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
Plug and Play selects KC startup for Topeka accelerator; Top City beginning to believe in itself
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. Plug…
How watching a 1-minute video could help a Kansas City startup win $200K
TL;DR — Clara Biotech needs views and likes on a company explainer video in order to advance in a highly competitive pitch event. Click here to watch the video or keep reading. Online audience support could help propel a local biotech startup into the finals of an Oct. 15 pitch competition where the winner will…
United WE powers forward with initiative to appoint women into government positions
Kansas Gov. Laura Kelly saluted United WE Wednesday as the women-focused nonprofit celebrated 30 years of change-making across the two-state region — from strengthening workplace benefits to empowering more women into civic leadership. “United WE is making a huge difference. Just this year, United WE partnered with my office to significantly expand parental leave benefits…
KC company packages guilt-free plastic alternative with new fashion line by Grammy-winning Ciara
A Kansas City company’s groundbreaking biodegradable packaging will help send shipping waste from a fashion icon’s new clothing line back to the earth, officials from Biolo announced Thursday. LITA by Ciara — The House of LR&C’s new consciously created, ready to wear collection, inspired by Grammy award-winning singer Ciara — will include sustainable packaging for…