|Sangamo's Phase 2b trial did not meet key study endpoints|
|By Staff and Wire Reports|
|Monday, 03 October 2011 08:20|
"We are disappointed that this trial did not produce a better outcome in the pre-specified primary and secondary endpoints," said Edward Lanphier, Sangamo's president and CEO. "Based on these results, we will discontinue further development of SB-509 and will focus our attention and resources on our pipeline of ZFP Therapeutics for HIV and monogenic diseases for which our genome editing technology is uniquely well positioned. We would like to thank the patients, investigators and the Juvenile Diabetes Research Foundation (JDRF) for their support and participation in the trial."
Shares of Sangamo sank $1.55, or 35.6 percent, to $2.80 in premarket trading.
The company develops drug candidates based on its zinc finger protein technology, which is aimed at turning off parts of genes. It is also studying drugs that could treat HIV, brain cancer, hemophilia, and other diseases. Sangamo said it will present full results from the 170-patient trial at a future medical conference.
Shares of Sangamo BioSciences have traded between $3.30 and $9.15 in the last year and closed at $4.35 Friday.