Recap: Bill would gut Kansas Bioscience Authority
May 19, 2015 | Bobby Burch
A bill in the Kansas legislature if passed would dissolve the Kansas Bioscience Authority, which has recently served as a venture capital organization investing in early-stage bioscience firms.
The measure — SB 305 — would shut down the organization and transfer its funds and obligations to the Kansas Department of Commence.
Proponents of the KBA say that the dissolution of the KBA aims to help fill a projected $406 million shortfall in the Kansas budget. The bill’s sole supporter, Steven Anderson, a lobbyist for the Kansas Policy Institute and formerly Gov. Sam Brownback’s budget director, said the KBA’s mission is better served by the private sector, according to the Wichita Eagle.
Founded in 2004, the KBA invests in animal and human health, agribusiness and life sciences. It’s invested in such companies as Flow Forward, Metactive, Aratana and Innara Health.
KBA chief executive Duane Cantrell said the current value of KBA assets held in startup investments is $32 million to $34 million, according to the Kansas City Star. Cantrell reportedly testified to the Legislature that his organization has nabbed back assets worth $19 million through portfolio companies’ initial public offerings or exits.
For more information on this story, check out these links:
Kansas City Business Journal: Kansas Bioscience Authority fans voice support at the Capitol
Topeka Capital Journal: Senate explores bill closing state’s bioscience agency
Featured Business
2015 Startups to Watch
stats here
Related Posts on Startland News
‘It’s time to be brave’: This entrepreneur has a plan if she’s deported (and a spiritual mission if she stays)
She’s a mother, an entrepreneur and a healer — but for some, Alex Villalobos-McAnderson is just what’s on paper, the Kansas business owner said Alex Villalobos-McAnderson — like many immigrants within the borders of the United States — is living life in limbo, she shared. But the Shawnee-based energy medicine practitioner and owner of Villalobos…
Kauffman adds comms leader to boost transparency, clarity as Foundation moves into new era of engagement
During a time of change and transition, a clear voice is more critical than ever, leaders of the Kauffman Foundation said Thursday, announcing Amy Unruh as the influential philanthropic organization’s new communications director. “We’re in a really exciting chapter for the Foundation,” said Dr. Susan Klusmeier, chief of staff for the Ewing Marion Kauffman Foundation.…
Shawnee’s new chef-driven sports bar serves retro with a side of Spam fries and banana ketchup
Serial Kansas City hotspot founder opens door to Hank’s Garage with chefs Howard Hanna, Zac Sachs Eric Flanagan’s latest venture turns a former Shawnee auto shop into the resurrected downtown entertainment district’s newest destination — a casual neighborhood sports bar, complete with an innovative and elevated menu, classic beers, craft cocktails, and an outdoor patio…
Meet KC’s cowpunk basement guitar hero: This DIY dreamer is demanding more from himself
Kansas City’s DIY music scene has long been a hub for raw, creative talent — with eclectic frontman Kole Waters quickly becoming one of its standout names. As the lead guitarist and co-vocalist for post-country phenomenon Big Fat Cow and the centerpiece of synth-infused Dreamist, Waters blends influences ranging from folk storytelling to cathartic soundscapes.…