Sangamo BioSciences, Inc. (SGMO)

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Sangamo BioSciences, Inc. (SGMO)

Q3 2012 Earnings Conference Call

October 24, 2012 5:00 PM ET


Elizabeth Wolffe – Senior Director, Corporate Communications

Edward Lanphier – President and CEO

Ward Wolff – EVP and CFO

Geoff Nichol – EVP, Research and Development

Philip Gregory – VP, Research and CSO


Liana Moussatos – Wedbush Securities



Good afternoon, and welcome to the Sangamo BioSciences Teleconference to Discuss Third Quarter 2012 Financial Results. This call is being recorded.

I will now pass you over to the coordinator of this event, Dr. Elizabeth Wolffe, Senior Director of Corporate Communications.

Elizabeth Wolffe

Thank you, Steve. Good afternoon and thank you for joining Sangamo’s management team on our conference call to discuss the company’s third quarter 2012 financial results. Also present during this call are several members of Sangamo’s senior management, including Edward Lanphier, President and Chief Executive Officer; Ward Wolff, Executive Vice President and Chief Financial Officer; and Geoff Nichol, Executive Vice President of Research and Development; Philip Gregory, Vice President of Research and Chief Scientific Officer; and Dale Ando, Vice President of Development and Chief Medical Officer.

Following this introduction, Edward will highlight recent activities and the significant events from the past quarter. Ward will then briefly review third quarter financial results, as well as our financial guidance for remainder of 2012. Geoff will provide an update on our ZFP Therapeutic clinical program, and Philip our preclinical programs and finally, Edward will update you on our goals for the rest of 2012. 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 would likely change over time. By discussing our current perception of the markets and 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 the 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 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.

Edward Lanphier

Thank you, Liz, and thank you all for joining us on our call to discuss our third quarter results for 2012, as well as recent events and our plans for the rest of the year. It’s been an important quarter for data from both our clinical and preclinical programs and we’re pleased to have an opportunity to provide you with more details on this call.

Our lead clinical program SB-728-T, which we are developing as a potential functional cure for HIV is currently in two Phase II studies that are progressing on plan. Both trials are designed to maximize the engraftment of SB-728-T or ZFN-mediated CCR5 disrupted autologous T-cells. We anticipate having preliminary data from these trials in the first half of 2013 and final data in the second half of the year. Meanwhile, we continue to learn from our previous Phase I trials as we analyze data and conduct long-term follow-up on subjects who participated in these studies.

In September, we and our collaborators presented immunologic data from these studies at the 52nd Interscience Conference on Antimicrobial Agents and Chemotherapy or ICAAC. The data suggests that SB-728-T treatment has the potential to reconstitute the immune system in HIV infected individuals and gives us further insight into the unprecedented positive effects that we have seen on the levels of CD4 T-cells in treated subjects. I’d ask Geoff to provide you with more details later in the call.

We also recently presented data from our preclinical pipeline specifically our program to develop ZFP Therapeutics for Huntington’s disease with our partner, Shire. The presentation was given last week at the Annual Meeting of the Society for Neuroscience and was chosen by the meeting organizers as a hot topic of the conference. Without going into details now, the data demonstrated that we have generated very specific and selective ZFP Therapeutics that can be used to address genetic diseases such as Huntington’s.

I would ask Philip to provide you with the details of the presentation and to explain the rationale for our approach later on the call. Before I hand the call over to my research and development colleagues to provide more details on our ZFP Therapeutic programs, let me ask Ward to summarize our third quarter 2012 financial results as well as our financial guidance for 2012. Ward?

Ward Wolff

Thank you, Edward, and good afternoon, everyone. As you know, after the close of the market today, we released our financial results for the third quarter ended September 30, 2012, and I’m pleased to review the highlights of those results.

Revenues for the third quarter of 2012 were $4.9 million, compared to $1.9 million for the same period in 2011. Third quarter 2012 revenues were comprised of revenues from the company’s collaboration and license agreement with Shire to develop ZFP Therapeutics for hemophilia, Huntington’s disease and other monogenic diseases, existing collaboration agreements with Sigma-Aldrich Corporation and Dow AgroSciences, as well as approximately $700,000 of revenue from research grants. As we mentioned in today’s press release, the increase in collaboration agreement revenue was primarily attributable to the company’s agreement with Shire.

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