>Our 3rd Report to Stakeholders, 2011-12
Bringing Our Tests to Market
Partnerships and the PROOF Centre’s Development Pipeline
>Our 3rd Report to Stakeholders, 2011-12
Message from the Director
Never has there been a more urgent need for high-performance diagnostic tools to improve the treatment and quality of life of patients suffering from heart, lung and kidney failure. The burden is staggering; more than 60 million people have such organ failure in Canada and the USA alone. And the numbers continue to rise. The financial toll on our health system is just as immense.
At the PROOF Centre we are determined to help address this issue by bringing new tools in the form of novel blood tests to help clinicians better predict, diagnose and improve treatment of patients resulting in improved quality of life for patients and much lower costs to our health system. This past year we have been preparing our tests for the clinic. This means working with the best partners to help us develop the tests, identifying the appropriate platforms to bring them to the clinic and refining our blood tests to ensure the highest degrees of accuracy.
We have four tests ready to test in the clinic and several more on the way, making establishing a path to the market a priority. We continue to deepen our relationship with clinicians, health partners, patients and industry partners to begin clinical implementation so that patients with heart, lung and kidney failure can benefit from these new tests.
Bruce McManus
Director, PROOF Centre of Excellence
>Our 3rd Report to Stakeholders, 2011-12
Productivity & Growth
>Our 3rd Report to Stakeholders, 2011-12
New Plantings for the Future
Financials
Statement of Financial Position
(Expressed in thousands of Canadian dollars)
March 31, 2012, with comparative figures for 2011
| 2012 | 2011 | |
|---|---|---|
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | 363 | 1,100 |
| Short-term investments | 4,971 | 7,523 |
| Interest receivable | - | 13 |
| Accounts receivable | 867 | 61 |
| Prepaid expenses and deposits | 59 | 1,050 |
| 6,260 | 9,747 | |
| Capital assets, net of accumulated amortization of | ||
| $3,017(2011 - $2,168) | 614 | 603 |
| 6,874 | 10,350 |
| Liabilities and Net Assets (Deficiency): | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 184 | 125 |
| Deferred operating contributions (note 4) | 6,178 | 9,300 |
| Deferred capital contributions (note 5) | 561 | 548 |
| Net assets: | ||
| Unrestricted | (102) | 322 |
| Invested in capital assets | 53 | 55 |
| (49) | 377 | |
| 6,874 | 10,350 |
Statement of Operations
(Expressed in thousands of Canadian dollars)
Year ended March 31, 2012, with comparative figures for 2011
| 2012 | 2011 | |
|---|---|---|
| Revenue | ||
| Amortization of deferred operating contributions (note 4) | 5,108 | 3,605 |
| Amortization of deferred capital contributions (note 5) | 799 | 823 |
| Unrestricted contributions | 2,526 | 974 |
| Interest income | 166 | 134 |
| Gain (loss) on investments | (35) | 10 |
| 8,564 | 5,546 | |
| Expenses: | ||
| Core facilities (biomarkers program) | 6,116 | 3,286 | Materials and supplies | 1,455 | 1,243 |
| Equipment | 210 | 127 |
| Administrative salaries | 404 | 346 |
| Administrative operations | 202 | 108 |
| Hosting conferences | 7 | 53 |
| Attending conferences | 169 | 153 |
| Other knowledge dissemination | 43 | 53 | Market studies and business development | 304 | 152 |
| Intellectual property | 79 | 218 |
| Space improvements | 1 | 1 |
| 8,990 | 5,740 | |
| Deficiency of revenue over expenses | (426) | (194) |
Statement of Changes in Net Assets (Deficiency)
(Expressed in thousands of Canadian dollars)
Year ended March 31, 2012, with comparative figures for 2011
| Invested in capital assets | Unrestricted | 2012 | 2011 | |
|---|---|---|---|---|
| Balance, beginning of year | 55 | 322 | 377 | 371 |
| Deficiency of revenue over expenses | (50) | (376) | (426) | (194) |
| Transfer to invested in capital assets | 48 | (48) | - | - |
| Balance, end of year | 53 | (102) | (49) | 377 |
Statement of Cash Flows
(Expressed in thousands of Canadian dollars)
Year ended March 31, 2012, with comparative figures for 2011
| 2012 | 2011 | Cash provided by (used in): |
|---|---|---|
| Operations: | ||
| Deficiency of revenue over expenses | (426) | (194) |
| Amortization of capital assets | 849 | 873 |
| Amortization of deferred capital contributions | (799) | (823) |
| Gain (loss) on investments | 35 | (10) |
| (341) | (154) | |
| Changes in non-cash operating working capital items: | ||
| Interest receivable | 13 | 104 |
| Accounts receivable | (806) | 4 |
| Prepaid expenses and deposits | 991 | (488) |
| Accounts payable and accrued liabilities | 59 | (752) |
| Deferred operating contributions | (3,122) | (2,838) |
| (3,206) | (4,124) | |
| Investments: | ||
| Additions to capital assets | (48) | (48) |
| Additions (disposals) of short-term investments | 2,517 | (2,313) |
| 2,469 | (2,361) | |
| Decrease in cash and cash equivalents | (737) | (6,485) |
| Cash and cash equivalents, beginning of year | 1,100 | 7,585 |
| Cash and cash equivalents, end of year | 363 | 1,100 |
| Supplemental information: | ||
| Cash received for interest | 179 | 238 |
| Non-cash transactions: | ||
| In-kind donation of capital assets | 812 | 797 |
