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
LEANLAB Education earns $200K grant from Chan Zuckerberg Initiative for public schools research
A $200,000 grant to LEANLAB Education from Mark Zuckerberg’s philanthropic arm will mark the Facebook founder’s first investment in the Kansas City education scene. “We are committed to growing partnerships throughout the country,” said Katie Boody, LEANLAB CEO. “And with the support of [The Chan Zuckerberg Initiative] we aspire to write the playbook for how…
Butterflies and brain waves: KC-area’s Healium floating with WEBBY nomination
A year of traction continues for Columbia-inflated startup Healium by StoryUP. The virtual reality solution for situational stress and anxiety recently landed a WEBBY nomination for best use of augmented reality, revealed Sarah Hill, the company’s founder. “A WEBBY nomination for a small midwest company like ours is a big deal,” Hill said of the…
Doob 3D aims to capitalize on ‘mecca for foot traffic’ with Country Club Plaza pop-up shop
If you build it, they will come. More than a quote from the 1989 blockbuster, “Field of Dreams” — the seven word mantra is what’s pushing Doob 3D to embrace the curve balls of exposing Kansas City to new technology and pinch hit with a new pop-up location on the Country Club Plaza, said Nick Nikkhah.…
Mr. K Award finalists: RFP360, KC Bier Co., Charlie Hustle among Chamber’s Top 10 Small Businesses
From one of Kansas City’s most popular breweries to a startup that streamlines the RFP process to an apparel company known for its big heart, 10 small businesses received surprise visits Friday — each now a finalist for the prestigious Mr. K Award. “The Greater Kansas City Chamber of Commerce showered us with confetti today…