Sangamo BioSciences, Inc. (SGMO)
Q3 2010 Earnings Conference Call
October 27, 2010 5:00 PM ET
Elizabeth Wolffe – Director, Corporate Communications
Edward Lanphier – President and CEO
Ward Wolff – Principal Financial and Accounting Officer, EVP
Dale Ando – Therapeutic Development and Chief Medical Officer
Liana Moussatos – Wedbush
Charles Duncan – JMP Securities
Operator: Good afternoon and welcome to the Sangamo BioSciences teleconference to discuss the third quarter 2010 financial results.
I will now pass you over to the coordinator of this event. Dr. Elizabeth Wolffe, Director of Corporate Communications.
Previous Statements by SGMO
» Sangamo Biosciences Inc. Q2 2010 Earnings Call Transcript
» Sangamo Biosciences, Inc. Q1 2010 Earnings Call Transcript
» Sangamo BioSciences, Inc. Q4 2009 Earnings Call Transcript
Following this introduction, Edward will highlight recent activities Ward will briefly review third quarter financial results for 2010. And Dale and Philip will update you on our ZFP-therapeutic program. Finally, Edward will summarize our current guidance and our goals for the rest of 2010. Following that we will open up the call for questions.
As we begin, I’d like to remind everyone that the projections and forward-looking statements that we discuss during this conference call are based upon the information that we currently have available. This information will likely change over time. By discussing our current perception of the markets and the future performance of Sangamo with you today, we are not undertaking an obligation to provide updates in the future.
Actual results may differ substantially from what we discuss today, and no one should assume at a later date that our comments from today are still valid. We alert you to be aware of risks that are detailed in such documents that the company files with the Securities and Exchange Commission, specifically our quarterly reports on Form 10-Q and our annual report on Form 10-K. These documents include important risk factors that could cause the actual results of the company’s operations to differ materially from those contained in our projections or forward-looking statements.
Now, I’d like to turn the call over to Edward.
Thank you, Liz. And thank you all for joining us for our conference call to discuss our third quarter results for 2010. Let me begin by briefly recapping a few of the events of the third quarter, which highlights our progress towards our goal of demonstrating the utility of our proprietary ZFP platform as a new class of therapeutics that function at the DNA level.
We published groundbreaking pre-clinical data in the scientific journal Nature Biotechnology from our ZFN-Mediated Stem Cell Therapeutic Program for HIV/AIDS. This approach is based upon the use of our Zinc Finger Nuclease or ZFN technology to disrupt the CCR5 gene in human hematopoietic stem cells of HSCs. Disruption of the gene in HSCs enables us to make a permanent change which carries through all the cell types in the immune system.
The publication of this data generated a great deal of interest in our HIV program and our technology in general and resulted in a number of articles including a feature in the Los Angeles Times, which was widely picked up by other news outlets. The generality of our ZFN CCR5 program forms the basis for a very promising therapeutic strategy which we are pursuing at a number of levels. The stem cell work published in Nature Biotechnology was carried out by Sangamo scientist and collaborators at the University of Southern California.
You may recall that last September along with the third group from City of Hope, we were awarded a $14.5 million Disease Team Grant from the California Institute for a generative medicine or serum to bring this therapy to the clinic. This is an important program for us as methods that we establish for delivery of ZFNs and subsequent processing of modified cells will translate to other stem phase ZFP therapeutic products.
Additionally, an already in patient, are two phase 1 clinical trials to evaluate the safety in numerous clinical parameters of ZFN disruption of the CCR5 gene in ZT4 positive T cells. This effort is going very well and we will have more to say about these trials, our plans to provide data from these trials and a new phase 1 – 2 trial in HIV later in the call.
We were also awarded the second grant from the Michael J. Fox Foundation for Parkinson’s Research to fund experiments in primates to develop a ZMP therapeutics for Parkinson’s Disease. This is an important vote of confidence for our approach and for the positive pre-clinical data that we had already obtained in a wrap model of Parkinson’s with our ZFP activator of the growth factor GDNF. The $895,000 award is being paid over a two-year period.
We are also seen continued progress in our collaboration agreements with Sigma-Aldrich and Dow AgroSciences over the past several months. In September, Dow announced ZFN-based exact precision technology platform agreements with KWS, a Germany company focused on sugar beets, and with Wageningen, a second European group to work on starch quality in potatoes.
Sigma continues to expand its range of ZFM-based products adding new cell lines for oncology research to its genome editing kits, a growing catalog of transgenic wrap models and off the shelf as well as custom ZFM re-agents. Sigma also continues to feature the technology in investor presentations and quarterly calls and to advertise their ZFM products widely and effectively.