OGI Financial Report 2013-2014

Ontario Genomics Institute Financial Report 2014

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President and CEO’s Message

The title of this year’s annual report is “Genomics is changing everything” and it is fair to ask whether that is mere hyperbole or whether there is substance to back up the statement.

I believe, without question that between the incredible new technologies in informatics and in genomics that the changes will be immense and that the evidence in favor of that prediction is mounting.

Our ability to treat disease and lead healthier lives is being transformed as a result of Genomics. Over 50% of the drugs approved by the FDA in 2013/2014 are the product of genomics, and the entire thrust toward personalized medicine that has begun to take hold in cancer has its basis in genomics in understanding a wide variety of cancers and in the development of new diagnostic and therapeutic entities.

Our ability to feed the world in healthier and more economic ways, especially in the face of climate change and population growth is being greatly facilitated as a result of

genomics. Soy, cotton, canola and corn are already over 50% genetically modified, as we design plants that have improved resistance to pests or draught, or produce food with improved energy or nutritional capacity.

We are starting to understand the way in which Genomics can and will allow us to protect our environment where we increasingly see the ravages of progress. We are using microbes to help clean polluted waters and mine tailings. Genetically modified algae are being used to directly convert energy from the sun into cheaper and cleaner biofuels. Biologic/genomic approaches or bioremediation will allow us to live in a more harmonious way with our environment.

And there is much more to come, especially in the area of synthetic biology, where we now have the ability to construct unique living cells which have the sole purpose of synthesizing new drug or vaccine entities on the health side, improved sources of food on the agriculture side and specific biofuels or enzymes to aide in cleaning up contaminants on the environmental front.

Board Chair’s Message

Genomics has become a “game changer” and will continue to have a profound impact on every aspect of our lives, from improving human health and protecting the environment, to increasing the sustainability of our natural resources and agriculture.

It has often been said that Ontario and Canada has a wealth of scientific research, but we lag behind in commercializing these breakthroughs. Job creation and a return on investment has long been a mandate of our federal and provincial governments, and the Ontario Genomics Institute continues to demonstrate its value in the future of our province’s economic strength, through facilitating translation and building successful partnerships.

In the past year OGI launched our new Scintelligence division, which uses an industry-pull framework to ensure economic return on research investment. OGI’s business model is based on collaboration between industry and academic institutions, to support the most promising and innovative genomics research to advance Ontario’s economy and drive global competitiveness.

New seed funds for industry projects in areas including mining, agriculture and clean water have allowed us to engage industry in our target sectors, support collaboration, and build the case for innovative genomic technologies to address existing challenges.

We have continued our strong record of achievement in scientific excellence through research programs, including new large-scale funding in personalized health, bioinformatics and computational biology, and many other sectors through Genome Canada competitions including the Genomics Application Partnership Program.

In the past year we have had tremendous success with these initiatives. None of our achievements would have been realized without the hard work, dedication and commitment of our talented staff, and the guidance of our Board of Directors. We also owe great thanks to the federal and provincial governments for their continued support, and of course to our many industry and research partners.

Dr. Mark Poznansky Brian Underdown

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ScintelligenceIn September, OGI announced the launch of Scintelligence, an industry-focused division to help companies in a variety of sectors, including health, agricuture and natural resources, to capitalize on research and innovation in the life sciences. Throughout the year, this division engaged the private sector to identify challenges and business needs, and facilitate collaborations between partners in industry, academia and government, and help find sources of funding for innovative projects.

This initiative has resulted in a number of excellent partnerships and projects, and fueled our research pipeline through Genome Canada applications and OGI seed funds.

Ontario Personalized Medicine NetworkThe Ontario Personalized Medicine Network (OPMN), is an expert panel created to assess the challenges and opportunities presented by personalized medicine. The OPMN was formed at the request of Ontario’s Ministry of Research and Innovation and the Ministry of Health and Long-Term Care, to ensure Ontario is well positioned to capitalize on this exciting and transformative technology.

The OPMN convened three meetings this year, developed a paper comparing personalized medicine strategies from other jurisdictions.

OGI distributed three Watching Briefs to inform stakeholders in the community about personalized medicine news and the OPMN’s activities.

Three sub-committees were formed and produced reports around high priority issues:• Electronic medical records that accommodate

the delivery of personalized medicine• Health technology assessment to help

evaluate new genetic tests for reimbursement• Produce a framework within MaRS EXCITE

to give pre-market guidance to personalized medicine technologies to ensure they have the appropriate information for regulatory and reimbursement decisions

Genomics Application Partership ProgramThe Genomics Application Partnership Program (GAPP) funds research and development projects that address needs identified by industry, government, not-for-profits, and other organization, to move research from lab to marketplace and increase partnerships between industry and academia. In the first round of this program, OGI received 17 Ontario-led Expressions of Interest and one co-led project with Genome Atlantic. All of these projects underwent OGI’s internal review process, and projects that met our criteria were backed with internal and external resources

through full application. As a result of these efforts, both of the projects that submitted full applications that were funded in round one and will receive funds in the coming fiscal year. Further, a number of projects from the first round will receive OGI’s support for full applications in the second round.

OGI seed fundingA seed funding program was developed to support industry-driven research and initiate new collaborations. These funds catalyze the application of life sciences solutions to address key sector challenges and opportunities.

OGI funded three industry seed projects:• Developing markers for selectively breeding

mite-resistant honey bees. These mites are known to be a major cause of colony loss suffered by bee breeders worldwide

• Piloting a technology for an Ontario mining company, to develop bioreactor systems including microbial mechanisms to neutralize mine water effluent. This project is studying the microbial communities within the bioreactors at different temperatures to help optimize the technology

• Increasing the nutritional properties of milk and improving animal welfare in dairy cows through better understanding of genetic determinants of health and milk nutrition in cattle stock

OGI is also helping projects secure external seed funding to promote partnerships, where available.

Research project investmentsOGI continued its record of success in securing and managing Genome Canada funding through two research competitions, including four new projects in the Large-Scale Applied Research Program in Genomics and Personalized Health, and seven projects in the Bioinformatics and Computational Biology competition.

Discovery Frontiers Bioinformatics InitiativeOGI catalyzed applications for the Discovery Frontiers Bioinformatics Initiative through NSERC, Genome Canada, CIHR, and CFI, by bringing big data experts from across Ontario together to discuss a unified approach and helping with project applications. An Ontario project was chosen in this national competition. Led by Dr. Lincoln Stein (Ontario Institute for Cancer Research), the team will develop a resource that will process the International Cancer Genome Consortium’s (ICGC) genomic profile data of 25,000 patients from around the world. Using this tool, cancer researchers will be able to conduct complex data mining and analyses using cancer genome sequence data that will be paired with clinical information.

OGI’s Major Achievements in 2013-14

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KPMG LLP Telephone (416) 228-7000 Yonge Corporate Centre Fax (416) 228-7123 4100 Yonge Street Suite 200 Internet www.kpmg.ca Toronto ON M2P 2H3 Canada

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG Canada provides services to KPMG LLP.

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of Ontario Genomics Institute

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Ontario Genomics Institute, which comprise the consolidated statement of financial position as at March 31, 2014, the consolidated statements of operations, changes in net assets and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

KPMG LLP Telephone (416) 228-7000 Yonge Corporate Centre Fax (416) 228-7123 4100 Yonge Street Suite 200 Internet www.kpmg.ca Toronto ON M2P 2H3 Canada

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG Canada provides services to KPMG LLP.

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of Ontario Genomics Institute

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Ontario Genomics Institute, which comprise the consolidated statement of financial position as at March 31, 2014, the consolidated statements of operations, changes in net assets and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Ontario Genomics Institute as at March 31, 2014, and its consolidated results of operations and its consolidated cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Report on Other Legal and Regulatory Requirements

As required by the Canada Corporations Act, we report that, in our opinion, the accounting policies applied in preparing and presenting the consolidated financial statements in accordance with Canadian accounting standards for not-for-profit organizations have been applied on a basis consistent with that of the preceding year.

Chartered Professional Accountants, Licensed Public Accountants

July 3, 2014 Toronto, Canada

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ONTARIO GENOMICS INSTITUTE Consolidated Statement of Financial Position

March 31, 2014, with comparative information for 2013

2014 2013

Assets Current assets:

Cash $ 1,375,256 $ 2,849,621 Accounts receivable (note 2) 1,016,045 270,900 Deposits and prepaid expenses 97,999 80,048 2,489,300 3,200,569

Capital assets (note 3) 25,589 42,734

$ 2,514,889 $ 3,243,303

Liabilities and Net Assets Current liabilities:

Accounts payable and accrued liabilities (note 4) $ 239,244 $ 273,545 Amounts due to research projects 784,005 380,895 1,023,249 654,440

Deferred contributions (note 5) – 1,097,223

Net assets: Internally restricted (note 6) 25,589 42,734 Unrestricted 1,466,051 1,448,906 1,491,640 1,491,640

Commitments (note 8)

$ 2,514,889 $ 3,243,303

See accompanying notes to consolidated financial statements.

On behalf of the Board:

Director

Director

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ONTARIO GENOMICS INSTITUTE Consolidated Statement of Operations

Year ended March 31, 2014, with comparative information for 2013

2014 2013

Revenue: Amortization of deferred contributions (note 5) $ 22,034,915 $ 17,627,632 Interest and other revenue 331,513 117,220 22,366,428 17,744,852

Expenses: Research projects 19,180,448 14,089,091 Business development 1,043,590 1,168,036 General and administrative 1,070,999 1,033,422 Research programs management 386,283 963,739 Outreach and communications 666,095 474,668 Amortization of capital assets 19,013 15,896 22,366,428 17,744,852

Excess of revenue over expenses $ – $ –


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ONTARIO GENOMICS INSTITUTE Consolidated Statement of Changes in Net Assets


2014 2013 Internally restricted Unrestricted Total Total (note 6)

Net assets, beginning of year $ 42,734 $ 1,448,906 $ 1,491,640 $ 1,491,640

Excess (deficiency) of revenue over expenses (19,013) 19,013 – –

Invested in capital assets 1,868 (1,868) – –

Net assets, end of year $ 25,589 $ 1,466,051 $ 1,491,640 $ 1,491,640


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ONTARIO GENOMICS INSTITUTE Consolidated Statement of Cash Flows


2014 2013

Cash provided by (used in):

Operations: Excess of revenue over expenses $ – $ – Items not involving cash:

Amortization of deferred contributions (22,034,915) (17,627,632) Write-down of long-term advances – 275,000 Amortization of capital assets 19,013 15,896

(22,015,902) (17,336,736) Change in non-cash assets and liabilities:

Accounts receivable (745,145) (209,949) Advances to research projects – 1,946,461 Amounts due to research projects 403,110 380,895 Deposits and prepaid expenses (17,951) 7,267 Accounts payable and accrued liabilities (34,301) 12,465 Deferred contributions 20,937,692 14,200,026

(1,472,497) (999,571)

Investments: Purchase of capital assets (1,868) (41,230)

Decrease in cash (1,474,365) (1,040,801)

Cash, beginning of year 2,849,621 3,890,422

Cash, end of year $ 1,375,256 $ 2,849,621


ONTARIO GENOMICS INSTITUTE Notes to Consolidated Financial Statements

Year ended March 31, 2014

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The Ontario Genomics Institute (the "Corporation" or "OGI") was incorporated without share capital on October 18, 2000 under the Canada Corporations Act as a not-for-profit organization. OGI's role is to drive the life sciences industry in Ontario through the use of genomics to increase the quality of life for all Ontarians through better health outcomes, a healthier environment and sustainable agriculture. This is accomplished by concentrating on three strategic areas:

(a) through Business Development, to catalyze access to and the impact of research outcomes, helping scientists market their discoveries and the resulting products, and also work to ensure that access to leading-edge technologies makes genomics research in Ontario more competitive;

(b) through Research Programs Management, to identify and cultivate emerging Ontario-led, pioneering research projects in genomics and related fields, and work with them to identify, attract, and support funding; and

(c) through Outreach and Communications, to establish initiatives that increase awareness of genomics research and facilitate informed public dialogue about genomics and its impact on society.

1. Significant accounting policies:

These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations. Significant accounting policies are as follows:

(a) Subsidiaries:

These consolidated financial statements include the results of OGI with those of the Corporation's wholly owned subsidiary, Genomics Ontario Inc. All significant intercompany accounts and transactions have been eliminated upon consolidation.

(b) Revenue recognition:

The Corporation follows the deferral method of accounting for contributions, which include funds from Genome Canada and the Government of Ontario through the Ministry of Research and Innovation/Ministry of Economic Development, Trade and Employment. 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.

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ONTARIO GENOMICS INSTITUTE Notes to Consolidated Financial Statements (continued)


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1. Significant accounting policies (continued):

Externally restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Investment income earned on unspent externally restricted contributions is recognized in the year in which it is earned.

(c) Advances to/amounts due to research projects:

Advances to research projects comprise amounts provided by the Corporation to approved research projects which have not been expensed. Amounts due to research projects comprise amounts payable by the Corporation to projects for expenses already approved and incurred.

(d) Financial instruments:

Financial instruments are recorded at fair value on initial recognition. Freestanding derivative instruments that are not in a qualifying hedging relationship and equity instruments that are quoted in an active market are subsequently measured at fair value. All other financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The Corporation has not elected to carry any such financial instruments at fair value.

Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the straight-line method.

Financial assets are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the Corporation determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expected cash flows, the amount that could be realized from selling the financial asset or the amount the Corporation expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial impairment charge.



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1. Significant accounting policies (continued):

(e) Capital assets:

Capital assets are recorded at cost less accumulated amortization. Leasehold improvements are amortized on a straight-line basis over the lesser of estimated useful life or the term of the lease. Furniture and fixtures are amortized on a straight-line basis over five years. Computer equipment is amortized on a straight-line basis over three years.

(f) Use of estimates:

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the year. Amounts subject to significant estimates and assumptions include the carrying value of capital assets, fair value of accrued liabilities. Actual results could differ from those estimates.

(g) Foreign exchange:

The Corporation's assets and liabilities denominated in foreign currencies are translated into Canadian dollars using exchange rates in effect at the consolidated statement of financial position date. Revenue and expense items are translated at the rate of exchange prevailing on the date of the transaction.

2. Accounts receivable:

2014 2013

Grants receivable $ 966,111 $ 216,041 Harmonized sales tax 44,660 42,079 Interest and other 5,274 12,780

$ 1,016,045 $ 270,900

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3. Capital assets:

2014 2013 Accumulated Net book Net book Cost amortization value value

Furniture and fixtures $ 72,166 $ 67,480 $ 4,686 $ 6,127 Computer equipment 54,580 33,677 20,903 36,607

$ 126,746 $ 101,157 $ 25,589 $ 42,734

4. Accounts payable and accrued liabilities:

2014 2013

Accrued liabilities $ 161,881 $ 141,927 Accounts payable 77,363 120,500 Deferred rent – 11,118

$ 239,244 $ 273,545

Deferred rent represents a rent-free period provided annually to the Corporation by its lessor. The amount is deferred and is recorded as a decrease in rent expense on a straight-line basis.

Included in accounts payable and accrued liabilities are government remittances payable of $43,898 (2013 - $32,177), which includes amounts payable for payroll-related taxes and harmonized sales taxes.



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5. Deferred contributions:

The Corporation receives funding from Genome Canada, the Government of Ontario through the Ministry of Research and Innovation and other parties to be administrated and distributed in accordance with the related funding agreements.

Deferred contributions related to expenses of future periods represent unspent externally restricted funding to be used for the purposes of providing funds to eligible recipients and the payment of operating and capital expenditures in future periods.

The changes in the deferred contributions balances are as follows:

2014 2013

Opening balance $ 301,724,762 $ 287,524,736 Contributions received or receivable during the year:

Genome Canada - Research 17,898,711 11,845,602 Genome Canada - Operations 1,308,981 1,354,424 Government of Ontario - Operations 500,000 1,000,000 Government of Ontario - Research 1,230,000 –

322,662,454 301,724,762

Amount amortized to revenue (322,662,454) (300,627,539)

$ – $ 1,097,223

6. Internally restricted net assets:

Internally restricted net assets represent net assets invested in capital assets.

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7. Financial risks and risk management:

The Corporation considers its total assets to be its capital. The Corporation's objectives in managing capital are to safeguard the assets and maintain liquidity.

(a) Liquidity risk:

Liquidity risk is the risk that the Corporation will be unable to fulfill its obligations in a timely basis or at a reasonable cost.

The Corporation manages its liquidity risk by monitoring actual and projected cash disbursements against funding received or to be received from operations. The Corporation prepares budgets and cash forecasts to ensure it has sufficient funds to fulfill its obligations.

(b) Credit risk:

Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a financial loss. The Corporation is exposed to credit risk with respect to the accounts receivable.

The Corporation manages its credit risk by assessing accounts receivable on a continuous basis. The Corporation deals with creditworthy counterparties and seldom has doubtful accounts.

(c) Interest rate risk:

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The Corporation is exposed to interest rate risk through the interest income it derives from the cash balance.

The effect of the excess/deficiency of revenue over expenses of an increase or decrease in interest rates is not significant.

The Corporation believes that it is not exposed to significant liquidity risk, credit risk or interest rate risk arising from its financial instruments. There has been no significant change in exposures from 2013.



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8. Commitments:

(a) Funding:

The Corporation has committed to the following:

Less amount paid for Expenses Advances Residual Commitments incurred (due to) commitments (000's)

Applied Genomics Research in Bioproducts or Crops Competition $ 7,881 $ 7,511 $ (55) $ 425

2010 Large-Scale Applied Research Project Competition 11,306 8,055 61 3,190

2012 Large-Scale Applied Research Project Competition 6,417 956 1,290 4,171

2012 Bioinformatics and Computational Biology Competition 2,119 468 77 1,574

International Barcode of Life Project 15,890 13,336 (2,445) 4,999

Science and Technology Innovation Centres 4,032 1,914 27 2,091

International Consortium Initiatives ("ICI") 51,286 43,113 – 8,173

Genomic Applications Partnership Program Round 1 3,481 – – 3,481

Genomic Applications Partnership Program Round 2 4,435 – – 4,435

NSERC Discovery Frontiers Program 2,000 – – 2,000

Personalized Medicine Pilot Project for RheumatoidArthritis 3,690 1,245 (15) 2,460

$ 112,537 $ 76,598 $ (1,060) $ 36,999

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8. Commitments (continued):

(b) Operating lease:

The Corporation has entered into operating lease agreement for premises. The anticipated annual payments in each of the next five years and thereafter are as follows:

2015 $ 137,676 2016 117,500 2017 117,500 2018 117,500 2019 117,500 Thereafter 947,050

$ 1,554,726



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Genome Canada has entered into an agreement with the Corporation regarding financial commitments totalling $7,880,929 for the Applied Genomics Research in Bioproducts or Crops Competition, $11,306,294 for the 2010 Large-Scale Applied Research Project Competition, $6,416,631 for the 2012 Large-Scale Applied Research Project Competition, $2,119,257 for the 2012 Bioinformatics and Computational Biology Competition, $15,890,000 for the International Barcode of Life Project, $3,481,253 for the Genomic Applications Partnership Program Round 1, $4,434,848 for the Genomic Applications Program Round 2, and $2,000,000 for the NSERC Discovery Frontiers Program. Under the agreement, the Corporation agreed, among other things, to obtain financial support from other parties.

Genome Canada has entered into an agreement with the Corporation regarding financial commitments totalling $4,032,350 for the Science and Technology Innovation Centres.

The Government of Ontario entered into an agreement with the Corporation regarding financial commitments totalling $3,690,000 for the Personalized Medicine Pilot Project in Rheumatoid Arthritis.

Genome Canada has entered into an agreement with the Corporation, under which Genome Canada agreed to provide the Corporation with financial contributions up to $38,219,858 for disbursement to the Structural Genomics Consortium and $13,066,518 to the Cancer Stem Cell Consortium, collectively referred to as the ICI. Under the agreement, the Corporation disburses funds to the projects but expenditures are reported directly to Genome Canada; therefore, the Corporation treats these funds as unrestricted and expenses when they are disbursed.

During 2014, Genome Canada entered into an agreement with the Corporation, under which Genome Canada agreed to provide the Corporation with financial contributions up to $880,000 for operations.

In fiscal 2012, OGI entered into an agreement with the Government of Ontario regarding the development of several translation projects. On March 28, 2014, an amending agreement was signed whereby the Government of Ontario has agreed to provide up to $6,000,000 to fund the development of these projects. The funding proceeds are to be paid out to OGI in installments, which are based upon the achievement of specific project milestones as defined in the agreement. As of March 31, 2014, OGI has received $2,500,000 from the Government of Ontario under this agreement.



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MaRS Centre, West Tower, 661 University Ave, Suite 490, Toronto, Ontario M5G 1M1 416.977.9582 | [email protected]

www.OntarioGenomics.ca | www.scintelligence.ca

Ontario Genomics Institute

OGI Financial Report 2013-2014

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Transcript of OGI Financial Report 2013-2014