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Biotech firm plans $28M Greenwood plant

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A Greenwood pharmaceutical firm plans to build a $28 million production facility and create 70 jobs within the next five years to develop a form of insulin.

The 50,000-square-foot facility would be built by Elona Biotechnologies on Greenwood’s east side and could serve as an anchor to a biotech park, the Daily Journal newspaper of Johnson County reported Tuesday morning.

City officials are considering offering up to $8.5 million in incentives, including loans to construct the building and to help the company get Food and Drug Administration approval, the newspaper said. Elona also could be eligible for a city grant to purchase equipment.

The insulin Elona is developing can be produced more quickly and less expensively than other forms, which would give the product a cost advantage over competing drugs, according to the Daily Journal.

Elona, which conducts contract research and development for drug companies, has roughly a dozen scientists and several support staff. It was founded in the late 1980s by former Eli Lilly and Co. researcher Ron Zimmerman.

In 2008, it was named by the Indiana Economic Development Corp. as one of 50 “Companies to Watch.”
 

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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

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