Sangamo Therapeutics Inc. (NASDAQ: SGMO) presented the investment world Thursday with a lot of excitement, on economic tidings and news of a collaboration with drug giant Pfizer (NYSE: PFE).
Wednesday, Sangamo reported a first-quarter loss of 23 cents a share on revenue of $3.4 million. Analysts had estimated a loss of 28 cents a share on revenue of $4 million. Sangamo claimed a net loss for 2016, of $16.5 million, or 23 cents per share.
Separately, Sangamo said it will receive a $70-million upfront payment from Pfizer for a development and manufacturing collaboration for a hemophilia A treatment. Sangamo said it was eligible for up to $450 million in milestone payments under the deal.
As of March 31, the Company had cash, cash equivalents, marketable securities and interest receivable of $132.7 million.
First-quarter 2016 revenues were $3.9 million. First-quarter 2017 revenues were generated from Sangamo's collaboration agreements with Bioverativ, Shire International (Shire) and Sigma-Aldrich, enabling technology agreements and research grants.
Research and development expenses were $12.9 million for the first quarter of 2017, compared to $15.3 million for the same period in 2016. The decrease was primarily due to the completion of external GMP manufacturing expenses associated with the Company's 2017 clinical studies.
Total operating expenses for the first quarter of 2017 were $20.2 million, compared to $20.6 million for the same period in 2016.
Sangamo shares vaulted in the first hour of trading on Thursday, jumping $2.08, or 47.7%, to $6.43.
