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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. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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