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
Influencer vows to ‘keep it smooth’ amid TikTok career highs, family health lows
Editor’s note: This story was originally published by Spark MHK, a non-profit, community-based hub of programming and networks designed to connect entrepreneurs, startups and small business owners to each other and the larger ecosystem in the Greater Manhattan area. Click here to read the original story. The day JahVelle Rhone learned he’d been accepted to TikTok’s 100…
Hot biskuits on the rise: Classically-trained chef brings long lines, culture, collaboration to North KC
Guroux Khalifa had $150 to his name when he set out to serve the best biscuits Kansas City ever tasted, he shared. “A lot of painstaking work, time, love and passion has been put into creating this amazing product. The people who really understand the value and quality of that product have stuck around and…
Dolphin Tank makes a splash with women in tech: Meet the next three founders pitching
The Dolphin Tank pitch showcase returns to Kansas City this month with a trio of women-led tech startups riding a wave of heightened exposure for their ventures. Now in its second year in Kansas City, Springboard Enterprises’ Dolphin Tank is set for 5 p.m. to 8 p.m. Tuesday, Feb. 28, at Polsinelli, 900 W. 48th…
Chiefs celebration turned much of downtown KC into a parking lot; Startups along the parade route got to work, joined the party
Prime locations along the Chiefs championship parade gave several local startups an opportunity to celebrate with their team members and families Wednesday as traffic and business largely came to a halt across midtown and downtown Kansas City. “It’s not every day Chiefs players are walking the streets out front and waving at our team in…