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
Just Play Sports Solutions lands seven pro sports clients
A Kansas City startup is going pro. On Tuesday, Just Play Sports Solutions announced it will partner with seven professional WNBA teams — the Atlanta Dream, Chicago Sky, Connecticut Sun, Dallas Wings, LA Sparks, Seattle Storm and Washington Mystic. The teams represent the firm’s first foray into professional sports’ clients. Founded in 2014 by two…
LED Rabbit tech enhances training for track athletes
A new Lenexa-based tech firm aims to make training for track and field athletes more precise. Founded in 2015, LED Rabbit is an electronic pacing system that can attach to or overlay any track. The product uses LED lighting to move a marker around a track, offering runners an indicator of what their pace needs…
Leawood Venture Capital opens new $25 million startup fund
Kansas City has a new venture fund focusing on early-stage tech firms. With $25 million in its coffers, Leawood Venture Capital has already made several investments in tech firms around the nation, including Kansas City-based Pepper IoT. Led by seasoned businessmen Brendan Fallis and Karl Gemperli, Leawood Venture Capital will provide equity investments and growth…
Events Preview: Lean Lab happy hour, business model canvas
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…