IBJNews

Positron plans $55 million cyclotron project, 80 jobs

Back to TopCommentsE-mailPrintBookmark and Share

Medical imaging equipment maker Positron Corp. has agreed to move its operations to Noblesville, where it plans to invest $55 million to open a high-tech facility that will make isotopes used in cardiac PET scans.

Officials announced the execution of a so-called "memorandum of understanding" among the parties Friday morning.

A definitive agreement is still being finalized, but state and local economic development leaders are poised to offer nearly $8 million in financial incentives.

Noblesville Common Council members are expected to vote June 28 on city incentives. Proposed support includes up to $6.7 million toward the acquisition of equipment, City Attorney Michael Howard said. Noblesville also plans to issue bonds that would allow Position to finance a portion of its capital investment at a tax-exempt rate.

The state would contribute $900,000 in EDGE credits and $250,000 in training funds, said Krieg DeVault LLP attorney Kostas Poulakidas, who has been working with the company for more than a year. Positron also could apply for venture capital investment tax credits and research and development tax credits.

Positron plans to move its headquarters, research and development, and manufacturing operations to Noblesville’s corporate campus, located north of 146th Street between State Road 37 and Interstate 69.

Founded in 1983, the company sells and services nuclear scanners and related equipment that help diagnose cardiac and cancer ailments. The company last year moved its headquarters from Houston to Fishers, where it employs eight people. It also has a facility in Niagara Falls, N.Y.

The company calls the cyclotron and radiopharmaceutical manufacturing facility planned for Noblesville the “most significant endeavor” in Positron’s history. The operation would make the radioactive material used in a Positron emission tomography scanner it began selling two years ago.

Positron expects to create more than 80 jobs in the next three to five years—the majority of which would be highly skilled, professional positions. Howard said the average salary will be $80,000 to $90,000 a year.

Despite the company’s longevity, it has not had much financial success, racking up more than $100 million in losses through the years. In 2010, the company posted a loss of $10.9 million on revenue of $4.6 million.

Its stock trades over the counter for about 3 cents a share.

Company officials were not immediately available for comment Friday, but executives told IBJ last year that they expect to reach $1 billion in sales within five years.

 

ADVERTISEMENT

  • Positron is PET
    Positron has aqcuired MIT, and they have many great news articles out in 2012 already, im looking forward to hear mor eon the cyclotron as its a huge step in success for posc as they become a huge company!

    sky is the limit INVEST NOW POSC
  • Largest commercial cyclotron in the world is coming to Indiana!
    Positron just received approval from the IFA for $38M, so the cyclotron project will be moving forward. This will be HUGE for Indiana! We will have the largest commercial cyclotron in the world.
  • Shoddy Company
    I agree with Richard Hamilton's remarks. Positron is a shoddy company, which has failed to make money for 27 consecutive years and currently carries a $110 deficit on the books. It's failing to meet sales projections for 2011, sells its scanners at a loss and plans to give away robotic devices to distribute radiopharmaceuticals which the company in not yet manufacturing. This company with a $20 million market cap gave away $9 million in stock based compensation in 2010 and now plans to build a $55 million cyclotron with government perks and subsidies. The facility probably will operate on a deficit and taxpayers will be called on to bail it out. There's more. Research this company, Noblesville!
  • Positron Bad Investment
    You will regret the day if this pipe dream plan is approved by your elected politicians.
    Research the company history and CEO Patrick Rooney.
    You will be concerned.
  • Follow Positron Corp on Facebook
    http://www.facebook.com/positronshareholders.posc

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

ADVERTISEMENT