Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV; TSX: ASV) and Roche today released preliminary results for a clinical trial comparing CellCept (oral mycophenolate mofetil, MMF) to intravenous cyclophosphamide (IVC), which is the current standard of care, for inducing treatment response in the induction phase of patients suffering from lupus nephritis. Although response rates were similar in both arms, the trial did not meet its primary objective of demonstrating that MMF was superior to IVC in inducing treatment response in this disease. The results relate to the induction phase of this study, which was designed to measure treatment response in patients after 24 weeks of induction therapy with 185 patients in the MMF arm and 185 in the IVC arm. The results indicate similar treatment responses with 56.2% in the MMF arm and 53% in the IVC arm were observed. Additional analyses are ongoing to determine the potential for a regulatory submission and Aspreva plans to present the final results at an appropriate scientific forum. Based on preliminary analysis, it appears that, in general, the adverse events experienced by patients in both arms of the study are consistent with those observed in lupus nephritis patients receiving immunosuppressive therapy. Overall incidence of adverse events was comparable in both treatment arms.

Carmanah Technologies Corporation (TSX: CMH) announced today that its Board of Directors has unanimously approved the implementation of a succession plan that will ensure strong leadership and continuity as the Company moves to the next stage in its development.  Art Aylesworth, who has served as Chief Executive Officer since 2000, has accepted the appointment as Chairman of the Board, to take effect as soon as a new Chief Executive Officer is hired. Carmanah has engaged the leading executive search firm KornFerry International to identify and recruit a new Chief Executive Officer to lead the Company in the execution of its Strategic Plan. Carmanah has also recently hired a Chief Operating Officer, Mr. Philippe Favreau, and expects to announce a new Chief Financial Officer in the coming weeks as part of the development of its executive leadership team.  “I have made the decision to step down as CEO of Carmanah and allow another set of skills to take the reigns and drive the Company to its full potential.  Carmanah has reached a size where very specific business experience on a global scale is required to capitalize on the position we have created, and with the opportunities currently in front of us the time is now.  That said, I am looking forward to the Chairman role, where the Company will continue to leverage my knowledge of the solar and LED spaces and use my core skills to add value in new ways.” states Art Aylesworth.  “Art Aylesworth has been tireless in his efforts to build Carmanah over the past seven years and he possesses a thorough understanding of our business, our strategy, and our potential.” states Dr. David Green. ” He is an inspirational leader, and the ideal candidate to succeed me as Chairman of the Board.”  Mr. Aylesworth will continue as Chief Executive Officer and Dr. Green will continue as Chairman until a new Chief Executive Officer is hired. Beyond that, Dr. Green will remain on the Carmanah board as an independent director.

Vigil Health Solutions Inc. (“Vigil”) announces the results of operations for the fiscal year and the fourth quarter, ending March 31, 2007.

“Fiscal 2007 saw further validation of our sales program and the continued evolution of our technology.  Specifically, we have enhanced our solution to focus on better serving the needs of corporate clients which we believe is reflected in the growth of our corporate accounts,” stated Troy Griffiths, President, Vigil Health Solutions.

Business highlights

·     Sales bookings for the fourth quarter ended March 31, 2007 were up 97% to $746 thousand compared to $378 thousand in the year ended March 31, 2006.

·     Bookings for the year ended March 31, 2007 were up 43% to $2.31 million compared to $1.61 million in the year ended March 31, 2006.

·     The Company held an order backlog of approximately $2 million over double the $948 thousand at March 31, 2006.

·     The Company is strategically targeting the addition and development of multi-property corporate customers to facilitate accelerated sales growth.  In fiscal 2007, Vigil secured four new corporate accounts (beating target of adding three new corporate accounts) bringing the total number of corporate clients to 14. These 14 clients represent 46% of the total installations since the company’s inception.

·     During the fiscal year, Vigil bolstered its Vigil Wireless Call System suite by adding Wireless Corridor Lights, Wireless Contact Transmitters and Wireless Passive Infrared Sensors to further enhance the offering to clients.

·     In January 2007, Vigil beta released the next generation (version 3.0) of its core software platform.  This new software facilitates better user functionality, greater scalability and broader interoperability with complementary systems.

Financial Results

Bookings for the twelve-month period ended March 31, 2007 were up 43% to $2.31 million compared to $1.61 million in the year ended March 31, 2006.  Sales bookings for the quarter were up 97% to $746 thousand compared to $378 thousand in the three-month period ending March 31, 2006.

At March 31, 2007 Vigil had a backlog of approximately $2 million (including $832 thousand in deposits and progress billings, recorded as deferred revenue on balance sheet) as compared to $948 thousand (including $457 thousand in deposits and progress payments, recorded as deferred revenue on balance sheet) at March 31, 2006.

Revenue for the year ended March 31, 2007 was $1.47 million compared to $1.79 million in the year ended March 31, 2006, a decrease of 18%. This decrease reflects construction delays in the completion of a number of installations in fiscal 2007 compared to the same period in fiscal 2006 (18 vs. 21).  While revenues are lower, the increase in sales bookings is reflected in the back-log. 

The gross margin percentage for the year ended March 31, 2007 was 42% compared to 41% for the year ended March 31, 2006.  Gross margins are in line with management’s expectations of annual margins of between 40% and 45%.  With 80% of revenues coming from the United States, the continued fall in the value of the US dollar has put pressure on maintaining and growing margins.

Operating expenses for the year ended March 31, 2007 were $2.01 million, up 9% from $1.84 million in the prior year.  This is the result of small increases in general and administration, sales and marketing and research and development expenses.  Operating expenditures were $532 thousand in the fourth quarter, up 31% compared to $406 thousand in the prior year. 

Losses for the year ended March 31, 2007 were $1.43 million ($0.016 per share) compared to $1.20 million ($0.020 per share) for the previous year.  The 19% increase in losses can be attributed to a reduction in revenue and the increase in sales and marketing costs.  A net loss of $426 thousand ($0.005) was incurred in the fourth quarter, up 81% from $235 thousand ($0.004 per share) in the prior year.

Vigil Health Solutions Inc. announces the results of operations for the fiscal year and the fourth quarter, ending March 31, 2007.

“Fiscal 2007 saw further validation of our sales program and the continued evolution of our technology.  Specifically, we have enhanced our solution to focus on better serving the needs of corporate clients which we believe is reflected in the growth of our corporate accounts,” stated Troy Griffiths, President, Vigil Health Solutions.

Business highlights

·     Sales bookings for the fourth quarter ended March 31, 2007 were up 97% to $746 thousand compared to $378 thousand in the year ended March 31, 2006.

·     Bookings for the year ended March 31, 2007 were up 43% to $2.31 million compared to $1.61 million in the year ended March 31, 2006.

·     The Company held an order backlog of approximately $2 million over double the $948 thousand at March 31, 2006.

·     The Company is strategically targeting the addition and development of multi-property corporate customers to facilitate accelerated sales growth.  In fiscal 2007, Vigil secured four new corporate accounts (beating target of adding three new corporate accounts) bringing the total number of corporate clients to 14. These 14 clients represent 46% of the total installations since the company’s inception.

·     During the fiscal year, Vigil bolstered its Vigil Wireless Call System suite by adding Wireless Corridor Lights, Wireless Contact Transmitters and Wireless Passive Infrared Sensors to further enhance the offering to clients.

·     In January 2007, Vigil beta released the next generation (version 3.0) of its core software platform.  This new software facilitates better user functionality, greater scalability and broader interoperability with complementary systems.

Financial Results

Bookings for the twelve-month period ended March 31, 2007 were up 43% to $2.31 million compared to $1.61 million in the year ended March 31, 2006.  Sales bookings for the quarter were up 97% to $746 thousand compared to $378 thousand in the three-month period ending March 31, 2006.

At March 31, 2007 Vigil had a backlog of approximately $2 million (including $832 thousand in deposits and progress billings, recorded as deferred revenue on balance sheet) as compared to $948 thousand (including $457 thousand in deposits and progress payments, recorded as deferred revenue on balance sheet) at March 31, 2006.

Revenue for the year ended March 31, 2007 was $1.47 million compared to $1.79 million in the year ended March 31, 2006, a decrease of 18%. This decrease reflects construction delays in the completion of a number of installations in fiscal 2007 compared to the same period in fiscal 2006 (18 vs. 21).  While revenues are lower, the increase in sales bookings is reflected in the back-log. 

The gross margin percentage for the year ended March 31, 2007 was 42% compared to 41% for the year ended March 31, 2006.  Gross margins are in line with management’s expectations of annual margins of between 40% and 45%.  With 80% of revenues coming from the United States, the continued fall in the value of the US dollar has put pressure on maintaining and growing margins.

Operating expenses for the year ended March 31, 2007 were $2.01 million, up 9% from $1.84 million in the prior year.  This is the result of small increases in general and administration, sales and marketing and research and development expenses.  Operating expenditures were $532 thousand in the fourth quarter, up 31% compared to $406 thousand in the prior year. 

Losses for the year ended March 31, 2007 were $1.43 million ($0.016 per share) compared to $1.20 million ($0.020 per share) for the previous year.  The 19% increase in losses can be attributed to a reduction in revenue and the increase in sales and marketing costs.  A net loss of $426 thousand ($0.005) was incurred in the fourth quarter, up 81% from $235 thousand ($0.004 per share) in the prior year.

OTTAWA — Canada has reached a trade agreement with India, one of the world’s fastest growing economies, which will guarantee fair legal treatment for each other’s investors. The deal, which will encourage Indians and Canadians to invest more money in each other’s economies, reflects a deepening of ties with India, a country with economic growth that could one day outstrip China’s. Canada’s International Trade Minister David Emerson announced the agreement late Saturday in Toronto following a meeting with his Indian counterpart, Minister of Commerce and Industry Kamal Nath. “The Indian market offers tremendous opportunities for Canadian investors,” Mr. Emerson said. “This agreement will provide a stable environment for investors and will further stimulate trade an investment flows between our two countries.” An agreement like this is generally considered a stepping stone to a full-fledged free trade deal and Ottawa has already signalled it would like to eventually sign one with New Delhi. Saturday’s accord is the second Foreign Investment Protection and Promotion Agreement (FIPA) Canada has clinched since the Harper government joined the global scramble to sew up preferential trade deals with other countries. Two-way direct foreign investment between Canada and India is relatively low. Last year it grew by more than 17 per cent to $528-million. The FIPA should help encourage Canadian companies to invest in India and Indian firms to buy into Canada because it assures them that their businesses will not be arbitrarily injured by government decisions in each other’s country. India, the world’s second-most-populous country, has a 200-million strong middle class with a rapacious demand for goods and services — a market the Canadian Chamber of Commerce says will be worth an estimated $400-billion (U.S.) by 2010. It also needs engineers to help upgrade $420-billion of infrastructure over 10 years. The southeast Asian nation is one of Canada’s top trade priorities for new markets as the Conservative government assesses commercial potential around the world. India offers the Harper government an alternative emerging market partner to China, a country with which the Conservatives have had a chilly relationship because of concern over Beijing’s human-rights violations. Unlike China, India is a democracy and shares a legacy with Canada as a former British colony — one that left both countries with a legal system rooted in English common law. India also offers Canadian companies another cheaper-wage locale besides China where they can shift production to save money and remain competitive. The Harper government’s embrace of India comes in the wake of urgings by business groups – including the Canadian Council of Chief Executives – for Ottawa to cement stronger economic ties with New Delhi. The Canadian Chamber of Commerce has called on Ottawa to set up a government-business advisory group to study the potential for economic and business co-operation with India, a move that it says could lay the groundwork for a Canada-India free-trade agreement. Nations are scrambling to sign up free-trade partners as multi-country talks to liberalize international commerce flounder, from the World Trade Organization’s Doha round to the moribund Free Trade Area of the Americas project. Free trade with India would give Canada a boost in the global race to sew up preferential commercial deals and open more market opportunities for Canada’s lucrative service industry, from engineering to banking and insurance. As a free-trade partner, India would be an especially big fish for Canada compared to other bilateral market liberalization deals in its sights, including negotiations with South Korea. Last year, two-way trade between Canada and India grew to a record level of $3.6-billion, including a 55 per cent jump in Canadian merchandise exports to India – the highest increase in 14 years. The last FIPA Canada concluded before the Indian deal was with Peru. It was clinched in 2006 and signed last November. That was Ottawa’s first FIPA in about six years.

© The Globe and Mail

Rob Bennett has resigned from his position as President of Municipal Solutions Group Inc. as well as its related companies, and has resigned from the Board of Directors of the companies.  Rob co-founded the company in 1982 with a view to improving the tools that local governments use to manage and analyze information to decrease costs for those agencies, increase service levels to their customers, and to allow jurisdictions to make better decisions.  “We thank Rob for his great contribution to the development and growth of Municipal Software and wish him success in his future endeavors,” said Chief Executive, Iain McLean. “As founder of the company, Rob was instrumental in establishing Municipal Software as a leader in the delivery of software solutions to local government. We are pleased that Rob will continue to work with the Company in a consulting capacity in the coming year.” 

Rob Bennett stated, “It has been a terrific twenty-five years spent in forming and building the company, but I have decided that it is best for both the company and me that I leave to pursue other interests, and allow the company to grow and prosper with the new management team that is being built.  I am particularly thankful to the staff and customers of the Company who have been so supportive, and so instrumental, to its growth.”

Rob Bennett has resigned from his position as President of Municipal Solutions Group Inc. as well as its related companies, and has resigned from the Board of Directors of the companies.  Rob co-founded the company in 1982 with a view to improving the tools that local governments use to manage and analyze information to decrease costs for those agencies, increase service levels to their customers, and to allow jurisdictions to make better decisions. 

“We thank Rob for his great contribution to the development and growth of Municipal Software and wish him success in his future endeavors,” said Chief Executive, Iain McLean. “As founder of the company, Rob was instrumental in establishing Municipal Software as a leader in the delivery of software solutions to local government. We are pleased that Rob will continue to work with the Company in a consulting capacity in the coming year.” 

Rob Bennett stated, “It has been a terrific twenty-five years spent in forming and building the company, but I have decided that it is best for both the company and me that I leave to pursue other interests, and allow the company to grow and prosper with the new management team that is being built.  I am particularly thankful to the staff and customers of the Company who have been so supportive, and so instrumental, to its growth.”

Compugen announced it has been selected as a finalist for Microsoft Corp.’s Partner of the Year Award in Information Worker Solutions, Office Systems Desktop Deployment. Winners for the 2007 Microsoft Partner Program Awards, which recognize top Microsoft Partners delivering market‐leading, Microsoft‐based solutions, will be announced July 11 in Denver, Colorado at the Microsoft Worldwide Partner Conference.  “Compugen is especially pleased to be recognized by Microsoft as a finalist (for its Pathways solution for Fountain Tire) in the global Partner Program Awards, Information Worker Solutions, Office Systems Desktop Deployment category for 2007,” said Harry Zarek, President and CEO, Compugen Inc. “Our team of subject matter experts and certified deployment specialists delivers solutions in the Information Worker field every day. This international distinction recognizes the high quality of our people, the soundness of our processes and our ability to articulate what we are doing to our customers and business partners, as evidenced by our Pathways Program.”  Awards will be presented in a number of categories, with winners chosen from a pool of more than 1,800 entrants worldwide. The Information Worker Solutions Awards recognize exceptional partners that have excelled in offering breakthrough Microsoft Office system solutions. The winning partner’s technology and marketing offerings have increased its customers’ employee productivity and assisted them in connecting with their business partners and customers. The winning partner’s innovative thinking has helped to solve a technical challenge or helped to address its customers’ business needs and empower their people, and has had a unique and positive impact on customers’ business pain points.  “We have a diverse and talented partner ecosystem that each year raises the bar in the design and deployment of customer solutions built on Microsoft technologies,” said Allison L. Watson, corporate vice president, Microsoft Worldwide Partner Group. “We are pleased to recognize Compugen as one of our partners leading the field in this category.”  The Microsoft Partner Program Awards recognize Microsoft Partners that have developed and delivered exceptional Microsoft‐based solutions over the past year.

Compugen announced it has been selected as a finalist for Microsoft Corp.’s Partner of the Year Award in Information Worker Solutions, Office Systems Desktop Deployment. Winners for the 2007 Microsoft Partner Program Awards, which recognize top Microsoft Partners delivering market‐leading, Microsoft‐based solutions, will be announced July 11 in Denver, Colorado at the Microsoft Worldwide Partner Conference. 

“Compugen is especially pleased to be recognized by Microsoft as a finalist (for its Pathways solution for Fountain Tire) in the global Partner Program Awards, Information Worker Solutions, Office Systems Desktop Deployment category for 2007,” said Harry Zarek, President and CEO, Compugen Inc. “Our team of subject matter experts and certified deployment specialists delivers solutions in the Information Worker field every day. This international distinction recognizes the high quality of our people, the soundness of our processes and our ability to articulate what we are doing to our customers and business partners, as evidenced by our Pathways Program.” 

Awards will be presented in a number of categories, with winners chosen from a pool of more than 1,800 entrants worldwide. The Information Worker Solutions Awards recognize exceptional partners that have excelled in offering breakthrough Microsoft Office system solutions. The winning partner’s technology and marketing offerings have increased its customers’ employee productivity and assisted them in connecting with their business partners and customers. The winning partner’s innovative thinking has helped to solve a technical challenge or helped to address its customers’ business needs and empower their people, and has had a unique and positive impact on customers’ business pain points. 

“We have a diverse and talented partner ecosystem that each year raises the bar in the design and deployment of customer solutions built on Microsoft technologies,” said Allison L. Watson, corporate vice president, Microsoft Worldwide Partner Group. “We are pleased to recognize Compugen as one of our partners leading the field in this category.” 

The Microsoft Partner Program Awards recognize Microsoft Partners that have developed and delivered exceptional Microsoft‐based solutions over the past year.

When it comes to the early detection of cancer, the boundaries between work and charity are blurred for the employees at GenoLogics Life Sciences Software.

The Saanich-based company develops specialized software that is sold worldwide to help research and medical facilities organize vast amounts of data in the fields of proteomics and genomics, the baselines in much of the cancer research today.

So it’s no surprise that company culture encourages employees to volunteer, raise funds and make other contributions in the gigantic struggle against the indiscriminate disease.

“There isn’t a single person in this organization that hasn’t lost a person close to them to cancer,” said GenoLogics human resources director Brandie Yarish, whose father died a little over a year ago.

“People are passionate about what they do here. We’re a company that develops lines of code for a product that helps in the detection of cancer, and everyone knows we’re playing a part.

“We realize we can’t leave it to government to solve. We all have a role.”

GenoLogics has just raised more than $10,000 for the high-tech community’s annual Canary Derby, a soapbox race between companies to raises funds for early-detection research through the B.C. Cancer Foundation.

Staff beat the bushes to produce everything from their own baking to persuading friends and businesses for contributions ranging from artwork to helicopter and sailboat tours.

Staff also staged their own version of GenoLogics’ Next Top Model, held hockey pools and rented out their personal video collections.

The workforce was divided into four teams to feed on the competitive nature so common in high-tech firms, says GenoLogics chief executive Michael Ball.

He says the company benefits in the long haul by giving employees free rein for ideas. In fact, GenoLogics holds a quarterly Hack Day, where employees “innovate in their roles.” There are cooking classes, a book club, regular outings for recreation, Lunch and Laughs every Friday and GenoPalooza, a yearly professional development day.

“We get it back,” said Ball. “There’s an open range of ideas and it creates a bond to the organization. We aren’t just here to make software. We’re here to make a difference with each other, our community and our industry.”

GenoLogics employs 51 staff, an increase of 30 per cent from a year ago. It will grow by another 12 this year, according to Yarish, who says the company is looking for several software developers.

And remember: Everything you put on your resume is important.

Consider that Ryan Hobbs was hired last year not only for his professional qualifications as a quality assurance analyst, but because he put rally racing and cars as hobbies on his resume. Ball hired him on the spot and put him in charge of building this year’s soapbox racer for the Canary Derby.

“We really want to win,” said Ball, who will be driving the GenoLogics entry. “Any edge helps.”

Last year, the derby raised $47,000 and attracted more than 500 spectators. The goal this year is to reach $100,000.

Darron Kloster Times Colonist