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Arcadia: Don’t buy our stock

Arcadia Resources Inc. is telling shareholders not to buy its stock because it is out of cash and faces a $40 million pile of debt that comes due on April 1.

People

WellPoint Inc. on Monday named Venkata Rajamannar Madabhushi as the new head of its Medicare business unit, replacing Brian Sassi, whom the company dismissed last month. Rajamannar also will oversee WellPoint’s international, marketing and product innovation divisions, as well as its corporate development functions. He will not direct WellPoint’s Medicaid and individual insurance plans, as Sassi did. Instead, those divisions are now headed up by Ken Goulet, who is CEO of WellPoint's commercial business unit. Before joining WellPoint, Rajamannar, who goes by the nickname "Raja," served as chief innovation and marketing officer at Humana Inc., a WellPoint competitor based in Louisville. He also spent 15 years in senior-level business management and marketing roles at Citigroup.

Indianapolis-based AIT Laboratories named Ron Thieme to succeed company founder Michael Evans as president and CEO. Thieme had been serving as vice president and chief information officer of AIT since 2007. Thieme holds bachelor’s, master’s and doctoral degrees from Purdue University.

Indiana University Health promoted Ryan Kitchell to be its chief financial officer. Kitchell, 38, replaces Marvin Pember, who left in July to take an executive position with Philadelphia-based hospital system Universal Health Services Inc. In November, Kitchell was named president of IU Health Plans after his predecessor Alex Slabosky retired. Kitchell first joined IU Health in September 2010 as treasurer, overseeing investments, cash management and corporate real estate. Before that, he worked more than five years for Gov. Mitch Daniels, first as public finance director and then as director of the Office of Management and Budget. Kitchell holds an economics degree from Indiana University and an MBA degree from the Tuck School of Business at Dartmouth.

Company news

Endocyte Inc. can start enrolling patients again in a clinical trial of its experimental cancer drug, the company announced Monday, clearing away a hurdle to getting the drug approved in Europe. The change comes after the U.S. Food and Drug Administration OK’d the importation of the cancer drug Doxil from Europe. Supplies of the drug, made by New Jersey-based Johnson & Johnson, have been short since last fall due to equipment failures at one of Johnson’s suppliers. Endocyte’s Phase 3 clinical trial aims to show that its drug, EC145, when given in combination with Doxil, is a better therapy for certain ovarian cancer patients than Doxil alone. But the West Lafayette-based drug company was forced to halt new patient enrollment last fall because of the worldwide shortage of Doxil. Endocyte had been planning to submit EC145 for market approval in Europe based on its Phase 2 clinical trial results, rather than the more customary wait for results of the lengthy Phase 3 it is now conducting. But the European regulators wanted Endocyte to at least be enrolling patients in a Phase 3 trial—so they could later re-evaluate whether the drug should remain on the market. The Doxil shortage had until now prevented the company from meeting that requirement.

Indianapolis-based Home Health Depot Inc., a home medical equipment company, said on Monday that it plans an expansion that will create up to 80 jobs in the state by 2016. The company said it will invest $1.4 million to expand its headquarters on the north side of Indianapolis and its customer-fulfillment operations across the state. Home Health Depot, which currently has 99 full-time Indiana employees, plans to begin hiring new logistics, administrative, finance and information technology workers this month. The 14-year-old company has eight Indiana facilities in addition to facilities in six other Midwest locations. The company has been on a growth tear, with revenue from 2009 to 2010 doubling to more than $13 million. IBJ in June ranked Home Health Depot fifth on its list of fastest-growing Indianapolis-area private companies. The Indiana Economic Development Corp. offered Home Health Depot up to $700,000 in tax credits and up to $60,000 in training grants based on the company's job-creation plans.

Indianapolis-based HealthNet opened its Barrington Health & Dental Center in February on the east side of Indianapolis. The health center outgrew its former location nearly five years ago.  HealthNet, which operates a series of federally qualified community health centers, built the 26,000-square-foot facility adjacent to the old one at 3401 E. Raymond St., quadrupling the health center’s former size and capacity. The expanded center has 43 exam rooms, along with lab and imaging services. The center will offer primary, pediatric, OB-GYN, podiatry, optometry, social work and behavioral health services, as well as access to discounted medicines and nutrition counseling.

Lawmakers honor tornado victims

The Indiana House observed a moment of silence Monday morning, honoring the victims of Friday’s tornadoes that devastated several small towns in southern Indiana and killed 13 Hoosiers. House Speaker Brian Bosma said he was working with legislators who represent the hardest-hit areas on a way for the General Assembly to assist the victims. Thirty-nine people in five states died in Friday’s storms.
 

Slick roads lead to flurry of crashes

A light overnight snowfall led to icy roads and dozens of accidents in central Indiana. Indiana State Police estimated about 60 overnight and early-morning accidents, about two to three times more than normal. Black ice was blamed for several crashes. One of the largest occurred about 2 a.m. in Boone County, just south of Lebanon, where multiple vehicles slid off Interstate 65, requiring police to close a section of the road for a short time. There were no serious injuries in any of the slide-offs.
 

Man killed in south-side accident

A sport-utility vehicle carrying four people slid into a guard rail early Monday morning on Interstate 65 on the city’s south side, killing the male driver and injuring the three passengers. Police said the driver was thrown from the SUV in the crash just after 3 a.m. on northbound I-65 on the bridge over I-465. One of the passengers suffered a broken leg and another reported back pain. Police said they found alcohol containers inside the vehicle.
 

Franciscan pulls back Greenwood plans

Franciscan St. Francis Health said its plans to build an emergency room and physician office building in Greenwood are on hold due to uncertainty over the effects of health care reform.

WellPoint replaces fired Medicare plan chief

Venkata Rajamannar Madabhushi will take control of the various Medicare Advantage plans WellPoint runs around the country, replacing Brian Sassi, whom WellPoint fired last month.

You-review-it Monday

Did you see ‘God of Carnage’ and the IRT? Joan Rivers above it at the Indiana Roof Ballroom?

Home Health Depot plans to add up to 80 jobs

The medical equipment company said it will invest $1.4 million to expand its headquarters on the north side of Indianapolis and its customer-fulfillment operations across the state.

New Orleans case puts scrutiny on NFL bounty pay

For those in the National Football League, news that the New Orleans Saints offered bounties for knocking out or injuring opposing players sounded more like the long-accepted cost of doing business in a brutal sport, a dirty little secret that everyone kept on the down low.

Retirement wave will give Indiana House new look

The loss of hundreds of years of experience in the House, including the top Republican and Democratic budget writers, has some worried that paid lobbyists could gain an even heftier role within the General Assembly.

Emmis plans to appeal looming NASDAQ delisting

Emmis Communications Corp. has failed to comply with requirements to remain on the NASDAQ exchange, but the Indianapolis-based media firm said it plans another attempt to avoid being delisted from the well-known stock index.

Construction

-Gibson Commercial Construction has been hired by US Safety Depot to complete a 2,200-square-foot office build-out at at 1052 Greenwood Springs Blvd., Greenwood.

-JBM Contractors Corp. has started construction on a 1,240-square-foot office remodel for Dr. Ellen Johns, DDS, at 1619 W. 86th St. The project is to be completed by March 15.

Leases/leasing contracts

-City Thrift Store leased 29,700 square feet of retail space in Washington Market, 10435 E. Washington St. The tenant was represented by Frank Swiss of Swissco Real Estate. The landlord, Sandor Development, was represented by Sandor’s Jeff Roberts and Drew Kelly.

-A.H. Furnico renewed its lease for 14,400 square feet of industrial space at 6425 E. English Ave. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, English Avenue Properties LLC, was represented by Alex Blackburn of RE/MAX Real Estate.

-Meridian Title Corp. renewed its lease for 3,746 square feet at 11711 N. Pennsylvania St.  The andlord, North Pennsylvania Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.

-The Bike Line leased 3,307 square feet at Carmel City Center, 723 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.

-Indianapolis Physical Therapy & Sports Medicine renewed its lease for 3,194 square feet of retail space in George Thomas Plaza, 1048 N. Shadeland Ave.  The tenant was represented by Patty Toth of Jackson Cross Partners. The landlord, Ladywood Apartments LLC, was represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.

-San Antonio Shoe Inc., dba SAS Comfort Shoes, leased 2,250 square feet of retail space at 4909 E. 82nd St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, PK Clearwater Springs LLC, was represented by PK Partners.

-Which Wich Superior Sandwiches leased 2,022 square feet of retail space in The Avenue, 860 W. 10th St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Fall Creek Housing Partners LLC, was represented by Natasha Evans of Buckingham Cos.

-Midwest Tax Group expanded its lease to 1,519 square feet of office space in Castle Creek V, 5750 N. Castle Creek Parkway. The tenant was represented by  Herb Feldmann and Cindy Hoskinson of Lee & Associates. The landlord, Castle Creek Pkwy LLC, was represented by David Gimple of Friedman Integrated Real Estate Services.

-Jack & Jill Children’s Shoppe leased 997 square feet at Carmel City Center, 727 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.

-Simply Holistic Health LLC leased 937 square feet of office space at 8801 N. Meridian St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, Sun Life Assurance, was represented by Hokanson Cos. Inc.

Residential

The average rate for 30-year mortgages fell from 4.16 percent to 4.10 percent for the week ended Feb. 29, according to Bankrate.com. The rate for 15-year mortgages fell from 3.38 percent to 3.35 percent.

Sales/acquisitions

-Jose Melendez bought 1.361 acres of retail land at West County Road 750 North and State Road 67,  McCordsville. The price wasn’t disclosed. The buyer and seller, Forty One Corp., were represented by John Reller and Ross Reller of Colliers International.

-Caymus Real Estate LLC bought 31 acres of industrial land near Perry and Stanley roads in the Plainfield Business Park, Plainfield. The price wasn’t disclosed. The buyer was represented by Sean McHale and Rick Suja of Colliers International.  The seller, CEVA Logistics US Inc., was represented by Terry Busch of CBRE.