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
EDCKC selects 2019 Cornerstone Awards finalists; May celebration to honor Emanuel Cleaver
Innovators and leaders in new construction, redevelopment, capital investments, job creation and expansion projects in Kansas City, Missouri, are set to be honored in late May at the 2019 Cornerstone Awards. The Economic Development Corporation of Kansas City, Missouri, (EDCKC) announced 22 finalists for the honors today. “The Cornerstone Awards are a chance to take…
KC Rising update: Kansas City falling short in economic race with peer markets
Bill Gautreaux sounded the alarm with a mixed refrain meant as a KC Rising call to action: “We’re good, but we’re not good enough.” Throughout a recent KC Rising update on the region’s economic growth, Gautreaux and other KC Rising leaders championed Kansas City’s efforts to move the needle, while also lamenting the slow speed…
Startup advocates rally, demand KCMO invest more of its $1.73B budget in entrepreneurs
If Kansas City leaders want to build a stronger community, they should start by supporting early stage entrepreneurs, said Lesa Mitchell. “I’m simply here to say — we’re not spending enough money … and we need to look at it,” Mitchell, managing director of Techstars Kansas City, told KCMO city council members Saturday during a public…
Edison Spaces selects two startups for its inaugural Jumpstart office space giveaway
The first fruit to bare in an effort of ecosystem elevation, two Kansas City startups have received a jumpstart — courtesy of Edison Spaces, the flexible office space provider announced Friday. “Ultimately, we know the challenges entrepreneurs face when starting a business, because we ourselves faced these challenges,” said Matt Druten, Edison Spaces CEO. A barrier…