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Articles
Angie’s List shares fall as eBay plans competing model
Indianapolis-based Angie’s List's stock continued to tumble Thursday morning after an analyst downgraded the stock following a report that Internet giant eBay will test its own consumer-reviews site in the United Kingdom.
Roundup: Zaxby’s heads north, sushi in Carmel, pizza in Fishers
Chicken chain Zaxby’s spring sponsorship deals with the sports programs at IU and Purdue now make more sense: Central Indiana is slated to get its first location later this year. Plus more retail news.
‘Turbo’ off to slower-than-expected start at box office
The Indianapolis-based IndyCar Series and open-wheel racing enthusiasts were hoping the movie would create a buzz about the sport, but interest has fallen short of expectations so far.
Company news
Eli Lilly and Co. will freeze pay this year for most workers, including executives, in a move designed to save $400 million by the end of 2016, according to Bloomberg News. The Indianapolis-based drugmaker, which employs more than 38,000 workers worldwide, is reducing expenses and counting on emerging markets, animal health products and experimental diabetes drugs to revive growth as it loses revenue from top products to generic competitors. Cymbalta, a depression pill that at $5 billion a year is the drugmaker’s biggest seller, loses U.S. patent protection in December. That development, as well as the 2014 expiration of patents on the osteoporosis drug Evista, will slash Lilly’s revenue 20 percent, the company said.
Indianapolis-based ApeX Therapeutics, a cancer drug discovery firm, received a $240,332 grant from the National Cancer Institute at the National Institutes of Health via the Small Business Innovation Research program. ApeX, which uses technology licensed from Indiana University, will use the grant to develop an oral or injectable medicine to treat leukemia and other tumors in children. ApeX previously received funding from Indiana University's Innovate Indiana Fund and Indianapolis-based Pearl Street Venture Fund.
Indianapolis-based Elevate Ventures invested $50,000 in Evansville-based Curvo Labs LLC, which has developed a data platform to help hospitals, surgery centers and medical device companies share information. Curvo uses supply purchase histories and surgeon preference data from hospital and surgery centers to identify business opportunities for medical device companies. It also helps hospital administrators drive down their costs of purchasing medical devices. Elevate Ventures is a private organization charged with investing funds provided by the state of Indiana.
HETRICK: It’s time to put money behind our crime-prevention push
New Haven should have everything going for it. Yet, in 2010, FBI data showed it to be the fourth most dangerous city in the United States
Indiana falling behind on Affordable Care Act
Reading Greg Morris’ [July 15] editorial made me sad for Indiana’s citizens.
HENDERSON: My quest for online privacy
More than a year ago, I divorced Google. Why? Its terms of service and privacy policies are objectionable.
RUSTHOVEN: A responsibility to ‘censor’ Zinn
Using the headline “Daniels looked to censor opponents,” the Associated Press reported last week that former Gov. Mitch Daniels “pledged to promote academic freedom when he became president of Purdue University in January, but newly released emails show he attempted to eliminate what he considered liberal ‘propaganda’ at Indiana’s public universities while governor.”
ISO fills chair for general manager
Daniel Beckley, former executive director of the Charleston Symphony Orchestra, will take responsibility for the Indianapolis Symphony Orchestra and the Hilbert Circle Theatre.
Hunckler steps down as head of startup group Verge
The executive director of the startup advocacy group will devote himself to Social Reactor, a social media startup within Scott Jones’ question-and-answer service ChaCha Search Inc.
Star negotiating HQ move to former Nordstrom at Circle Centre
The newspaper’s publisher confirmed it’s closing in on a deal to occupy the space after IBJ reported earlier Wednesday that the Star was considering a move to Circle Centre mall.
Public-transit guru Bingaman motors for private sector
Ehren Bingaman, executive director of the Central Indiana Regional Transportation Authority, will join architecture and engineering firm HNTB Indiana. He was one of the principal supporters of the mass-transit plan that stalled in the Statehouse this year.
Student loan debt could cripple recovery
Congress should act immediately to reverse increase in interest rate.
Dispute over vehicle ‘spy’ device patent flashes into court
A Carmel company that markets a device which plugs into a car’s diagnostic port to monitor the vehicle's performance has filed a patent-infringement lawsuit against a better-known competitor.
Company news
The federal government is set to decide this month whether the federal Medicare program should pay for a $3,000 test that for the first time accurately identifies the signature brain plaques of Alzheimer’s disease, according to Bloomberg News. The test, approved last year by U.S. regulators, uses Eli Lilly and Co.’s Amyvid imaging agent to trace the brain protein amyloid. Alzheimer’s disease affects 5 million Americans, a number that patient advocates say could double by 2050. But the test is controversial because there are no available treatments that even slow the progression of Alzheimer’s disease. A final decision from the federal Centers for Medicare & Medicaid Services will come July 9. While a negative decision would limit use of the tests, approval would probably lead to coverage from private health insurers, too.
Nyhart Actuary & Employee Benefits plans to expand its Indianapolis headquarters and create as many as 25 jobs here by 2017. The firm will invest $840,000 to lease and equip an additional 8,000 square feet of office space, according to Nyhart CEO Thomas Toten. Nyhart currently is negotiating an expansion of the 20,000 square feet it leases at 8415 Allison Pointe Blvd. in the Castleton area. Nyhart currently has 68 full-time employees in Indianapolis and about another 30 across five other states. The firm already has started hiring additional actuaries, administrators and benefit consultants from college programs for its Indianapolis expansion. Founded in 1943, Nyhart provides consulting services to more than 1,000 public and private companies in 48 states on issues such as pensions, retirement benefits, compensation and other employee benefits. Nyhart has been in growth mode lately. In August, Nyhart acquired San Diego-based The Epler Co., a regional actuarial, employee benefits and compensation strategies firm.
Lilly Endowment Inc. will give $10 million to help start the Indiana Biosciences Institute. The institute is already due to receive $25 million in startup funds from the state. The institute aims to attract 100 new scientists to Indiana to conduct research and development work aimed at launching new therapies for metabolic diseases. The effort has been spearheaded by BioCrossroads, an Indianapolis-based life sciences organization, and has received significant support from Gov. Mike Pence and John Lechleiter, the CEO of Eli Lilly and Co. The institute needs to raise $15 million over the next year or so to fully fund its startup efforts. Beyond that, the institute hopes to raise an endowment of $310 million to help fund its operations. It also hopes its researchers attract steady grants from life sciences research companies, such as Indianapolis-based Lilly and Bloomington-based Cook Group Inc.
Eli Lilly and Co. won a United Kingdom patent lawsuit against a Johnson & Johnson unit over a potential treatment for Alzheimer’s disease, according to Bloomberg News. A patent held by J&J’s Janssen Alzheimer Immunotherapy Research & Development unit isn’t valid, Judge Richard Arnold said in a ruling in London on June 25. Both companies are developing treatments targeting the buildup of plaque in patients’ brains that’s linked to the condition. Companies developing the first treatments for Alzheimer’s are competing for what might be a $20 billion market, according to a report last year by Deutsche Bank AG analysts.
The head of the state Family and Social Services Administration said the federal government is expected to approve an extension of the Healthy Indiana Plan, but a request to use the plan for an Indiana Medicaid expansion could take much longer. According to the Associated Press, FSSA Secretary Debra Minott said Gov. Mike Pence directed her and others to ensure those already enrolled in HIP are secure before negotiating an expansion through the program. Roughly 40,000 low-income residents are enrolled in the program, which operates under a federal waiver. But the waiver is set to expire at the end of the year, potentially leaving enrollees without coverage. Pence resubmitted an application with the Centers for Medicare and Medicaid Services in April seeking to use the state's hybrid health savings account plan as the vehicle for Medicaid expansion. CMS rejected an earlier request from former Gov. Mitch Daniels, citing concerns about the premium paid by members and a need for improved coverage. The expansion would cover residents earning up to 138 percent of the federal poverty level, using new funds authorized by Obamacare.
IPS taps Ferebee as district’s next superintendent
The IPS board has chosen Lewis Ferebee from North Carolina to replace Eugene White, who led IPS for nearly eight years. The 39-year-old Ferebee has been chief of staff in the Durham Public Schools district, roughly the same size as IPS.
Feds mull covering Alzheimer’s test that uses Lilly’s Amyvid
The $3,000 test for the first time accurately identifies the signature brain plaques of the debilitating disease.
KENNEDY: Enough meat grinding, already
Congressman Marvin Stutzman is hardly alone in waging what seems like a mean-spirited campaign against the “least of us.”
MORRIS: Want diversity of opinion? Find it here
Forefront gives you a wide range of opinions in a tidy package.