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
Leave KC better than you found it: How matching growth to city’s needs is paying off
Editor’s note: The following is the first in a four-part series exploring the verticals and impact of initiatives within the Economic Development Corporation of Kansas City through a paid partnership with EDCKC. Wrong tool can wreck a neighborhood; Precision development key to avoiding gentrification’s negative impacts Homegrown startups can redefine KC; they just need help…
Brothers bringing Jerusalem Cafe, Chick-In Waffle, sober bar mashup to Power & Light
The Kansas City Power & Light District is getting a new flagship venue that will combine two popular local restaurant brands and a new mocktail bar/coffee shop concept. Brothers and second-generation restaurateurs, Dennis and Adam Alazzeh, are taking a 6,300-square-foot space at 131 E. 14th St. and — after a major renovation — plan to…
Chicken footstools gain fine art foothold through collaboration with no pecking order
A pair of two-dimensional designers at Ampersand Design Studio and their three-dimensional collaborators at The City Girl Farm just flocked together to release a new collection of two-foot-tall fiber-feathered fowl “footstools.” “Birds of Feather” — a 19-piece assortment of sculptural chickens crafted by the two women-owned businesses (inspired by Ampersand’s bold and colorful brand; translated,…
UMKC pitch challenge awards $95K+ for ‘entrepreneur state of mind’ in and outside the classroom
Winning $15,000 in Friday’s pitch competition at UMKC’s Regnier Venture Creation Challenge felt like the culmination of years of hard work and development, said Iyshia Sims. “Oh my gosh, I’m just so proud of myself,” said Sims, founder of ‘Amir’acle Body Butters and More. “I felt really good after the pitch, I have pitched a…