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
RECAP: 1 Million Cups features MotaVera and YouSpin
Kansas City’s 1 Million Cups event was on display this week with a full room and a camera crew on hand, recording content for an upcoming website update. The two featured startups — MotaVera and YouSpin — rose to the challenge of the added pressure, and introduced attendees to their respective startups. First to present…
KC luxury watch startup, Niall lands in Tivol stores
Luxury timepiece-maker Niall will soon be selling its watches with one of Kansas City’s most prestigious jewelers. The Kansas City-based watchmaker will start selling its timepieces at two Kansas City Tivol stores on June 18, offering it both exposure and validation, Niall CEO Mike Wilson said. Tivol is the company’s first major retailer, Wilson said.…
Kauffman Foundation selects familiar face as new CEO
After a yearlong, nationwide search for a new CEO, the Ewing Marion Kauffman Foundation wound up selecting one of its own. The Kansas City-based foundation selected Wendy Guillies as the Foundation’s new president and CEO. Guillies, who previously served as interim CEO and vice president of communications for the foundation, joined the organization in April…
EyeVerify enters new European market with Vodafone deal
Biometrics tech company EyeVerify is continuing its global expansion into Europe with a new deal. The Kansas City-based firm recently announced a licensing and marketing agreement with Turkish security tech company Olcsan CAD. The deal makes Olcsan the exclusive distributor of EyeVerify’s eye vein biometrics technology, or Eyeprint ID, throughout Turkey. “We’re pleased to partner…