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
BLK + BRWN debuts KC’s first smart bookstore with a twist: ‘I wanted to be as Black as possible’
Kansas City’s newest Black woman-owned, brick-and-mortar bookstore in Midtown has opened its doors, but customers shouldn’t judge the operation by its cover, owner Cori Smith said, revealing an additional first for the metro that has heads and pages turning. “There’s a technological aspect paired with each book,” explained Smith, owner of BLK + BRWN — Kansas…
Why KCRise Fund chose a Lee’s Summit-built criminal justice smartphone app for its first lead investment
A Kansas City startup’s smartphone-enabled alternative to ankle monitors taps into a huge courts and corrections market — with the potential for tremendous cost savings and societal impact, said Darcy Howe. And that docket of benefits presents a unique opportunity for KCRise Fund, which this week announced its lead investment in Lee’s Summit-based eHawk, added…
ParentSquare notches growth investment, fueled by KC startup acquisition, pandemic trends
A significant growth investment is expected to help push edtech platform ParentSquare’s expansion into new markets and products — nearly 18 months after the Santa Barbara company announced the acquisition of a Kansas City startup’s school communication app. The undisclosed investment by Serent Capital also follows ParentSquare’s successful navigation of pandemic-era communication needs between parents…
UpDown Nightlife caps $500K seed round with party bus partnership; app to launch this month
Building an app centered on nightlife and in-person entertainment during a pandemic requires intense focus and intentionality every step of the way, Joshua Lewis said. “It’s been a slow and steady walk to the app launch,” said the founder of UpDown Nightlife — an app that connects consumers to local bars, clubs and entertainment. “With…