OLATHE, Kan., Nov. 16, 2011 /PRNewswire/ -- The Kansas Bioscience Authority today announced its outcomes for fiscal year 2011, which ended June 30, and cumulative outcomes since the KBA's inception. The following direct outcomes, all related to KBA investments, are reported annually based on information provided by KBA client companies and universities:
- New, full-time jobs created by bioscience companies in Kansas;
- New, external research funding attracted to Kansas;
- Capital expenditures in the acquisition or creation of long-lived assets;
- Equity investments made in Kansas companies, in the form of equity or convertible debt.
KBA investments to date total $87.5 million. These investments yielded $207.3 million in direct outcomes in fiscal 2011 and $816.5 million in direct outcomes since 2004.
"The outcomes reported today demonstrate KBA grants and investments are succeeding in building the bioscience sector in Kansas and fueling the Kansas economy. We acknowledge and appreciate the efforts of the partners that helped achieve these outcomes for the state, including the Kansas Department of Commerce," said KBA Board Chairman Dan Watkins.
The Kansas Bioscience Authority was established by the state legislature in 2004 to help grow the bioscience sector into a pillar of the Kansas economy, joining agriculture, aviation and manufacturing as strong contributors of jobs and opportunities throughout the state.
Since 2004, 1,347 new full-time bioscience jobs have been created by 41 Kansas companies and universities, related to KBA investments. These new Kansas bioscience workers earned approximately $92.6 million in fiscal 2011, at an average annual wage of $68,716. (The average annual wage in Kansas is $39,290, according to the U.S. Department of Labor Bureau of Labor Statistics). Since 2004, these new bioscience workers have earned $354.2 million in annualized wages.
External Research Funding
In fiscal 2011, KBA investments attracted $18.2 million in new external research funding. This includes funding such as National Institutes of Health (NIH) grants for researchers at state universities, USDA grants to animal health firms, Small Business Innovation Research (SBIR) grants to Kansas businesses, and research contracts with pharmaceutical companies. Since 2004, KBA investments have spurred $104.9 million in external research funding, including $44.6 million in new research funding for the University of Kansas Cancer Center.
Capital expenditures in fiscal 2011 related to KBA investments totaled $65.9 million. This reflects KBA client company spending on fixed assets including new facilities, new equipment and land. Since 2004, KBA investments have yielded $278.5 million in capital expenditures.
Outside equity investments made in Kansas bioscience companies is another outcome measured by the KBA, as access to capital is a key component to the survival and growth of early stage companies in the capital-intensive bioscience sector. In fiscal 2011, KBA investments helped companies attract $30.6 million in new equity investments. These investments were made by venture capital firms, angel investors and other private investors. Since 2004, KBA investments have resulted in $78.9 million in private equity investments in Kansas bioscience companies.
Kansas Bioscience Authority Investments & Outcomes
(through 30 June 2011)
Total Investments Paid
About the KBA
The Kansas Bioscience Authority was created by the innovative Kansas Economic Growth Act of 2004 to accelerate growth in the promising bioscience sector. Funded by Kansas income taxes generated by bioscience jobs, Kansas Bioscience Authority investments help create high-paying jobs, fuel capital expenditures, spur outside grants, and encourage private capital investments in Kansas bioscience companies. The long-term result of Kansas Bioscience Authority investments will be high quality jobs for the next generation of Kansans and bioscience discoveries that will improve lives around the world. To learn more, visit www.kansasbioauthority.org.
Contact: Sherlyn Manson
SOURCE The Kansas Bioscience Authority