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
The Sprint Accelerator returns in 2017 with new approach
In less that 24 hours, Kansas City has learned that it will have a new pair of major accelerator programs in 2017. The Sprint Accelerator announced Thursday morning that, while it’s retained its name, the program has undergone a significant evolution that hopes to foster meaningful partnerships between startups and Kansas City corporations. Among a…
Techstars to launch new accelerator program in Kansas City
Accelerator guru group Techstars announced Wednesday that it’s launching a new program in Kansas City after leading the Sprint Accelerator for three years with Sprint. Lesa Mitchell, a former vice president of innovation and networks for the Ewing Marion Kauffman Foundation, will serve as the managing director of the Kansas City accelerator. “We’re excited to…
Kauffman Fellows hosting hundreds of global VCs in Kansas City homecoming
More than 200 investors and entrepreneurs from around the globe will soon converge in Kansas City as part of one of the most highly-esteemed venture capital organizations in the world. Now in its 21st year, the Kauffman Fellows program will reunite top-tier investors that hail from five continents for a reunion summit on Oct. 24…
KCRise Fund makes first area investments in SpiderOak, Innara Health
Only a few weeks after closing on its first $10 million, the KCRise Fund announced Wednesday that it has invested in its first Kansas City-area companies. Launched in February in conjunction with the KC Rising economic initiative, the KCRise Fund is joining ongoing investment rounds in SpiderOak and Innara Health. The fund, led by Darcy…