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
Lenexa-based Athlete Network teams with K-State, Arkansas, Lindenwood on student engagement
A Kansas City-area tech startup is expanding the scope of its social network for athletes, the company announced this week, revealing new partnerships between Athlete Network and three universities with Division 1 sports. The company is collaborating with athletic departments at Kansas State University, Arkansas State University, and Lindenwood University to develop game-changing technology with…
Cut from Sandlot’s lineup: Demand for Coaster Oven ‘coming out of the woodwork’
A faint smell of leather washes over customers when they enter Sandlot Goods’ new Crossroads space at 2125 Washington St. But the most recent buzz comes from owner Chad Hickman’s side venture with his brother: Coaster Oven. In the back corner of Sandlot’s workshop, where the Kansas City-born company specializes in leather and stitch work,…
Aug. 9 KC Coworking Day celebrates the future of work — happening now in Kansas City
Editor’s note: The following content about KC Coworking Day is sponsored by the KC Coworking Alliance but independently produced by Startland News. After setting a world record in 2017 for the most people coworking in the same place, KC Coworking Day is set to return Aug. 9 with a party meant to spark even greater…
Emerging from failure: Doughnut Lounge founder gets raw among startup peers (IXKC photos)
Jake Randall’s “crazy dream” — a collision of craft, creativity and conversation contained in Westport’s Doughnut Lounge — was gone in a matter of 24 hours, he said. “I found out on Monday. And we closed on Tuesday,” Randall told a crowd of startup community peers this week at Startland’s Innovation Exchange. “I was embarrassed.…