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
New STEAM Studio ‘pop-up’ lab planned for Rockhurst library along Troost
With its quiet atmosphere and stacks of source materials, the bottom floor of the Greenlease Library at Rockhurst University is a great place to study or do research. But it doesn’t necessarily strike one as a state-of-the-art design thinking and learning lab — yet. Starting this summer, that section of the university’s library will be…
City: Best way to avoid tickets in downtown KCMO, Crossroads? Pay via ParkMobile app
Unsafe parking conditions in the city’s downtown business districts have spun out of control, prompting increased ticketing, said Matt Staub. The ParkMobile app can reduce such headaches for motorists searching for an open spot along busy Kansas City streets. “People are kind of making up their own parking spaces, parking in ‘no-parking’ zones — all…
From cell phone emissions to wisdom teeth: KC STEM Alliance honors student innovators
When the KC STEM Alliance brought together 377 students from 41 schools to showcase their senior capstone projects in engineering and biomedical sciences last week at Union Station, visitors were amazed at their ingenuity and creativity. Special guests included Vince Bertram, president and CEO of Project Lead The Way, and Mike Oister, CEO of the…
Fund Me, KC: Vegan founder hopes to build Plant Powered Community from KCK
Editor’s note: Startland News is continuing its “Fund Me, KC” feature to highlight area entrepreneurial efforts to accelerate businesses or projects. If you or your startup is running a crowdfunding campaign, let us know by contacting news@startlandnews.com. Today’s featured campaign is from Kansas City, Kansas-based Plant Powered Community. Your name and title with the business?…