Sangamo Therapeutics Inc. (NASDAQ:SGMO) has reported its Q3 results and provided business updates. The company reported a net loss of $1.6 million or $0.01 per share in the quarter on revenues of $57.8 million.
Sangamo doses first patients in the AFFINE study
Sandy Macrae, the company’s CEO, said that they are delighted with the clinical execution momentum across the company’s portfolio. The company doses the first patients in its registration AFFINE trial of the experimental hemophilia A gene therapy developed in partnership with Pfizer Inc. (NYSE:PFE). The company also dosed its first two patients in its Phase 1/2 STAAR trial evaluating a gene therapy for Fabry disease. The CEO confirmed that the company is progressing well in advancing its research project, as demonstrated by completing research initiatives in the ALS program in partnership with Pfizer.
During the quarter, the company earned a milestone payment of $30 million from Pfizer. The payment is for dosing the first patient in the registrational third phase AFFINE study for the experimental hemophilia A gene therapy giroctocigen fitelparvovec. The company expects a $35 million milestone payment from its partner, Pfizer, in the fourth quarter.
Giroctocigene fitelparvovec demonstrated favorable tolerability in Alta study
Pfizer released updated results from the Phase 1/2 Alta giroctocogene fitelparvovec trial showing tolerability and clinically significant factor levels without bleeds. Also, there was no use of prophylactic factor up to week-85 in the longest patient that received the highest dose cohort. Most importantly, the company hit a research milestone after completing initiatives in the partnership with Pfizer for developing gene regulation therapies through zinc finger protein transcription factors in C90RF72-related ALS. Sangamo earned a milestone payment of $5 million related to this program.
The company also received regulatory approval for the first-in-human Phase 1/2 STEADFAST trial evaluating the CAR-Treg product candidate, TX200, in kidney transplantation. During the quarter, the company also appointed Dr. Kenneth Hillan to its Board of Directors.
Sangamo ended the quarter with cash and investments of $694.5 million, including an upfront license fee of $75 million from Novartis.
