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
Meet six coalitions earning grants through Kauffman Foundation’s new ‘Collective Impact’ funding pathway
Systemic change happens when communities come together to drive transformation through collaboration, said Dr. DeAngela Burns-Wallace, announcing a half-dozen grants to high-capacity organizations with strategies to close economic mobility gaps in the Kansas City region. The “Collective Impact” planning grants of up to $500,000 are awarded to the winning coalitions are the first piece of…
‘Mama Mystery’ podcast builds true crime following from serial entrepreneur’s St. Joe home studio
ST. JOSEPH, Missouri — Kelly Evans is no stranger to a good mystery. But the real puzzle, the mother of four said, is how she mastered multitasking her true crime podcast, multiple businesses, and a radio show — all while hooking her audience with gripping storytelling and a dash of humor to balance out the…
Grateful for this moment (again): Fantrepreneurs back in play as Super Bowl boosts small biz
A blitz of Super Bowl-bound Chiefs-inspired playoff sales feels like a winning two-point conversion after a holiday season touchdown for Kansas City makers; many of whom in recent years have seen their longtime fandom intertwined with their businesses’ bottom lines. “We are fans and also small business owners all wrapped into one,” said Morgan Georgie,…
KC team leaves its mark on Superdome; How your gameday Super Bowl view could be thanks to this Lenexa firm
A five-year, $560-million renovation at the Ceasars Superdome in New Orleans culminates Feb. 9 in a Super Bowl rematch featuring the hometown team of an engineering firm responsible for much of the work at the massive historic arena. Henderson Engineers, a Lenexa-based building systems design firm, recently completed a wide range of renovation projects within…