Call to Order:  A quorum being present, a meeting of the Investment Committee of the Board of Directors of the Kansas Bioscience Authority was called to order at 11:01 a.m. on September 3, 2009, by Chairman Dr. Smilor.  Additional Directors participating in the meeting by phone were John Carlin, Ed McKechnie, David Franz, and Bill Sanford.  The KBA staff in attendance included Tom Thornton, David Vranicar, Terry Osborn, and Cary Nourie.  Eric Denneny, Senior Investment Analyst with EnnisKnupp, was also in attendance (by phone), as was Jeff Ellis of Lathrop & Gage, representing legal counsel. 

Review of Minutes:  The minutes of the Investment Committee meeting of August 6, 2009, were presented for approval.  Mr. Sanford noted that a change was needed in the paragraph following the two motions appearing at the middle of page 3 of the minutes.  Dr. Smilor, rather than Mr. Sanford, indicated to the representatives of MegaStarter and the City of Manhattan that the Investment Committee would try to expedite the decision process.  With that revision, Mr. Sanford moved that the minutes be approved as presented.  The motion was seconded by Governor Carlin and approved unanimously. 

MOTION TO RECESS INTO EXECUTIVE SESSION:  Dr. Smilor moved that the Investment Committee of the Kansas Bioscience Authority recess into executive session pursuant to K.S.A. 74-99b07 to consider several proposals from private investment companies and to discuss contracts, operational strategies, and personal proprietary information of those investment companies, the disclosure of which, in the opinion of the Committee, would be harmful to the competitive position of the Authority and those companies if disclosed.  The executive session will begin at 11:05 a.m. and continue for 120 minutes.  The meeting will reconvene in open session at the KBA conference room and by phone at 1:05 p.m.  Included in the meeting will be the members of the Investment Committee, Tom Thornton, David Vranicar, Terry Osborn, Cary Nourie, Eric Denneny with EnnisKnupp, and Jeff Ellis, legal counsel.  Representatives of the investment companies will be invited into the meeting at the discretion of the Committee to provide information relevant to their proposals.  The motion was seconded by Governor Carlin and unanimously approved.

Return to Open Session:  Upon motion by Dr. Smilor, seconded by Mr. Sanford, and unanimously passed, the Committee reconvened in open session at 1:05 p.m. 

Other Business:  Mr. Thornton requested that the Committee authorize the amount of $10,000 to study and evaluate Eminent Scholar nominations.  Since several members of the Committee had to leave the call, no action could be taken because of lack of a quorum.  Dr. Smilor asked Mr. Thornton to present the proposal by e-mail to members of the Committee and request their approval.  E-mail responses to that request will be made a part of the minutes of this meeting and, pending the approval by the members of the Committee, the action will be authorized.

Mr. Thornton announced that all investment companies under consideration have now been interviewed by the Investment Committee.  At its next meeting, the Committee will discuss all of the proposals and determine a course of action.