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
Fortune 500 company says it’s bringing 2,000 jobs paying $100K to OP’s former Sprint campus
No better proof that ‘Kansas City has the capacity and competitiveness to meet this moment’ A globe-spanning fintech leader’s plan to create a new strategic hub in Overland Park is expected to include a $4 billion payroll investment in the Kansas City region over the next decade, the company said this week. Milwaukee-based Fiserv officially…
Why executing even the greatest startup idea first requires sales (and beyond-superficial curiosity)
That sexy pitch alone might not get your startup its first customer, said Lee Walter, noting that lasting success relies heavily on jumping outside the vaunted “ideation” phase to truly question a venture’s value. Walter’s revelation — born from a sales career that stretched from selling school lockers and coffee beans to commercial espresso machines…
Mr K finalist reveal: Meet the 10 contenders for KC Chamber’s Small Business of the Year
The KC Chamber just announced the 10 finalists for its prestigious 2025 Small Business of the Year honor — setting the stage for a two-month campaign for selected entrepreneurs that ends this summer with one company crowned the Mr. K Award winner. “Small businesses remain the driving force of Kansas City’s economy, and we couldn’t…
USDA approves KC biotech startup’s secret weapon in the fight against cancer in dogs
Full USDA approval of a Kansas City startup’s bone cancer therapy for dogs reflects a more-than-decade-long commitment to improving the lives of pets and their families, said Tammie Wahaus, CEO of ELIAS Animal Health. The U.S. Department of Agriculture Center for Veterinary Biologics recently approved the first-in-class ELIAS Cancer Immunotherapy (ECI) treatment for canine osteosarcoma…