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
Techstars KC on hiatus as Lesa Mitchell takes new role with Indianapolis accelerator
Techstars Kansas City is expected to “hit pause” on programming and is not returning for a 2019 cohort, said David Brown, noting the exact timing of the next program is still undecided. “Our full intention is to continue in Kansas City,” said Brown, founder and co-CEO of the national accelerator network. “We love Kansas City…
KC’s Zego acquired by San Diego firm; CEO’s smart home tech innovation to continue
Two years after leaving the successful energy company he founded for the quick pace of startup life, Adam Blake is again making a big exit. His smart home technology firm, Zego, has been acquired by a San Diego-based leader in the property management industry, the startup announced Tuesday. Terms of the deal with PayLease were…
Fund Me, KC: ‘Scarlet Knight’ returns to inner city streets with a moral dilemma about abuse of power
Startland News is continuing its segment to highlight area entrepreneurs’ efforts to accelerate their businesses. This is an opportunity for entrepreneurs — like Juaquan Allen with his Scarlet Knight campaign — to share their crowdfunding stories to gain a little help from their supporters. Who are you? My name is Juaquan “Jay” Allen. I’m a…
Design by fire: Could a Kansas City company 3-D print the Notre Dame spire?
Beyond its status as the biggest in Kansas City, the impact of Dimensional Innovations’ new $2.2 million 3-D printer could reach globally — as the homegrown company considers ways it could help rebuild the historic spire atop the Notre Dame Cathedral, said Nate Borozinski. “This thing gives us an ability — and we think an…