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
KC Biohub leader bullish on Tech Hubs funding after region missing from latest grants list
Kansas City is still in the running for a chunk of the remaining $280 million in expected funding for federal Tech Hubs implementation grants, said Melissa Roberts Chapman, emphasizing the region remains primed and competitive in the process despite the KC BioHub not being among the latest awardees announced by the program. Six other projects…
KCMO secures $11.8M to expand city’s EV charging infrastructure, targeting underinvested neighborhoods
A freshly charged tranche of funding is expected to help power Kansas City’s efforts to install 256 new electric vehicle charging points across urban and suburban areas of the city, Mayor Quinton Lucas announced Tuesday. “This project will help cement Kansas City’s commitment to sustainable transportation and access to electric vehicle resources,” Lucas said. “A…
Houston-based fund leads effort to restore KC’s iconic Garment House with $3.2M already invested
A strategic investment in Kansas City history is expected to bring new purpose to a downtown building known locally as The Garment House — creating what developers envision as an eclectic, but contemporary experience. Revitalization Unlimited — a fund dedicated to preserving historically significant U.S. real estate and legacy industrial businesses in local communities —…
Score a high-end ‘Kingdom Coat’ in time for KC’s love story with the Chiefs; popup sews in fashion designer’s own lifelong fandom
Kansas City fashion designer Christian Michael Shuster’s latest collection is skipping the runway and hitting the gridiron, he shared. The lead designer and president of the christianMICHAEL fashion label — known for his outerwear and signature diamond-quilted fabric — has kicked off his “Kingdom Coats” collection just in time for the NFL playoffs and the…