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Archive for Wednesday, February 6, 2013

Kansas Bioscience Authority announces $324,000 investment in animal drug company

February 6, 2013

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The Kansas Bioscience Authority on Wednesday announced the recipient and amount of an investment awarded last month: Animal drug company Aratana Therapeutics will receive about $324,000 in KBA funding.

The KBA's board of directors approved the funding last month, but at the company's request the amount and recipient were kept secret until now.

Aratana Therapeutics, based in Kansas City, Kan., develops new medicines for animals. It formed in December 2010.

The KBA will invest the funds in the company's stock to keep its ownership stake. It invested $1 million in Aratana in 2011 and awarded it a $1.3 million research and development grant last year.

"The initial investment in Aratana Therapeutics three years ago was successful in yielding $30 million in new equity investment in the state, which led to new jobs, increased research spending and the attraction of new animal health companies to Kansas," KBA president and CEO Duane Cantrell said in a release.

Aratana had requested confidentiality until its round of fundraising had closed, according to the release.

Comments

Joe Blackford II 1 year, 10 months ago

The names of the KBA's board of directors should be on every press release announcing a funding award; along with naming those directors who recused themselves from voting to award their cronies the $.

vuduchyld 1 year, 10 months ago

I'd like to know more about the new jobs. How many?

If we've poured $2,624,000 into this business, what, exactly, has that accomplished? According to the Hoover's database, Aratana has 2325 square feet of space and 2 employees. Surely that can't be up-to-date.

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