Sangamo Biosciences, Inc. (NASDAQ:SGMO), the leader in therapeutic genome editing, today announced the company has appointed Alexander ‘Sandy’ Macrae, M.B., Ch.B, Ph.D., MRCP, as president and chief executive officer to succeed current president and CEO, Edward Lanphier. Mr. Lanphier is retiring from the day-to-day leadership of Sangamo. He will continue as a member of the board of directors and, as previously disclosed, will assume the chairmanship of the board immediately following the 2016 annual meeting of stockholders which will be held on June 14, 2016. Mr. William Ringo, Sangamo’s current chairman since 2010, will remain on the board as chairman of the Nominating and Governance Committee and member of the Compensation Committee. Dr. Macrae has assumed the CEO role effective today.
Dr. Macrae, a physician scientist with deep experience in clinical development and global business strategy, most recently served as global medical officer of Takeda Pharmaceuticals where he established and led its global medical office. In the 15 years prior,Dr. Macrae held roles of increasing responsibility at Smith Kline Beecham and Glaxo SmithKline (GSK), where his last role was as Senior Vice President, Emerging Markets Research and Development (R&D). During his time at GSK he led therapeutic product development activities in neurology, cardiovascular and metabolic diseases and served in senior business development roles. Dr. Macrae earned his B.Sc. in pharmacology and his medical degree from Glasgow University, and a Ph.D. in molecular genomics atKing’s College, Cambridge, under the supervision of Nobel Prize-winner Sydney Brenner.
“Sangamo has successfully evolved from a platform company into a clinical-stage therapeutic product development organization based on our powerful zinc finger DNA-binding protein (ZFP) genome editing technology,” said Mr. Lanphier. “Sandy is the right person to take Sangamo forward into this next stage of our evolution as a company. He has a track record of building and growing organizations and his outstanding leadership and communication skills will be critical to the continued development of the company’s therapeutic pipeline and current and future partnering activities.
“I am extremely honored to be given the opportunity to take the helm at Sangamo – a company that established the field of genome editing and leads the sector as an innovator in the development of novel human therapeutics based on this exciting technology. I look forward to building on the visionary work of Edward, one of the true pioneers and leaders in the gene and cell therapy industry,” said Dr. Macrae. “With multiple ZFP Therapeutics® in clinical development, we have an exciting path forward as we focus on the clinical development and commercialization of one-time potentially curative therapies.”
“My commitment to Sangamo is unwavering, as is my passion for the company’s people, technology and mission to bring one-time long lasting treatments to patients. I look forward to my continued involvement both in helping Sandy transition into his new role and as the chairman of the board of directors,” concluded Mr. Lanphier.
“Over a year ago, as it became clear that Sangamo was moving from a platform company to a therapeutic product development company, the board discussed a leadership succession plan as the company entered this next phase of growth,” said Mr. Ringo, the current chairman of the board. “The board feels strongly that Sandy has the right skill set to advance the company’s goals and we look forward to benefiting from his experience and leadership.”
“Edward has been a driving force behind the company and its vision and I look forward to continuing to collaborate with him as the new chairman of the board,” continued Mr. Ringo. (Original Source)
Shares of Sangamo Biosciences closed yesterday at $6.90, up $0.23 or 3.45%. SGMO has a 1-year high of $13.38 and a 1-year low of $4.63. The stock’s 50-day moving average is $6.44 and its 200-day moving average is $6.78.
On the ratings front, Sangamo has been the subject of a number of recent research reports. In a report issued on May 9, Jefferies Co. analyst Gena Wang reiterated a Buy rating on SGMO, with a price target of $14, which represents a potential upside of 102.9% from where the stock is currently trading. Separately, on May 3, Wells Fargo’s Jim Birchenough reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gena Wang and Jim Birchenough have a total average return of -13.8% and 20.9% respectively. Wang has a success rate of 38.5% and is ranked #3669 out of 3891 analysts, while Birchenough has a success rate of 50.4% and is ranked #69.
Sangamo BioSciences, Inc. is a clinical stage biopharmaceutical company, which is focused on the research, development and commercialization of engineered DNA-binding proteins for therapeutic genome editing and gene regulation technology platform is enabled by the engineering of a class of transcription factors known as zinc finger DNA-binding proteins.