Sangamo 3Q loss narrows on payments, lower costs

RICHMOND, Calif. (AP) — Biotechnology company Sangamo BioSciences Inc. said late Wednesday its third-quarter loss narrowed on higher revenue from partnerships and lower research and development costs.

The company lost $4.9 million, or 12 cents per share, compared with a loss of $6.3 million, or 15 cents per share, during the same period a year prior. Revenue rose 8 percent to $4.1 million from $3.7 million.

Analysts polled by Thomson Reuters expected a loss of 13 cents per share on revenue of $4.6 million.

Sangamo collaborated with Dow AgroSciences and Sigma-Aldrich Corp. during the quarter, focusing on protein production and research grants.

Meanwhile, operating expenses fell 12 percent on lower research and development costs. The company's lead product candidate is SB-509, which was developed with zinc finger protein technology aimed at turning off parts of genes. SB-509 is a potential treatment for diabetic neuropathy and Lou Gehrig's disease.

Shares of Sangamo added 47 cents, or 8.6 percent, to $5.95 in morning trading Thursday. The stock has ranged from $1.82 to $9.39 over the past year.