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
Russell Stover chocolates — a KC tradition for 100 years — still bring holiday cheer
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. The iconic Kansas City-based company is still growing, and attributes its success to the warmth and comfort people feel when they…
O Christmas weed: Missouri dispensaries ring in first holiday season with legal marijuana
Editor’s note: This story was originally published by Missouri Business Alert, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and The Kansas City Beacon. Click here to read the original story. Since Missouri began recreational-use cannabis sales in February, the industry has averaged $117.8 million…
KC tattoo culture inked on ‘Maker Nation Challenge,’ paying homage to legendary Grimm family
A new streaming TV series left its mark on a legendary Kansas City tattoo artist after the first of two challenge episodes featuring local entrepreneurs and creatives debuted — showcasing KC’s top tattoo talent tussling without drawing blood. “It was the best party I’ve been to all year. I had such a great experience,” said…
If support for LGBT employees doesn’t seem obvious, this new chamber leader would like a word
Kansas City’s LGBTQ+ community shouldn’t have to face its battles alone, said Tracey DeMarea, emphasizing the impact of allyship and the growing need for stronger support from the region’s business community — regardless of whether a company considers itself LGBT-owned. “Equity isn’t just an issue for businesses that know they have LGBT leadership or employees,”…