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
Rooftop Austin’s Bar & Grill just one step in unlocking Olathe’s ‘downtown renaissance’
A century-old building in downtown Olathe will get new life as an indoor/outdoor restaurant complex known as County Square Commons — anchored by the popular Austin’s Bar & Grill. LANE4 Property Group and Austin’s are redeveloping the 10,859-square-foot building, which is expected to feature four or five storefronts on the street level at 114 to 126…
Concert: Black rockstars don’t just exist — they innovated the genre; how KC artists are still (song)writing history
A rock concert Friday at the newly opened Zhou B Art Center in Kansas City does more than place Black artists center stage for one night, said Malek Azrael; it spotlights that Black creatives belong in every musical space. “There is such a beautiful, Black presence in Kansas City and rock,” said Azrael, who is…
Blackhole Bakery plans bodega-style expansion for second location: a West Plaza ‘blank canvas’
During his five years operating on Troost, Jason Provo said real estate agents often approached him, asking, “When are you going to leave and get a big boy spot in Leawood?” Now the owner of beloved Blackhole Bakery is planning his second location. But not in Johnson County. Provo is taking over a space at…
Dublin down on shenanigans: Smoke Brewing goes green with St. Patrick’s season pop-up
St. Patrick’s Day-themed Shenanigans is now open in downtown Lee’s Summit. But just until March 23. The owners of Smoke Brewing Company at 209 S.E. Main St. decked out the barbecue restaurant and brewery in floor-to-ceiling St. Paddy’s decor, and have food and drink specials to match. It’s a way to make St. Patrick’s Day…