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SGMO -- Sangamo BioSciences, Inc. Com (1 Cent) COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Sigma-Aldrich Corporation enters into research and development collaboration with Sangamo BioSciences
Jul 11, 2007 (M2 EQUITYBITES via COMTEX) -- Sigma-Aldrich Corporation (Nasdaq: SIAL), a life science and high technology company, declared on 10 July that it has entered into a significant alliance with Sangamo BioSciences Inc (Nasdaq: SGMO), a researcher and developer of zinc finger DNA-binding proteins (ZFPs), focussing on the development of high value laboratory research reagents based upon the Sangamo's ZFP technology. The collaboration will combine Sigma's global marketing capabilities and significant reputation as a provider of products and kits for scientific research with Sangamo's substantial expertise in the field of ZFPs.
ZFPs are the dominant class of naturally occurring proteins known as transcription factors and are found in the nucleus of every cell and are amenable to engineering and precise targeting to a particular gene or genes of interest.
Scientists at Sigma-Aldrich and Sangamo will use ZFNs like precision 'surgical instruments' to modify genes in cells and to develop and market ZFP products for broad use in numerous laboratory research reagent applications.
The license agreement allows Sigma-Aldrich to make initial payments of USD13.5m to Sangamo, consisting of an upfront license payment and the purchase of 1,000,000 common shares of Sangamo at market price and has the right to sublicense the technology for research applications.
Additionally, Sangamo will receive additional committed funding including fees and minimum annual payments and is eligible to receive payments of up to USD22m if certain development and commercial milestones are achieved. It will also receive royalties on any product sales or services developed using the ZFP technology and 50% of any sublicensing revenues in the first two years and 25% of any sublicensing revenues thereafter.
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