Sangamo BioSciences Offering (NASDAQ:SGMO)

On Wednesday morning, Sangamo BioSciences Inc. announced that it has priced an offering of up to US$ 3.45 million shares of stock. Jefferies and Co. is the sole bookrunning manager for the offering. Sangamo BioSciences Inc is into the research and commercial development of engineered DNA-binding proteins for the regulation of gene expression and gene modification. The company is into the development of ZFP Therapeutics that is designed to regulate disease-generated genes and ZFNs to disrupt or correct therapeutically relevant genes.

With the announcement of stock offerings, Sangamo BioSciences Inc. would plan to sell 3 million shares of its stock to the public, and underwriters of the offer will have the option to buy 450,000 shares in the following month to cover over allotments. The stock offering sale is expected to close on Tuesday. Despite the stock offering news, shares of Sangamo BioSciences Inc. fell 83 cents, or 10 percent, to $7.17 in the morning trading.

Currently, Sangamo BioSciences Inc. has about 41.2 million shares on the market as of July 31. The stock offering would boost the company’s share count by about 8.4 percent, if all the 3.45 million shares are sold and it would also help Sangamo BioSciences to develop their genes therapeutics.