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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sangamo Therapeutics Inc | NASDAQ:SGMO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00365 | 0.71% | 0.51855 | 0.5163 | 0.5208 | 0.53 | 0.5163 | 0.5237 | 35,687 | 15:10:06 |
Conference Call and Webcast Scheduled for 5:00 p.m. Eastern Time
Sangamo Therapeutics, Inc. (NASDAQ: SGMO), a genomic medicine company, today reported second quarter 2019 financial results and recent business highlights.
“We continue to progress our strategy to develop our diversified portfolio of genomic medicine product candidates using our expertise in gene therapy, cell therapy, genome editing and gene regulation,” said Sandy Macrae, CEO of Sangamo. “Last month, we reported updated results for SB-525, our investigational gene therapy for hemophilia A. We are pleased with the emerging clinical profile and competitive positioning of SB-525 and are preparing for a Phase 3 registrational study with our partner Pfizer. The THALES study evaluating ST-400, a gene-edited cell therapy for beta thalassemia being developed with Sanofi, is progressing well and recently enrolled a fourth patient. In the upcoming months, two of our wholly owned programs, ST-920, an investigational gene therapy for Fabry disease, and TX-200, our first CAR-Treg product candidate, are also expected to advance into the clinic.”
“We have observed significant increases in efficacy above a defined vector dose threshold with AAV6, the vector we use in our hemophilia gene therapy and our in vivo genome editing clinical programs,” Dr. Macrae continued. “These recent insights into the kinetics of AAV6 suggest rational methods for improving the delivery of zinc finger nucleases, which we believe may substantially enhance the efficacy of in vivo genome editing, especially when added to the significantly increased potency that we expect to obtain with our updated gene editing reagents. We believe we can integrate these improvements rapidly and plan to introduce them as the next step forward for our in vivo genome editing clinical development programs. Based on current assumptions, including the timelines for manufacturing, we now expect that our next in vivo genome editing clinical trial will commence by year end 2020.”
Recent Highlights
Clinical
Research
Corporate
Second Quarter 2019 Financial Results
For the second quarter ended June 30, 2019, Sangamo reported a consolidated net loss of $30.3 million, or $0.26 per share, compared to a net loss of $16.6 million, or $0.17 per share, for the same period in 2018. As of June 30, 2019, the Company had cash, cash equivalents, and investments of $450.3 million.
Revenues for the second quarter ended June 30, 2019 were $17.5 million, compared to $21.4 million for the same period in 2018. The decrease was primarily due to a decline of $3.7 million in revenues related to the agreement with Pfizer due to a change in estimate resulting from the expansion of the project scope of the hemophilia A collaboration.
As anticipated, operating expenses increased in the second quarter ended June 30, 2019, reflecting the Company’s growth through the acquisition of TxCell, increased U.S. headcount in support of growth of the preclinical pipeline and clinical development programs, and manufacturing-related activities. Total operating expenses for the second quarter ended June 30, 2019 were $51.1 million, compared to $40.6 million for the same period in 2018. Research and development expenses were $36.5 million for the second quarter of 2019, compared to $29.3 million for the same period in 2018. The increase was primarily due to manufacturing and clinical trial expenses related to the progress of the Company’s clinical development programs. General and administrative expenses were $14.6 million for the second quarter of 2019, compared to $11.3 million for the same period in 2018. The increase was primarily due to increased compensation costs related to headcount growth and increased facility expenses, primarily related to our new Brisbane facility.
Financial Guidance for 2019
Conference Call
Sangamo will host a conference call today, August 7, 2019, at 5:00 p.m. Eastern Time, which will be open to the public. The call will also be webcast live and can be accessed via a link on the Sangamo Therapeutics website in the Investors and Media section under Events and Presentations.
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 9582057. A conference call replay will be available for one week following the conference call. The conference call replay numbers for domestic and international callers are (855) 859-2056 and (404) 537-3406, respectively. The conference ID number for the replay is 9582057.
About Sangamo Therapeutics
Sangamo Therapeutics, Inc. is focused on translating ground-breaking science into genomic medicines with the potential to transform patients' lives using gene therapy, ex vivo gene-edited cell therapy, in vivo genome editing, and gene regulation. For more information about Sangamo, visit www.sangamo.com.
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 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; Sangamo’s ability to enhance efficacy of in vivo gene editing, increase potency with Sangamo’s updated gene editing reagents and integrate such improvements into its gene editing clinical development programs, as well as the timing of commencement of such programs and the anticipated benefits therefrom; 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 outcomes of clinical trials, the uncertain regulatory approval process, uncertainties related to the execution of clinical trials, uncertainties that research outcomes will support clinical programs, 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 December 31, 2018 as filed with the Securities and Exchange Commission and Sangamo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 that it filed August 7, 2019. Forward-looking statements contained in this announcement are made as of this date, and Sangamo undertakes no duty to update such information except as required under applicable law.
SELECTED CONDENSED CONSOLIDATED FINANCIAL DATA (unaudited; in thousands, except per share data) Statement of Operations Data:Three months ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Revenues$
17,548
$
21,416
$
25,619
$
34,053
Operating expenses: Research and development
36,455
29,255
71,305
52,802
General and administrative
14,597
11,301
31,715
21,388
Total operating expenses
51,052
40,556
103,020
74,190
Loss from operations
(33,504
)
(19,140
)
(77,401
)
(40,137
)
Interest and other income, net
3,148
2,500
4,842
3,310
Net loss
(30,356
)
(16,640
)
(72,559
)
(36,827
)
Net loss attributable to non-controlling interest
(72
)
-
(125
)
-
Net loss attributable to Sangamo Therapeutics, Inc. stockholders
$
(30,284
)
$
(16,640
)
$
(72,434
)
$
(36,827
)
Basic and diluted net loss per common share attributable to Sangamo Therapeutics Inc. stockholders$
(0.26
)
$
(0.17
)
$
(0.67
)
$
(0.40
)
Shares used in computing basic and diluted net loss per common share attributable to Sangamo Therapeutics, Inc. stockholders
114,382
97,267
108,360
91,831
BALANCE SHEET DATA
June 30, 2019
December 31, 2018
Cash, cash equivalents, marketable securities and interest receivable$
450,315
$
400,508
Total assets
673,481
590,395
Total stockholders' equity
445,748
367,257
View source version on businesswire.com: https://www.businesswire.com/news/home/20190807005805/en/
Investor Relations – United States McDavid Stilwell 510-970-6000, x219 mstilwell@sangamo.com
Media Inquiries – United States Aron Feingold 510-970-6000, x421 afeingold@sangamo.com
Investor Relations and Media Inquiries – European Union Caroline Courme 33 4 97 21 27 27 ccourme@sangamo.com
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