Navigation Links
Kansas Bioscience Authority Commits $50 Million to Increase Venture Capital, Accelerate Bioscience Business Growth

OLATHE, Kan. Oct. 9 /PRNewswire-USNewswire/ -- The Kansas Bioscience Authority has taken bold action to significantly increase the amount of venture capital available to innovative Kansas bioscience businesses -- and to lead the state's economic recovery -- approving a commitment to invest $50 million in eight private venture capital funds. The KBA investments will create a powerful magnet for private capital investment from around the country in Kansas bioscience companies.

To qualify for KBA investment, the eight funds are required to have a substantial presence in the state, including establishing Kansas offices. Additionally, the fund managers must each raise a minimum of $25 million from private and institutional sources, effectively leveraging the KBA's investment to $250 million.

KBA president Tom Thornton said the fund addresses an immediate need and is a key component of the KBA's efforts to position Kansas as a national leader in the biosciences.

"Capital is the lifeblood of bioscience companies. Innovators all across Kansas are developing world-class bioscience products and services only to see their true societal and economic development potential suffer for a lack of early stage capital. With the KBA's investment commitments, Kansas is attracting the attention of some of the most respected venture capital firms in the country to help high growth potential bioscience companies in Kansas access growth capital to gain full-scale commercialization," Thornton said.

The funds will work closely with the KBA's Heartland BioVentures program, which provides hands-on business assistance and financial resources to high potential early stage bioscience companies to help better position them to raise private growth capital to bring globally competitive products and services to market.

"What is unique about our approach is that we are helping develop credible, quality investment opportunities while also partnering to ensure these opportunities get funded," Thornton said.

The KBA board of directors approved commitments to invest with the following venture capital firms:

  • Burrill & Company, San Francisco, CA
  • MPM Capital, Boston, MA
  • IN Partners / MidPoint Food & Ag, Carmel, IN
  • Meadowlark Venture Partners, Chicago, IL
  • Midwest Venture Partners, Chicago, IL
  • Open Prairie Ventures, Olathe, KS
  • Prolog Ventures, St. Louis, MO
  • Triathlon Medical Ventures, Cincinnati, OH

Together, these funds provide a range of expertise in the bioscience sectors in which Kansas
has existing strengths: animal health, bioenergy, biomaterials, plant biology, and human health. Working with multiple funds also exponentially expands the venture capital network focused
on bioscience companies at varying stages of development in Kansas and provides the greatest assurance of increased venture capital flow into the state.

The funds were selected after a rigorous evaluation process that began in February and included an assessment by an independent, nationally recognized financial services firm; extensive due diligence by KBA staff members; a detailed review by the KBA investment committee; and unanimous approval by the KBA board of directors.

Entrepreneurs and venture capital experts from around the country underscored the importance of the strategy of jumpstarting the growth of bioscience venture capital in Kansas:

Dr. Nicholas Franano, chief executive officer of Novita Therapeutics: "This new funding will provide Kansas businesses with much needed access to national and international networks of capital and investors and accelerate the growth of the biosciences industry and jobs in the state of Kansas. Once again, the Kansas Bioscience Authority has come through with a big win."

Dan Berglund, president and CEO of the State Science & Technology Institute (SSTI): "The KBA is addressing a critical building block needed for a tech-based economy: capital for start-up companies. This is particularly critical now as venture capitalists make fewer, later-stage investments. Areas like Kansas that make these kinds of investments are going to be the ones that benefit in the future."

Jim Jaffe, president and CEO of the National Association of Seed and Venture Funds (NASVF): "Access to capital for seed and early stage companies is an essential element in creating jobs and building world-class companies, especially in today's venture environment when most funding is going to later stage opportunities. NASVF commends the Kansas Bioscience Authority for taking a leadership role in Kansas and being a catalyst for innovation and supporting the seed and early stage entrepreneur."

About the KBA

The Kansas Bioscience Authority is a $581-million initiative created by the Kansas Economic Growth Act of 2004 to expand the state's world-class research capacity and bioscience clusters; support the growth of bioscience startups; and stimulate bioscience business expansion and attraction.

SOURCE Kansas Bioscience Authority

SOURCE Kansas Bioscience Authority
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Kansas Delegation Defends NBAF, Refutes Washington Post
2. As Other States Pull Back, Kansas Accelerates Innovation Investments at Bio International Convention
3. Midwest Research Institute Expands in Kansas to Support Regional Economic Development in Animal Health, Biosecurity, and Bioenergy Sectors
4. Biotech Endorsement Insurance Discount Expanded to Nebraska, Kansas Growers Planting Corn with HERCULEX XTRA Traits
5. Kansas Breaks Into Top 10 in the Nation in Biotech Strength
6. 2008 Kansas Day of Innovation Featuring the Fifth Annual Great Plains Capital Conference Scheduled for September
7. Wyeths Motion to Overturn Punitive Damages Award Granted by Arkansas Court
8. Medical Research Award Goes to Adult Stem Cell Scientists at a Kansas Not-for-Profit Organization
9. Op-Ed: The NBAF Would Build on Kansas Existing Strengths in Bioscience
10. Wyeth To Appeal Arkansas Hormone Therapy Trial Verdicts
11. Come Home to Kansas Announced by KTEC
Post Your Comments:
(Date:11/25/2015)... ... November 25, 2015 , ... A long-standing partnership between ... (OPBAP) has been formalized with the signing of a Memorandum of Understanding. , ... leaders Capt. Karl Minter and Capt. Albert Glenn Tuesday, November 24, 2015, at ...
(Date:11/25/2015)... ... November 25, 2015 , ... ... were featured on AngelList early in their initial angel funding process. Now, they ... for individuals looking to make early stage investments in the microbiome space. ...
(Date:11/24/2015)... 24, 2015 Cepheid (NASDAQ: CPHD ) ... the following conference, and invited investors to participate via ...      Tuesday, December 1, 2015 at 11.00 a.m. Eastern ...      Tuesday, December 1, 2015 at 11.00 a.m. Eastern ... New York, NY      Tuesday, December 1, ...
(Date:11/24/2015)... ... November 24, 2015 , ... Copper is an essential micronutrient ... to proteins, copper is also toxic to cells. With a $1.3 million award ... will conduct a systematic study of copper in the bacteria Pseudomonas aeruginosa (P. ...
Breaking Biology Technology:
(Date:11/19/2015)... MOUNTAIN VIEW, Calif. , Nov. 19, 2015 /PRNewswire/ ... authentication market, Frost & Sullivan recognizes BIO-key with the ... Strategy Leadership. Each year, Frost & Sullivan presents this ... comprehensive product line catering to the needs of the ... which the product line meets and expands on customer ...
(Date:11/17/2015)... , November 17, 2015 Paris ...   --> Paris from 17 th ... DERMALOG, the biometrics innovation leader, has invented the first combined ... on the same scanning surface. Until now two different scanners ... one scanner can capture both on the same surface. ...
(Date:11/16/2015)... , Nov 16, 2015  Synaptics Inc. ... human interface solutions, today announced expansion of its ... ™ touch controller and display driver integration ... of smartphones. These new TDDI products add to ... (HD resolution), TD4302 (WQHD resolution), and TD4322 (FHD ...
Breaking Biology News(10 mins):