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
Protein-packed pallets: Sam’s Club deal pushes SimplyFUEL balls to record production (and Mitzi Dulan is rolling with it)
Juggling more than 50 million protein balls in 2024 is paying off for SimplyFUEL, Mitzi Dulan said, noting production quadrupled during the past year after adding retail giant Sam’s Club to its wholesale lineup. The founder and CEO is already riding that momentum in 2025, she said, teasing another big retailer launch in April. It’s…
Kansas City HR tech startup earns $9M defense contract to help hire skilled workers for nuclear subs
Meeting the U.S. Navy’s aggressive hiring goals requires collaboration across thousands of contractors in all 50 states at a time when America is already experiencing a shortage of skilled workers, said Ray Dick, co-founder of a talent assessment and hiring software platform developed specifically for manufacturing and skilled trades. His Kansas City, Missouri-based company, Piccadilly…
Fifth & Emery rebrand puts local in control; Isaac Lee Collins’ next move: add handmade chocolate
Taking his businesses independent is the cherry on top for Isaac Lee Collins, following more than a decade building his credentials as one of Kansas City’s most consistent and resilient entrepreneurs. A rebrand of Collins’ frozen yogurt ventures adds a further twist to his story. “After 10 years of being a franchisee of Yogurtini and…
Prospect KC earns $10K grant from Jacques Pépin Foundation as Gumbo Fest set to return
A newly announced grant will be pivotal to advance The Prospect KC’s mission to empower lives, disrupt poverty, and cultivate community through culinary education, said chef and founder Shanita McAfee-Bryant. The $10,000 grant from The Jacques Pépin Foundation (JPF) is one of 16 recently awarded to organizations that use culinary arts to enhance lives and…