MINUTES

Kansas Bioscience Authority
Investment Committee

January 8, 2009
11:00 AM to 1:00 PM CDT

Call to Order: A quorum being present, the meeting was called to order at 11:00 a.m. by Chairman Dr. Smilor. Additional Directors participating were Angela Kreps, Sandra Lawrence, Ed McKechnie, Bill Sanford and Dave Franz. The KBA staff in attendance was Tom Thornton, Janice Katterhenry, Gary Micheel, Chuck Willis, Brett Healy, and Chad Bettes. Representing legal counsel were John Petersen and Doug Anning of the Polsinelli law firm. Representatives of Wichita State University, the University of Kansas, BioTarget, ICM, Inc. and PGAV Architects were also present for portions of the public meeting.

Review of Minutes: Dr. Smilor presented the minutes of the previous meeting of the Investment Committee on December 12, 2008, and asked whether there were any changes. Ms. Kreps made a motion to approve the minutes as presented, and Mr. McKechnie seconded the motion. The motion passed unanimously.

Center for Innovation and Biomaterials: Dr. Smilor amended the Agenda to first allow KU and WSU to give a report on status of the planning for the Center for Innovation and Biomaterials. Chancellor Hemenway of KU and President Beggs of WSU reported that their respective staffs are meeting with industry participants on January 16, 2009, and will hopefully be in a position to make a final report to the KBA by the February 6, 2009 deadline. Various directors stated how important collaboration is in order to obtain KBA funding and that they were pleased the two universities appeared to be collaborating on this venture.

Kansas Bioscience Park Venture Accelerator: Mr. Thornton and Mr. Micheel reported on the KBA Park. Based on the agreement with the City of Olathe, the KBA is required to build a building of at least 25,000 square feet. However, based on regional demand analysis, the staff is proposing a building of approximately 38,000 square feet. The staff responded to a number of questions by the committee members. The staff will take the comments received from the committee members and incorporate them into a final plan to be approved by the board at its next meeting.

ICM, Inc.: Mr. Healy presented the proposed investment in ICM as set forth in the committee book. Dr. Smilor asked for clarification regarding the milestones to be met and the matching investments to be made by the KBA. Mr. McKechnie moved the adoption of the investment set forth in the committee book. The motion was seconded by Mr. Sanford and unanimously approved.

KU Cancer Center: Drs. Roy Jensen and Scott Weir of the University of Kansas Cancer Center reported on the status of the Cancer Center and NCI designation. Mr. Gary Scherer, chairman of the Midwest Cancer Alliance, also made a report. The committee directed the staff to work with KUCC to develop a concrete proposal for funding to bring to the next meeting of the investment committee.

Executive Session: The committee did not convene in executive session.

Adjournment: There being no further business a motion was made by Ms. Kreps to adjourn. The motion was seconded by Mr. McKechnie and passed unanimously. The meeting adjourned at 1:20 p.m.