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
Kansas City is a top 10 locale for women-owned businesses
The Kansas City area is a top destination for women to own a business, according to a new report. A study released Monday by personal finance website WalletHub placed Kansas City in the top 10 U.S. cities for women-owned businesses. WalletHub ranked the 100 most-populated metropolitan areas, doling out points for new business friendliness, female…
Local, artificial intelligence firms enter the Sprint Accelerator
There’s a bit of local flavor in the latest class of startups to enter the Techstars-led Sprint Accelerator. Now hosting its third batch of startup companies, the accelerator welcomed ten new companies to its three-month program, including one from Kansas City and another from Lawrence. Super Dispatch, based in Kansas City, and Mycroft, based in…
Locally-made drone designed to save servicemen, civilians’ lives
An injured soldier is miles away from medical help, holed up in a countryside village. Reaching him by medevac helicopter isn’t an option and ground Humvee ambulance will take hours. The soldier doesn’t have hours. Usually, it’s a scenario that unfortunately results in death. But Pulse Aerospace, based in Lawrence, Kan., is working to change…
Fighting the Silicon Valley monster and why startups leave the Midwest
Here’s this week’s dish on the booming ed tech sector, how other communities can contend with Silicon Valley and the realities of startup relocation. Check out more in this series here. Biz News: How the rest of America can compete with Silicon Valley Silicon Valley is the “center of the new-business universe,” according to Dileep…