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
Sports tech founder: Team’s years of work laid groundwork for Forbes 30 Under 30 honor
Being named to Forbes’ 30 Under 30 for sports — alongside athletes like Lamar Jackson, Kyle Kuzma, and Ronald Acuna — adds more fuel to the fire for Austin Barone, the 29-year-old co-founder of Just Play Sports Solutions. “The growth we have experienced over the past few years has been tremendous, so to receive this…
KC Rainbow Tour highlights LGBTQ+ history: You can legislate us, but our stories keep us alive
Kansas City’s LGBTQ+ history is one of its best kept secrets, Joel Barrett said, explaining his journey to share a wealth of local lore with residents and visitors alike. The KC Rainbow Tour — a free, 90-minute self-guided driving tour — uses the VoiceMap app to highlight about 20 destinations with LGBTQ+ significance, including the…
Baller move: With hometown Costco deal taking shape, Mitzi Dulan is getting her own protein-fueled boost — a first paycheck
Mitzi Dulan’s dream of shopping for her SimplyFUEL protein balls at her local Costco has finally come true, she shared: a goal seven years in the rolling. As of Dec. 1, the Midwest region of the wholesale giant — which includes 114 locations in Kansas, Missouri, Ohio, Michigan, Illinois, Wisconsin, Minnesota, Nebraska, Indiana, Iowa, Kentucky,…
‘Those are fighting words’: Why Weston Bergmann won’t stop until ‘The Blox’ changes every challenger’s life
With the largest live-in startup competition now available on Amazon Prime Video, the stakes have never been higher and the potential never greater for “The Blox” — a show where the reality TV format is mined to turn entrepreneur education into entertainment. “The demand to be on the show has exponentially grown, and with it…