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Biotech / Medical : Sangamo Therapeutics, Inc. SGMO

SGMO 0.460

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Nov 28 9:30 AM EST

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From: bob zagorin	6/26/2007 11:06:13 AM
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Sangamo BioSciences (SGMO : NASDAQ : US$8.47) - Buy - Target: US$13.10 Joseph Pantginis, Ph.D. Comment: Sangamo reports strong ADA results that spur increased confidence in Phase 2 DN programs On Friday afternoon, Sangamo announced the anticipated update from the Phase 1b diabetic neuropathy study at the American Diabetes Association (ADA) conference in Chicago. SB-509 resulted in statistically significant improvement in patients with diabetic neuropathy (DN) after six-month follow-up testing assessing multiple measures. Sangamo also announced that its two lead preclinical programs, HIV and glioblastoma, were reviewed and unanimously approved by NIH's Recombinant DNA Advisory Committee, paving the way for the company to start Phase 1 studies in these two programs by YE 2007. Key takeaway: A single dose of SB-509 (4-5 days of VEGF gene expression) caused a lasting and significant improvement at the six-month follow-up time point in DN patients. While the Phase 1b data to date are based on a small number of patients, we are both impressed and excited about the results thus far. Going beyond the current treatments of symptoms (poor to say the least), addressing the underlying disease in DN patients has been an outcome in the space that has been elusive. We believe that Sangamo is on track to deliver and effective therapeutic for DN, and have increased confidence in the two ongoing Phase 2 studies in DN patients. We use our probability-weighted NPV model, basing it on the diabetic neuropathy and peripheral artery disease programs, to yield our $13.10 price target. With the potential for both clinical development and business development news flow in the next 12 months, we believe Sangamo's shares warrant a higher valuation.

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