RICHMOND,
Calif.,
Feb. 9, 2016 /PRNewswire/ --
Sangamo BioSciences, Inc.
(
NASDAQ: SGMO), the leader in therapeutic genome editing, today
reported its fourth quarter and full year 2015 financial results and
accomplishments.
"2015 was an important and very productive year for Sangamo, and we enter
2016 poised to initiate the first human clinical trials of
in vivo
therapeutic genome editing," said
Edward
Lanphier, Sangamo's president and chief executive officer. "Our zinc
finger nuclease (ZFN) technology leads the therapeutic genome editing field and
we have established the core competencies necessary to move our ground-breaking
genome editing programs through IND enabling studies and into clinical trials.
We believe our IVPRP clinical studies will provide fundamental proof-of-concept
data and significantly differentiate the technical advantages of our ZFN
platform from other genome editing technologies of bacterial origin as well as
conventional gene therapy approaches. In addition to our two new open IVPRP INDs
we plan to file six more IND applications in 2016 for our other IVPRP-based
programs, and our hemoglobinopathies programs which we are developing in
collaboration with Biogen. We began the year with approximately
$210
million in cash, which puts Sangamo in a strong financial position and
will allow us to accomplish all of our goals in 2016."
Recent Highlights
- Announcement of FDA clearance of IND application for Phase 1/2
clinical trial of MPS I (Hurler syndrome) program. In February
2016, Sangamo announced that its Investigational New Drug (IND)
application for the Company's SB-318 program was cleared by the U.S. Food and Drug
Administration (FDA) and is now active. SB-318 is an application of the
Company's proprietary In Vivo Protein Replacement Platform™ (IVPRP™) genome
editing approach, for the treatment of MPS I. In December 2015,
the NIH Recombinant DNA Advisory Committee (RAC) unanimously approved
the clinical protocol for SB-318.
- Announcement of FDA clearance of IND application for Phase 1/2
clinical trial of hemophilia B program. In December 2015,
Sangamo announced that an IND application for SB-FIX, the Company's IVPRP genome
editing approach for the potential cure of hemophilia B, has been cleared by the
FDA and is now active.
- Presentation of Phase 2 clinical data from SB-728-T HIV studies
demonstrating superiority of adenoviral delivery of zinc finger nucleases to
T-cells for viral load control and reservoir reduction. In December
2015, Sangamo presented Phase 2 clinical data from ongoing clinical
trials of the Company's SB-728-T HIV program, SB-728-1101 Cohort 3* and
SB-728mR-1401. The preliminary comparative data suggest that adenoviral delivery
of ZFNs to T-cells may be uniquely immune-stimulatory for both acute viral load
control and HIV reservoir reduction. The trial is currently ongoing with the
accrual of five additional subjects in '1101 Cohort 3*.
- Presentation of data at the 2015 American Society of Hematology meeting
(ASH) highlighting ZFP Therapeutic programs for hemophilia and
hemoglobinopathies. In December 2015, Sangamo presented data
at ASH demonstrating the production of therapeutic levels of Factor IX (FIX)
clotting protein in non-human primates (NHPs) from its hemophilia B program, and
clinical scale manufacturing and engraftment of ZFN-modified hematopoietic stem
and progenitor cells (HSPCs) for the treatment of beta-thalassemia.
- Publication of improved method for efficient targeted integration
in HSPCs and T-cells. In November 2015, Sangamo announced the
publication in Nature Biotechnology of data demonstrating efficient
ZFN-mediated, targeted gene insertion in HSPCs, as well as a study in
Nucleic Acids Research, demonstrating a similarly efficient
process in primary human T-cells.
- Internal Organization. Sangamo promoted Stewart
Craig, Ph.D., from Vice President to Senior Vice President of Technical
Operations. Dr. Craig joined Sangamo in May 2014
and has led the development of the Company's successful and growing
manufacturing capabilities. Fyodor Urnov, Ph.D., Senior
Scientist, was promoted to Vice President of Discovery & Translational
Research. Dr. Urnov is a key contributor to the
development of Sangamo's ZFP Therapeutic technology platform and leads Sangamo's
hemoglobinopathies research collaboration with Biogen Inc. (Biogen).
Nathalie Dubois-Stringfellow, Ph.D. was promoted from Senior
Director to Vice President of Product Development & Management.
Dr. Dubois-Stringfellow, with extensive experience in pre-clinical drug
development and project management, established an effective cross-functional
team-based culture at Sangamo, enabling the Company's successful and timely IND
submissions.
Upcoming Events in the First Half of 2016
- Initiation of Phase 1/2 clinical trials for IVPRP-based SB-FIX-1501
(hemophilia B) and SB-318-1502 (MPS I / Hurler syndrome) programs. The
trials will be the first two in vivo clinical studies of genome editing
in humans and the first clinical programs based on Sangamo's IVPRP approach.
Sangamo expects to initiate the Phase 1/2 trial for hemophilia B in the first
half of 2016, and the Phase 1/2 trial for MPS I in mid-2016.
- Presentation of clinical data from Sangamo's HIV program at the 2016
Annual Conference on Retroviruses and Opportunistic Infections (CROI).
Sangamo's collaborator, Rafick Pierre Sekaly, Ph.D., will
present further immunologic and viral reservoir analyses of clinical data from
the Company's SB-728-1101 study, suggesting potential mechanisms of viral
control post-treatment with SB-728-T.
- Preclinical data presentation from Sangamo's MPS I and MPS II programs at
the 2016 Annual WORLDSymposium Meeting. Sangamo expects to present
data from its animal model studies for the Company's IVPRP-based MPS I and MPS
II (Hunter syndrome) programs for lysosomal storage disorders (LSDs). The
meeting is being held in San Diego, CA from February 29 to
March 4, 2016.
- Submission of IND applications for Sangamo's SB-913 (MPS II) program and
beta-thalassemia program. Sangamo expects to file both IND applications in
the first half of 2016. SB-913, for the treatment of MPS II, is the second LSD
application of the Company's proprietary IVPRP approach. The beta-thalassemia
program, which is being developed in collaboration with Biogen, employs
Sangamo's ZFN-mediated ex vivo genome editing approach to knockout the
BCL11A Enhancer.
Fourth Quarter 2015 Results
For the fourth quarter ended
December 31, 2015, Sangamo
reported a consolidated net loss of
$14.0 million, or
$0.20 per share, compared to a net loss of
$4.3
million, or
$0.06 per share, for the same period in 2014.
As of
December 31, 2015, the Company had cash, cash equivalents,
marketable securities and interest receivable of
$209.3
million.
Revenues for the fourth quarter of 2015 were
$9.1 million,
compared to
$15.0 million for the same period in 2014. Fourth
quarter 2015 revenues were generated from the Company's collaboration agreements
with Biogen,
Shire
International GmbH (
Shire),
and
Dow AgroSciences,
enabling technology agreements and research grants. The revenues recognized for
the fourth quarter of 2015 consisted of
$9.0 million in
collaboration agreements and approximately
$0.2 million in
research grants, compared to
$14.5 million and approximately
$0.4 million, respectively, for the same period in 2014.
The decrease in collaboration agreement revenues was primarily a result of an
amendment to the Company's collaboration and license agreement with
Shire in the third quarter of 2015,
returning the rights to the hemophilia programs to Sangamo. In the fourth
quarter of 2015, Sangamo recognized
$1.9 million of revenues
related to research services performed under the collaboration agreement with
Shire, and
$1.9
million of revenues related to research services performed under the
collaboration agreement with Biogen. In addition, pursuant to the agreements
entered into with
Shire in
January 2012 and Biogen in
January 2014, Sangamo
received upfront payments of
$13.0 million and
$20.0
million, respectively. These payments are being recognized as revenue on
a straight-line basis over the initial six-year research term for
Shire and approximately 40 months for
Biogen. The Company recognized
$0.5 million of the
Shire upfront payment and
$1.6
million of the Biogen upfront payment as revenue for the fourth quarter
of 2015.
Research and development expenses were
$19.9 million for the
fourth quarter of 2015, compared to
$15.1 million for the same
period in 2014. The increase was primarily due to increases in manufacturing
expenses, external research expenses associated with our preclinical programs,
and personnel-related expenses, including stock-based compensation. General and
administrative expenses were
$4.9 million for the fourth quarter
of 2015, compared to
$4.3 million for the same period in
2014.
Total operating expenses for the fourth quarter of 2015 were
$24.8
million, compared to
$19.4 million for the same period in
2014.
Full Year 2015 Results
For the year ended
December 31, 2015, the consolidated net
loss was
$40.7 million, or
$0.58 per share,
compared to a consolidated net loss of
$26.4 million, or
$0.39 per share, for the year ended
December 31,
2014. Revenues were
$39.5 million for the year ended
December 31, 2015, compared to
$45.9 million for
the same period in 2014. Total operating expenses were
$86.4
million for the year ended
December 31, 2015, compared to
$72.7 million for the same period in 2014.
Financial Guidance for 2016
- Cash and Investments: Sangamo expects that its cash, cash equivalents
and marketable securities will be at least $150 million at the
end of 2016, inclusive of research funding from existing collaborators but
exclusive of funds arising from any additional new collaborations or
partnerships, equity financings or other new sources.
- Revenues: In light of the amendment to our collaboration and
licensing agreement with Shire,
that returned the rights of the hemophilia programs to Sangamo, the
Company expects that revenues will be in the range of $20 million
to $25 million in 2016, inclusive of research funding from
existing collaborations.
- Operating Expenses: Sangamo expects that operating expenses will be
in the range of $85 million to $95 million for
2016.
Conference Call
Sangamo will host a conference call today,
February 9, 2016,
at
5:00 p.m. ET, which will be open to the public. The call will
also be webcast live and can be accessed via a link on the
Sangamo BioSciences website in
the Investor Relations section under "Events and Presentations"
http://investor.sangamo.com/events.cfm. A replay of the
webcast will also be available for two weeks after the call. During the
conference call, the Company will review these results, discuss other business
matters and provide guidance with respect to 2016.
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 39287479. For those unable to listen in at the designated time, a
conference call replay will be available for one week following the conference
call, from approximately
8:00 p.m. ET on
February 9,
2016 to
11:59 p.m. ET on
February 16,
2016. 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 39287479.
About Sangamo
Sangamo BioSciences,
Inc. is focused on Engineering Genetic Cures
TM for monogenic
and infectious diseases by deploying its novel DNA-binding protein technology
platform in therapeutic genome editing and gene regulation. The Company's
proprietary In Vivo Protein Replacement Platform™ (IVPRP™) approach is focused
on monogenic diseases, including hemophilia and lysosomal storage disorders. In
addition, Sangamo has a Phase 2 clinical program to evaluate the safety and
efficacy of novel ZFP Therapeutics
® for the treatment of HIV/AIDS
(SB-728). The Company has also formed a strategic collaboration with Biogen Inc.
for hemoglobinopathies, such as sickle cell disease and beta-thalassemia, and
with
Shire International
GmbH to develop therapeutics for Huntington's disease. It has established
strategic partnerships with companies in non-therapeutic applications of its
technology, including
Dow
AgroSciences and
Sigma-Aldrich Corporation. For more information
about Sangamo, visit the Company's website at
www.sangamo.com.