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
New owner plans Vietnamese redux with modernized experience at Northland bánh mi spot
Quick service. Customization. Simple menu. Meals made-to-order in front of the customer. Chipotle was built on this service model. Now Peter Nguyen wants to bring it to his new Vietnamese restaurant, and even use that system to start a franchise of his own. In August, Nguyen purchased the former Bun Mee Phan restaurant at 4011…
Office with a pew: Coworking veterans hail ‘untapped potential’ of unused space within churches
A coworking space and a church — united around the idea of building community — formed a unique partnership earlier this year in Kansas City’s northland, said Bob Martin. The CO-OP at Shoal Creek — which Martin and Heather Heckroot opened in January — has taken up residence at Shoal Creek Community Church in Pleasant…
Digital Inclusion Fund awards $75K for devices to KC nonprofits working to get residents online
A relaunched Kansas City-area fund is expected to help residents struggling because of a lack of simple tech resources: devices that might often be taken for granted among their neighbors for whom the internet — and the opportunities that come with it — is already easily accessible. Eleven nonprofits in the region recently were awarded a…
Biden-Harris official tours KC BioHub; region prepares to reapply for federal Tech Hubs funding
A visit from a top federal economic development leader early this month offered regional leaders an opportunity to showcase and build upon Kansas City’s strategy to increase domestic production of life-saving vaccines within the footprint of the newly established KC BioHub. Maryam Janani-Flores, chief of staff for the U.S. Department of Commerce’s Economic Development Administration…