message reports...magazine under a new banner, “biozine” ~ may 2004 ~ bioalberta releases...

01

On the occasion of the tenth anniversary of BioAlberta being the central voice and organizing hub of Alberta’s industry, we would like to express our deepest gratitude to all those who have contrib-uted to BioAlberta’s accomplishments over the years. Congratulations to all of you for making our industry association a success. We had originally set out to do a top ten accomplishments list but so many fantastic things have occurred that it became impossible to narrow it down. Instead we invite you to look over the pages of this report to see some of the highlights but keep in mind that there have been many more. Enjoy this gallery walk through the memory lane of BioAlberta’s past decade. Compared to other sectors within the Canadian economy, our sector is still quite nascent; however, we have seen a lot of change in the industry during this past decade and we expect we will see more in the next ten years. We are well into a new century and this new era depends on the development of science and technology. With the right mix of resources, Alberta’s industry is well poised to grow to be one of the shining stars globally. BioAlberta will continue to work hard for the industry and assist in its success.

BIOALBERTAMESSAGEFROM

BioAlberta 2009 Annual Report02 03

A FANTASTIC AND CHALLENGING DECADE—BUILDING THE INDUSTRYTen years ago a small group of individuals spearheaded a vision of creating an industry association for the relatively new biotechnology sector. The modest beginnings consisted of a small Board of Directors, one employee, a modest amount of funding, and a passion to create a successful biotech-nology industry. We are proud to see BioAlberta transformed into a thriving association and an industry poised for sustained growth. We would like to thank all BioAlberta members, government funding agencies and industry partners for their continued support and confidence in BioAlberta to deliver value to Alberta’s life science industry. We would also like to commend the dedication and sustained passion for the industry displayed by BioAlberta sta�. It is the community of members, government, industry partners, and employees that will continue to propel Alberta’s life science industry to succeed. We look back with pride on the many accomplishments over the last ten years that our industry and our members have enjoyed. Equally we look forward to many more exciting and successful years. None of this could have been possible without your steadfast support and guidance. Your ongoing support in the future will ensure the continued evolution and growth of this exciting and critical commercial sector in our province. Thank you.

Sincerely,

Mr. Rick Smith

Dr. Robert FosterCo-Chairs, BioAlberta Board of Directors

CO-CHAIRSMESSAGEFROM THE

October 1998 – Alberta Biotechnology Association is o�cially incorporated. The following directors signed theincorporation documents:


~ april 1999 ~

Myka Osinchukand temporarily operates out of the

alberta research council

alberta biotechnology association hires

CONSIDERATION SHOULD BE GIVEN TO ESTABLISH APROVINCIAL BIOTECHNOLOGY ASSOCIATION TO REPRESENTALL SECTORS OF THE INDUSTRY.”

Excerpt from recommendation #29of the ASRA report Commercializationof Biotechnology in Alberta - 1995

“

|

~ november 1999 ~alberta biotechnologyassociation relocates

office to manulife placein edmonton

~ november 1999 ~bioalberta’s 1st annual

agm at the mayfaircountry club in

edmonton

~ march 2000 ~bioalberta coordinates

alberta presence atbio 2000 in boston, ma

IN THEBEGINNING...

9900


35 BIOTECH COMPANIES1,000 PEOPLE,10% PER YEAR,$500 MILLION IN SALES

“

”

The associationrepresents the

in the province, whichcollectively employ more than

and has set a goal ofgrowing the industry by

to reach acollective

by2005.

Quote from July 2001 articlein Alberta Venture Magazine|

BioAlberta inaugural Chairman & one of 50most influential people in Alberta in 2001

Calgary TechnologiesInc. o�cially opens itsnew Technology Centreexpansion, home tonumerous high techcompanies

JULY

2000

BioAlberta hoststhe Alberta AventisBiotechnologyChallengeAP

RIL 2

001

OCTO

BER 2

000 Epsilon Chemicals

o�cially opens theirnew 12,000 sq. metrefacility

BioAlberta coordinatesAlberta presence atBIO 2001 in San Diego

JUNE

2001

JANU

ARY 2

001

OCTO

BER 2

001

JANU

ARY 2

002

APRI

L 200

2

BioAlberta is involvedon behalf of industrywith the preparationof the Alberta LifeSciences Strategy

JUNE

2002 BioAlberta coordinates

Alberta presence atBIO 2002 in Torontoand releases secondannual magazine

BioAlberta releasesfirst annual industrymagazine

JUNE

2001

2002NOVEMBER

MEMBERSHIP 103

DR. ANTOINE NOUJAIM

ALBERTA BIOTECHNOLOGY ASSOCIATION

OFFICIALLY CHANGESOPERATING NAME TO

BIOALBERTA

200 1SEPTEMBER

MEMBERSHIP 80

000 1

0 102

☞

☞

☞

ISOTECHNIKA enters into a strategic collaboration with F. HOFFMANN-LA ROCHE and HOFFMANN-LA ROCHE INC. (referred to as “Roche”) At the time, this agreement represented the largest Canadian early clinical trial drug development deal between a large pharmaceutical com-pany and a biotech company.

BioAlberta forms three new committees comprising senior executivesfrom member companies and organizations: Government Relations;Agriculture; and Ethical, Regulatory and Legal A�airs

BIOALBERTA AND THE ALBERTA AGRICULTURAL RESEARCHINSTITUTE LAUNCH A JOINT INITIATIVE: BIOPRODUCTSALBERTA, AIMED AT PROVIDING STRATEGIC RESEARCHDIRECTION AND INDUSTRY DEVELOPMENT FACILITATION.


0203

0304

BioAlberta co-hosts theFirst Annual BioPartneringNorth America conferencein Vancouver, BC withBCBiotech, BIOTECanada,and Technology Vision Group

FEBR

UARY

2003

SEPT

EMBE

R 200

2 BioAlberta organizes a CEO/CFOBiofinance roundtable that attractsmore than 35 senior companyrepresentatives

JUNE

2003

PREMIER RALPH KLEIN LEADSALBERTA DELEGATION TO BIO 2003IN WASHINGTON DC AND MEETSWITH ALBERTA CEO’S

APRI

L 200

3 ~ june 2004 ~release of the fourth

annual bioalbertamagazine under a

new banner, “biozine”

~ may 2004 ~bioalberta releases version 1 of the “blueprint

for success”: policy recommendations for creatinga more competitive environment in the provincefor the growth and retention of the bioindustry

~ june 2004 ~sanofi aventis biotech challenge

(sabc) national winner charles tran(edmonton student) graces the cover of

the 2004 annual report

~ june 2004 ~bioalberta coordinates the alberta delegation and pavilion at bio 2004

in san francisco, ca. fifty albertans attend bio 2004


SETP

EMBE

R 200

4

SETP

EMBE

R 200

4

0405

0506

2004NOVEMBER

MEMBERSHIP 128

In cooperation with BIOTECanada,BioAlberta launches National BiotechWeek (NBW) in Alberta – an initiativeto celebrate the successes of biotechnology

JULY

2005 BIOALBERTA PRESIDENT

MYKA OSINCHUKsteps down after

6 YEARSWITH THE ORGANIZATION

SETP

EMBE

R 200

4

BioAlberta hosts BioFinance Excelerator which profiles four early-stage member companies to a panel of nine venture capitalists

BIOALBERTA HOSTS A CEO ROUNDTABLE FORUM, ANDAN MLA LUNCHEON WHERE HIS WORSHIP MAYORBILL SMITH PROCLAIMED SEPTEMBER 27- OCTOBER 1,2004 NATIONAL BIOTECH WEEK IN EDMONTON

~ september 2004 ~bioalberta releases the first

annual “bioindustry in alberta –a state of the industry report

for 2004”

NOVE

MBER

2004 EDMONTON-BASED CYTOVAX

BIOTECHNOLOGIES INC. ANDPRIVATELY-HELD MILLENIUMBIOLOGIX INC. OF KINGSTON,ON ENTER INTO A DEFINITIVEAGREEMENT TO MERGE

JUNE

2006

January 2005BioAlberta facilitates the spinout of BioProductsAlberta – a separate legal entity to help spur thegrowth of Alberta’s Industrial Bioproducts sector

June 2005BioAlberta coordinates Alberta delegation toBIO 2005 in Philadelphia. Sixty five Albertansattend BIO 2005

~ december 2005 ~cv technologies inc. (now afexa life sciences) is the

top ranked company in the 2005 tsx venture 50

~ january 2006 ~

Ryan Radkeis appointed president

of bioalberta

2005NOVEMBER

MEMBERSHIP 134

BioAlberta coordinates Alberta delegation toBIO 2006 in Chicago and co-hosts Canada’s

Signature Reception. Seventy threeAlbertans attend BIO 2006


0607

0708

2006NOVEMBER

MEMBERSHIP 1352007NOVEMBER

MEMBERSHIP 130BioAlberta andTEC Edmonton signMemorandum ofUnderstanding

bioindustry hall of fame is created at theagm and gala in calgary. inductees include:

~ dr. robert church~ dr. raymond lemieux~ mr. e. peter lougheed

~ dr. antoine (tony) noujaim~ dr. lorne tyrrell

~ november 2006 ~

OCTO

BER 2

006

SEPT

EMBE

R 200

7DE

CEMB

ER 20

07

~ february 2007 ~bioalberta releases the

second blueprint forsuccess, reinforcing

critical policy changesneeded by industry

Dr. Roberta Bondar speakson the theme of “wonder”at the BioAlberta Gala

BIOALBERTA PRESIDENT AND BOARD MEMBERSARE INVITED TO BE PART OF THE VALUE-ADDED &TECHNOLOGY TASK FORCE ADVISORY COMMITTEE. MA

RCH

2007

BioAlberta and Alberta Agricultural Research Institute co-host theABIC 2007 international conference from September 23-26, 2007at the Telus Convention Centre in Calgary, Alberta

BioMS Medical Corp. secures one of the largest pharmaceutical partnering deals in Canadian history with Eli Lilly. They are named BIOTECanada’s Gold Leaf Company of the Year.

JUNE

2008 PREMIER ED STELMACH leads Alberta’s delegation to

BIO 2008 in San Diego. Approximately 120 Alberta delegates attend event - the largest Alberta atten-dance to date. Alberta delegations’ meetings with the multinationals spur interest in Alberta’s Life Science Sector.

BioAlberta’s inaugural Alberta Reception at BIO 2008 is a resounding success attracting over 200 Biotechnology and Pharmaceutical companies executives.


0809

2008NOVEMBER

MEMBERSHIP 128OCTO

BER 2

008

APRI

L/JUN

E 200

9JU

NE 20

09

SEPT

EMBE

R 200

8 BioAlberta initiates the

Partnering Committeeto facilitate opportunities between

ALBERTA BIOTECH& BIG PHARMA

OCTO

BER 2

008

FEBR

UARY

2009 Alberta’s workshop at

BPN 2009provides profile forAlberta companies

NATIONAL BIOTECH WEEKBioAlberta builds awarenessof careers in the life sciencesector to University of Albertastudents

~ may 2009 ~bioalberta is invited to present to the rx&d board to provide an

overview of alberta’s life science sector and propel interest in

investing in alberta

the alberta reception at bio 2009 grows in popularity and minister

doug horner assists in hosting more than 200 industry leaders. rx&d provides shuttles from the

canadian partnering event to the bioalberta rooftop reception.

BioAlberta Policy Committee is initiatedand plans half day strategic session forall BioAlberta members

‘Partnering with Big Pharma’ events are run through Partnering Committee.

NYCOMED and Pfizer are the first two companies to present and meet with

our companies.

BIOALBERTA, supported by NRC-IRAP funding, initiatesa major marketing campaign to raise awareness and driveinvestment in the sector. Over the next 10 months, morethan 90,000 copies of investor prospectuses and BIOZINEare released through multiple Globe and Mail distributions,direct mail and conferences.


William Arthur Cochrane was born in Toronto in 1926 and graduated from University of Toronto in 1949. He completed post-graduate work at leading medical schools in the United States and England before returning to Toronto to establish a private pediatrics practice. Dr. Cochrane and his wife, Phyllis, moved their young family to Halifax in 1958 where Bill established the first full-time medical research program in paediatrics at the Children's Hospital and became Professor of Paediatrics at Dalhousie University. In 1967 he became founding Dean of Medicine for the University of Calgary. For the next 11 years, Dr. Cochrane served in a number of leadership roles at the University of Calgary, including Dean of Medicine, President and Vice Chancellor. His time at the university was interrupted in 1973 for a brief secondment to the Alberta government where he served as deputy minister of Health. In 1978, Dr. Cochrane took his career in a new direction when he returned to Ontario as Chairman and Chief Executive O�cer of Connaught Laboratories. During his tenure with the company, Connaught became a major international developer of flu vaccines for the World Health Organization and other international health agencies. After 10 years, Dr. Cochrane returned to Calgary where he took on new challenges as President of W.A. Cochraneand Associates.

During his career, Dr. Cochrane has shared his leadership with a range of organizations, from the National Biotechnology Advisory Committee, the Alberta Research Council, the Alberta Economic Development Authority and the Alberta Science and Research Authority, to private sector ventures such as Vencap Equities Alberta, Oncolytics Biotech, Q.S.V. Biologics and Resverlogix Biotech Inc. Dr. Cochrane was named an O�cer of the Order of Canada in 1989. He holds many other honours, including a National Merit Award for his contribution to biotechnology in Canada, and ASTech Foundation awards for his contributions to Alberta's science and technology sector and three honourary degrees from universities in Canada. In 2005, the Alberta Medical Association named Dr. Cochrane one of Alberta's "Physicians of the Century."

DR. WILLIAM A. COCHRANEOC, MD, FRCPC, FACP, DABP, D.Sc. (hon), LLD (hon)

Alberta Biotechnology Association(operating as BioAlberta)

AUDITORS’ REPORT

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AUDITORS’ REPORT

To the Members of theAlberta Biotechnology Association (operating as BioAlberta)

I have audited the statement of financial position of the Alberta Biotechnology Association as at June 30, 2009 and the statements of revenue and expense and changes in unrestricted net assets, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Association’s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also in-cludes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In my opinion, these financial statements present fairly, in all material respects, the financial position of the Association as at June 30, 2009 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.

Edmonton, Canada John H.C. Pinsent Professional CorporationSeptember 1, 2009 Chartered Accountant


STATEMENT OF FINANCIAL POSITION

As at June 30

2009 2008ASSETSCurrentCash and cash equivalents $ 573,334 $ 601,905Investment in GIC 250,000 — Accounts receivable 41,310 75,151Prepaid expenses 15,717 11,429 880,361 688,485Equipment [note 3] 11,474 16,384 $ 891,835 $ 704,869

LIABILITIES CurrentAccounts payable and accrued liabilities $ 56,072 $ 62,551Deferred sponsorship, membership fees and grants [note 4] 196,040 14,458 $ 252,112 $ 77,009

Commitments [note 5]

NET ASSETSInvested in equipment $ 9,057 $ 13,967Unrestricted net assets 130,666 213,893Internally restricted net assets [note 6] 500,000 400,000 639,723 627,860 $ 891,835 $ 704,869

See accompanying notes

On behalf of the Board:

Ed Knash (Treasurer)BioAlberta Audit Committee ChairVice President, Corporate Financial Services,ATB Financial

2009 BioAlberta Annual Report18 19


AUDITORS’ REPORT





STATEMENT OF REVENUE AND EXPENSE AND CHANGES IN UNRESTRICTED NET ASSETSYear ended June 30

2009 2008REVENUEGovernment grants [note 7] $ 390,000 $ 350,000Program fees 300,173 353,879Consulting fees 21,782 20,597Partnership program fees 178,333 134,057ABIC hosting revenue [note 8] 2,799 44,862Membership fees 52,288 54,530Interest income 11,354 19,732 $ 956,729 $ 977,657

EXPENSESWages and benefits $ 440,089 $ 405,045Program fee costs 318,312 345,231Rent 61,125 37,879Travel 48,536 34,971Office 30,109 26,673Information technology and networking 13,143 11,926Amortization 12,472 11,074Telephone 9,340 9,150Professional fees 8,750 18,218Dues and subscriptions 2,990 3,872Non-recoverable GST (recovery) – (8,695) $ 944,866 $ 895,344

Excess of revenue over expenses for the year $ 11,863 $ 82,313Unrestricted net assets, beginning of year 213,893 120,506Transfer to internally restricted (100,000) — Transfer from net invested in equipment 4,910 11,074Unrestricted net assets, end of year $ 130,666 $ 213,893



STATEMENT OF CHANGES IN NET ASSETS

Year ended June 30

2009 2008 Invested Internally in capital Unrestricted restricted assets net assets net assets Total TotalBalance, beginning of year $ 13,967 $ 213,893 $ 400,000 $ 627,860 $ 545,547Excess of revenue over expenses — 11,863 — 11,863 82,313Capital assets 7,562 (7,562) — — —Internal restricted — (100,000) 100,000 — —Amortization (12,472) 12,472 — — —Balance, end of year $ 9,057 $ 130,666 $ 500,000 $ 639,723 $ 627,860


20 2009 BioAlberta Annual Report 21


AUDITORS’ REPORT





STATEMENT OF CASH FLOWS

Year ended June 30

2009 2008OPERATING ACTIVITIESExcess of revenue over expenses for the year $ 11,863 $ 82,313Add back non-cash items: Amortization 12,472 11,074Changes in non-cash working capital: Accounts receivable 33,841 (50,655) Prepaid expenses (4,288) (1,180) Accounts payable and accrued liabilities (6,479) 27,511 Deferred sponsorship, membership fees and grants 181,582 (2,542)Cash provided by operating activities $ 228,991 $ 66,521

INVESTING ACTIVITIESPurchases of equipment $ (7,562) $ — Investment in GIC (250,000) — Cash used in investing activities $ (257,562) $ —

Increase (decrease) in cash during the year $ (28,571) $ 66,521 Cash and cash equivalents, beginning of year 601,905 535,384Cash and cash equivalents, end of year $ 573,334 $ 601,905

Supplemental Information:

Interest received $ 11,354 $ 19,732


1. PURPOSE OF THE ORGANIZATION

The Alberta Biotechnology Association (the “Association”) is a not-for-profit organization incorporated under the Societies Act of Alberta on October 15, 1998. The Association was formed to provide leadership towards the creation of a strong, viable biotech-nology industry in Alberta by promoting the growth of biotechnology businesses and firms and providing an authoritative voice within Alberta, nationally and internationally on Alberta industry issues. The Association is not subject to income tax.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of PresentationThese financial statements have been prepared in accordance with accounting principles generally accepted in Canada and reflect the accounting policies summarized below.

Changes in Accounting Policies

(a) Financial InstrumentsEffective July 1, 2008, the Association adopted the Canadian Institute of Chartered Accountants (CICA) Handbook Section 3855, “Financial Instruments – Recognition and Measurement. These pronouncements require that financial assets and liabilities are classified as loans or receivables, held to maturity, held for trading, or available for sale. The held to maturity classification is restricted to fixed maturity instruments that the Association intends and is able to hold to maturity. These instruments are accounted for at amortized cost. Held for trading instruments are recorded at fair value, with realized and unrealized gains reported in net income. The remaining financial instruments are classified as available for sale.

As a result of adopting these standards, the Association classified its instruments as follows:• Cash and cash equivalents are classified as held for trading• Investment in GIC are classified as held to maturity• Accounts receivable are classified as receivables• Accounts payable and accrued liabilities are classified as other financial liabilities

There is no impact on the Association’s financial statements as a result of these classifications.

(b) Accounting ChangesEffective July 1, 2008, the Association adopted CICA Handbook Section 1506, “Accounting Changes”. This section established criteria for changing accounting policies, together with the accounting treatment and disclosure of changes in accounting poli-cies, changes in accounting estimates, and the correction of errors. It includes disclosure of a description and the impact on the Association’s financial results of any new primary courses of Canadian GAAP that has been issued but is not yet effective. The adoption of this new section did not have an effect on the Association’s financial position or the results of its operations in the current year.

Cash and Cash EquivalentsThe Association considers all bank accounts, liquid investments with maturities of three months or less and bank loans with no fixed terms of repayment to be cash and cash equivalents. All amounts held for investment purposes are valued at the lower of cost and fair market value.


NOTES TO FINANCIAL STATEMENTS



AUDITORS’ REPORT




Investment in GICInvestments in Guaranteed Investment Certificates are non-redeemable financial instruments that are held to maturity. Interest is paid annually at the rate prescribed in the GIC. As of June 30, 2009, the Association held $250,000 in GIC’s which will earn 2.75% per year and mature in March 2011.

EquipmentEquipment is recorded at cost and amortized on a straight-line basis over the following periods:

Furniture and fixtures 3 yearsComputer 3 yearsInternet website 3 yearsComputer software 3 years

Revenue RecognitionThe Association follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Contributions restricted for the acquisition of equipment having a limited life are initially recorded as deferred contributions in the period in which they are received and, when expended, are transferred to unamortized deferred capital contributions and amortized to revenue over the useful lives of the related assets.

Program sponsorship fees are recognized in the period in which the related program is conducted. Program fees received in advance of the program are deferred.

Membership and partnership fees are recognized over the membership and partnership term. Membership and partnership terms extending past the year-end are deferred.

Contributed ServicesContributed services and donated goods are not recognized in the financial statements, as the fair value cannot be reasonably estimated.

Measurement UncertaintyThe preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from manage-ment’s best estimates as additional information becomes available in the future.

Financial InstrumentsThe carrying values of cash and cash equivalents, investment in GICs, accounts receivable, prepaid expenses, accounts payable and accrued liabilities and deferred sponsorship and membership fees approximate their fair values due to the relatively short period to maturity of the instruments.

Credit RiskFinancial instruments that subject the Association to credit risk consist primarily of cash and cash equivalents and accounts receivable. The Association provides services to a diverse membership base and its credit risk is not concentrated in any one particular member or group.

Recent Accounting Pronouncements

(a) Financial Instruments – Disclosure and PresentationIn November 2006, the CICA issued the new Handbook Section 3862, “Financial Instruments – Disclosures” and section 3863,

“Financial Instruments – Presentation”, effective for fiscal years beginning on or after October 1, 2008. Early adoption of these recommendations is permitted. Section 3862 required organizations to provide disclosures in their financial statements that enable users to evaluate a) the significance of financial instruments for their financial position and performance and b) the nature and extent of risks arising from financial instruments to which they are exposed during the period and at the balance sheet date and how they manage those risks. Section 3863 establishes standards for the presentation of financial instruments. It addresses the classification of financial instruments and the circumstances in which financial assets and liabilities are offset. The adoption of these new standards is not expected to have a material effect on the Association’s financial position or on the results of its operations.

(b) Capital DisclosuresIn November 2006, the CICA released the new Handbook Section 1535 “Capital” effective for fiscal years beginning on or after October 1, 2008. This Section establishes standards for disclosing information about an organization’s capital and how it is managed in order that a user of the organization’s financial statements may evaluate its objectives, policies and processes for managing capital. The adoption of this new Standard is not expected to have a material effect on the Association’s financial position or on the results of its operations.

3. EQUIPMENT 2009 2008 Accumulated Accumulated Cost amortization Cost amortizationComputer software $ — $ — $ 989 $ 989Furniture and fixtures 17,295 11,834 9,733 9,733Computer equipment 48,980 43,704 48,980 37,753Internet website 47,654 46,917 47,654 42,497 113,929 102,455 107,356 90,972Net book value

4. DEFERRED SPONSORSHIP, MEMBERSHIP FEES AND GRANTS

The Association bills its members an annual fee which coincides with the fiscal year of the Association. A total of $2,408 (2008 - $5,458) of membership fees were deferred at the end of June 30, 2009, representing prepayment of membership fees for the fiscal 2009 year. In addition, $3,000 (2008 - $9,000) in partnership fees and $190,632 (2008 - $NIL) of project grants were deferred as at June 30, 2009.

On March 1, 2009, the Association entered into an agreement wherein the provincial government granted the Association up to $225,000 to deliver a Medical Products Development Program (“MPDP”). As of June 30, 2009, $190,632 of the funds received under the MPDP were deferred and will be realized as costs associated with the delivery of the program are incurred in subse-quent years.

5. COMMITMENTS

Aggregate base payments required under all operating leases over the next five years and in aggregate are as follows:

2010 $ 31,2552011 32,763 2012 34,4082013 34,5452014 and thereafter 1,645

$ 11,474 $ 16,384



AUDITORS’ REPORT




6. INTERNALLY RESTRICTED NET ASSETS

The purpose of the internally restricted fund is to sustain basic operations and core member services during a short-term eco-nomic downturn, or temporary lapse in funding; to provide for wind-down costs in the event of funding withdrawal; and to provide a source of funds, over and above potential insurance reimbursement, for capital asset replacement in the event of a disaster. The fund was established in 2005 for $325,000 and an additional $75,000 was transferred to the fund in fiscal 2006 and $100,000 was transferred in fiscal 2009. The fund balance as at June 30, 2009 was $500,000 (2008 - $400,000).

7. GOVERNMENT FUNDING

The Association has recognized funding under the following government grants:

2009 2008Advanced Education and Technology $ 390,000 $ 350,000 $ 390,000 $ 350,000

In October 2008, the Association entered into an agreement with Alberta Advanced Education and Technology (“AET”) to obtain funding of up to $350,000 under a government grant. Under this grant, the Association received $390,000 (2008 - $350,000) dur-ing fiscal 2009. The funding is not externally restricted as it is provided to the Association for general operations consistent with its business plan and budget.

Included in 2009 program fee revenue is a $25,000 (2008 - $25,000) grant from The Alberta Heritage Foundation for Medical Research associated with the BioAccess 2009 program.

On January 9, 2008, the Association entered into an agreement with the National Research Council of Canada (“NRC”) under the Industrial Research Assistance Program (IRAP) to obtain funding of up to $120,000. Under the terms of the agreement, NRC will provide up to $50,000 in fiscal 2008 and $70,000 in fiscal 2009 to assist with the costs of the BioPartnering Workshop and various marketing costs. In 2009, $70,000 (2008 - $50,000) provided under the agreement was included in program fee revenue.

8. ABIC HOSTING REVENUE

During 2008, the Association co-hosted the Agricultural Biotechnology International Conference (“ABIC”) with The ABIC Foun-dation. Under the terms of their agreement, the profits from this conference were split equally between the two co-hosts.

9. SUBSEQUENT EVENTS

On July 7, 2009, the Association received Ministerial approval for a Medical Product Development Program grant from Western Economic Diversification Canada for a maximum project cost of $975,000 funded as follows:

Maximum amount2010 $ 300,000 2011 300,0002012 230,0002013 145,000 $ 975,000

BIOALBERTAMEMBERSHIP LISTPARTNERS IN BOLD

ACAMP Afexa Life Sciences Inc. (Silver)Agriculture Financial Services Corporation (Silver)Ag-West Bio Inc.Alberta Agricultural Research InstituteAlberta Agriculture and Rural DevelopmentAlberta International & Intergovernmental RelationsAlberta Heritage Foundation for Medical Research (Platinum)Alberta Ingenuity Centre for Carbohydrate ScienceAlberta Ingenuity Centre for Machine LearningAlberta Ingenuity FundAlberta Advanced Education and Technology (Patron)Alberta Research Council (Silver)Alberta Science and Research AuthorityAmgen Canada Inc.Antibe Therapeutics Inc.Aqua Air Systems Ltd.AstraZeneca Canada Inc. (Gold)ATB FinancialATGCell Inc.ATP Scientific Recruiters Inc.AVAC Ltd. (Gold)Bennett Jones LLPBest Management Services Inc.Biolipids Inc.Biolithic CorporationBioMS Medical Corp. (Silver)BioNeutra Inc.BIOTECanadaBOWNECalgary Technologies Inc.Camire GroupCanada’s Research Based Pharmaceutical Companies (Rx & D)Canadian Bio-Systems Inc.CanBiocin Inc.Cantega Technologies Inc.Ceapro Inc.ChemRoutes CorporationChenomx Inc.CQI Consulting Ltd.Cyplasin OncoScience Inc.Deloitte & Touche Dow AgroSciences Canada Inc. (Silver)Edmonton Economic Development CorporationEli Lilly Canada Inc.Epsilon Chemicals Ltd.Exciton Technologies Inc.Fisher Scientific International Inc.Fraser Milner Casgrain LLPGenome Alberta (Gold)Global I.Q.GlaxoSmithKline Inc. (Silver)GrowSafe Systems Ltd.Hannibal Ventures Inc.ICCIIGY Inc.iHear Unicare Inc.Innovotech Inc.iRSMIsotechnika Inc. (Silver)J.A.R. Pharmaceuticals Ltd.

Joseph Wu ConsultingKMT Hepatech Inc.KPMG LLPLloyd Sadd Insurance Brokers Ltd.Lock Search GroupMarsh Canada LimitedMazankowski Alberta Heart InstituteMcCarthy Tétrault (Gold)MTN Consulting AssociatesMerck Frosst Canada Ltd. (Gold)Metabolic Modulators Research Ltd.Monsanto Canada Inc. NAEJA Pharmaceutical Inc.Natraceutical Canada Inc.Northern Alberta Clinical Trials & Research Centre (NACTRC)Ortho Biotech (Silver)Parlee McLaws LLPPatheon Inc.PBR Laboratories Inc.Pfizer Canada Ltd. (Platinum)Pharmahorizons Inc. (Silver)Picomole Instruments Inc.PriceWaterhouseCoopers LLPProgress R+D MagazinePromotive Communications Inc.Research Services Office, University of AlbertaResearch Tax ServicesSanofi Pasteur LimitedSciMed Laboratories Inc.SemBioSys Genetics Inc. (Silver)SinoVeda Canada Inc.State of Illinois, Canada OfficeStem Cell Therapeutics Corp.Taiga BioActives Inc.Tarquin Consulting Inc.TEC Edmonton TheraCarb Inc.ToxTest – Alberta Research CouncilUniversity of Alberta – Faculty of Medicine & DentistryUniversity of Calgary – Faculty of MedicineUniversity of LethbridgeUniversity Technologies International Inc. (Silver)ViaGen Inc.ViRexx Medical Corp.VWR InternationalW.A. Cochrane & AssociatesWAI BioProcess SolutionsWestlink Innovation Network Ltd.

INDIVIDUAL MEMBERS

Aubrey, RobertBack, Donald (Dr.)Barker, SharonDesai, Pete (Dr.)Desiraju, ShriGingras, BeverlyGriffith, Irwin (Dr.)Mack, ChristopherMcKay-Carey, Mary Jane

Redmond, Mark (Dr.)Perry, Richard (Dr.)Sheridan, Beverley A.Sklar, CameronSustrik, GordonSwanson, EricTesarowski, David (Dr.)Welsh, Michael


BIOALBERTA PATRON

BIOALBERTA BOARD OF DIRECTORSMr. Robert Aubrey President Aubrey Management

Mr. Andrew Baum(retired Nov 2008)CEOBotaneco Specialty Ingredients Inc.

Mr. Ross Bricker President and CEO AVAC Ltd.

Dr. David Cox President and CEO Radient Technologies

Dr. Robert Foster(Board Co-chair) Founder & Executive Chairman Isotechnika Inc.

Mr. Kevin Giese President and CEO BioMS Medical Corp.

Mr. Al Gourley President and CEO Cantega Technologies Inc.

Mr. Ed Knash(Chair – Audit Committee) Vice PresidentCorporate Financial ServicesATB Financial

BIOALBERTA STAFFRyan RadkePresident

Aggie MikulskiVice President Operationsand Marketing

Jon KryslerEvents and MembershipCoordinator

Charlene NavarraManager, Medical ProductDevelopment Program

Bev PedersonHuman Resources andFinancial Coordinator

Donna ParkerAdministrative Coordinator

BioAlberta 314 Capital Place,9707 110 StreetEdmonton, Alberta, CanadaT5K 2L9Phone: 780 425 3804Fax: 780 409 9263

[email protected] www.bioalberta.com

BioAlberta is the central voice and organizing hub for life science industries in Alberta. It is a private, not-for-profit industry associa-tion, representing Alberta’s growing life science sector. We provide attentive, proactive and timely services and programs to almost 130 member organizations. Whether it’s cost savings of a purchas-ing program, a marketing campaign, a publication, an educational session, or an advocacy project, we expand our member companies’ dollars and reach.


Mr. Rick Pawluk(appointed Feb 2009)PartnerMcCarthy Tétrault LLP

Mr. Ryan Radke President BioAlberta

Dr. Mark Redmond Chief Executive OfficerTheraCarb Inc.

Dr. Jacqueline ShanPresident and CSOAfexa Life Sciences Inc.

Mr. Rick Smith(Board Co-chair)ChairmanSemBioSys Genetics Inc.

Mr. Gordon Sustrik(Board Vice-chair & ChairNominations Committee)Principal Sustrik Law

message reports...magazine under a new banner, “biozine” ~ may 2004 ~ bioalberta releases...

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