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
Do The Right Thing: Utopia Point extends ‘beacon of light’ to those left in the shadows, in need of care
The following profile features one of five finalists for the “Do The Right Thing” social impact pitch competition organized by the KC BizCare Office, Economic Development Corporation of Kansas City and Startland News. Finalist features will be published throughout the week. Click here to read more features. Click here to vote for your favorite finalist…
Rock Island Bridge delays opening; over-the-river entertainment hub set to debut spring 2025
The opening of a “destination landmark bridge” — set to reshape Kansas City’s West Bottoms amid an aggressive district-wide redevelopment boom — is now expected to be pushed back to spring 2025 as leaders of the Rock Island Bridge project refine plans for its public debut. “To ensure everything is in place and working at…
This emerging fintech powerhouse is on a roll; how Cyphr models what’s possible with the right backing
On the journey to closing what’s believed to be the largest pre-seed investment raised by two Black women in the fintech industry in Missouri, the co-founders of Kansas City-based Cyphr accepted the challenges in front of them and rode through noise, said Jannae Gammage. “I always knew that raising money as two Black women would…
Do The Right Thing: Startup helps college applicants boost their odds, inserting character alongside test scores
The following profile features one of five finalists for the “Do The Right Thing” social impact pitch competition organized by the KC BizCare Office, Economic Development Corporation of Kansas City and Startland News. Finalist features will be published throughout the week. Click here to read more features. Click here to vote for your favorite finalist…