Major Milestones. UNIVERSITY of TORONTO. APRIL University of Toronto contributes $5 million
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1 ANNUAL REPORT 2004
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3 Major Milestones UNIVERSITY of TORONTO APRIL University of Toronto contributes $5 million APRIL Signs agreement with University Health Network for the purchase of College Street lands MAY MaRS incorporates as a not-for-profit charitable organization JULY MaRS creates MaRS L.A.N.D.I.N.G. partnership expanding its reach through Guelph to rural Ontario JUNE Ontario Government announces first investment of $20 million DECEMBER Secures first $11 million from College of Founders SEPTEMBER MaRS partners with research facilities to improve access to scientific services in Ontario JUNE OIT invests $10 million in MaRS Explorer Research Institute to drive convergence technology
4 JANUARY MaRS Centre achieves 90% pre-leasing FEBRUARY Industry Canada announces $20 million investment MAY MaRS Centre opens APRIL NPS signs as lead tenant DECEMBER MaRS issues $100 million bond enabling construction of East Tower MARCH Ontario Government confirms further $15 million investment DECEMBER MaRS appoints Dr. Ilse Treurnicht as CEO OCTOBER MaRS enters $9 million funding agreement with Toronto Biotech Commercialization Consortium and Ontario Government to build incubation facility SEPTEMBER-DECEMBER MaRS opening celebrations and program launches
5 Message from the Chair Almost five years ago, a key property in the core of Toronto s downtown research corridor was slated for sale as part of the capital redevelopment plan of the University Health Network. It ran from Elizabeth Street on the east to University Avenue on the west, covering a city block on the south side of College Street. Adjacent to the Toronto General Hospital, these lands included an historic wing of the Hospital where patients were first treated with insulin in the early 1920s. There was a tangible risk that these College Street lands would be sold and transformed into a downtown condominium development. At the same time, many leaders in the business and academic communities, as well as in government, were concerned that Canada was falling behind in the global innovation economy. Our research community was experiencing historic increases in public funding for basic research. How could we ensure that Canada would realize the commercial potential of the discoveries flowing from these new investments in research? How could Canadians reap not only the economic benefits of these investments, but the quality of life enhancements that might be expected as these fundamental discoveries were translated into effective technologies and brought to market? In short order, a consensus emerged that the property that is now the MaRS Centre was part of the answer to those questions. Perhaps these lands could be developed into a major convergence centre co-locating science and technology-based start-up companies with business expertise and smart capital, in a single site adjacent to research powerhouses such as the University of Toronto s St. George campus and the downtown teaching hospitals. But we also recognized a cultural challenge. MaRS must be more than a real estate venture in downtown Toronto. It needed programs and services that would move us from co-location to synergy, and create a nationally and internationally significant hub for high-potential enterprises. Phase One of the MaRS Centre is nearing completion and will be formally launched in September The management team has been selective and strategic in tenanting decisions, and has a multi-pronged strategy to ensure that the MaRS suite of programs and services will have a transformative effect on thinking and culture not only within the MaRS Centre, but far beyond its physical boundaries. The MaRS brand is already recognized internationally, and the MaRS Portal offers an attractive entry point to draw global risk capital, entrepreneurs and scientists into partnerships and alliances with the MaRS community. After many long days and a few sleepless nights, we have arrived at a tipping point with unimaginable opportunity before us. We are confident that five years from now, MaRS will be seen as one of the building blocks in the history of very exciting Canadian growth businesses. We will always be indebted to the MaRS College of Founders, a remarkable group of individuals whose vision and generosity launched this project. We are also delighted to acknowledge the very strong core support MaRS has received from the Government of Ontario, together with valuable early support from the Government of Canada and other partners in the community support that is transforming the dream to reality. On behalf of the entire Board, we wish to express our admiration and appreciation for the incredible job done by our small but wonderful management team and the legion of volunteers who have worked tirelessly on bringing the vision of MaRS to life. Special thanks are due to John Cook and Ken Knox for their superb leadership in building a solid foundation. And, we welcome Dr. Ilse Treurnicht, our newly appointed CEO, who will guide us through the critical next stage of development. The competition for the best scientists, experienced entrepreneurs, corporate relocations and risk capital has never been greater. We remain absolutely confident that MaRS, with the superb research institutions nearby and virtual network beyond, will be a major player in this fiercely contested global race. We have powerful assets scientific excellence, business leadership, a unique facility located in the heart of a vibrant, multicultural city, the right tenant partners, far-reaching networks and above all, an outstanding team. DR. JOHN R. EVANS Chair, Board of Directors MaRS Discovery District June 2005
6 MaRS Real Estate MaRS is developing a 1.5-million-square-foot facility, located in the heart of Toronto s world renowned Discovery District. Phase One of the MaRS Centre opened in May 2005, and comprises 700,000 square feet in three buildings. Phase One is already 90% pre-leased with over 50 companies and organizations committed to life on MaRS. The tenants include a strategic mix of leading researchers and technology transfer groups, growth businesses ranging from start-ups to mature companies, venture capital and professional services firms, and community organizations. The MaRS Centre also houses a state-of-the-art incubation facility for young companies and the MaRS Collaboration Centre for delivering MaRS programs and hosting community events. Phase Two of the development will see MaRS building out another 800,000 square feet, with a target completion date of It is anticipated that the momentum of the MaRS project will attract multinational technology businesses and leading research organizations to this development. Current plans include the creation of long-term stay suites to accommodate visiting scientists, entrepreneurs and other collaborators in the MaRS community. The MaRS vision has always extended well beyond real estate in an interesting location. However, the physical infrastructure anchors MaRS strategically in four key areas. The MaRS Centre serves in the first instance as a core revenue source for MaRS, providing a sustainable business model and generating critical funding to support programs and services. Second, by strategic tenanting and program development, the MaRS Centre is drawing together people and enterprises that are synergistic with respect to innovation and commercialization. This is the place where people from diverse backgrounds will meet on a daily basis. Third, the MaRS Centre serves as the platform for a regional innovation strategy, and in doing so, as a gateway to engage the outside world in the commercialization of Ontario s discoveries. The substantial presence of the MaRS Centre and its brand will become important assets in raising the international profile of Ontario s technology corridor. Many institutions and regions across the province have committed to locating representative offices in the MaRS Centre and collaborating on programs, thereby ensuring that the region s strengths can be effectively leveraged for global competitiveness. Finally, the MaRS Centre provides a highly attractive and prestigious address in the core of a globally renowned research cluster, adjacent to public transit, and less than a mile from Canada s largest concentration of financial enterprises and business head offices. The downtown location enables the confluence of innovation in science and entrepreneurship with the creative capital of the City of Toronto art, music, design, multimedia, cultural diversity and the involvement of the broader community in the MaRS mission. Unique creative partnerships will be attracted to and evolve in this environment, and position MaRS at the forefront of the innovation curve. Tenants are moving into the facility during the coming months, and the MaRS Centre will be formally launched in September The launch will see the roll-out of the Fall program season of leading-edge scientific and business events. It is already clear that the MaRS Centre will become the meeting place in Toronto s Discovery District and will connect and energize the innovation community. In other words, MaRS is rapidly becoming more than an address it is a catalytic concept signaling a momentum shift in the commercialization marketplace. THE MaRS INCUBATOR OFFERS REASONABLY PRICED LABORATORY AND OFFICE SPACE FOR START-UP AND EMERGING COMPANIES. THE MaRS COLLABORATION CENTRE WILL SET A NEW STANDARD FOR FACILITATION AND COLLABORATION TECHNOLOGIES.
7 BUILDING EAST TOWER HERITAGE BUILDING (EXECUSUITES) HERITAGE BUILDING SOUTH TOWER WEST TOWER SIZE (sq. ft.) 400,000 3,000 90, , ,000 CAPITAL COST $100 million $83.5 million TBD COMPLETION March 2005 May % LEASED TENANTS 1 The Hospital for Sick Children University Health Network (UHN) Battelle Memorial Institute BioDiscovery Toronto BioFinance BIOTECanada Canadian Nanobusiness Alliance Ellipsis Neurotherapeutics Inc. Innovation Institute of Ontario Primaxis Technology Ventures Inc. Robarts Research Institute Toronto Biotechnology Initiative Toronto Venture Group University of Ottawa BML Canada Ltd. Canadian Medical Discoveries Fund Heenan Blaikie LLP MaRS Landing Merck Frosst Canada Ltd. Ogilvy Renault LLP Ontario Cancer Research Network Pricewaterhouse- Coopers LLP RBC Financial Group RBC Technology Ventures Inc. Transition Therapeutics Inc. UHN Business Development Office UHN Global Ventures University of Toronto Asset Management Corp. University of Toronto Innovations Foundation NPS Pharmaceuticals MaRS Collaboration Centre Retail Concourse MaRS INCUBATOR (63% LEASED) Ambit Biosciences Canada Apo-Pharma Inc. Biosign Technologies Inc. Claron Technology Inc. Diginiche Inc. Enboard.com Interface Biologics Inc. Larial Proteomics Inc. MDS Sciex Oxygenix Co. Photo Thermal Diagnostic Inc. SpaceQuest Canada Tutor Portal Systems Inc. Vasogen Inc. Wallace Wireless Inc. WorkOnce Wireless Plus others to be announced
8 Board of Directors MS. SHEILA O BRIEN Special Advisor to President, University of Calgary DR. JOHN CHALLIS Vice President Research & Associate Provost, University of Toronto MS. SUSAN M. SMITH President & CEO, RBC Technology Ventures Inc. MR. LAWRENCE S. BLOOMBERG Director, National Bank of Canada DR. CALVIN R. STILLER Chair & CEO, Canadian Medical Discoveries Fund, Inc. PROF. RON D. VENTER Past Vice-Provost, Space and Facilities Management, University of Toronto DR. JOHN R. EVANS MaRS Chair Past Chair, Torstar Corporation THE HONOURABLE JOHN P. MANLEY, P.C. MaRS Vice-Chair Senior Counsel, McCarthy Tétrault LLP MR. JOSEPH L. ROTMAN Executive Chairman, Roy-L Capital Corp. DR. HOWARD ALPER Vice-President, Research, University of Ottawa DR. ILSE TREURNICHT CEO, MaRS Discovery District MR. JACK RABINOVITCH President, Nodel Investment Ltd. MR. FELIX P. CHEE President & CEO, University of Toronto Asset Management Corporation
9 MaRS A CONVERGENCE INNOVATION CENTRE THAT CONNECTS THE LEADERSHIP IN SCIENCE, BUSINESS AND CAPITAL TO CREATE A MORE EFFICIENT COMMERCIALIZATION MARKETPLACE IN CANADA. Building Canada s Next Generation of Global Technology Companies Over the past twenty years, Canadian science has become increasingly competitive on the world stage. Canada has concurrently grown successful technology businesses in a number of sectors. What has been missing, however, is a streamlined process of sourcing and validating breakthrough opportunities emerging from our scientific research enterprises, and effectively converting those into robust companies positioned to grow in scale internationally. Moving even the best science from lab to market is a complex challenge it requires entrepreneurial alchemy, technological know-how to turn the science into products, business acumen, and extensive capital and people networks. Successful entrepreneurial communities have learned to combine these essential ingredients. If Canada is to realize the full commercial potential of our scientific and technological breakthroughs, we must become more adept at entrepreneurial alchemy, and foster the environment that will position our companies for global market leadership. MaRS is a unique initiative designed to address this challenge. MaRS leverages the combination of a creative real estate strategy with the development of custom-designed programming to facilitate and accelerate commercialization of Canadian scientific discoveries and innovation. The MaRS community will provide a vibrant environment to support the creation and growth of technology-based businesses. MaRS Business Services MaRS is developing a comprehensive suite of catalytic programs and services aimed at both on-site enterprises and offsite stakeholders. MaRS will network scientists, entrepreneurs, business leaders, providers of support services, research managers, policy-makers, and investors with a view to accelerating commercialization of innovation, maturing the ecosystem in which technology start-ups flourish, and promoting global competitiveness of Canadian growth companies. The MaRS program strategy is specifically designed to promote best practices and synergies within the domains of science, business and capital, and to explore the important areas of convergence between those domains. MaRS educational programs will seek to bridge the culture and skills gaps between research and business, and develop business leadership for high growth technology intensive companies. MaRS programs will also build capacity in emerging fields connecting the convergence interfaces between life sciences, advanced information technology, materials science, and nanotechnology to nascent market opportunities. Finally, MaRS will work tirelessly to tell Canada s innovation story, and showcase our emerging companies to international talent, investors, and strategic partners. The full complement of MaRS programs will be launched when the MaRS Centre officially opens in September A significant portion of MaRS programs are jointly developed with community partners, such as local post-secondary institutions, professional and industry organizations, business groups, and networking organizations. The MaRS Collaboration Centre with its sophisticated technology backbone will allow virtual delivery of programs and remote collaboration with peer groups independent of location. MaRS Entrepreneurship Centre: Already termed MaRS Central, this flagship MaRS program is a resource centre for entrepreneurs, technology start-ups and emerging growth companies. It serves entities located in the MaRS Centre (such as the Incubator tenants) and in the broader community. The MaRS Central team consists of seasoned technology executives who bring hands-on, practical support to entrepreneurial teams. MaRS Central will also provide access to quality information resources (IP, technology, market research), business tools, broad international networks of mentors, talent, market connections, angels, investors, and other advisors. MaRS Central is the strategic hub for the development and coordination of all MaRS programs. The MaRS Portal is a virtual meeting place that expands the geographic footprint of the MaRS community. The MaRS Portal serves this broader community by delivering best-inclass commercialization resources and business tools, and creates new networking opportunities through remote collaboration and participation in MaRS programs. The MaRS Portal is an important destination point for Ontario s partners abroad. Phase I was successfully launched in February 2005, and the second phase roll-out is scheduled to correspond with the launch of MaRS Central and the full suite of commercialization support programs in September 2005.
10 Future Directions MaRS Capital A critical element in creating a healthy commercialization marketplace is the availability of specialized and networked start-up stage venture capital that can straddle the cultural and skills divide between science and business. These fund managers play an important support role for entrepreneurs launching ambitious high-growth companies. Limited funding for translational (proof of principle) research also means that Canadian companies are often spun out of academia too early. Without a strong foundation of intellectual property, demonstrated product strategy and marketfocused management, these companies are vulnerable to failure or early take-over. The challenging market conditions of the past five years have stalled research collaborations with industry and investment by angels and seed stage investors in fledgling ventures. This withdrawal of receptor capacity has resulted in a widening of the commercialization gap, even as we have significantly increased our investment in public research. As a result, Canada is at risk of losing momentum in the creation of its next generation of technology companies. The MaRS leadership team is committed to working with public and private sector partners, as well as industry organizations, to facilitate a comprehensive and sustainable solution to the financing gaps that hamper the growth of technologyintensive companies from the pre-seed stage of commercialization to accessing international growth capital. Conclusions and Beginnings MaRS was founded with the bold mandate of pioneering Canada s innovation bid in the new global economy. As we approach the launch of MaRS as a Convergence Innovation Centre, we are entering a new phase in the development of our organization. Through the co-location of the communities of science, business and capital, and the design of strategic networks and programs, we are creating unprecedented symbiosis among stakeholders and enterprises that are essential to building knowledge-based companies. This community is designed to energize, stimulate new collaborations and create serendipity, a recognized, powerful innovation engine. Our goal is to catalyze a greater understanding of new trends in convergence science and emerging markets, remove commercialization barriers and provide practical support to Canadian technology companies in their quest to become market leaders. The innovation economy is fueled by people, and MaRS will focus on attracting outstanding talent into the community, and supporting the development of future business leaders. By bringing innovation to the market and nurturing the ecosystem in which technology companies grow, MaRS will contribute to advancing Canada s knowledge-based economy and competitiveness. MaRS will also help to ensure that madein-canada discoveries make a positive difference to the health and quality of life of Canadians and others around the world.
11 Financial Highlights MaRS Discovery District is a not-for-profit corporation without share capital and is a registered charity under the Income Tax Act. Subsequent to year end, MaRS secured an additional $15 million contribution from the Ontario government. MaRS follows the deferral method of accounting for contributions. Contributions for operations are recognized as revenue when received, contributions for capital expenditures are deferred until depreciation of the related asset commences. Investments, land held for future development, and property under development are recorded at cost. MaRS has secured construction financing of up to $30 million to complete Phase I of the MaRS Centre. MaRS has secured a $14.4 million mortgage to fund the acquisition of the lands for Phase II of the MaRS Centre. MaRS has secured $66.9 million in contributions for the development of Phase I of the MaRS Centre, $10 million for equipment and $1.3 million for program development. MaRS SUMMARIZED BALANCE SHEET AS AT DECEMBER 31, 2004 ASSETS Cash $ 7,477,572 $ 6,247,005 Receivables & prepayments 6,165,794 2,807,348 Restricted Investments 10,015,402 9,449,911 Land held for future development 16,810,365 14,688,769 Property under development 61,499,706 21,518,426 LIABILITIES $ 101,968,839 $ 54,711,459 Accounts payable & accruals $ 10,836,035 $ 3,520,725 Construction loan 6,817,380 Mortgages payable 19,895,627 19,400,000 Deferred capital contributions 64,952,141 31,771, ,501,183 54,692,030 MaRS SUMMARIZED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2004 REVENUE Grants $ 398,603 $ 47,886 Contributions 1,392,267 Project management fee 1,025,000 1,025,000 Interest and other income 256, ,589 EXPENSES 1,680,290 2,659,742 Salaries & benefits 801, ,234 Professional and consulting fees 388, ,140 General and administrative 742, ,168 Project management costs 300, ,378 2,232,063 2,333,920 (Deficiency) excess of revenues over expenses (551,773) 325,822 Fund balance beginning of year 19,429 (306,393) Fund balance (532,344) 19,429 $ 101,968,839 $ 54,711,459 Fund balance end of year $ (532,344) $ 19,429
12 MaRS Generous Supporters Government Ontario Government $35MM Toronto Biotechnology Commercialization Centre $9MM Ontario Innovation Trust $10MM Federal Government $20MM City of Toronto $4.5MM (in-kind) Universities and Hospitals University of Toronto $5MM $50,000 + Baycrest Centre for Geriatric Care Faculty of Medicine, U of T Research & International Relations, U of T St. Michael s Hospital Toronto Rehabilitation Institute Private College of Founders $1MM + AIC Limited AstraZeneca Canada Inc. Mr. Lawrence S. Bloomberg Cancer Care Ontario Eli Lilly Canada Inc. Dr. John R. Evans Mr. Arthur S. Labatt MDS Inc. Mr. Peter Munk RBC Financial Group Mr. Joseph L. Rotman Mr. Allan Slaight Mr. William P. Wilder Partners $500,000 + Mr. Wilf Lewitt Builders $250,000 + NPS Pharmaceuticals Other Mary Pat and Robert Armstrong Derek Evans, in honour of the late Anne Farncomb Jane Glassco John Kidziun THE MaRS TEAM
13 DESIGN & ART DIRECTION: Ireland+Associates
14 The early decades of the 21st Century will be marked by the increased scientific and technological convergence of three fundamental drivers biotechnology, advanced information technology and nanotechnology [...]. These converging technologies have the promise to achieve tremendous improvements in human capital, innovation, economic performance, and the quality of life." Organization for Economic Co-operation and Development (OECD) MaRS DISCOVERY DISTRICT MaRS Centre South Tower 101 College Street Suite 100 Toronto, Ontario M5G 1L7 CANADA P: F: E:
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