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
Shop Small: 5 gifts made locally that don’t scream ‘Kansas City’ (KC Gift Guide)
Editor’s note: This feature is the fifth in Startland News’ five-part holiday gift guide showcasing Kansas City makers and their products. Check out the featured maker below, then keep reading for five gift ideas to get started. It’s only fitting that Whitney Manney’s favorite Christmas gift memory comes packed with references to her future fashion…
Troost restaurant teases key ingredient to KC’s best chicken and waffles
Tameisha Martin was tired of watching dreams go to the grave, she shared. “Ever since I could remember, my mother and my grandmother talked about wanting to open their own restaurant. They loved cooking for church and community events. … Unfortunately, my grandmother is gone now, so she didn’t get to see this dream come…
How investments in Black businesses can help close KC’s racial wealth gap
Editor’s note: This story was originally published by The Kansas City Beacon, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and Missouri Business Alert. Click here to read the original story. When Denisha Jones launched her business, Sweet Peaches Cobblers, in August 2020, it was just…
Shop Small: 5 gifts for the KC sports fans on your ‘nice’ list (KC Gift Guide)
Editor’s note: This feature is the fourth in Startland News’ five-part holiday gift guide showcasing Kansas City makers and their products. Check out the featured maker below, then keep reading for five gift ideas to get started. Adam Worrel’s favorite Christmas gift as a child actually foreshadowed his life to come. One year, the Hewn…