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
Sporting Innovations reveals name change
Sports tech company Sporting Innovations is kicking off 2016 new branding. The company announced Monday that it’s changed its name to “FanThreeSixty” to better reflect an “ongoing transformation” and to better connect to its software platform of the same name, FanThreeSixty CEO Robb Heineman said. “We feel the timing is ideal for evolving our brand…
Local students win national design contest for Royals World Series trophy
When it comes to baseball, in appears Kansas City is still on a hot streak. Three students from Pembroke Hill School recently beat out dozens of professionals in a national contest to design a World Series trophy for the Kansas City Royals. The 11th-grade students — Samuel Hrabko, Raghav Parikh, and Momin Tahirkheli — entered…
Events Preview: Pipeline IOTY
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW Intentional Collisions When: January 20 @ 9:00 am – 4:30 pm Where: Sprint Accelerator Once a month, the Sprint Accelerator organizes a…
Amid success, the Kansas City Startup Village is shrinking
It’s Nov. 13, 2012, and Kansas City’s Spring Valley neighborhood is in a frenzy. TV vans line the streets near 4454 State Line Road, the first house to receive Google’s ultra fast Internet service in the Kansas City, Kan. neighborhood. Reporters jockey for access to a handful of entrepreneurs and techies that moved to area…