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
106-years-young Hallmark is evolving with the collaborative economy
The collaborative economy is everywhere. You may have heard it by another name — like the sharing, on-demand, access, peer, freelance or gig economy. You’ve definitely heard of its national headliners Uber and Airbnb, but it also has a local presence with firms like PopBookings, Farmobile and MachineryLink. Since first showing up on radars eight…
The Collective Funds targets Kansas City startups with $10M
The Collective Funds — a new venture capital group in Kansas City — will be exclusively targeting early-stage firms in the area starting as early as this summer. Led by four Kansas City entrepreneurs, the $10 million fund aims to fill an area funding gap as well as inspire a cultural shift among…
Events Preview: Startup Weekend EDU
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW Startup Weekend EDU When: April 29 – May 1 Where: Think Big Coworking Startup Weekend Education (SWEDU) brings together people of…
Bevy of area businessmen are EY award finalists
Eight Kansas City-area businessmen are now finalists for a national entrepreneurship award. Ranging from techies to whiskey-makers, the regional finalists of the EY Entrepreneur of the Year awards recognize those “who are building and leading successful, growing and dynamic businesses.” Sponsored in part by the Kansas City-based Ewing Marion Kauffman Foundation, EY operates its award…