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
Titans of Kansas City tech combine forces for talent creation
Kansas City isn’t unique in its high demand for talented techies. But perhaps what is setting the area apart is its collaborative approach to creating, recruiting and retaining tech talent in the Kansas City metro. Dozens of area tech companies engaged in a panel discussion Wednesday on practical steps that companies can take to win…
Sprint Mentor Network offering a leg up to startup founders
From newbies to seasoned veterans, each and every entrepreneur can benefit from a mentor. That’s why the Sprint Accelerator is offering Kansas City-area innovators the opportunity to tap its growing Mentor Network program. Now welcoming its fourth class, the free program connects entrepreneurs and corporate executives as part of a six-month learning experience that aims…
Infographic: Impact of the Kansas Angel Investor Tax Credits
Facing a massive budgetary crisis, the State of Kansas may be placing the Kansas Angel Investor Tax Credit program on the chopping block. The popular program — tapped by more than 300 startups in its 11 years — has had a tremendous impact on the area startup community but is scheduled to sunset after 2016. Since…
Holt: Early-stage capital isn’t Kansas City’s biggest problem
Rack your brain and create a list of local tech businesses that have successfully raised early-stage capital in Kansas City. The list is actually quite extensive. Now try to list the tech firms that have raised later stage capital in Kansas City — defined as closing a round of $5 million or more. It’s going…