160 |
|
Net loss |
$ (20,187) |
$ (16,632) |
|
Basic and diluted net loss per common share |
$ (0.23) |
$ (0.23) |
|
Shares used in computing basic and diluted net loss per common share |
86,334 |
71,025 |
|
SELECTED BALANCE SHEET DATA |
|||
March 31, 2018 |
December 31, 2017 |
||
Cash, cash equivalents, marketable securities and interest receivable |
$ 234,885 |
$ 244,560 |
|
Total assets |
281,168 |
286,741 |
|
Total stockholders' equity |
182,365 |
187,900 |
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SOURCE
Sangamo Therapeutics, Inc., McDavid Stilwell, (510) 970-6000, x219, mstilwell@sangamo.com, Varant Shirvanian, (510) 970-6000, x205, vshirvanian@sangamo.com