Kansas Bioscience Authority Approves $700,000 in New Investments

The Kansas Bioscience Authority board of directors has approved $700,000 in new investments. The investments include Parnell, an Australian veterinary pharmaceutical company, which received a $400,000 grant and a $300,000 grant to support the establishment in Kansas of a contract research organization by a firm established elsewhere in the country.

PRESS RELEASE

The Kansas Bioscience Authority board of directors today approved $700,000 in new investments. The investments are:

Parnell, an Australian veterinary pharmaceutical company, received a $400,000 grant to support the company’s move to establish a North American headquarters in the Kansas City Animal Health Corridor. The grant will help to defray the company’s hiring during the next year of 14 new employees with an average annual wage of $150,000.
A $300,000 grant will support the establishment in Kansas of a contract research organization by a firm established elsewhere in the country. The company expects to create 16 new jobs at its proposed Kansas site, with an average salary of $65,000 a year, as well as to attract new federal, state and privately funded research projects. The company also plans to work with Kansas research institutions to advance research and commercialization activities. The KBA has agreed to hold confidential the identity of the company pending the completion of certain negotiations related to its relocation to Kansas.
Approved investments are subject to final agreements between the Kansas Bioscience Authority and investees, with payments made only as the recipients achieve specified milestones.

About the KBA
The Kansas Bioscience Authority was created by the Kansas Economic Growth Act of 2004 to accelerate growth in the bioscience sector. Funded by Kansas income taxes generated by bioscience jobs, KBA investments help create high-paying jobs, fuel capital expenditures, spur outside grants, and encourage private capital investments in Kansas bioscience companies. KBA investments result in high-quality jobs today and for future generations of Kansans, and bioscience discoveries and life-saving cures that will improve lives around the world.

SOURCE Kansas Bioscience Authority

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