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Kansas Bioscience Authority to Become Private Entity

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kba-splash.jpg

 

OLATHE, Kan. (AP) — The Kansas Bioscience Authority says it will become a private entity this year. The Olathe-based authority was established in 2004 to attract bioscience technology to Kansas, using both state and private funds. The Lawrence Journal-World reports that the KBA has been criticized in recent years for the types of investments it made. Some lawmakers also said it wasn't appropriate to use state funds for private equity investments. Last year, lawmakers cut the authority's state appropriation to $13 million for each of the next two years, rather than $35 million and $75 million the KBA was expecting. The authority said Thursday its board of directors voted December 18 to become a private entity. President Duane Cantrell will be replaced by Kevin Lockett, the current chief financial officer and chief operating officer.

The AP is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.