Positron moving $65M project from Noblesville to Gary

Back to TopCommentsE-mailPrintBookmark and Share

A troubled central Indiana nuclear medicine company is dropping plans to build a $55 million facility with 86 workers in Noblesville after reaching a better deal with Gary.

Instead, Fishers-based Positron Corp. said it plans to build a $65 million facility in Gary that would employ up to 50 people within five years.

Positron will make radioactive medical imaging isotopes at the new plant, which will be equipped with a 70-million-electron-volt cyclotron, it said in a press release issued Friday.

In a separate press release, Positron said the Gary project would replace plans for Noblesville.

Cyclotrons are molecular particle accelerators that can be used to produce isotopes that can help physicians spot medical anomalies in the human body. The Gary plant will boast the nation's most powerful commercial cyclotron, the company said.

Gary has approved $15 million in tax increment financing bonds for Positron and is helping the company land New Market Tax Credits worth another $15 million, Positron said.

Gary Mayor Karen Freeman-Wilson told The Times of Munster that the cyclotron facility fits nicely into the city's "meds and eds" economic development strategy.

The company said last June that it planned to move its operations to Noblesville and build a $55 million cyclotron, creating 86 jobs. The company had about 15 employees as of last September.

Noblesville proposed offering the company up to $6.7 million in incentives to help it acquire equipment, and the state offered $900,000 in tax credits and $250,000 in training funds.

"The decision for amending the cyclotron’s location was purely based on the economics and advantages provided in Gary, which best suit the company’s strategy," Positron said in a written statement.

Positron has lost tens of millions of dollars in recent years, and the U.S. Securities & Exchange Commission last year accused CEO Patrick G. Rooney of defrauding investors in a hedge fund he operates.

The company has racked up more than $110 million in losses since its founding in 1983. Its accounting firm issued a "going concern" warning about Positron in 2010, raising doubt about its ability to remain in business in the long term. 



  • Facility is occupied.
    Positron is producing radio-pharma at Crown Point. Their facility is not for sale or lease.
  • Donnie
    Do you know if the place in Crown Point is available?
    • Check again
      Positron received their Nuclear Regulatory Commission Manufacturing and Distribution License at their Crown Point facility in March of this year. They have only just begun. Brogan had more than one location. Perhaps you are looking at the wrong one.
    • empty promise
      The building in Crowm Point is empty and for lease. The current tenant is in default of the terms of their lease
      • empty promise
        The building in Crowm Point is empty and for lease. The current tenant is in default of the terms of their lease
      • Good move for Positron and the City of Gary
        The cyclotron Positron is building will be the only one of its kind in North America. The isotopes it will produce need to be shipped as soon as possible. A location close to Chicago and also close to its pharma manufacturing facility in Crown Point is perfect for Positron. The only other cyclotron like this in the world is located in France. Many companies relocated to be close to it. The City of Gary has been in decline for too long. This is an opportunity to gain much more than just one cyclotron, one company, and several dozen jobs. This could really turn things around for the city.
        • A Welcome decision
          This is a great move by Gary. This is a big boon to Gary's declining industrial status. companies such as Positron should be lauded to invest here. who knows this could probably set the stage for revival of Gary as other dependent units will be set up around positron's businesses
        • Goodbye and Good Luck - Gary, IN
          Too funny for words. Current stock value is 0.009 and the chances that a plant will actually be built in Gary, IN are slim to none. If Positron was that great of a company and offered higher potential than the current stock price, local funding would have been possible. I sort of feel sorry for the elected officials up in Gary who fell for the Positron Story.
        • Pie In The
          This project will never get off the ground, so to speak. This company will be out of business within 18 months. Look at the financials. Why do company's such as this waste local government's time trying to negotiate tax incentives when they should be figuring out how to make money.

          Post a comment to this story

          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

          facebook - twitter on Facebook & Twitter

          Follow on TwitterFollow IBJ on Facebook:
          Follow on TwitterFollow IBJ's Tweets on these topics:
          Subscribe to IBJ
          1. Hello Dear Are you tired of Seeking Loans and Mortgages,have you Been Turned down constantly By your banks and Other Financial Institutions or Micro Finance scheme. This is let you know with 100% guarantee that we Offer loans ranging from $1,000 Minimum to $1,000,000.00 Maximum at 3% interest rate per Month. We give out LOANS for developing business. a competitive edge/business expansion. email address: michealscottloan124@gmail.com We offer the following kinds of loans and many more; * Personal Loans ( Unsecured Loan) * Business Loans ( Unsecured Loan) * Consolidation Loan * Combination Loan * Home Improvement * Xmas Loans for contact to seek for loan email this email address: michealscottloan124@gmail.com Thanks

          2. My name is Mr Henry Josh and i live in the USA California and life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first SON needed a kidney transplant and all our savings were going towards his medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my wife will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 12 hours through bank transfer and you know, it was all like a dream and i called Mr Daniel Jones A Man who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest man on earth because by GOD’S grace, my SON kidney transplant was successful and today he is healthy, i and my family are living very comfortable and happy and if you are in my former situation or in serious and legitimate need of a loan, you can reach this GOD sent lender via fidelityloanfirm@outlook.com

          3. Greetings to everyone reading this comment!!! I am Greg William by name. I am out here to recommend the effort of Mark Oscar,I was in need of a consolidation loan amount of 50,000 and as soon as I got in contact with Mark Oscar Loan Firm on Wednesday last week and on Friday last week as well I receive an alert from my bank(Royal Bank of Scotland Group) that the fund was transferred,I want everybody on this site to contact Mark Oscar now via email on how to get a loan because I got my loan from them and I am very happy,so contact them now. Oscarloanfinance@hotmail.com Thanks!!!!!!

          4. Elected officials, like Mourdock, get vested in 8 years. It takes 10 years for all other public employees, most of whom make a lot less money. So much for the promise to finish out his term.

          5. Great state treasurer and a good man!! Just curious if the folks who didn't quite understand his quote would like to tell my daughter-in-law that God didn't intend her! Mourdock's comment was correct but twisted and the article didn't mention that his opponent and the press let the impression stand that Mourdock meant that the rape was intended. Stupid people!!