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
New in KC: Elizabeth Pishny treks from farming to human trafficking, Facebook to Google, Austin to KC
Editor’s note: New in KC is an ongoing profile series that highlights newly relocated members of the Kansas City startup community, their reasons for a change of scenery, and what they’ve found so far in KC. This series is sponsored by C2FO, a Leawood-based, global financial services company. Click here to read more New in KC profiles. While Elizabeth Pishny is…
WATCH: Master craftsman builds on military career — a catalyst to avoid wasted opportunity
Tony Bien cuts lumber. He might even cut into a melon. But service in the Kansas Army National Guard taught the hands-on force behind Swell Spark’s in-house design workshop to avoid cutting corners. “I’ve been very blessed in my career with the Army and with what I am doing now,” said Bien, who serves as…
Meet six newly funded companies helping get KC’s economy ‘back on track’ with Digital Sandbox
Digital Sandbox funding is a game-changer for CuePlay — one of six companies selected for the proof of concept program’s latest cohort — said founder Rebecca Simons, who first launched the idea two years ago at Techstars’ Startup Weekend in Kansas City. “It allows us to finish the development of a beta app and get it…
Tile Five climbs higher with $1.5M seed round for Approach spinout, set to onboard 200+ gyms by year’s end
A $1.5 million funding round for Kansas City-based Approach is expected to further develop the future of gym operations — a growing industry, primed for disruption, Andrew Potter said. “Gym operations are becoming more and more efficient and are leveraging technology and data to help drive business decisions,” explained Potter, founding partner. A platform of Tile…