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Archive for Tuesday, October 25, 2011

Bioscience panel recommends funding for two centers

October 25, 2011

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The Kansas Bioscience Authority’s investment committee recommended funding for two of the KBA’s Kansas Bioscience Centers of Innovation on Monday.

Four centers of innovation in the state focus on research and development in core technology areas, and operate as a consortium of industry, higher education and other private research organizations.

Two of the four — Heartland Plant Innovations in Manhattan and the Center of Innovation for Biomaterials in Orthopaedic Research in Wichita — received funding recommendations on Monday. The recommendations of the committee still must be approved by the KBA’s full board.

The committee recommended that HPI receive $2.5 million, half of which would be in the form of a grant and the other half in the form of a five-year loan. The committee recommended the action in exchange for a royalty that would allow the KBA to share in HPI’s revenue generation. Also, the committee added a stipulation that no distribution of dividends to shareholders occur until HPI has repaid the loan to the KBA.

Also, the committee recommended an update to a previous recommendation of $3 million in funding for CIBOR during the 2012 fiscal year. Of the $3 million, $1 million is mandated by the Legislature. The remaining $2 million will be distributed based on performance. The committee did not specify the specific milestones the center needed to achieve, citing the competitive business nature of CIBOR’s work.

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