Company news

September 3, 2013

The assets of Greenwood former drugmaker Elona Biotechnologies Inc. will be liquidated at an auction Sept. 27. Elona, which was trying to make a generic version of insulin known as a biosimilar, was put into receivership in June after the city of Greenwood filed a foreclosure action to recover more than $9.5 million in loans and incentives. Bernadette Barron, the Chicago-based receiver for Elona, hired Indianapolis-based Key Auctioneers Inc. to liquidate Elona’s assets. Those assets include an unfinished, $28 million headquarters and manufacturing facility, as well as patents and other intellectual property. Elona was founded in 1997 by two former Eli Lilly and Co. scientists. If launched, Elona’s insulin would have been a cheaper competitor to brand-name insulins made by Indianapolis-based Lilly and other companies. There are no generic versions of insulin sold around the world. Elona was seen as a rising star, and Gov. Mike Pence even visited the company in March 2012 as part of his “jobs tour,” which was a key element of his gubernatorial campaign.

On Thursday, Greenfield Mayor Richard Pasco and officials from Hancock Regional Hospital will break ground on the O3 PureMed medical waste facility. O3 PureMed is the first commercial facility in the region to dispose of medical waste using an ozone-based green technology. The facility is a partnership of Hancock Regional and Greenfield-based waste management firm Fisk Services.

Indianapolis-based Eli Lilly and Co. looked south for its latest partnership, a deal with Louisville-based health insurer Humana Inc. to conduct research to improve the health care of their members and patients. The companies will work together to identify and analyze data to improve health care quality and outcomes. The initial project will investigate the characteristics of Type 2 diabetes patients associated with increased health care costs. The companies might then study treatments that could change some of those characteristics. "We are pleased to partner with Humana on research that will help benefit patients facing a variety of diseases, including diabetes," said Dr. Dara Schuster, a medical fellow at Lilly. "Working together, we hope to provide patients with insights and guidance that will help them tailor their care to best match their individual needs."