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
Web3 conference aims to demystify blockchain, making evolving tech more accessible
The future of blockchain has arrived, said Shekhar Gupta, noting that since the technology first gained mainstream interest, it has proven critical in a wide range of use cases that could help to reshape the world as consumers and innovators know it. “A lot has changed in the last three or four years in the…
KC startup’s assests acquired by InnovaPrep; founder says best partners share ‘niche’ expertise
Clara Biotech was one of the first startups to complete BioTools Innovator’s accelerator in 2021, said Jim West; now the Kansas-built startup’s CEO is fully aboard the entrepreneur-boosting effort as associate director — and with his own company’s exit behind him. West, co-founder of Clara Biotech — which launched first-of-its-kind cancer detection in 2015 from…
Art Garden KC grows maker market from Sunday pop-up to seasonal shopping experience
While unpredictable Midwest weather canceled the outdoor finale of Art Garden KC’s season this weekend at the Berkley Riverfront, the spirit of the maker market will pop up again soon with an indoor event in the Crossroads. Art Garden KC’s Beggars Bazaar — set for 6 .m. to 9 p.m. Friday Nov. 3 — returns…
KU unveils ‘Origin Stories’ of its best-known traditions; project reunites KC artist with her alma mater
LAWRENCE — An installation inspired by a phrase deeply familiar to University of Kansas alumni and fans across the region — “Rock Chalk Jayhawk KU” — is set to be permanently displayed on Mount Oread, diving deep into the origins of the local traditions. “It all began with being interested in the origin stories of…