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 startup pairs with blockchain platform to build trust, value in premium beef genetics
A newly announced strategic collaboration is expected to help Lenexa-based Vytelle promote the value of feeder cattle, while simultaneously bringing more transparency to a critical market segment within the beef industry. The initiative between Vytelle and BlockTrust Network — an API-driven platform that leverages blockchain technology to enhance trust within the beef supply chain —…
Make it Red February: Here are 20+ must-see additions to your KC closet (Super Bowl edition)
The haters might have counted the Kansas City Chiefs out of Super Bowl contention after a lackluster regular season, but these shirts from across the spectrum of KC makers are for the fans who relish the role of underdog, villain, road warrior, and, of course, Swiftie. Check out 20-plus new designs to intercept before the…
Taylor Swift’s Super Bowl ring: How a $14 gold loop on the world’s most famous popstar scored big for this KC maker
Emily Bordner couldn’t believe the once-in-a-lifetime response to her Travis Kelce-themed ring’s appearance on the finger of one of the world’s biggest celebrities. “I’m still in shock,” said Bordner, owner of EB and Co., after images of superstar Taylor Swift rocking her jewelry at the AFC Championship Game on Sunday exploded on social media and…
It’s showtime for KC makers as demand for Super Bowl gear hits the jackpot: Go BTS with Charlie Hustle
Even though the Kansas City Chiefs are headed to their fourth Super Bowl appearance in five years, Jordan Betts shared, fans are still snatching up merchandise like it’s the first time. “These aren’t even winning-the-Super Bowl shirts,” said Betts, communications manager for Kansas City-based Charlie Hustle, referencing the apparel brand’s newly debuted “Showtime in Vegas”…