Sangamo Biosciences Inc. (SGMO)

Q2 2010 Earnings Call

July 28, 2010 09:04 AM ET


Dr. Elizabeth Wolffe – Director of Corporate Communications

Edward Lanphier – President and Chief Executive Officer

Ward Wolff – Executive Vice President and Chief Financial Officer

Dale Ando – Vice President of Therapeutic Development and Chief Medical Officer

Philip Gregory – Vice President of Research, Chief Scientific Officer


Charles Duncan – JMP Securities

Chad Messer – Piper Jaffray

Liana Moussatos – Wedbush Securities



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Good afternoon and welcome to the Sangamo BioSciences Teleconference to discuss Second Quarter 2010 Financial Results. This call is being recorded. I will now pass you over to the coordinator of this event, Dr. Elizabeth Wolffe, Director of Corporate Communications.

Elizabeth Wolffe

Thank you, Tiero [ph]. Good afternoon and thank you for joining Sangamo’s management team on our conference call to discuss the company’s second quarter 2010 financial results. Also present during this call are several members of Sangamo’s senior management, including Edward Lanphier, President and Chief Executive Officer; Ward Wolff, Executive Vice President and Chief Financial Officer; Dale Ando, Vice President of Therapeutic Development and Chief Medical Officer and Philip Gregory, Vice President of Research and Chief Scientific Officer.

Following this introduction, Edward will highlight recent activities Ward will briefly review second quarter financial results for 2010. And Dale and Philip will update you on our ZFP-therapeutic and research program. Finally, Edward will summarize our current guidance and our goals for the rest of 2010. Following that we will open up the call for questions.

As we begin, I’d like to remind everyone that the projections and forward-looking statements that we discuss during this conference call are based upon the information that we currently have available, this information will likely change over time. By discussing our current perception of the markets and the future performance of Sangamo with you today, we are not undertaking an obligation to provide updates in the future.

Actual results may differ substantially from what we discuss today, and no one should assume at a later date that our comments from today are still valid. We alert you to be aware of risks that are detailed in such documents that the company files with the Securities and Exchange Commission, specifically our quarterly reports on Form 10-Q and our annual report on Form 10-K. These documents include important risk factors that could cause the actual results of the company’s operations to differ materially from those contained in our projections or forward-looking statements.

Now, I’d like to turn the call over to Edward.

Edward Lanphier

Thank you, Liz. And thank you all for joining us for our conference call to discuss our second quarter results for 2010. We reported important progress in both clinical and preclinical program this quarter. Let me begin by briefly recapping a few of the highlights. At the American Diabetes Association or ADA Meeting in June, we and our collaborators at Johns Hopkins presented positive Phase 2 clinical data from our ZFP-therapeutic program to develop SB-509 as a disease modifying treatment for diabetic neuropathy or DN. The data from our SB-509-601 and SB-509-701B trial demonstrated that SB-509 treatment resulted in statistically significant and clinically beneficial improvement in subjects with moderate and severe DN as compared to placebo; and provided direct histological evidence of SB-509’s dual affect on both blood vessel and nerve growth and regrowth.

As you will hear from Dale later in this call, these data provided direct evidence of both an angiogenic and neuroregenerative mechanism of action and further validates our strategy of using multiple endpoints to assess disease severity as we enrolled subjects with moderately severe diabetic neuropathy into our ongoing Phase 2b trial SB-509-901.

In early July, we had an important paper published in the scientific journal, Nature Biotechnology, an exciting preclinical data from our stem cell therapeutic strategy for HIV/AIDS. This approach is based upon the use of our proprietary zinc finger nuclease or ZFN technology to permanently disrupt the CCR5 gene in human hematopoietic stem cells or HSCs. Disrupting the gene in HSCs enables us to make this permanent change in all cell types in the immune system and forms the basis for a very promising therapeutic strategy. The work was carried out by Sangamo scientists and collaborators at the Keck School of Medicine of the University of Southern California.

You may recall that last September along with the third group from the City of Hope, we were awarded a $14.5 million grant from the California Institute for Regenerative Medicine or CIRM to bring this therapy to the clinic. I have asked Philip to summarize the details of the data and how it relates to the progress in this program later in this call. As you know, Sangamo has two ongoing Phase 1 clinical trials to evaluate the safety and clinical efficacy of ZFN disruption of the CCR5 gene in CD4 T-cells one at the University of Pennsylvania and one here in California.

During the second quarter, we received a second round of funding from the Michael J. Fox Foundation for Parkinson’s Research which was an important vote of confidence for our approach and for the positive preclinical data that we have already obtained in a rat model of Parkinson with our ZFP activator of the growth factor GDNF. The $895,000 award which will be paid over a two year period will support studies in non-human primates for the development of ZFP-therapeutic to treat Parkinson’s disease. Again I have asked Philip to briefly review this program later in the call.

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