Good afternoon and welcome to the Sangamo BioSciences Teleconference to discuss Second Quarter 2011 Financial Results. This call is being recorded. I would now pass you over to the coordinator of this event, Dr. Elizabeth Wolffe, Senior Director of Corporate Communications. Dr. Elizabeth Wolffe – Senior Director of Corporate Communications: Thank you very much. Good afternoon and thank you for joining Sangamo’s management team on our conference call to discuss the company's second quarter 2011 financial results. Present during this call are Edward Lanphier, President and Chief Executive Officer; Ward Wolff, Executive Vice President and Chief Financial Officer; Geoff Nichol, Executive Vice President, Research and Development; Dale Ando, Vice President, Therapeutic Development and Chief Medical Officer; and Philip Gregory, Vice President, Research and Chief Scientific Officer. Following this introduction, Edward will highlight recent activities, Ward will briefly review second quarter financial results for 2011 and our current financial guidance. And finally, Edward will summarize the status of our ongoing ZFP Therapeutic programs and our goals for the remainder of 2011. Following that, we'll open up the call for questions. As we begin, I'd like to remind everyone that the projections and forward-looking statements that we discuss during this conference call are based upon the information that we currently have available. This information will likely change over time. By discussing our current perception of the market and the future performance of Sangamo with you today, we are not undertaking an obligation to provide updates in the future. Actual results may differ substantially from what we discuss today and no one should assume at a later date that our comments from today are still valid. We alert you to be aware of risks that are detailed in the documents that the company files with the Securities and Exchange Commission, specifically our quarterly…

Thank you. (Operator Instructions) Our first question comes from Charles Duncan from JMP Securities. Charles Duncan – JMP Securities: Hi guys, congratulations on a nice quarter progress. Thanks for taking my questions. Edward, I wanted to ask you about the HIV program, you mentioned I guess the averimic you have a little bit more data at ICAAC. Can you give us a little bit more color on what you would like to see out of that data? And then why did you split that with the presentation on 1002 later on in the quarter?

Well, I think I’ll give you a quick answer and then ask Dale to maybe comment further. I think the categories of data that we presented at CROI will be consistent with the same sort of categories that we will be discussing at ICAAC. So first and foremost the safety of these modified cells. Secondly, the pharmacokinetics the trafficking and engraftment of these cells. Third, on the basic immunological impact of these modified cells on the host immune system. And lastly in the environment of treatment interruptions on impact on of these cells in the presence of virus. I think those of the main categories that you should expect to see. Dale, you want to amplify on any of that?

Well I agree that these are major parameters and we’ll have a more complete data set than what was presented at CROI. Charles Duncan – JMP Securities: Okay. And then if we could hop over to 509. Could you help us understand what the guidance includes in terms of planned expenses? Would you anticipate spending any additional R&D dollars on diabetic neuropathy irrespective of the outcome? And then secondly, if the outcome of the trial is not clearly supportive of moving forward, which you see that as reading on the value of the gene regulation, technology platform or perhaps could that be a function of the complexity of the syndrome in which you’re studying?

Two separate questions Charles, first as we said our plan is to move forward and announce data from the SB-509-901 trial in the fourth quarter of this year that will be top-line data. And with those data, assuming the positive, we’ll move forward in discussions that are well anticipated in terms of potential corporate partnerships. We will have the normal follow-on of that through a day 360 for the safety and any long-term follow-up. But our plan is to move forward with SB-509 in a partnered situation. And so we do not expect to initiate new studies apps in our partner in that area. Second part of the question was does this – is this a referendum or again no more so then any other drug modality around any other target or disease indication. I think it’s very clear that we can do build zinc finger transcription factors, both activators and repressors to numerous targets. We know we can activate, we know we can repress it really becomes a function as any clinical development plan. Do we have the right target for the right disease indication in the right clinical trial. So, I think while we’re optimistic about the outcome of SB-509, good, bad or indifferent, it’s not a referendum on the platform, I think the platform is well established. Charles Duncan – JMP Securities: I agree, if I could ask another question regarding stock-based compensation expense in 2Q, can you give us a sense of the amount of that expense that was incurred?

Sure Charles. The expense for the quarter was $2 million and further broken down $1.1 million in G&A and $900,000 in R&D. Charles Duncan – JMP Securities: Final question is for Geoff the new guy. I know this is probably a little unfair, because you’re sitting there with your new colleagues. But, can you give us a sense as to what the key driver was to you joining Sangamo and if there are any parallels that you see between say the Medarex technology platform and its breadth of utility and that of Sangamo’s I mean, what was your real reason for getting involved here at this stage of (indiscernible)?

Not now Charles I have to tell you I promise Geoff right upfront that we weren’t going to feed him to the I can’t fed him with or I said sharks or dogs or lions whichever you guys would like to characterized. Geoff, you want to bite on that one?

Yeah Charles, that’s a good question. Sangamo has a very promising platform technology and superficially that is similar to Medarex. Perhaps the antibody technology is little more mature but, essentially at Medarex quite aside from the platform we were also breaking very new ground immunotherapy. And I sense exactly the same sense of scientific commitment as well as competence and enthusiasm here at Sangamo as I sensed at Medarex. And those are the primary reasons why I'm here. Charles Duncan – JMP Securities: Thanks for the added color.

Thanks Charles.

Thank you, sir. Our next question comes from Liana Moussatos with Wedbush Securities. Liana Moussatos – Wedbush Securities: Thank you for taking my question. For the SB-509-901 study results that are coming out in Q4. What would you consider to be the minimum for you to consider going forward with the program when you’re mentioning the sural NCV the NISLL and the histology end points. What's the minimum you’d want to see in order for you to take it forward?

So, I’ll let Dale respond in terms of on the technical side in terms of magnitudes and so on but from a business perspective again it’s relatively binary here. The data are going to be and Dale can discuss them but those are really be used in our discussions with potential partners. And that’s what will drive the program into the next stage of development. Dale you want to talk about maybe some of the parameters around the end points.

Yeah. So we are really looking is for clinical relevants and the change in these parameters and the hallmark of this is really what how these parameters change in a typical moderate severity diabetic patient of the course of the year. So for sural NCV that’s about one meters per second. For NISLL that’s about one unit on the NISLL score. And the nerve fiber density is approximately 0.9, fibers per millimeters generally accepted one fiber per millimeter change. So we would like to see improvements in the sural NCV and decreases in the NISLL by one and increases nerve fiber density by one. So in general these are the changes that would occur in the opposite direction in terms of deterioration in a year and we would like to be able to say that we could – will be free treatments over the course of a 120 days reverse, these end points that would represent a years worth of worsening in the diabetic patient. Liana Moussatos – Wedbush Securities: Thank you.

Thanks Liana.

Thank you. Our next question comes from Ed Tenthoff with Piper Jaffray. Ed Tenthoff – Piper Jaffray: Great. Thank you very much. And Edward and everyone congratulations on all the scientific progress in the quarter in the new higher?

Thanks Ed. Ed Tenthoff – Piper Jaffray: And it can be taking a step back obviously it’s going to be a very busy back half and I wish all the best was the clinical data. Maybe you can tell me a little bit more about the commercialization strategy around your peers, I know we’ve talked about this over the years Edward, in terms of the broad applicability and all of the scientific process – progress that’s being made. But tell me more about how you intend to commercialize and monetize this good science?

Well Ed, it’s a longest conversation, the shortest conversation and as you say we’ve had it. Let me give it to you in sort of two plains. The applications of the technology will either be direct and injectable pharmaceuticals or they will be used to modify a cell that will be pharmaceutical. So those are the two principle product profile of the products of our platform. And then our business model is to move forward at points of clear value inflection with partners who have a deep even passion and interest in the disease indication and in the area have the requisite downstream infrastructure for development and marketing. That’s certainly our near-term plan, longer term we do hope with success to forward integrate, probably in areas of – of rare diseases or often diseases, but that’s a way down and predicated on success in the formal – in the more former partnering activities. Ed Tenthoff – Piper Jaffray: Good, thank you and looking forward to that data.

Thank you.

Thank you, sir. Our next question comes from Joseph Schwartz with Leerink Swann. Joseph Schwartz – Leerink Swann: Hi, thanks for taking the question. I was wondering if you could and this is a housekeeping question, break out your revenues from Dow and Sigma. It looks like they declined around 50%, I am wondering what the main drivers, I know the Sigma portion can consist of reagents, celluloid and transgenic animals, so some clarity within any of those buckets would be helpful?

Sure. I mean, just to reiterate what Ward said in the prepared remarks. Last year we were still amortizing the upfront fees from the initial, from the second license agreement. So that was a part of the revenues last year that’s accounted for the – the primary difference quarter-over-quarter. Ward any additional color on that?

No, as I mentioned Joe in the call that we did have the 5 million a year ago quarter that did not repeat this year, so that was a factor. We still use the both Dow and Sigma provide significant revenues on a full year basis. Historically, our revenue stream has been somewhat backend loaded, because some of our minimum royalty payments and what not come in – in Q4. And some of that relates to Dow, but also relates to some of the Sigma royalties which tend to ramp up that during the year. So, I look at this quarter somewhat as I said being relatively comparable to a year ago. And, it’s a function of that to some extent the grant revenue and the timing and all that. But, we’re still comfortable as I mentioned with this $10 million to $12 million for the full year. Joseph Schwartz – Leerink Swann: Okay. And how long do you think it will be before we see ZFN and humans with hemophilia or other monogenic diseases given that seems like an ideal application of the technology, but I know that 7 to 8 took a while as you worked under that turn and, those sorts of aspects. Would you expect to be able to go faster now, yet or how should I guess, how long do you think we could or how long do you think before we could see one of these drugs in an agent in actual patients?

Well…. Joseph Schwartz – Leerink Swann: (indiscernible)

Good question, Joe. As you pointed out the zinc fingers are in the clinic around CCR5. And, that’s in T-cells we are also working in hematopoietic stem cells In that area. And, the recent factor 9 data again using ZFN from a systemic deliver perspective that gotten a lot of visibility and on this call we updated and said we’re moving forward into the next preclinical development model which is the dog model. There are numerous monogenic diseases that we have previously discussed and even published and presented around from many of which were done it ASGT this year. So, in the area sickle cell disease and other monogenic diseases. We don’t have any specific guidance today about clinical start-ups in those areas. But, certainly the experience that we have in from the CCR5 we’re moving that to the clinic gives us a significant leg up and moving new Zinc Finger Nucleases into the clinic. Joseph Schwartz – Leerink Swann: Okay. And then lastly, can you give us any greater sense of the timing of the SB-509 Phase 2 data in the first quarter, when is the last patient come out and how you’re analyzing that is it on a rolling basis, any thoughts on how long it will need to crunch the data?

Well, obviously like we have very, very, very specific definitive thoughts on that, but the guidance that we’re comfortable with is that we will present via press release the top-line efficacy data for all 170 subjects at day 180 in a press release in the fourth quarter. Joseph Schwartz – Leerink Swann: Okay. Thank you.

Thanks, Joe.

Thank you. (Operator Instructions) Our next question comes from Alastair Mackay from GARP Research. Alastair Mackay – GARP Research: Hi, I had two small follow-up questions. Dale, one is that when you went through the end points for SB-509-901, where though or those formal predefined end points or are you speaking more informally in terms of what you’re hoping and expecting to see.

Yes, as in any double-blind placebo-controlled study we have to predetermine the end points and power the studies to those particular end points. So, this is, these are predefined and have been bringing to the protocol since beginning. Alastair Mackay – GARP Research: Great, thanks. And then the follow-up on something Joe was saying the hemophilia the factor 9 studies and the other monogenic studies with the added confidence that you have in the ZFN agents as opposed to the ZFP agents. One thing that I wonder about is the absence of discussion of partnering activities with respect to some of these monogenic diseases especially in light of the prospects for more rapid development under an orphan program. Edward, can you comment on that?

All I need to say that I think it’s in a stud question and that our business model given the breadth of the platform and it’s generality and ability to deploy to numerous targets allows us to think about those kinds of focused partnerships. The way doesn’t really take much of the table in terms of our future upside. So, it’s in a stud question Alastair and one that as I sort of alluded to during the script that factor 9 data that was presented as the late breaker at action in December of last year was published in nature just this last quarter and was the subject of a presidential symposium at ASGCT as garnered an enormous amount of attention and your question is on point. Alastair Mackay – GARP Research: Okay, thank you.

Thank you, sir. I would now like to turn it back to Edward Lanphier for further comments. Edward Lanphier – President and Chief Executive Officer: Thank you. We’d like to thank you for joining us and we look forward to speaking with you again when we release our third quarter financial information. We will be available later today if there are any follow-up questions. Thanks very much.

Thank you. Ladies and gentlemen this does conclude your conference today. You may now all disconnect. Thank you for your participation. Have a wonderful day.