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
City says ‘long overdue’ 18th & Vine plan isn’t a facade for gentrification; effort would bring retail, apartments to blighted district
Editor’s note: The following story was originally published by CityScene KC, an online news source focused on Greater Downtown Kansas City. Click here to read the original story or here to sign up for the weekly CityScene KC email review. ‘The city’s blighted and dangerous buildings have been choking the life out of the district for decades,’ business owner…
New tequila, same family: Why you’ll miss all the shots you don’t take of this soon-to-be iconic KC spirit
They’re among Kansas City’s most popular brands, Andy Miller said, distilling just how crucial it is for the minds behind Spanish Gardens, Perez, and Silva’s to get it right as they launch a new brand: Una Familia Tequila. “There were sleepless nights,” recalled Miller, founder of Una Familia and COO of Spanish Gardens Foods — the…
Whitney Manney’s fresh prints: How one KC designer’s life got flipped-turned upside down by a call from ‘Bel Air’
When the Kansas City-provoked reboot of “The Fresh Prince of Bel-Air” begins streaming Sunday, its creator won’t be the only recognizable local name to roll in the credits. “This has been a dream opportunity,” said Whitney Manney, founder of the WHITNEYMANNEY (WM) fashion label, announcing her participation in costuming “Bel-Air” — the dramatic retelling of…
This 11yo kidtrepreneur is skipping past lemonade stands, taking Nelson’s Flavorades straight to the store
A shot of flavor is headed for Hy-Vee as the grocer gives a KCK-raised kidtrepreneur the chance to stock his sellout product in a limited run. “It’s amazing,” Nelson McConnell, the 11-year-old owner of Nelson’s Flavorades, said of the opportunity to sell his lemonade blends on store shelves. Beginning Saturday, customers can visit the Mission…