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July 22, 2013
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Eli Lilly and Co. will freeze pay this year for most workers, including executives, in a move designed to save $400 million by the end of 2016, according to Bloomberg News. The Indianapolis-based drugmaker, which employs more than 38,000 workers worldwide, is reducing expenses and counting on emerging markets, animal health products and experimental diabetes drugs to revive growth as it loses revenue from top products to generic competitors. Cymbalta, a depression pill that at $5 billion a year is the drugmaker’s biggest seller, loses U.S. patent protection in December. That development, as well as the 2014 expiration of patents on the osteoporosis drug Evista, will slash Lilly’s revenue 20 percent, the company said.

Indianapolis-based ApeX Therapeutics, a cancer drug discovery firm, received a $240,332 grant from the National Cancer Institute at the National Institutes of Health via the Small Business Innovation Research program. ApeX, which uses technology licensed from Indiana University, will use the grant to develop an oral or injectable medicine to treat leukemia and other tumors in children. ApeX previously received funding from Indiana University's Innovate Indiana Fund and Indianapolis-based Pearl Street Venture Fund.

Indianapolis-based Elevate Ventures invested $50,000 in Evansville-based Curvo Labs LLC, which has developed a data platform to help hospitals, surgery centers and medical device companies share information. Curvo uses supply purchase histories and surgeon preference data from hospital and surgery centers to identify business opportunities for medical device companies. It also helps hospital administrators drive down their costs of purchasing medical devices. Elevate Ventures is a private organization charged with investing funds provided by the state of Indiana.

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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