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
River Market’s iconic ‘Trolley Tom’ reopening with grab-and-go deli menu, specialty cocktails
A new grab-and-go eatery is rolling into River Market, filling a hole left when Donutology shuttered operations inside “Trolley Tom” — the circa 1947 Kansas City streetcar permanently parked at 426 Delaware in the popular retail and entertainment district. Car No. 551 is scheduled to open by mid-September with deli offerings and and drinks by…
KC on top: Hat maker’s best-seller spotted on ‘GMA,’ ‘Ted Lasso’ as brand shapes its national profile
Sandlot Goods wears the spotlight well, said Thomas McIntyre, noting each high-profile media close up of its signature dad hat is another step toward establishing Kansas City’s only hat manufacturer as a national brand. After being featured on the “Made In America Christmas” segment of ABC World News Tonight with David Muir, Sandlot was again…
Rooftop Cinema Club premieres its open-air movie theater experience in KC’s Crossroads
Pink dusk views of the Kansas horizon and a cityscape bathed in sunset only added to the silver screen experience for midweek movie-goers trying out the newly opened Rooftop Cinema Club in Kansas City’s Crossroads Arts District. “Just the ambiance and what they did with the design is really cute,” said Emily Hendricks of Kansas…
Kauffman targets $250K grant toward vacant storefront revitalization as World Cup looms
Funding from the Ewing Marion Kauffman Foundation is expected to help Kansas City prepare for an influx of visitors cheering on competitors at the 2026 FIFA World Cup — activating vacant storefronts in key areas with retail, artist, and community-focused pop-ups, city leaders said this week. The KCMO-centered initiative — first announced in June and patterned…