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
First couple of KC Dapper Rap launching first-of-its-kind coworking space for city’s urban core
A new self-style space in Midtown is expected to offer hair, beauty and wellness entrepreneurs an opportunity to cowork under one roof without the burden of securing financing or paying for utilities, said Lauren Euston. “If you are a busy stylist or busy wellness professional and you are working hard to reach the next level…
The Prospect: ‘Cutthroat Kitchen’ winner on the move with chef-inspired workforce training
Everyday consumers can elevate Kansas City through the simple of act of eating a meal, said Chef Shanita McAfee-Bryant. Her in-the-works non-profit urban eatery concept — The Prospect — caters to a marketplace hungry for culinary-oriented workforce development training: students looking for a window into entrepreneurship through cooking, said Bryant, 2014 winner of Food Network’s…
BacklotCars parks another $25 million in Series B round led by NY-based investor
KC-fueled BacklotCars will further its mission to disrupt the wholesale automotive space, thanks to the close of a $25 million Series B funding round, the company announced Monday. Led by New York-based growth equity firm, Stripes, the round brings BacklotCars — which seeks to ease pain points for automotive wholesalers — to $38 million in…
ModRN Health aims to break down primary care with $35-a-month membership model
ModRN Health is injecting life into a decaying healthcare system through holistic approaches, said CaRessa Hutchinson. “[Patients practically need] a medical degree to be able to navigate the healthcare system. It’s ridiculous,” said Hutchinson, co-founder of the Overland Park-based healthcare platform dedicated to ‘filling in the gaps” for patients. “People are just so overwhelmed and…