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
Get in front of investors: Deadline nearing for InvestMidwest premier venture showcase
InvestMidwest presents more than just an opportunity for startups to pitch to a crowd from outside Kansas City, said Kyle FitzGerald. The event — which spotlights high-growth companies seeking at least $1 million — fosters real investor connections, he added. “It’s the region’s best chance to get in front of a high volume of very qualified…
Best-in-show FitBark pet tech now groomed for 2019 launch on FitBit
Kansas City-bred FitBark is set to unleash a new partnership with industry-leading fitness wearable FitBit in early 2019, the company announced Monday. “For many of us, happiness is about helping others achieve their goals,” said Davide Rossi, CEO and co-founder of FitBark. “We may not have the motivation to get in the gym every day,…
Woof’s dog spa wagging into new markets with startup mindset, owner says
It’s a classic startup tail: Disillusionment with corporate life sends a would-be founder fetching for fresh ideas and more innovative inspiration. Woof’s Play & Stay provided Andy Wiltz the opportunity to scratch that itch, the dog spa owner said. Purchasing the plateauing brand in 2015, Wiltz turned his original Merriam location into a model for…
Destiny Wealth moving HQ to KC; former football player owes debt of inspiration to mother
Grit and the gridiron might have helped shape Parker Graham’s business acumen, but it’s the influence of his coach in the game of life who inspired Destiny Wealth — his fintech startup that soon will move to Kansas City. “My Mom stretched herself so thin and sometimes it was hard to put food on the…