LAWRENCE, Kan. (AP) — The Kansas Bioscience Authority’s executive committee has approved up to $1.6 million in new investments for two Kansas City-area companies.
The Lawrence Journal-World reports (http://bit.ly/184ySUU ) the committee on Monday authorized the new investments, which include $600,000 to Olathe-based Novita Therapeutics and $1 million for Innara Health Inc. of Shawnee.
The Kansas Bioscience Authority is charged with investing in and nurturing new companies in the biosciences and life sciences fields.
Novita was formed in 2009 and develops medical devices for cardiovascular diseases. Innara Health is also a medical device company.
Thomas Krol, director of commercialization at KBA, says the group has moved away from grant-based financing for companies in favor of investing and reinvesting in companies, with an expectation for returns.
Information from: Lawrence (Kan.) Journal-World, http://www.ljworld.com