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
Niall goes ‘all in’ on new retail location, high-tech pen
Well-known in Kansas City for gifting Royals manager Ned Yost a snazzy timepiece, Niall will soon be offering a host of new luxury products — including a high-tech pen — and a new store to feature them. Led by CEO Mike Wilson, Niall on Wednesday announced an expansion of its product line to include a…
Cue the palpitations: Bobby’s taking a (free) coding class
Only a few weeks in Kansas City, and LaunchCode is already making good on its promise to improve the area’s coding competency with a free, 16-week computer science course. And this mathematically-challenged, technically-inept journalist is going to do his best not to embarrass himself while attempting to learn the science of computing. Open to all…
Sprint Accelerator firms hiring, offering meet-and-greet
The new firms at the Techstars-led Sprint Accelerator program are already growing. While many are looking for interns, seven of the 10 mobile tech companies in the three-month accelerator are looking to hire staff. The companies, which entered the Kansas City-based accelerator on Feb. 22, each nabbed $120,000 in capital as part of the program,…
Behavioral health startup announces acquisition, name change
Behavioral health tech firm ABPathfinder is blazing a new path thanks to a recent acquisition. In addition to a name change, the Overland Park-based firm announced Thursday that it purchased Phoenix-based Ensure Billing to beef up the company’s services. The new entity has rebranded to become Pathfinder Health Innovations. Acquiring an insurance billing company allows…