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
Spring in the face of ‘doom and gloom’: KC Can Compost grows green infrastructure while expanding its own footprint
The market for commercial composting services goes well beyond restaurants hoping to dispose of food scraps — a welcome discovery for Kristan Chamberlain, who saw such specialized demand disintegrate in 2020 amid a pile of bad news for struggling eateries. Today, KC Can Compost has helped divert more than 1.4 million pounds of waste from…
Pink Lipps hits Target, putting KC cosmetics line in 41 retail markets where Black shoppers bring green
There’s no glossing over it, Kenyata Gant said. Black-owned businesses are thriving in the Midwest — and big box retailers are taking notice. “I couldn’t believe it,” recalled Gant, owner of Pink Lipps Cosmetics, announcing the Kansas City-based cosmetics startup’s acceptance into 41 nationwide Target stores. “I would always say how I would love to…
College student develops investing app for teens with $500K pre-seed confidence boost
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. This series is possible thanks to the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. LINCOLN,…
I can do that (better): How a home laser engraver burned a handcrafted apparel line — now sewn across KC — into reality
Family man Brett Jackson wears his evolution as a serial entrepreneur as proudly as the Kansas City-love engraved on his line of custom leatherwork, hats and apparel, he said. “The desire to continue to create propelled me into wanting to create physical items and tangible things,” said Jackson, a nationally recognized graphic designer and video…