Sangamo Therapeutics shares traded higher after the company reported Q4/19 and FY/19 earnings and advised that it signed a global collaboration agreement with Biogen to develop gene regulation therapies for Alzheimer's, Parkinson's, neuromuscular and neurological diseases.
This morning prior to the U.S. markets open, genomic medicine company Sangamo Therapeutics Inc. (SGMO:NASDAQ),reported fourth quarter and full-year 2019 financial results and recent business highlights.
The report comes one day after the firm announced that it entered into a global collaboration agreement with Biogen Inc. (BIIB:NASDAQ) to develop and commercialize gene regulation therapies for Alzheimer's, Parkinson's, neuromuscular and other neurological diseases. Under the terms of the agreement, "Biogen has exclusive global rights to ST-501 for tauopathies including Alzheimer's disease, ST-502 for synucleinopathies including Parkinson's disease, and a third undisclosed neuromuscular disease target."
The company's CEO Sandy Macrae commented, "This quarter marked an important milestone for Sangamo, as we transitioned to a Phase 3 company following the transfer of the IND for SB-525 hemophilia A gene therapy to our partner Pfizer Inc. (PFE:NYSE), who plan to commence the registrational study this year. This is a significant step in our mission to bring our genomic medicines to patients...This year we also look forward to progressing our wholly owned assets, ST-920 gene therapy for Fabry disease and TX200 CAR-Treg cell therapy, in the clinic, and will work closely with our collaborator, Kite, a Gilead Sciences Inc. (GILD:NASDAQ) company, as they advance KITE-037, an anti-CD19 allogeneic CAR-T therapy into a Phase 1/2 clinical trial."
The company reported Revenues for Q4/19 of $54.9 million, compared to $26.8 million for Q4/18, and consolidated net income of $4.6 million, or $0.04 per share, compared to -$18.7 million, or -$0.18 per share in the same corresponding period.
For FY/19 the firm stated that Revenues were $102.4 million, compared to $84.5 million in FY/18, and a consolidated net loss of -$95.2 million, or -$0.85 per share, compared to a consolidated net loss -$68.3 million, or -$0.70 per share in FY/18.
The company advised that it expects FY/20 GAAP total operating expenses will be in the range of $270-$285 million and FY/20 Non-GAAP total operating expenses are estimated to be in the range of $245-$260 million.
Sangamo Therapeutics is based in Brisbane, Calif. and states that "it is committed to translating ground-breaking science into genomic medicines with the potential to transform patients' lives using gene therapy, ex vivo gene-edited cell therapy, and in vivo genome editing and genome regulation."
Sangamo Therapeutics began the day with a market capitalization of around $772.7 million billion with approximately 115.9 million shares outstanding and a short interest of about 15.3%. SGMO shares opened more than 30% higher today at $8.93 (+$2.265, +33.40%) over yesterday's $6.665 closing price. The stock has traded today between $8.02 to $9.19 per share and is currently trading at $8.675 (+$2.01, +30.16%).
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