Search – Page 122 – Indianapolis Business Journal

Home » Search

Articles

Company news

August 26, 2013

Oops. West Lafayette-based Bioanalytical Systems Inc. announced Aug. 21 that it will have to restate financial reports going all the way back to June 2011 because of an accounting error. Bioanalytical, which sells drug development equipment and services to pharmaceutical firms, has been unable to file its latest quarterly filing with the U.S. Securities and Exchange Commission. Because of that failure to file, the NASDAQ stock market has threatened to delist Bioanalytical. The $422,000 error helped make Bioanalytical’s losses applicable to common shareholders during the past 2½ years about 4 percent less than they should have been, according to an unaudited restatement of results issued by the company. The company previously reported losses for common shareholders of $10.1 million during that 2½-year period. The error occurred in May 2011 when Bioanalytical staged a public offering of new shares. Those sales included a purchase warrant, which Bioanalytical should have recorded as a liability, but instead recorded as equity. The warrants could, in some cases, require Bioanalytical to pay cash to investors, the company stated in a press release.

After shelling out $29.4 million last year to settle 15 years' worth of bribery charges, Indianapolis-based drugmaker Eli Lilly and Co. is in the same pickle again. A Chinese newspaper reported last week that Lilly employees in China gave at least $4.9 million in bribes and kickbacks to Chinese doctors to entice them to prescribe Lilly’s medicines, particularly its insulins for diabetes. A Lilly spokeswoman would neither confirm nor deny the allegations to Bloomberg News, but said Lilly is investigating. Bribes and special payments are common practice for selling products in China, according to the 21st Century Business Herald in China, but it is a violation of U.S. law for a U.S.-based corporation to bribe foreign officials. The allegations make Lilly the third major multinational drugmaker accused of bribing doctors in return for prescribing drugs. GlaxoSmithKline Plc, based in London, and Paris-based Sanofi-Aventis SA face similar investigations. In 2012, Lilly agreed to pay the SEC to settle charges that it paid off government officials to obtain government contracts in Brazil, China, Russia and Poland from 1994 to 2009.

Planned Parenthood of Indiana is suing to block a new state law that tightens abortion pill regulations, arguing that the law wrongly targets the organization's clinic in Lafayette, according to the Associated Press. The federal lawsuit filed Aug. 22 claims the law violates equal protection rights because it requires the Planned Parenthood clinic in Lafayette to meet the same standards as surgical abortion clinics but doesn't apply those rules to the offices of doctors who distribute the abortion pill. The Lafayette clinic does not perform surgical abortions. Planned Parenthood officials maintain the only purpose of requiring it to have separate procedure and recovery rooms is to restrict women's access to the abortion pill. The law was approved in April by the Republican-dominated Legislature. Supporters say it's aimed at ensuring the abortion pill is given under proper medical care.

Ballard wins allies for cricket strategy

August 22, 2013

Both sides of the political aisle are howling that the $6 million transforming Post Road Community Park into the Indianapolis World Sports Park could be better spent. Yet a powerful group of people and organizations says the 48-acre park championed by Mayor Greg Ballard is already paying off and will score even bigger dividends in the future.

EDITORIAL: Time for an upgrade

August 22, 2013

Though far from shabby, Circle Centre is looking a little long in the tooth two years shy of its 20th birthday.

Language Training Center plans expansion

August 22, 2013

Indianapolis-based Language Training Center Inc. plans a $1.5 million expansion that will lead to the hiring of 26 more employees by 2017, the company announced Thursday.

Lilly cites ‘deep concerns’ over China kickback allegations

August 22, 2013

Eli Lilly and Co. said it is investigating allegations its employees paid Chinese doctors at least $4.9 million in bribes and kickbacks to promote the sales of two diabetes drugs.

Indiana group to oppose gay marriage amendment

August 21, 2013

An alliance of businesses and human rights groups is launching an effort to defeat passage of an amendment that would write Indiana's ban on same-sex marriage into the state constitution.

Company news

August 19, 2013

Dr. Segun Rasaki, an Indianapolis physician, has been charged with 24 felonies for allegedly prescribing controlled substances such as hydrocone, methadone and oxycodone without a legitimate medical purpose, according to charges announced Monday by the Marion County Prosecutor’s Office. Rasaki, who was being held Monday in the Marion County Jail, describes himself as an "independent hospital and health care professional" on his LinkedIn page. In an unrelated case, Rasaki was convicted in 2012 of sexually abusing patients. The state’s medical licensing board revoked his medical license in the same year. According to an investigation by state and federal investigators, Rasaki prescribed painkillers illegally to 11 patients as well as to one undercover agent of the U.S. Drug Enforcement Agency. He also allegedly filed more than $5,000 in fraudulent claims against health insurer Anthem Blue Cross and Blue Shield for “ghost” office visits and unneeded medical services.

Eli Lilly and Co. stock jumped 5.5 percent Thursday after the Indianapolis-based drugmaker announced clinical trial results showing its experimental lung cancer medicine necitumumab increased patients' overall survival compared with those on chemotherapy alone. According to Bloomberg News, the drug was tested in nearly 1,100 patients with non-small-cell lung cancer with tumor types known as squamous. “This is a clear upside surprise,” Mark Schoenebaum, an analyst with ISI Group LLC, said in a note to clients. Analysts had “basically zero” expectations for necitumumab, Schoenebaum said in his note. The drug failed in a prior non-squamous lung cancer trial, he said. Lilly expects to publish results of the trial and submit the drug to regulators next year.

Public broadcasting station WFYI-FM 90.1 aims to expand distribution of its locally produced “Sound Medicine” show to at least 30 radio stations in large and medium-size markets in the next two years. The 12-year-old show already airs on 16 out-of-state stations as far away as Alaska. WFYI has lassoed two years’ funding to “build a sustainable national brand” for the show, which the station produces through a partnership with Indiana University School of Medicine. As for how much money was recently committed, and by whom, station executives declined to say. In the past, much of the funding has come from Indiana University Health Physicians and from IUPUI, which often are mentioned during the program. The new funds are being used to add an executive producer tasked with improving distribution and content of the program, which is distributed without charge to stations interested in running it. "Trying to negotiate a license fee at this point is a barrier to carriage," said Alan Cloe, executive vice president of content services at WFYI. "Sound Medicine," whose primary host is former WRTV-TV Channel 6 anchor Barbara Lewis, covers everything from new medical treatments to dispelling common medical myths.

Ivy Tech Community College is cutting hours for its part-time professors in preparation for implementing the Obamacare overhaul of health insurance. The law requires employers to provide health insurance to part-time employees who work 30 hours a week or more, and the Obama administration has said it will start enforcing that provision in 2015. Colleges and the Obama administration are also still trying to figure out how to convert colleges’ system of counting credit hours into a reliable system of hours worked. Ivy Tech President Tom Snyder said the college system reduced most of its part-time faculty's credit hours to nine to provide leeway for unresolved issues such as how preparation time is counted. About 60 percent of Ivy Tech professors work part time. Snyder says college officials would prefer the figure be 50 percent, but he says that would require an additional $50 million in state funding.

Constitutional referendum on marriage could yield media bonanza

August 15, 2013

Television and radio stations have grown fond of income from “issue ads” in recent years on everything from right-to-work legislation to immigration reform.

Lilly lung cancer drug raises patient survival in trial

August 13, 2013

If approved, the drug would be a potent boost to Lilly’s product portfolio. It would also mean a critical new therapy for a cancer that’s proven difficult to treat.

Company news

August 12, 2013

Indianapolis-based Eli Lilly and Co., already the promoter of the leading anti-impotence pill Cialis, will now try to speed up development of a drug to treat premature ejaculation. Canada-based TVM Life Sciences Ventures VII, which manages funds supplied by Lilly, invested in Ixchelsis Ltd., a new company created in the United Kingdom to develop the experimental drug, which is called IX-01. The drug was originally discovered at a research facility in the United Kingdom operated by New York-based Pfizer Inc., the company that brought the anti-impotence pill Viagra to market. Lilly’s Chorus unit will oversee development of the drug to determine if its proposed concept of action appears to work. “TVM’s strategic relationship with Lilly enables its project-focused companies, like Ixchelsis, to reach clinical proof of concept efficiently and cost-effectively,” said Darren Carroll, Lilly’s vice president of corporate business development, in a prepared statement. If and when the drug’s proof-of-concept is verified, Lilly will have the option to acquire the drug for further development. Lilly and TVM estimate that as many as 30 percent of men worldwide suffer from premature ejaculation.

Warsaw-based Zimmer Holdings Inc., which lost a February trial against Stryker Corp. over a surgical device, was told to pay more than $228 million—three times the jury award plus other costs—and stop selling certain products. According to Bloomberg News, the increase in the jury award was appropriate because Zimmer intentionally infringed Stryker patents to build its business for pulsed lavage, a technique that removes damaged tissue and cleans bones during joint-replacement surgery, U.S. District Judge Robert Jonker said in an order issued Wednesday. He also ordered Zimmer to stop selling its Pulsavac Plus device. A federal jury in Grand Rapids, Mich., in February sided with Stryker and awarded $70 million in damages. The dispute is over devices that use pulsing liquid, such as water or saline solution, to loosen debris from a surgical site and remove it by suction. The $228 million figure is more than the second-quarter profit for either company. Kalamazoo, Mich.-based Stryker reported $213 million in earnings on sales of $2.2 billion. Zimmer, based in Warsaw, reported $152 million in earnings on $1.2 billion in sales.

Three months after the recall of its Zilver PTX stent to prop open peripheral arteries, Bloomington-based Cook Medical Inc. put the device back on the market around the globe, according to MassDevice.com, an industry trade publication. Cook voluntarily recalled the stents in April after getting reports of one patient death and one injury when the equipment that delivers the stent into patients broke off during surgery. In late May, the U.S. Food and Drug Administration slapped its “deadly” warning on Cook’s recall of its stent, which props open arteries in the legs and arms to prevent serious blood clots. Millenium Research Group has estimated that Cook derives $2,750 from each Zilver stent it sells in the United States. Since it first hit foreign markets in 2009, the Zilver stent has been deployed in more than 30,000 patients, according to data from Cook. The Zilver, which is the first stent covered with an inflammation-reducing drug, was introduced to the U.S. market in December 2012. The Zilver recall did not affect stents that were already placed in patients.

Lilly’s new strategy built around head-to-head drug trials

August 8, 2013

Lilly has set up not one, not two, but five head-to-head trials of its experimental drug dulaglutide against other leading diabetes therapies. So far, dulaglutide’s record is four wins, no losses.

Leases/leasing contracts

August 3, 2013

-Matrix Technologies leased 12,972 square feet at InTech Eleven, 6625 Network Way. The tenant was represented by Darrin Boyd of Cassidy Turley. The landlord, Network Way Properties, was represented by Kevin Gillihan and Jack Hogan of Jones Lang LaSalle.

-Eli Lilly and Co. renewed its lease for 12,200 square feet of space at InTech Eleven, 6625 Network Way. The tenant was represented by Jeff Luebker of CBRE. The landlord, Network Way Properties, was represented by Kevin Gillihan and Jack Hogan of Jones Lang LaSalle.

-Skilled Care of Indiana LLC leased 7,825 square feet of industrial space at 9900 Westpoint Drive. The landlord, Clarion Partners, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley. The tenant represented itself.

-RPM Machinery LLC leased 5,464 square feet of office space at 8910 Purdue Road. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Zeller Realty Group, was represented by Tristan Glover of Zeller Realty Group.

-IRC Music West Store Inc. leased 4,400 square feet at The Center at Shiloh Crossing,10240 E. Highway 36, Plainfield. The tenant was represented by Steven Sengson of Prudential Indiana Realty Group. The landlord, MLMT 2006 LCI Greensburg Crossing LLC, was represented by Gary Perel of Newmark Knight Frank Halakar.

-Salon Lofts Group LLC leased 4,203 square feet of office space at 9769 E. 116th St., Fishers. The tenant was represented by Michael Cranfill and Scott Gray of Sitehawk Retail Real Estate. The landlord, Shamrock Builders, was represented by Darrin Boyd and Dave Moore of Cassidy Turley.

-Theoris Inc. leased 3,655 square feet of office space at 8900 Keystone Crossing. The tenant was represented by Dave Moore and Darrin Boyd of Cassidy Turley. The landlord, Keystone Investors LLC, was represented by Abby Cooper Zito of Jones Lang LaSalle.

-MS-IL Staffing leased 3,368 square feet at Georgetown Plaza, 4825-4959 W. 38th St. The tenant was represented by Darrin Block of Urban Space Real Estate. The landlord, The Broadbent Co., was represented by Broadbent's Jim Mosher.

-Al Basha LLC leased 2,188 square feet at The Avenue, 910 W. 10th St. The tenant was represented by Hamada Ibrahim of RP Lux. The landlord, Buckingham Cos., was represented by Denise Kouril and Tiffany Oliver of Buckingham.

-Blatt Hasenmiller Leibsker & Moore LLC leased 2,002 square feet of office space at 8910 Purdue Road. The tenant was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The landlord, Zeller Realty Corp., was represented by Tristan Glover of Zeller Realty Group.

-Tanti Braids leased 1,890 square feet at Georgetown Plaza, 4825-4959 W. 38th St. The tenant was represented by Darrin Block of Urban Space Real Estate. The landlord, The Broadbent Co., was represented by Broadbent's Jim Mosher.

-Yogokiss leased 1,200 square feet at River Ridge Crossing East, 4825 E. 96th St. The landlord, The Broadbent Co., was represented by Broadbent's John Beuoy. The tenant represented itself.

-C&B Restaurant Group I LLC, doing business as Charlie and Barney's, leased 1,183 square feet at The Avenue, 910 W. 10th St. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar. The landlord, Buckingham Cos., was represented by Denise Kouril and Tiffany Oliver of Buckingham.

-Bee Coffee Roasters Inc. leased 786 square feet of space at Pan Am Plaza, 201 S. Capitol Ave. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar. The landlord, Pan AM SCE I LLC, was represented by Tom Ott.

-Yats on the Ave LLC leased 778 square feet at The Avenue, 910 W. 10th St. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar. The landlord, Buckingham Cos., was represented by Denise Kouril and Tiffany Oliver of Buckingham.

WIBC-FM fills vacant drive-time slot

August 2, 2013

Conservative duo “Chicks on the Right” set to fill slot vacated by Ed Wenck in March at city’s top talk station.

PROXY CORNER: Eli Lilly and Co.

August 1, 2013

Indianapolis-based Eli Lilly and Co. discovers, develops, manufactures and sells pharmaceutical products for humans and animals.

Delta Faucet builds innovation machine in Carmel

August 1, 2013

One of Indiana’s most innovative companies in the past decade doesn’t make surgical instruments or drugs or engines. It makes water faucets and toilets. Delta Faucet Co. has secured 589 patents in the past 20 years.

New retail downtown sitting idle

August 1, 2013

A flood of downtown apartments coming on the market is leasing up quickly, but much of the attached retail space continues to languish as some begin to wonder whether the residential boom will create enough retail demand.

MAURER: Good jobs build civic pride

August 1, 2013

Businesses across a broad spectrum are adversely affected when a headquarters is lost. Our firms suffer when goods and services are no longer purchased locally. The mediocre occupancy rate in downtown office space is a direct result of vanishing downtown headquarters.

BECK: Jobs, marriage amendment don’t mix

July 31, 2013

The morning the news broke that the U.S. Supreme Court had struck down a key part of the Defense of Marriage Act, people across the country did a double-take. Was it possible that the members of the highest court in the land rendered one of the greatest wedge issues of our time obsolete?

Indiana chamber staying neutral in gay marriage fight

July 30, 2013

A leading Indiana business organization says it doesn't expect to get involved in what could be a contentious fight next year over whether to add a same-sex marriage ban to the state constitution.

Company news

July 29, 2013

Indianapolis-based ApeX Therapeutics Inc. has raised $2.5 million to fund clinical trials of an experimental childhood leukemia drug. The fundraising, disclosed in a filing with the U.S. Securities & Exchange Commission, was partly funded by Indianapolis-based BioCrossroads’ Indiana Seed Fund II. ApeX’s drugs are based on the work of Mark Kelley, a researcher at the Indiana University School of Medicine.

WellPoint Inc. CEO Joe Swedish predicted July 24 that the Indianapolis-based company’s operating revenue will soar nearly 27 percent over the next three years, to a whopping $90 billion, up from about $71 billion this year. He added that he expected the revenue growth to also come with compounded growth in annual profit of 4 percent to 6 percent per year—even before any acquisitions. Previously, there were concerns both inside and outside WellPoint because a huge portion of the company's profit comes from its plethora of small employer customers. With Obamacare creating new online exchanges later this year for those small employers, it looked like WellPoint would struggle to compete with more health insurers and in unfamiliar markets, just to hold its profit steady. But now, most health insurers are just focusing on the local markets where they are already strong, WellPoint officials said—rather than trying to steal business from their peers. And WellPoint thinks its well-recognized brand and established relationships in local markets will win the day in the exchanges. In addition, WellPoint expects growth to come as half of the 14 states in which WellPoint operates its Blue Cross and Blue Shield plans expand their Medicaid programs. WellPoint’s 2012 acquisition of Amerigroup Corp. is helping WellPoint move from an employer-focused company to one with a competitive business for managing government-funded health plans.

Sales grew but profit fell in the second quarter at Dow AgroSciences LLC, the company reported July 25. The Indianapolis-based ag biotech firm racked up nearly $1.9 billion in revenue in the quarter, an increase of 10 percent from the same period a year earlier. Quarterly profit totaled $290 million before accounting for interest, taxes, depreciation and amortization—down from last year’s second-quarter record of $307 million. Sales of crop-protection products rose 12 percent, driven by large gains in Latin America, where sales of new crop-protection products grew 14 percent. Dow AgroSciences is a unit of Michigan-based Dow Chemical Co.

Zimmer Holdings Inc. saw second-quarter earnings slump 29 percent as the orthopedic-device maker set aside an additional $47 million to cover the cost of lawsuits related to its Durom hip cups, according to the Associated Press. The Warsaw-based company stopped marketing the products in 2008 and has put more than $400 million in reserve to cover potential legal costs, including $108 million in the fourth quarter of 2012. Earnings fell to $152.1 million, or 89 cents per share, from $214.5 million, or $1.22 per share, a year ago. If the legal reserve charge and other one-time items are excluded, Zimmer said, its earnings rose to $1.43 per share from $1.34 per share. Revenue increased 4 percent, to $1.2 billion. Zimmer narrowed its profit guidance for the year and now expects to earn $5.70 to $5.80 per share. The company had previously projected adjusted profit of $5.65 to $5.85 per share.

Eli Lilly and Co. earned $1.2 billion in the second quarter, an increase of 31 percent compared with the same quarter last year, the drugmaker reported July 24. Earnings per share totaled $1.11, compared with 83 cents a year ago. Because it outperformed analysts’ expectations, Lilly hiked up its profit expectations for the year by a range of 13 cents to 18 cents per share. The company now expects to earn $4.28 to $4.38 for the year. In the second quarter, Lilly was able to boost its sales 6 percent worldwide, to $5.9 billion. Lilly’s best-selling drug, the antidepressant Cymbalta, is set to lose its U.S. patent protection in December, after which its sales will switch to cheaper generics. Sales of Cymbalta grew 22 percent in the second quarter, to nearly $1.5 billion. Lilly is hoping to win approval on new diabetes and cancer drugs to offset those coming hits to its sales. Lilly expects a 20-percent reduction in revenue in 2014 because of the U.S. expiration of the Cymbalta and Evista patents.

WellPoint Inc. earned $2.64 per share in the second quarter, the health insurer reported July 24. Excluding investment gains, WellPoint earned $2.60 per share, a 27.5-percent increase over the same quarter a year ago. WellPoint raised its full-year profit forecast 20 cents per share, excluding the impact of investments, to $8 per share. Overall profit for the quarter rose 24 percent from a year ago, to $800.1 million, as WellPoint’s customers continued to file modest amounts of medical claims. WellPoint spent 83.9 percent of its premium revenue on claims, a tick higher than in the first quarter but well below its predicted level of 85.5 percent for the year. WellPoint’s revenue for the quarter rose 16 percent, to $17.8 billion. WellPoint provided health benefits for 35.7 million Americans at the end of June, more than any other company in the United States.

« Previous 1 … 120 121 122 123 124 … 221 Next »

Search Results

4,413 results for '\"eli lilly\"'

Articles

Company news

Ballard wins allies for cricket strategy

EDITORIAL: Time for an upgrade

Language Training Center plans expansion

Lilly cites ‘deep concerns’ over China kickback allegations

Indiana group to oppose gay marriage amendment

Company news

Constitutional referendum on marriage could yield media bonanza

Lilly lung cancer drug raises patient survival in trial

Company news

Lilly’s new strategy built around head-to-head drug trials

Leases/leasing contracts

WIBC-FM fills vacant drive-time slot

PROXY CORNER: Eli Lilly and Co.

Delta Faucet builds innovation machine in Carmel

New retail downtown sitting idle

MAURER: Good jobs build civic pride

BECK: Jobs, marriage amendment don’t mix

Indiana chamber staying neutral in gay marriage fight

Company news