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
Events Preview: Athena League, investor pitch
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 Don’t miss out tonight Athena League July VOX When: July 23 @ 5:30 pm – 7:30 pm Where: Village Square Coworking Studio…
Sharing economy hits agriculture with FarmLink service
A new-age economic model is entering the world’s oldest industry. Kansas City-based FarmLink introduced this week its Web-based farm equipment sharing community MachineryLink Sharing, which the company says will enable farmers to save money and generate revenue. “Agriculture is in the midst of its next big transformation, where new thinking and business models that have revolutionized…
Metactive lands $224K for nonclinical studies
Olathe-based Metactive Medical recently secured a grant that will continue the development of its embolization device that fights cancer. The National Institutes of Health awarded Metactive $224,000 that will fund nonclinical studies on the performance of the company’s Blockstent Microcatheter embolic devices for the occlusion — or blockage — of peripheral arteries and veins. “We believe…
Mighty Handle grips massive market with Walmart deal
A Kansas City startup recently grabbed a retail deal that will put its product in front of millions of customers. Mighty Handle last week signed a deal with Walmart stores that will roll out its product to help users carry multiple shopping bags at about 3,500 stores nationwide. So what’s it mean for Mighty Handle…