January 12, 2022

Drbodyscience

Genuine Education

David Johnston, CFO Speaks About His Work With Tissue Banks International

2 min read

David Johnston is the principal of DBJ Consulting, a company that provides strategic advice and financial guidance to emerging life science companies. In addition to his work, he was a board member of Tissue Bank International.

What is Tissue Banking?

Recent medical advances have made tissue banks extremely important. They can be used for research purposes or transplant purposes.

Tissue banking is essential not just for transplants but for better understanding disease processes. Many advances in cancer research, for example, have happened because of cancer patients donating tissue.

When it comes to ocular tissue donation, it can help researchers analyze disease progression. It also provides sight-restoring transplants and treatments.

Importance of Eye Tissue Donation

Most of us take our sight for granted. For those with vision problems, this is a luxury they don’t have. Vision loss can severely impact the quality of life and cause pain. According to David Johnston, CFO, more than 95% of corneal transplants restore vision, making it an essential procedure for those with vision loss.

What is Tissue Bank International?

Tissue Bank International, also known as TBI, is a non-profit organization. It is the largest provider of ocular tissue in the world. David Johnston notes that TBI facilitates more than 130,000 eye transplants each year. They also donate tissue for research purposes. There are 8 TBI locations throughout the U.S. in Baltimore, Boston, Los Angeles, Orlando, New Mexico, San Antonio, and San Francisco.

David Johnston’s Work With Nonprofits like TBI

Nonprofit organizations rely on more than financial donations to stay afloat. Time and talent are also essential to keeping a nonprofit running properly.

A nonprofit has many of the same struggles as other businesses, including how to manage and maximize resources. A nonprofit’s main goal is its mission instead of making a profit. However, financial success is intricately linked to mission success. Without financial success, mission success becomes impossible.

This is why the work of CFO’s like David Johnston is critical to the organization. A CFO oversees the financial actions of the company. This includes finding revenue streams, tracking cash flow, and assessing the company’s strengths and weaknesses. They optimize the financial aspect of the company, which creates resources to focus on the mission.

Most non-profits don’t require a full-time CFO. A part-time CFO can provide financial leadership. David Johnston is proud to have worked with TBI to help them maintain financial stability.

David Johnston, CFO

David Johnston has over 30 years of financial management experience. Before beginning his own business, DBJ Consulting, he was the CFO for ImmunoGen.

He earned his B.S. degree at Washington and Lee University. He went on to get his MBA from the University of Michigan. He also spent many years on the board of the non-profit organization Raw Art Works in Lynn, Massachusetts.

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