Sangamo BioSciences raises $20.15M

California, USA-based Sangamo BioSciences has priced an underwritten offering of 3.1 million common stock, at a price per share of $6.50, resulting in net proceeds to the company of approximately $20.15 million. The underwriter has been granted an option for a period of 30 days to purchase up to an aggregate of 465,000 additional shares of common stock from the company to cover over-allotments, if any.

Sangamo intends to use the proceeds from the financing to continue the development of its ZFP Therapeutic product candidates, further research programs and for other general corporate purposes. Piper Jaffray & Co acted as the sole underwriter .

"We believe that the initial results of our clinical and commercial development efforts put us in a position to complete this firmly underwritten offering quickly, without a lengthy marketing effort," said Sangomo chief executive Edward Lanphier, adding: "as we prepare to enter into our first Phase II clinical trial, this $20.15 million of additional capital puts us in a stronger position to accelerate this program and to simultaneously bring additional ZFP Therapeutic programs into the clinic. As a result of this financing, we now project ending fiscal year 2006 with approximately $50.0 million in cash and cash equivalents, instead of $30.0 million as previously projected."