Sangamo Biosciences' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Sangamo Biosciences, Inc. (SGMO)

Q2 2012 Earnings Call

July 25, 2012 5:00 pm ET


Elizabeth J. Wolffe, Ph.D. – Senior Director, Corporate Communications

Edward Lanphier – President and Chief Executive Officer

H. Ward Wolff – Executive Vice President and Chief Financial Officer

Philip Gregory – Vice President, Research and Chief Scientific Officer

Geoffrey M. Nichol – Executive Vice President, Research and Development


Liana Moussatos – Wedbush Securities Inc.

Charles Duncan – JMP Securities

Ted Tenthoff – Piper Jaffray



Good afternoon, and welcome to Sangamo BioSciences Teleconference to Discuss Second Quarter 2012 Financial Results. This call is being recorded.

I will now pass you over to the coordinator of this event, Dr. Elizabeth Wolffe, Senior Director of Corporate Communications.

Elizabeth J. Wolffe

Thank you, Kate. Good afternoon, and thank you for joining Sangamo's management team on our conference call to discuss the company's second quarter 2012 financial results. Also present during this call are several members of Sangamo senior management, including Edward Lanphier, President and Chief Executive Officer; Ward Wolff, Executive Vice President and Chief Financial Officer; and Geoff Nichol, Executive Vice President, Research and Development; Philip Gregory, Vice President of Research and Chief Scientific Officer; and Dale Ando, Vice President of Development and Chief Medical Officer.

Following this introduction, Edward will highlight recent activities and the significant events from the past quarter. Ward will then briefly review second quarter financial results, as well as our financial guidance for 2012. Philip and Geoff will provide an update on our ZFP therapeutic program, and finally, Edward will update you on our goals for the rest of 2012. 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 market and 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 that our comments from today are still valid. We alert you to be aware of risks that are detailed in 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 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 would like to turn the call over Edward.

Edward Lanphier

Thank you, Liz, and thank you all for joining us on our conference call to discuss our second quarter results for 2012, as well as recent events and our plans for the rest of the year. This has been a busy first half of the year during which we have made significant progress in advancing our clinical and preclinical programs, as well as our business model, and we’re pleased we have an opportunity to provide you with more details and the expected timing for clinical milestones on this call.

First, our preclinical pipeline, which includes programs that we are developing for our own accounts, as well as with our partner Shire are progressing very well. To remind you in early February, we entered into a strategic alliance with Shire and to develop our ZFP Therapeutics has a potential of genetic cure for hemophilia and other monogenic diseases.

Upon executing the agreement, we announced the selection of hemophilia targets Factors VII, VIII, IX and X. Shire also received an option to name three additional targets. I'm very pleased to announce today that Shire has selected a fifth target and has committed to support the development of the ZFP Therapeutics for Huntington’s disease. A program that we had previously initiated with funding from the CHDI Foundation, a research foundation focused on developing a cure for Huntington’s disease. I have asked Philip to provide you with some background on the disease and more details on why we believe our technology can generate the unique approach for the treatment of Huntington’s later on the call.

Because our ZFP technology works very specifically and efficiently at the DNA level, it enables us to provide unique therapeutic solutions to diseases where the cause has been traced to a defect in a single gene so-called monogenic diseases. Huntington’s is a well studied example as you will hear later.

However, there are many monogenic diseases. We are actively working on several other single gene based disorders some of which were highlighted in presentations at the Annual American Society for Gene & Cell Therapy Meeting in June. However, up to this point, beyond presentations of data at scientific meetings and publications and peer-reviewed journals. We have not provided a great deal of visibility on these programs that will change at the end of this year.

We planned to host an Analyst Briefing on December 6, at which time, we will discuss our preclinical monogenic diseases programs, our development plans, and the timing for IND filings, and associated financial projections. The briefing will be brought, it will be webcast and details regarding the exact timing of the event will follow later this year.

Moving on to our lead clinical program, SB-728, which we are developing as a potential functional cure for HIV, I’m pleased to report that our two Phase II studies are also progressing on plan. As most of you know based upon encouraging Phase I data, we announced the initiation of two Phase II trials during the first quarter of this year. At that time we said that we would update you on the expected timing of clinical data once we have had an opportunity to asses the rate of enrollment.

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