Sangamo Biosciences posted a second quarter net loss of $26.6 million, or $0.38 per share, worse than the consensus forecast of a loss of $0.24 per share. Revenue of $3.7 million also fell well short of the estimated $5.38 million.
The California-based biopharmaceutical company expects $12 million-to-$17 million revenue for the full year. In a statement, Sangamo said that a big chunk of its quarterly revenue was generated due to agreements and research collaborations with Shire PLC (ADR) (NASDAQ:SHPG) and Biogen Idec Inc (NASDAQ:BIIB). The decrease in collaboration agreement revenue was a result of the company’s amendment to its license agreement with Shire in the third quarter of 2015, which returned the rights to Sangamo’s hemophilia treatments.
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