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
Still in the game: 16 startups advance in Kansas pitch tournament; courting a new style of seed funding
WICHITA — And then there were 16. Monday’s pitch competition announcement served up sweet news for more than a dozen Kansas startups as local founders learned they’re advancing in the Gamechangers & Champions “Bracket Bash for Innovators and Angels” — a tournament-style event set to end with a $20,000 grand prize. The just-released list of…
Trio adds Asian fusion to KCK culinary cluster; new BYO ramen, poke spot opens by May
This little strip in Kansas City, Kansas, boasts some of the metro’s favorite restaurants: Joe’s Kansas City Bar-B-Que, 1889 Pizza Napoletana, and Gus’s World Famous Chicken. Lulu’s Thai Noodle Shop is just down the street in Westwood. Now an Asian fusion restaurant is joining the mix. Sannin — poke, sushi and ramen — plans to…
Meet the competition: 10 entrepreneurs vying for $60K at KC GIFT ‘Pitch Black’ business summit
The return of Kansas City G.I.F.T.’s spring pitch competition not only opens the door to prize money for emerging Black entrepreneurs, said Brandon Calloway, it also allows community members and supporters of his nonprofit to see the impact of its mission firsthand. GIFT’s highly anticipated Pitch Black Business Summit 2025 is set for 10 a.m.…
How a toy car can recapture a moment (and put a little cash in this student’s pocket)
Collecting toys is in Andrew Bates’ blood, the UMKC senior said — and now it’s in his wallet. A supply chain management student at the university, Bates was exposed to the hunt for nostalgia early, he said; his father was snagging Hot Wheels for him before Bates was born. “I was (slow) to embrace it,” the…