EX-99.1 2 sb7702ex991.txt EXHIBIT 99.1 Exhibit 99.1 SANGAMO BIOSCIENCES, INC. Point Richmond Tech Center 501 Canal Boulevard Richmond, CA 94804 510-970-6000 o 510-236-8951(Fax) -------------------------------------------------------------------------------- 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, --------------------- --------------------- 2006 2005 2006 2005 --------- --------- --------- --------- CONSOLIDATED STATEMENT OF OPERATIONS DATA: Revenues $ 1,779 $ 412 $ 5,692 $ 1,087 --------- --------- --------- --------- Operating expenses: Research and development 3,853 2,988 11,470 8,210 General and administrative 1,569 1,216 5,145 3,705 --------- --------- --------- --------- Total operating expenses 5,422 4,204 16,615 11,915 --------- --------- --------- --------- Loss from operations (3,643) (3,792) (10,923) (10,828) Interest income, net 798 125 2,007 228 --------- --------- --------- --------- 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 ------------- ---------- 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. ------------------------- Elizabeth Wolffe, Ph.D. 510-970-6000, x271 ewolffe@sangamo.com -###-