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February 11, 2013
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Indiana University Health Physicians added 39 doctors from the division of gastroenterology and hepatology at the IU School of Medicine. The group was founded in 1958 and is consistently ranked as one of the top 20 programs nationally. IU Health Physicians now employs more than 1,000 doctors. The group, which also includes five nurse practitioners, offers care at IU Health University Hospital, Wishard Health Services and the Richard L. Roudebush VA Medical Center, and will soon expand to IU Health North and IU Health Saxony hospitals. They also see patients in satellite offices in Batesville, Carmel, Greenfield, Greensburg, Lebanon, Martinsville, McCordsville and Zionsville.

Elona Biotechnologies Inc., a drugmaker trying to launch a generic version of insulin, says it has found a solution to its default on more than $8 million in economic development loans and incentives from the city of Greenwood. Elona announced Feb. 6 that it has reached an agreement under which the company will be acquired by a group of private investors. It did not disclose the names of the investors or the amount of financing. "While terms of the transaction are confidential, Elona will receive sufficient funds to correct its default situation with the city of Greenwood, hire management and scientific talent to move the company forward, and proceed with clinical trials to support the registration of its generic human insulin under development for the treatment of diabetes," the company said in a prepared statement. An executive team of pharmaceutical industry veterans with extensive experience will join Elona as staff or consultants, the company said. The company told Greenwood officials of its financial troubles in late January. That information prompted the Greenwood Redevelopment Commission to vote to declare Elona in default on $8.4 million worth of economic development incentives the city approved for the company in 2010. The city loaned $6.4 million to help Elona build a 50,000-square-foot, $28 million insulin production plant in Greenwood and hire 70 workers. The city also gave Elona $1.5 million to help it win approval for its insulin from the U.S. Food and Drug Administration and $500,000 for equipment.

Eli Lilly and Co. said it is halting testing of an experimental drug for rheumatoid arthritis because the studies show the medicine is not effective. The decision to stop testing the therapy, called tabalumab, in rheumatoid arthritis wasn’t based on safety concerns, the Indianapolis-based drugmaker said Feb. 7 in a prepared statement. Lilly said it will continue to develop the drug as a treatment for lupus. In December, Lilly said it was stopping one of three late-stage rheumatoid arthritis studies of tabalumab after it failed to provide a benefit. Lilly then analyzed the other two studies and determined the drug was unlikely to help patients. The setback comes as Lilly, counting on sales of new medicines to revive growth, faces generic competition to schizophrenia drug Zyprexa, which generated $5 billion in annual revenue before losing patent protection in October 2011.

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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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