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
Video: Rightfully Sewn threads ‘United Nations of Sewing’ concept into fabric of Crossroads
A new studio space in the heart of Kansas City’s creative community will thread the needle for expanding capacity for Rightfully Sewn to help diverse, at-risk women, as well as support its nonprofit mission, said Jennifer Lapka. The program, which trains women to be seamstresses for local designers through a two-year experience, is set to…
Self-expression, happiness drive expansion of Selfie Boutique playground
What started as a side project four months ago has grown into a huge, interactive exhibit dedicated to cultivating joy, said Alex Altomare, founder of the Selfie Boutique. “The mission is to bring people together and create happiness,” Altomare said. “The growth has been entirely driven by our supporters on all fronts, and we have…
Brewers ferment market opportunity, health benefits with kombucha startups
Fermented foods represent more than just trendy, niche products, Kansas City’s kombucha startups say. They’re where gut health and market opportunity meet. “If it’s not local, it’s not fresh,” said Lisa Bledsoe, emphasizing the quality advantage Kansas City brewers have over national brands competing for cooler space at metro grocery stores. Bledsoe’s Tea-Biotics Kombucha has…
Applicants pour in for a chance at $500K in LaunchKC grants
Editor’s note: This article is sponsored by LaunchKC but was independently produced by Startland News. After dishing out $1.5 million to 29 startups over the last three years, LaunchKC returns in 2018 with more experience and an enduring determination to drive entrepreneurial impact in Kansas City. The area’s most-popular grants contest already has garnered hundreds…