Sangamo Inks Deal for New HQ in Bay Area Biotech Hub
The new facility will be 88,000 square feet, located at 7000 Marina Boulevard. Sangamo is also going to build a cGMP manufacturing facility at the same location that will allow for large-scale manufacturing of its pipeline of genomic therapies. It plans to keep its Point Richmond location as a Sangamo Research Center.
“Based on the progress we’ve made this year, our board of directors has encouraged us to be bold in planning for the company’s successful future,” said Sandy Macrae, Sangamo’s chief executive officer, in a statement. “The new headquarters in Brisbane will provide a more competitive location and workspace, as we recruit the clinical, operational, manufacturing and management talent that we need to achieve our long-term goals. We intend to remain a top employer of scientists in the East Bay and are planning to update our Point Richmond facility as a Research Center for Sangamo.”
The company reported its third-quarter financials yesterday. Sangamo treated a second patient in its Phase I/II clinical trial of SB-525 gene therapy for hemophilia A. This product is being developed in collaboration with Pfizer. The U.S. Food and Drug Administration (FDA) accepted Sangamo’s IND application for ST-400, a gene-edited cell therapy for beta-thalassemia, which is being developed in collaboration with Bioverativ. Bioverativ is a spinoff of Biogen. And the company presented new preclinical data regarding its programs in immuno-oncology and lipid nanoparticle (LNP) delivery at the 2017 Annual Congress of the European Society of Gene and Cell Therapy (ESGCT).
For the third quarter, the company noted $3 million in revenues related to research services it performed as part of the deal with Bioverativ. It received $13 million, $20 million and $70 million as part of its agreements with Shire that it inked in 2012, Biogen in 2014, and Pfizer in May 2017.
Sangamo reported a consolidated net loss of $12.4 million, or $0.15 per share, compared to a net loss of $19 million, or $0.27 per share for the third quarter in 2016. As of September 30, 2017, Sangamo reported cash, cash equivalents, marketable securities and interest receivable of $253.5 million.
The company projects 2017 revenue will be between $30 million and $40 million, including research funding from existing collaborations. It expects operational expenses will be from $90 million to $100 million. And by the end of this year, expects $220 million in cash and cash equivalent.
“We continue to make progress on the key priorities we laid out at the beginning of 2017,” Macrae said in a statement. “Sites are activated in our lead clinical trials and enrollment is commencing, with data expected in the first half of 2018. We believe our optimized zinc finger nuclease technology is setting the standards for genome editing products across the critical dimensions of precision, efficiency and specificity. Our collaborations in hemoglobinopathies and hemophilia A are advancing, and we expect to forge new partnerships for other select programs in the future. With this progress, along with our newly announced manufacturing plans and headquarters, we believe we are laying a strong foundation for the future of Sangamo and look to accelerate our progress into 2018.”