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
Mentorship opportunities abound in KC
Those hoping to further their businesses with the help of seasoned professionals need not look far. An array of opportunities await professionals seeking help to find their way through the foggy labyrinth of creating a business. Organizations such as KCSourceLink, which helps startups and small businesses find resources to grow, work to connect entrepreneurs with…
KC learning, sharing stories at TECHNA conference
Dozens of leaders in North American technology will be arriving in Kansas City this week to learn about area successes like Google Fiber and the Cisco Smart City project. Set for Wednesday through Friday, the annual Technology Councils of North America (TECHNA) conference will host about 60 cities’ technology councils from the U.S. and Canada.…
SpiderOak nabs $3.5M for ‘Zero Knowledge’ software
SpiderOak recently closed a multi-million dollar round that will grow its team and boost development of its privacy cloud software. The company, which creates software that encrypts data without ever learning its actual contents, raised a $3.5 million Series A round that also will help fund its transition from Chicago to Kansas City. Chicago-based OCA…
Google lauds Kansas City tech in congressional hearing
Dirt off your shoulder, Kansas City. Search engine giant Google added a proverbial feather to Kansas City’s tech hat Thursday while testifying in a U.S. Congressional hearing. In a hearing with the House Energy and Commerce Subcommittee on Communications and Technology, the tech titan said Kansas City has been transformed as a result of Google Fiber’s…