KCUR News
4:56 pm
Fri October 9, 2009

Bioscience Authority Give $50 Million To Venture Capital Firms

Kansas City, MO – The Kansas Bioscience Authority is providing $50 million to increase investments in Kansas companies. The funding will be split between eight venture capital firms. The groups are each required to raise at least $25 million from other sources, to bring the total capital available to $250 million. The money, in turn, will be invested in Kansas-based bioscience companies. Tom Thornton, with the Kansas Bioscience Authority says goal is growing the industry in the state.

Thornton: "The level of venture investment currently in this state is pretty small. I think what we have done is truly unique in the regard that we have commanded the attention of some very well respected funds."

The firms were chosen for their expertise in the bioscience sector, especially animal health, bioenergy and medical products. As part of the deal, the groups are required to open Kansas offices.