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Sangamo Reports 2008 Results

Sangamo BioSciences, Inc. (Sangamo) has reported revenues of $16.2 million for the full year of 2008, compared with the total revenue of $9.1 million in the previous year-end. It has also reported net loss of $24.3 million, or $0.60 per share, for the full year of 2008, compared with the net loss of $21.5 million, or $0.58 per share, in the previous year-end.

For the fourth quarter ended December 31, 2008, Sangamo reported a consolidated net loss of $2.6 million, or $0.06 per share, against a net loss of $6.7 million, or $0.17 per share, for the same period in 2007. As of December 31, 2008, the company had cash, cash equivalents marketable securities and interest receivable of $65.0 million.

Revenues for the fourth quarter of 2008 were $6.8 million, against $2.8 million for the same period in 2007. Fourth quarter 2008 revenues were primarily from Sangamo’s enabling technology agreements in cell line engineering for protein production including $3.0 million related to a fully-paid non-exclusive license agreement with Pfizer Inc and revenues from Sangamo’s agreement with Genentech, Inc., as well as Sangamo’s agreements with Dow AgroSciences (DAS) and Sigma-Aldrich Corporation.

Research and development expenses were $6.7 million for the fourth quarter of 2008, against $7.9 million for the same period in 2007. The decrease in research and development expenses for the fourth quarter of 2008 was primarily due to reduced expenses related to clinical trials as studies of our drug SB-509 progressed. Non-cash stock-based compensation included in research and development expenses totaled $605,000 and $409,000 in the fourth quarter of 2008 and 2007, respectively.

General and administrative expenses were $2.3 million for the fourth quarter of 2008, against $2.5 million for the same period in 2007. Non-cash stock-based compensation included in general and administrative expenses totaled $864,000 and $388,000 in the fourth quarter of 2008 and 2007, respectively.

Total operating expenses for the fourth quarter of 2008 were $9.0 million, against $10.4 million for the same period in 2007.

Net interest income (expense) was ($375,000) for the fourth quarter of 2008, against $935,000 for the same period in 2007. The decrease was due to lower average investment balances and lower interest rates as well as a foreign currency translation loss during the quarter.

Full Year Results

The increase in revenues for 2008 was primarily attributable to the exercise by DAS of its option for a commercial license to Sangamo’s technology in plant agriculture, Sangamo’s enabling technology agreements in protein production and its agreement with Sigma-Aldrich for research reagents. Total operating expenses were $41.6 million in 2008 and $33.9 million in 2007. The increase in operating expenses for 2008 was primarily associated with Sangamo’s clinical development programs in diabetic neuropathy (DN) and amyotrophic lateral sclerosis (ALS) and pre-IND programs to develop ZFP Therapeutics for the treatment of HIV/AIDS and glioblastoma, as well as increased research and development personnel costs.