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
For its KC intro, WeWork plans event series to connect
In efforts to pump up the Kansas City community prior to its launch, WeWork announced KC Connected, an event series at its new Corragain Station coworking space. The first event is May 10 and aims to get local entrepreneurs prepared for the coworking giant’s global grant competition, the Creator Awards. “Our goal is to help…
RideKC builds Uber-like app for Kansas Citians with disabilities
For Kansas City residents with disabilities, it’s difficult to rely on bus schedules to get from place to place — even with paratransit options. Starting May 1, Kansas City residents with disabilities will have access to an on-demand option. The Kansas City Area Transportation Authority recently developed the ride-hailing app RideKC Freedom On-Demand, which will start…
Mobility Designed raises nearly $900K from iiM, local investors
The seed round for Kansas City-based Mobility Designed is approaching seven figures following the support of a local investment firm. Overland Park-based Innovation in Motion (iiM) recently joined the medical device startup’s round, which is approaching $900,000 and comprised mostly of individual investors. Led by CEO Liliana Younger, Mobility Designed created the M+D Crutch, a…
KC Smart City wins ‘Oscar of Innovation,’ a gold Edison Award
Validating a bold technology plan by a variety of public and private organizations, Kansas City’s Smart City initiative recently won a prestigious Edison Award for innovation. The City of Kansas City, Mo., Sprint, Cisco, Think Big Partners and other organizations won a gold award in the category of connected collaboration from the Edison Awards in…