OLATHE, Kan., Oct. 15, 2012 /PRNewswire/ -- The Kansas Bioscience Authority today announced its outcomes for fiscal 2012, which ended June 30, and cumulative outcomes since the KBA's inception. The following direct outcomes, all directly related to KBA investments, are reported annually based on information provided by KBA client companies and universities:
Kansas Bioscience Authority Investments & Outcomes
(through June 30, 2012)
Total Investments Paid
(does not include unpaid commitments)
for 1,664 new full-time jobs created
by KBA client companies in Kansas
funding attracted by KBA client companies
by KBA client companies for the acquisition or
creation of long-lived assets
by investors in KBA client companies, in the
form of equity or convertible debt investments
The KBA has made investment commitments totaling $271.8 million to date and paid $120.3 million toward those commitments.
"Attaining outcomes on this scale from KBA bioscience investments is a great achievement for the state of Kansas," Dan Watkins, KBA board chairman, said. "We are proud to work with many partners in the state and region who contribute to the KBA's goal of establishing bioscience as an economic engine in the state."
Since 2004, 1,664 new full-time bioscience jobs have been created by 42 Kansas companies and universities, related to KBA investments. To be included in this statistic, a job must be a full-time job not offset by the loss of another job in Kansas. These new Kansas bioscience workers earned approximately $122.8 million in fiscal 2012, at an average annual wage of $73,815. (The average annual wage in Kansas is $40,030, according to the U.S. Department of Labor Bureau of Labor Statistics). Since 2004, these new bioscience workers have earned $480.5 million in annualized wages.
External Research Funding
In fiscal 2012, KBA investments attracted $29.0 million in new external research funding to Kansas. To be included in this statistic, the research funding must be documented by a notice of award from the funding source. This includes funding such as National Institutes of Health grants for researchers at state universities, U.S. Department of Agriculture grants to animal health firms, Small Business Innovation Research grants to Kansas businesses, and research contracts with pharmaceutical companies. Since 2004, KBA investments have spurred $133.0 million in external research funding, including $41.1 million in grants to the University of Kansas Cancer Center as it worked toward its National Cancer Institute designation.
Capital expenditures in fiscal 2012 related to KBA investments totaled $37.1 million. This reflects KBA client-company spending on fixed assets including new facilities, new equipment and land. Since 2004, KBA investments have yielded $294.7 million in capital expenditures.
Access to capital is a key component of the growth of early stage companies in the capital-intensive bioscience sector. In fiscal 2012, KBA investments helped companies attract $46.6 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 $119.1 million in private equity investments in Kansas bioscience companies.
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: Brad Kemp
SOURCE Kansas Bioscience Authority