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
Former Adknowledge CMO Anita Newton launching CommunityAmerica innovation lab
Anita Newton, the former chief marketing officer at Adknowledge, is helping launch an innovation lab with CommunityAmerica Credit Union. A lean startup evangelist and co-founder of Mighty Good Solutions, Newton began her new CommunityAmerica gig Monday as its chief innovation officer. With the new role, Newton said she’ll be creating an independent innovation lab that…
Reporter turned entrepreneur, LeVota offers 6 takeaways from Startup Weekend KC
A little under a year ago, I joined the Startland News team. Since then, I bet I’ve witnessed at least 150 entrepreneurs pitch their company. It’s safe to say I’ve learned a lot about innovation and entrepreneurship. I’m lucky I get to spend my days asking people who have “done it” how they “did it.”…
Events Preview: Startup Crawl, 1Week KC
There are a plethora of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter, or curious community member — we recommend these upcoming events for you. Are you hosting a relevant community event? Feel free to add it to the FWD/KC calendar for increased exposure. Once your event…
With fresh $750K, Bixy is helping make online ads ‘not suck’
Kyle Johnson could see that his company had a problem. And there was nothing he could do to remedy it. Back in 2011, Pandora released its financial records for the first time ever for everybody to see. Johnson, now the founder of Bixy, was working at his own startup company in the music streaming business…