Thank you, McDavid. And good afternoon to everyone on the call.
Typically, when I come together with the Sangamo executive team to talk to you about our business every quarter, we are in the boardroom of the headquarters in Brisbane, California. Today, due to the COVID-19 pandemic, we're all in our home offices, one of the many adaptations we've all had to make in these unprecedented circumstances.
At Sangamo, over the last two months, we've worked together to minimize any impact of the pandemic on our business, and I believe that we are in a very strong position. Last month, we were very pleased to announce the closing of our collaboration agreement with Biogen to develop gene regulation therapies for Alzheimer's disease, Parkinson's disease, neuromuscular and other neurological diseases.
We have received from Biogen $225 million in proceeds from the sale of the stock and an additional $125 million upfront license fee payment.
With this $350 million received from Biogen and in addition to the $363 million in cash resources that we reported on our March 31st balance sheet, we believe we have the financial strength to execute on our wholly-owned and partnered development programs beyond multiple important milestones including the potential filing of the BLA for SB-525 for hemophilia A.
In response to COVID-19, Sangamo has prioritized employee safety and welfare, while responsibly advancing the business.
Following the shelter-in-place guidance from government authorities in the middle of the March, we asked all non-lab employees to work from home.
We also implemented modified lab operations and updated safety protocols to continue critical research and manufacturing work while protecting employee safety and achieving to social distance guidance.
In the labs, we are strategically prioritizing projects to keep our business on track, including focusing on research activities for partnered programs. We're also conducting clinical activities cautiously, so as not to contribute unnecessarily to the constraint in the healthcare system while staying in close communication with trial sites to protect the safety of the patients in the trial.
We continue to be optimistic with our AAP manufacturing facility and our Brisbane headquarters will be operational by the end of this year.
We also expect our cell therapy manufacturing units in Brisbane, California, and in Valbonne, France to be open by the end of 2021.
Furthermore, we’re keeping in regular contact with our CDMO partners, and as of now do not anticipate any COVID-19-related manufacturing delays with our activities.
Despite the challenges of the current environment, we continue to actively pursue new partnerships, both inbound to access new technology, as well as out-licensing deals such as the established ones that we already have with Pfizer, Gilead, Sanofi, Biogen, Takeda. An important example of an inbound partnership is our recently announced collaboration, an exclusive license with Mogrify, Cambridge UK company, developing local cell conversion technology that has the potential to serve as a renewable cell source.
Under the terms of this agreement, Sangamo aims to use Mogrify’s proprietary cell conversion technology to develop allogeneic zinc finger protein, gene engineered, CAR-Treg therapies using iPSC derived regulatory T cells. This license agreement will diversify our options, and complement our current efforts as we develop off the shelf allogeneic CAR-Treg cell therapies.
We believe that this exciting collaboration has the potential to accelerate the development and manufacturing of novel renewable cell source, Treg therapies.
We are also continuing our discussions on outlicensing opportunities.
As a reminder, our strategy for collaborations is to advance select development programs in partnership with bio pharmaceutical companies in situations where we believe that a partner's financial resources or clinical and therapeutic area expertise may enable more rapid development and the feasibility of new treatment to patients.
Before I turn the call over to the team, I want to update you on some of the recent transitions amongst my direct reports that are a natural part of Sangamo evolution as we advance our clinical development and strategic partner.
While for the last few years we’ve added Executive Vice Presidents to lead manufacturing, legal, finance and R&D, in our latest executive appointment, as we look to the future and perceive the need for commercial development expertise and capabilities, Mark McClung has joined Sangamo, as Chief Business Officer, and now leads commercial, strategic planning, alliance management and corporate and business development.
Mark has a distinguished career leading commercial organizations including GSK, Onyx and Amgen, and highly competitive therapeutic areas that require a deep scientific knowledge and include innovative products have disrupted the standards of care and where successful product development occurs as a result of a tightly integrating patient and physician insights into late stage clinical development programs.
Stephane Boissel, our EVP of Corporate Strategy will leave sign Sangamo at the end of July and plans to return on an entrepreneurial project. Stephane joined Sangamo in 2018 after we acquired TxCell, know Sangamo France, which Stephane led as CEO. His energy and vision resulted in a recent Biogen transaction, which is one of the largest preclinical cooperation deals ever in the biopharmaceutical industry. Stephane’s impactful contribution to Sangamo will endure for many years.
With that, I will turn the call over to our Chief Medical Officer, Bettina.