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
Yard Milkshake Bar set to open Friday in long-vacant BK Whopper Bar at Power & Light
Kansas City is gaining a new sweet spot as the acclaimed dessert startup The Yard Milkshake Bar opens its first metro location this week in the Power & Light District — filling a long-standing hunger for the right flavor of business at PNC Plaza. “Our team works hard to curate the District with amenities that…
Physician assistant, mom juggles healthy challenge: opening two Tropical Smoothie Cafe franchises
A new Tropical Smoothie Cafe franchisee is opening not one, but two locations this spring — all while keeping her day job and raising twin 4-year-olds. Nikki Vogel is taking over 2,200-square-feet in the former Calibration Brewery building at 119 Armour Road in North Kansas City for a scheduled April 16 opening. (It will be…
Roster filled: 32 Kansas startups march into Round 2 of tourney-style pitch competition
WICHITA — Nearly three dozen Sunflower State startups are vying for $20,000 in prize money — and courting the attention of investors — as they advance to the second round of an innovative, state-backed pitch competition set amid the excitement of the NCAA Men’s Basketball Tournament. NXTUS on Tuesday announced the initial 32 companies advancing…
Randy Wasinger wanted the 1952 Topps of NFTs; so the lifelong baseball card collector started coding (and Mark Cuban came calling)
Editor’s note: The following includes excerpts from “The Corporate Couch” podcast as part of a collaboration between host Jeff Pelaccio and Startland News to highlight Web3 companies and founders in the space. The 15-year-old boy within Randy Wasinger — so obsessed with baseball cards that he opened a card shop in downtown Russell, Kansas, to sell…