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
Co-founder of nonprofit that boosts Black businesses among two winners of $100K Pinnacle Prizes
Brandon Calloway reflects the best of Kansas City’s young leaders, said Maurice Watson, announcing the G.I.F.T. co-founder as one of two winners of the 2022 Pinnacle Prize — an award that comes with a no-strings-attached $100,000. “Brandon grew up in the urban core and is motivated to make social and economic conditions better than those…
Bank of America awards $200K to Pawsperity, a social venture startup supporting struggling parents
Two Kansas City nonprofits are expected to receive hefty, multi-year grants from one of the nation’s banking giants — focusing on direct funding and leadership development — including a social enterprise that uses dog grooming to improve parents’ quality of life. Bank of America on Tuesday announced Pawsperity, formerly The Grooming Project, as one of two “Neighborhood…
InvestMidwest says in-person capital conferences are back; returning to Kansas City in 2024
A long-running investment conference that previously showcased Kansas City startups to crowds of regional and national funders is expected to resume its in-person events this spring in St. Louis. The InvestMidwest event series — which rotates between Missouri’s two major startup hubs — is set to return to Kansas City in 2024. Exact dates for…
Endeavor could bring its global capital network to KC startups; leaders weigh its local need
Leaders from the Heartland division of Endeavor on Monday gave local entrepreneurs a first look at capital, resources, and programming that could come to Kansas City as the global nonprofit considers expansion into the region. During the preview event, organized as part of Global Entrepreneurship Week, representatives from Endeavor’s regional office in Northwest Arkansas discussed…