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Articles
New local restaurants open for business
The former owners of Arturo’s have opened another eatery, this time in Carmel’s Arts & Design District.
DINING: Getting the royal treatment at Thai Castle
Second in a month-long look at restaurants within easy reach of Carmel’s new Palladium.
Company news
Two St. Vincent Health hospitals—Saint John’s Health System and St. Vincent Jennings Hospital—have started using the DOCS4DOCS service provided by the Indiana Health Information Exchange. DOCS4DOCS centralizes in electronic format all the lab results, radiology reports, transcriptions, pathology and hospital admissions reports, discharge and transfer reports from all participating Indiana hospitals, physician practices, labs and radiology centers. The service, which swaps more than 6 million messages each month, is paid for by hospitals and laboratories but provided free of charge to physicians. The exchange, based in Indianapolis, now has more than 80 hospitals and 19,000 physicians participating in its medical-record-sharing services.
Marcadia Biotech Inc., a Carmel-based biopharmaceutical company founded by former Eli Lilly and Co. executives, has been acquired by Swiss life sciences giant Roche. Some details of the transaction will be disclosed in February. Roche’s holdings include Roche Diagnostics, which employs more than 3,000 in Indianapolis at its North American headquarters. Marcadia has about a dozen employees at its 11711 N. Meridian St. headquarters, who have so far been sustained by the millions of dollars Marcadia has raised in venture capital and its partnerships with large drug companies.. Marcadia has been focusing on drugs to treat metabolic diseases such as diabetes and obesity. It previously partnered with drug giant New Jersey-based Merck & Co. Inc. and with Indianapolis-based Lilly. Last June, Marcadia and Lilly struck a deal to develop short-acting glucagon drugs to treat severe hypoglycemia. Roche’s big hope for a new diabetes drug, taspoglutide, had its clinical trials suspended in September due to severe digestive-tract side effects.
Local office market continues vacancy struggles
The Indianapolis office market suffered through a tough 2010, marked by stagnant and high downtown vacancy rates, falling suburban occupancy rates and another year without construction activity.
Broadband provider sends troubling financial signals
Omnicity Corp. is a half-year behind in payments to a Muncie lender and faces several lawsuits over unpaid bills from companies it acquired.
Arts endowments bouncing back
The stock market’s recovery has lifted endowments that provide major support to local arts groups, but managers are keeping the conservative attitude they were forced to adopt two years ago.
Key road projects await busy INDOT
The ongoing rehab of Interstate 465 will continue to be the biggest highway project in the metro area in 2011, but the rebuilding of an 11-mile segment on the west side could be all but finished by the end of the year—just when other significant highway projects will get under way in the metro area.
Goodwill angles for donations during weak economy
The recovering, yet-still-weak economy puts charity retailer Goodwill in a sweet position. Consumer spending is up, so more old stuff makes its way to thrift stores. At the same time, high unemployment means the bargain hunters are still out in force.
DINING: Jersey’s Cafe satisfies a Jersey boy
First in a month-long series of looks at restaurants not far from the new Palladium in Carmel.
Roche acquires Marcadia Biotech
Marcadia Biotech Inc., a Carmel-based biopharmaceutical company founded by prominent scientists from Eli Lilly and Co. in 2006, has been acquired by Swiss life sciences giant Roche.
ITT Educational OKs bonuses to keep managers in place
Carmel-based ITT Educational Services Inc.’s management team will get special cash bonuses if they remain with the company until the end of June, ITT disclosed in a regulatory filing last week.
New company taking over troubled Standard Life
State Insurance Commissioner Stephen Robertson said agreements have been reached for the $1.7 billion in policies and financial obligations of Carmel-based Standard Life Insurance Co. to be assumed by Guggenheim Life and Annuity Co.
Company news
It’s back to reality for Bioanalytical Systems Inc. After its stock price soared 135 percent in three trading days, the stock started falling back to earth—helped in no small part by the company’s underwhelming earnings report. The West Lafayette-based firm said revenue dipped 13 percent, to $7.4 million, in its fiscal fourth quarter compared to the same period a year ago. Its loss narrowed to $300,000 in the quarter, compared to a loss of $1.4 million in the same period last year. The company sells testing equipment and services to pharmaceutical firms, which have been retrenching the past two years. “The revenue decline in fiscal 2010 stems mainly from study delays, price declines and spending reductions by our customers as part of their overall cost-savings initiatives,” Bioanalytical officials noted in a statement. But the company’s business accelerated in the second half of its fiscal year, causing CEO Anthony Chilton to give an upbeat outlook for 2011.
Eli Lilly and Co. and Amylin Pharmaceuticals Inc. have asked the U.S. Food and Drug Administration to approve their diabetes medicine Byetta for use in combination with basal insulin, which diabetics take in between meals to control their blood sugar. The companies would like to reignite Byetta sales, which have slumped since 2008, when the FDA publicized cases of pancreatitis among patients taking the drug. Indianapolis-based Lilly and San Diego-based Amylin tried to win approval this year for a once-weekly version of Byetta, called Bydureon, but the FDA asked for more tests, delaying the drug’s approval until 2012.
BioCrossroads’ Indiana Seed Fund invested $250,000 in Indianapolis-based Aarden Pharmaceuticals. Aarden’s leading drug program focuses on tuberculosis. The company’s product is based on research by Zhong-Zin Zhang, a professor and chairman of biochemistry and molecular biology at the Indiana University School of Medicine. Zhang is an expert in protein tyrosine phosphates, a group of signaling enzymes that regulate cellular processes. His research was funded through Lilly Endowment’s Indiana Genomics Initiative. The company decided last year to establish its headquarters here, selecting Indianapolis over San Diego.
Clarian Health physicians will now provide cardiac services to patients at Columbus Regional Hospital facilities under a new affiliation. The agreement ensures Columbus Regional has full-time availability of heart surgeons, in additional to the interventional cardiology care provided by Indiana Heart Physicians-Columbus. Columbus Regional has offered 24-7 heart surgery since 2002. In 2011, Clarian will change its name to Indiana University Health.
CNO Financial Group Inc. got a financial strength upgrade from A.M. Best Co., the pre-eminent rating agency for insurance companies. New Jersey-based Best boosted its grade on Carmel-based CNO from B (fair) to B+ (good), crediting CNO with focusing more on business lines where it has a clear competitive advantage and its recent financial restructurings. CNO, which was formerly called Conseco, sells life and health policies to middle-income families.
Warsaw-based Zimmer Holdings Inc. acquired Sodem Diffusion S.A., a Switzerland-based maker of orthopedic surgical power tools. The company will be merged into Zimmer Surgical, a unit based in Dover, Ohio. Zimmer has been trying to diversify its business as sales of its hip and knee implants have stagnated in western markets.
Construction
-Alt Construction has completed a 1,928-square-foot build-out for Orange Leaf Yogurt at 2760 East 146th St., Carmel.
-Alt Construction has completed a 3,600-square-foot build-out for Mattress Firm at 2625 E. 62nd St.
-Alt Construction has finished building out a 1,567-square-foot expansion for Indianapolis Neighborhood Housing Partnership at 2065 E. 62nd St.
-Alt Construction has completed a 1,600-square-foot build-out for La Hacienda at 12237 N. Meridian St., Carmel.
Not-for-profits hang out consulting shingle
Tight budgets are prompting some of the state’s largest not-for-profit organizations to launch new businesses to shore up the bottom line. The Indianapolis Museum of Art, for example, has a contract to manage the airport’s art collection.
Arts groups prepare fundraising campaigns
This year, five organizations announced or began preparing for the launch of major campaigns. The targets ranged from $12.5 million for Heartland Truly Moving Pictures to $100 million for the Indianapolis Symphony Orchestra.
Weak real estate market slams developers, banks
One local developer emerged from bankruptcy and another fought off growing financial woes as the commercial real estate market remained challenging.
2010 NEWSMAKER: Lucas lands Hilbert mansion
Lucas Oil Products Inc. owners Forrest and Charlotte Lucas in October purchased the 25,000-square-foot Carmel mansion built by Conseco Inc. co-founder Stephen Hilbert.