Exhibit 99.1
SANGAMO BIOSCIENCES, INC.
Point Richmond Tech Center
501 Canal Boulevard
Richmond, CA 94804
510-970-6000 o 510-236-8951(Fax)
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SANGAMO BIOSCIENCES CORRECTS THIRD QUARTER 2006 FINANCIAL RESULTS
NET LOSS PER SHARE IMPROVES FROM $0.09 TO $0.08
Richmond, Calif. - October 30, 2006 - Sangamo BioSciences, Inc. (Nasdaq: SGMO)
today reported the shares used in computing the basic and diluted net loss per
common share for the third quarter ended September 30, 2006 were incorrect. As a
result, the basic and diluted net loss per common share was incorrectly stated
as $0.09 per share and should have been stated as $0.08 per share. Set forth
below is a complete corrected Selected Financial Data schedule for the three and
nine month periods ended September 30, 2006.
SELECTED FINANCIAL DATA
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2006 2005 2006 2005
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CONSOLIDATED STATEMENT OF OPERATIONS DATA:
Revenues $ 1,779 $ 412 $ 5,692 $ 1,087
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Operating expenses:
Research and development 3,853 2,988 11,470 8,210
General and administrative 1,569 1,216 5,145 3,705
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Total operating expenses 5,422 4,204 16,615 11,915
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Loss from operations (3,643) (3,792) (10,923) (10,828)
Interest income, net 798 125 2,007 228
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Net loss $ (2,845) $ (3,667) $ (8,916) $ (10,600)
========= ========= ========= =========
Basic and diluted net loss per common share $ (0.08) $ (0.14) $ (0.28) $ (0.42)
Shares used in computing basic and diluted
net loss per common share 33,939 25,430 31,960 25,386
========= ========= ========= =========
CONDENSED BALANCE SHEET DATA
September 30, Dec. 31,
2006 2005
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Cash, cash equivalents, and investments 56,990 $ 47,174
Total assets 58,299 48,983
Total stockholders' equity 50,935 37,814
ABOUT SANGAMO BIOSCIENCES, INC.
Sangamo BioSciences, Inc. is focused on the research and development of novel
DNA-binding proteins for therapeutic gene regulation and modification. The most
advanced ZFP Therapeutic(TM) development programs are currently in Phase 1
clinical trials for evaluation of safety in patients with diabetic neuropathy
and peripheral artery disease. Other therapeutic development programs are
focused on ischemic heart disease, neuropathic pain, cancer and infectious and
monogenic diseases. Sangamo's core competencies enable the engineering of a
class of DNA-binding proteins known as zinc finger DNA-binding proteins (ZFPs).
By engineering ZFPs that recognize a specific DNA
sequence Sangamo has created ZFP transcription factors (ZFP TF(TM)) that can
control gene expression and, consequently, cell function. Sangamo is also
developing sequence-specific ZFP Nucleases (ZFN(TM)) for therapeutic gene
modification as a treatment for a variety of monogenic diseases, such as
X-linked SCID and hemophilia, and for infectious diseases, such as HIV. Sangamo
has established several Enabling Technology Agreements with companies to apply
its ZFP Technology to enhance the production of protein pharmaceuticals.
Research at Sangamo is partially funded by an Advanced Technology Program (ATP)
grant awarded by the National Institute of Standards and Technology (NIST). For
more information about Sangamo, visit the company's web site at www.sangamo.com.
This press release may contain forward-looking statements based on Sangamo's
current expectations. These forward-looking statements include, without
limitation, references to the research and development of novel ZFP TFs and
ZFNs, clinical trials and therapeutic applications of Sangamo's ZFP technology
platform. Actual results may differ materially from these forward-looking
statements due to a number of factors, including technological challenges,
Sangamo's ability to develop commercially viable products and technological
developments by our competitors. See the company's SEC filings, and in
particular, the risk factors described in the company's Annual Report on Form
10-K and its most recent 10-Q. Sangamo assumes no obligation to update the
forward-looking information contained in this press release.
CONTACT
Sangamo BioSciences, Inc.
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Elizabeth Wolffe, Ph.D.
510-970-6000, x271
ewolffe@sangamo.com
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