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Positron moving $65M project from Noblesville to Gary

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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. 

 

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  • 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.

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