Company news

November 18, 2009
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Indiana companies achieved second- and third-place finishes in Purdue University’s life sciences business plan competition this year. Nano-Rad LLC, based in West Lafayette, won $36,000 for being runner-up. It is developing low-dose radiation therapy for zapping edges of tumors left over after surgery. The third-place finisher was Lafayette-based Glytrix Inc. It won $14,000 for its plan for therapies that reduce skin scarring after surgery. The winner was Massachusetts-based Novophage Technology, which is developing a corneal-repair device for patients’ eyes as an alternative to expensive corneal transplants. It took home $30,000.

Indianapolis-based Dow AgroSciences, still a bit player in the seed business, continues to partner with its larger rivals to expand its market presence. Dow Agro, a subsidiary of Michigan-based Dow Chemical Co., signed a non-exclusive licensing agreement to share its herbicide-tolerant trait for soybeans with Delaware-based DuPont and its Pioneer unit. In exchange, Pioneer is licensing non-exclusively its Optimum GAT herbicide-tolerant trait for soybeans to Dow Agro. Financial details of the agreement were not disclosed.

St. Vincent Health and OrthoIndy are the latest hospital and physician groups to run into each others' arms in response to the reform winds coming out of Washington, D.C. The Indianapolis-based organizations announced Friday they will create a management company to handle physician work at St. Vincent's hospitals in Indianapolis. St. Vincent also acquired a minority stake in OrthoIndy's orthopedic hospital, located a few miles west of St. Vincent's flagship facility on West 86th Street. All doctors face a 21-percent cut to Medicare reimbursement next year unless Congress steps in to change it, which it has done in the past. And with Congress spending nearly $1 trillion to expand health insurance coverage, doctors have small hopes that reimbursement from federal programs will reverse their recent trends of falling or staying flat.  “Clearly, when we did this transaction, we had an eye on health care reform,” said John Martin, CEO of OrthoIndy, a group of more than 70 physicians who specialize in bone, joint and spine therapy.

Arcadia Resources Inc. lost $4.1 million, or 3 cents per share, in the quarter ended Sept. 30, compared with a loss of $3.2 million, or 2 cents per share, in the same quarter a year earlier. Revenue fell 4 percent, to $25.6 million. Indianapolis-based Arcadia is trying to grow its DailyMed pharmaceutical service, which packages the right dosages of prescriptions into individual packets, to make it easier for patients on numerous medications to stick to their regimens. Arcadia announced Monday it is rolling out DailyMed in California. While Arcadia's pharmacy revenue grew slower than expected, it still soared 181 percent over the same quarter last year, to $3.4 million. Profit margins in that business also grew to 15.1 percent, up from 11.1 percent in the previous quarter.

The National Institutes of Health have given $1.3 million to Indiana University to establish the East African Center of Excellence in Health Informatics. The new center will help East African countries use electronic health records to increase the efficiency and quality of health care.


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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.