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Bioscience venture capitalists to open offices

October 16, 2009 /

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A state effort to spur investments in startup bioscience companies could benefit Wichita, officials said.

The Kansas Bioscience Authority said Thursday that it will invest $50 million in newly formed Kansas-based bioscience companies.

It will do so through eight venture capital firms that have committed to opening Kansas offices in order to receive the KBA funding. The firms will invest the amounts they receive from KBA — ranging from $5 million to $10 million — into Kansas-based bioscience companies. The firms also are required to raise a total of $25 million in private capital, which includes what they receive from the KBA.

BY JERRY SIEBENMARK
The Wichita Eagle

Full Story:http://www.kansas.com/business/story/1005175.html

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