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
‘No regrets’: KC startup Knoda closing its doors
Rather than lamenting the death of their company, a team of startup founders is drawing valuable lessons from their entrepreneurial experience and forging ahead. Kansas City-based Knoda — which created a social platform allowing users to make, track and rank various predictions — recently announced to users that it was going to shut down operations.…
Without further ado, LaunchKC announces top 20 finalists
After weeks of application reviews, LaunchKC has announced the top 20 contenders in their Kansas City-based grant competition. With a special kudos to Kansas City, 12 of the top 20 are from the metro area. Of the remaining eight finalists, seven are from seven U.S. states; and one from Santiago, Chile. Three of these non-Kansas City…
GigaPower coming to northeastern Johnson County
AT&T announced this week that the company is expanding availability of U-Verse with GigaPower, its latest high-speed internet service aiming to compete against Google Fiber. The service is coming to Fairway, Mission Hills and Prairie Village, the company announced Monday. GigaPower appeared in the Kansas City metro area in February in parts of Kansas City,…
KC startup lands six PGA partnerships, more on the way
Jason Gregory is feeling pretty confident his company will be the exclusive partner for at least half of the PGA American independent sections by next year. CaddyX is a golf bag transportation company that takes the leg work out of golfer’s experience by letting them schedule pick up for their clubs with the click of…