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Sangamo 1Q profit falls on higher development costs

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April 30, 2008

RICHMOND, Calif.—Sangamo Biosciences Inc., which develops genetic-based therapies, said Wednesday its first-quarter loss widened on higher research and development costs.

The company lost $8 million, or 20 cents per share, compared with a loss of $5.4 million, or 15 cents per share, during the same period a year prior. Revenue rose 94 percent to just under $2.8 million from about $1.4 million.

Analysts polled by Thomson Financial expected a loss of 16 cents per share on revenue of $2.9 million.

The revenue boost came from partnerships with Dow Agrosciences and Sigma-Aldrich Corp., research grants and technology agreements, the company said.

Meanwhile, expenses rose 56 percent to $11.6 million, mainly on higher development costs.

Shares of Sangamo rose 26 cents to $13.01 in after-hours trading after falling 28 cents, or 2.2 percent to close at $12.75 during regular trading.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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