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
She was prepared for a ‘no’ but Niki Baker’s blind outreach scored her exclusive licensing with her alma mater
Faithful to her colors, Niki Baker’s fondness for Kansas State University is unwavering long after she left its campus behind to pursue an art career and a family, she said. Pouring her maker’s mission out on canvas and painting possibility, Baker is now one of the rare few to hold a piece of her alma…
Two Black, women-owned bookstores open conversation on police abolition; Why this UMKC alumna says it could reduce gun violence in KC
Two of Kansas City’s newest Black-, woman-owned bookshops are teaming up to host Derecka Purnell — human rights lawyer, author and University of Missouri-Kansas City alumna — for a community discussion on police abolition and eliminating harm. Aya Coffee + Books and BLK + BRWN are presenting “Community Book Chat with Derecka Purnell” 6:30 p.m.…
KC Tech Council elevates apprenticeship leader to COO, concluding succession plan after CEO’s departure
A leading advocate for the region’s tech community announced this week a promotion from within as the KC Tech Council transitions to new leadership after longtime CEO Ryan Weber left the organization this spring. Newly-announced chief operating officer Erin Christensen, who has served as the tech council’s program manager since October 2020 and leads its…
Bring out your good: Un-Dumpster Day launches Saturday with mission to de-clutter
As residents across Kansas City prep for the final weekend garage sales of the spring, a locally-launched website is offering an easier — and more environmentally sustainable solution: connecting those who have personal items to donate to the people, pets and nonprofits that need them. “What we thought was, ‘Why not make a one-stop drop…