The Kansas Bioscience Authority says it will become a private entity this year.

The Olathe-based authority was established in 2004 to attract bioscience technology to Kansas, using both state and private funds. The Lawrence Journal-World reports it has been criticized in recent years for the types of investments it made. Some lawmakers also said it wasn’t appropriate to use state funds for private equity investments.

Last year, lawmakers cut the authority’s state appropriation to $13 million for each of the next two years, rather than $35 million and $75 million the KBA was expecting.

The authority said Thursday its board of directors voted Dec. 18 to become a private entity. President Duane Cantrell will be replaced by Kevin Lockett, the current chief financial officer and chief operating officer.