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
5 glimpses into Uber VP Brian McClendon’s crystal ball
Brian McClendon — vice president of maps and business platform at Uber — may reside in Silicon Valley, but his roots are here in the prairie. Originally from Lawrence, Kan., McClendon graduated from the University of Kansas with a degree in electrical engineering and now serves on several advisory boards for his alma mater. Sporting…
EyeVerify sells to Alibaba affiliate for more than $100M
In what represents one of the metro’s most notable exits in the last decade, Kansas City-based startup EyeVerify announced Tuesday that it has been acquired. Ant Financial — the payments affiliate of Alibaba Group Holding — purchased EyeVerify for more than $100 million, according to an unnamed local source familiar with the deal. Ant Financial…
Google Express offering delivery services in Kansas City
As part of a massive Midwestern expansion, Google Express is offering its services in Kansas City. Google announced Tuesday that it’s now offering delivery services to more than 40 million new Midwest customers after its debut in 2013. Google Express — an online marketplace that connects shoppers with retailers — provides delivery services of…
[Update] KCK startup to pitch at TechCrunch Startup Battlefield Monday
A graduate of the Sprint Mobile Accelerator is gearing up for a pitch on what’s arguably the biggest stage in the startup tech world. Based in Kansas City, Kan., Rex Animal Health is participating Monday evening in TechCrunch’s Disrupt San Francisco 2016 Startup Battlefield competition for a chance at winning $50,000 and the Disrupt Cup.…