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
Report: Kansas City’s tech workforce is growing faster than most big cities
Techies around the nation have flocked to Kansas City at a rate faster than many major cities, including New York City, Chicago, San Diego and others according to a recent report. CBRE’s annual Tech Talent Report found that between 2011 and 2016 Kansas City’s tech workforce grew 39 percent, adding about 15,000 new tech staffers…
How the Kansas City Chiefs became the No. 1 NFL team in social engagement
Most Kansas City Chiefs fans are likely aware that they hold the Guinness World Record for the “loudest crowd roar at a sports stadium.” But what fans may not know is how that same enthusiasm and energy translates to the Kansas City Chiefs’ social media engagement. Using a variety of platforms, the team’s social media…
After 2014 departure, Lyft operations return to KCMO
Kansas Citians now have more ridesharing options than just Uber. After nearly a three year hiatus, the ride-sharing giant Lyft on Sunday re-launched its operations in Kansas City, Mo., including Kansas City International Airport. Lyft’s arrival represents more local competition among Uber and Lyft, and more choices for riders in Kansas City. Lyft already was…
Grietens seeks entrepreneurs’ input on how to make Missouri more innovative
Missouri Gov. Eric Greitens is seeking input from the Show Me State’s entrepreneurs, investors on how the state can foster more innovation. In June, Greitens launched a task force to spur startup activity and innovation in the State of Missouri. Over the past month, the Innovation Task Force hosted a handful of workshops throughout the…