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
Equal Minded Cafe serves a wealth of wins as taste buds power Troost bistro’s word-of-mouth appeal
Dontavious Young will happily brew customers at Equal Minded Cafe a chai or latte, but his main goal is to blend ideas, not ingredients. “Our mission is to provide resources, opportunities, and connections to people from all districts of Kansas City,” said Young, the property owner, event coordinator, and cafe manager at Equal Minded Cafe.…
City leader: Newly OK’d limits on Airbnbs will help keep Kansas Citians from being priced out of homes by unchecked rentals
Voter approval of a pair of ballot measures that regulate and tax short-term rentals will boost the city budget and make neighborhoods more affordable as brands like Airbnb and Vrbo continue to operate in Kansas City, said Eric Bunch. “The successful ballot questions are really about making this city whole on our financial expectations and…
Grow with us: The Rolling Garden plants perennial vibes from its new North KC shop
A houseplant oasis on wheels is putting down roots in the Iron District as the small business’ life cycle sprouts new opportunities for owners Tryce Nelson and Steven Morrill. “We’ve rolled all over Kansas City this past year — popping up at wineries, breweries, coffee shops, universities, events,” said Nelson, who co-founded The Rolling Garden…
Wanderfest returns April 23 to Midtown alongside Flavorpak jam and other Tower East oddities
After a four-year hiatus, community members are once again invited to wander and explore a collection of local businesses dubbed the Tower East District for a special day of spring events. Wanderfest is returning April 23 to the area near 31st Street and Gillham Road, shared organizers — and the sisters behind Two Tone Press…