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
Flyover Capital closes its Tech Fund II over $60M, targeting new seed, post-seed startups
Tech startups raising seed and post-seed funding will benefit most from the close of Flyover Capital Fund II, the venture capital firm said, announcing Thursday its oversubscribed close. “The oversubscribed fund brings Flyover Capital’s total assets under management to approximately $110 million,” the Overland Park-based venture capital firm said in a release, outlining plans for…
It’s ‘Teacher Appreciation Year’ as blooom launches 12 months of free services for educators
After an especially difficult year for teachers — navigating safety protocols and virtual classrooms, among other pandemic challenges — a Kansas City startup plans to offer its finance and retirement services free to educators for 12 months and at any price level, said Chris Costello. “Many [traditional] plans are needlessly expensive and complicated, which is why…
Voting now open: Startup’s stem cell scaling solution vies for ‘Coolest Thing Made in Kansas’
An Olathe biotech lab is once again growing “Coolest Thing Made in Kansas” honors with its breakthrough technology to help researchers produce stem cells at a massive scale to help fight pandemics and global diseases. T-Blocks were announced Tuesday as one of the Top 32 contenders in the Kansas Chamber’s annual Kansas-made tournament, which highlights…
KC startup releases ‘eVaccine passport’ with state registry verification, alerts for booster shots
Employers and event organizers hoping to promote safety amid the flourishing Delta variant and the threat of fraudulent CDC vaccine cards have a new tool, said Jeremy Elias, announcing a Kansas City-built solution to track and confirm individuals’ COVID-19 vaccine statuses. TrackMy Verivax empowers businesses to capture data, track compliance, report on vaccine administration and…