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
Nickel & Suede couple create their hook with style, influence and fast-selling leather earrings
Feeling is believing, said Kilee Nickels, the fashion inspiration behind Nickel & Suede. “You may not remember you’re wearing our earrings until someone compliments you,” she said of the light-weight, leather statement accessories that earned the business she co-founded a top spot on Inc. 5000’s 2018 fastest-growing companies list. Based in Liberty, the company boasted…
Culture Lab to Fountain City Fintech startups: Before you hire, define your culture
Bringing Culture Lab programming to the Fountain City Fintech accelerator’s inaugural cohort is part of a deeper effort to call attention to workplace culture in Kansas City, said Frank Keck. “We’ve been able to help each of these six cohort companies really define who they are, why are they doing what they’re doing, and help…
Investors deal BacklotCars $8M; KC-based startup hitting the gas on disruption
Disrupting the used car space has driven a Series A funding round to $8 million for Kansas City-based startup BacklotCars, the company announced Tuesday. “This investment comes at a great time. We are growing rapidly in our existing markets and expanding our national footprint. We expect to continue to add new features – to accompany…
ebbie navigates journey from established insurance industry to tech startup mode
Olathe-based ebbie is injecting innovation into the risk-averse insurance industry, said Brian Hess. “We looked for spaces where we could come in and say, ‘We can make this a lot better,’” said Hess, operations officer at ebbie. “Fast forward to now, and we went through the development phase and the build, and we have successfully…