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
Ahead of Valentine’s, e-commerce floral shop Zinnia prunes itself to grow
Zinnia is not your mom-and-pop local florist — although the company did have a brief iteration as one lasting about a blink last year. It’s also not your big-box, online flower retailer — although their ecommerce site is a beautiful example of what a website focused on the customer experience can look like. The company…
LaunchKC delivering another $500K in 2016
Kansas City’s popular grant competition, LaunchKC, will be doling out another $500,000 in 2016 to startups around the world. LaunchKC in April will open the application period for its international competition, which will issue ten $50,000 grants to winners during the second-annual Techweek Kansas City conference. Drew Solomon, vice president of business and job development…
Key legislator optimistic in the future of Kansas’ angel tax credits
A Kansas lawmaker overseeing discussion on the future of the state’s angel investor tax credits is confident the program will be made a budgetary priority by his peers in legislature. Rep. Marvin Kleeb, R-Overland Park, said that he and fellow members of the Kansas Committee on Taxation listened to thorough testimony Wednesday during a hearing…
5 reasons your startup isn’t attracting investors
Last week, Techstars managing director John Fein told us that one of the main complaints he hears from Kansas City investors is that there aren’t enough fundable startups. Investors may be right, but it’s not necessarily a lack of good ideas. Today, Kansas City investors are looking for more than the next big idea: they’re…