GM site ripe for manufacturing or a judicial center
The Urban Land Institute panel’s plan for the General Motors plant site ignores some realities in favor of presenting a relatively predictable New Urbanism redevelopment plan.
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Experts say options abound for former GM stamping plant
The 2-million-square-foot GM Indianapolis Metal Center, closed this year, sprawls over more than 100 acres on the west bank of the White River and enjoys some of the best views of the downtown skyline.
Tourism front-liners tell real story on Super Bowl’s impact
Often scoffed at Super Bowl economic impact numbers are no exaggeration.
City to seek more parking for Rolls-Royce’s move
The Capital Improvement Board will be charged with helping Rolls-Royce Corp. find up to an additional 500 parking spaces to accommodate the company’s move to a downtown office campus formerly occupied by Eli Lilly and Co.
Company news
Another physician is leaving Indiana University Health Morgan Hospital in Martinsville to join Franciscan St. Francis Health. Dr. Thomas Lahr told the Reporter-Times of Martinsville he will make the move after Nov. 15. “I have turned in my resignation and unless the court says otherwise, I plan to leave,” he said last week. A court could become involved because earlier this month IU Health sued Lahr’s colleague, Dr. Dianna Boyer, saying she was violating a non-compete clause in her contract by moving over to Franciscan St. Francis. IU Health was denied a preliminary injunction last week seeking to stop Boyer from leaving until the case is settled. Both Boyer and Lahr would work at a new medical office near State Road 37 in Martinsville, which is opening Sept. 1. The 9,000-square-foot facility will house Indiana Heart Physicians, which is a part of the St. Francis Medical Group, as well as primary care physicians and nurse practitioners.
Arcadia Resources Inc. plans to let its stock be delisted from the NYSE Amex Equities Exchange as the company focuses instead on selling its home health care business to raise cash. Arcadia, which had been planning a huge expansion in Indianapolis, is running low on cash in part because the ramp-up of its DailyMed pharmacy service has been slower than expected. DailyMed is a service that packages patients’ medications into packets marked by the time of day or the meal at which they are to be taken. The service has major contracts with Indiana Medicaid and Indianapolis-based WellPoint Inc. DailyMed sales drove up Arcadia’s pharmacy division revenue by 7 percent, to $4.3 million, in the three months ended June 30. Arcadia’s home health care services unit posted $20.4 million in revenue, flat from the same quarter a year ago. Overall, Arcadia lost $3 million in the quarter, or 2 cents per share, compared with a loss of $4.7 million, or 3 cents per share, a year ago. In June, Arcadia announced that its auditor issued a going-concern warning about the company, because it faces a pile of debt that comes due in April 2012. After the delisting later this year, Arcadia’s shares will trade over the counter, which makes them harder to buy and sell.
Warsaw-based Zimmer Holdings Inc. is closing a plant in Statesville, N.C., and eliminating 124 jobs, according to Charlotte Business Journal. Employees will start losing their jobs in mid-October until the plant, which makes tourniquets and slings, closes by the end of the first quarter. A Zimmer spokesman said the company is streamlining its operations and will produce goods made in Statesville at other locations.
Profit and revenue rose at West Lafayette-based Bioanalytical Systems Inc. during its third quarter, as the pharmaceutical research company benefited from outsourcing by large drug companies and was also hired by small biotech firms. The company earned $418,000 in the three months ended June 30, up 45 percent from the same quarter a year earlier. Revenue rose 5 percent to nearly $8.5 million during the quarter. Bioanalytical also raised $5.5 million during the quarter in a public offering of convertible preferred shares. The new preferred shares resulted in special dividend payments of nearly $4.3 million, which are not included in the company’s profit calculation for the quarter.
Ohio cheerleading coach 7th Indiana State Fair death
Meagan Toothman, 24, was confirmed as the seventh person to die from the Aug. 13 stage collapse, according to a statement from the Marion County coroner's office released Monday night by the Indiana State Police.
Governor sets ‘back to business’ example as probe unfolds
Leadership in wake of State Fair stage collapse compared to aftermath of Sept. 11 terrorist attacks, Minnesota bridge disaster.
FERGUSON: Indiana governors are not underpowered
Indeed, an astute governor who wants to push the boundaries of executive power can simply do so when legislators are looking the other way. While they are literally out of town.
WellPoint spent $1.3M on federal lobbying in 2nd quarter
WellPoint lobbied on issues tied to the overhaul's implementation and regulations for accountable care organizations, which are networks of hospitals, doctors, rehabilitation centers and other providers that coordinate a patient's care.
Economy still tough, but a few Hoosier industries on upswing
Two years into the economic recovery, bright spots in the Indiana job market are still hard to find. The insurance industry is one of the few glimmers of light on Indiana’s horizon. Others include engine makers, nursing homes and temp agencies.
Probe: Investment adviser Hauke masked huge loss
Fishers investment manager Keenan Hauke suffered massive losses in his hedge fund seven years ago. Then, rather than fess up, he generated fake account statements for clients that showed money they didn’t really have and returns they hadn’t earned, state investigators allege.
Veteran banker Alley found Integra too sick to save
With reluctance, Mike Alley, a veteran Indianapolis banker, joined the board of Evansville-based Integra Bank in April 2009. A month later, he found himself CEO—the beginning of a 26-month odyssey that ended July 29 with banking regulators seizing and shutting down the 160-year-old institution.
Private funds may kick-start rail-transit plan
An innovative private financing deal struck last year to expand Denver’s rail transit system could be used to expedite construction of the first line in central Indiana.
Super Bowl party space scramble begins
Owners and operators of Indianapolis meeting venues are in the midst of a high-stakes game of musical chairs. The winners will land the biggest parties and events affiliated with Super Bowl XLVI.
Indiana State Fair victims fund continues to grow
The Central Indiana Community Foundation’s State Fair Remembrance Fund is on pace to raise hundreds of thousands of dollars for victims of the stage collapse.
EnerDel parent expresses major cash-flow concerns
Auditors are reviewing whether Ener1 Inc., which has hundreds of workers in the Indianapolis area, has enough cash to continue operations.
Favre may be answer to question Colts don’t want to ask
If Peyton Manning isn't ready to start the regular season, Brett Favre would be a guy who could keep the team's Super Bowl hopes alive this year.
Company news
Remember when physicians were highly suspicious of retail clinics in drugstores' stealing business from them? Well, now that docs are employed by hospitals, the clinics are being embraced. Indiana University Health announced last week that its physicians will serve as medical directors for 19 MinuteClinic locations, including 17 in the Indianapolis area, one in Bloomington and one in West Lafayette. The clinics are in CVS drugstores, as the company is a subsidiary of Rhode Island-based CVS Caremark Corp. Signs at the clinics will indicate the affiliation with IU Health. The organizations are linking their electronic medical record systems so that, with patient permission, records could be transferred easily from MinuteClinic to an IU Health physician, especially for patients needing more care than MinuteClinic can provide. However, MinuteClinic nurse practitioners will also send patient records to non-IU Health physicians if the patient wishes. The IU Health deal is the 11th hospital partnership signed by MinuteClinic across the country.
Eli Lilly and Co. could get an earlier-than-expected ruling from the U.S. Food and Drug Administration on its once-weekly version of Byetta. The FDA said it would render a decision on the new diabetes drug, called Bydureon, by Jan. 28, Lilly announced last week along with its partners, California-based Amylin Pharmaceuticals Inc. and Massachusetts-based Alkermes Inc. Bydureon would be a once-weekly injection of exenatide, the same compound in Byetta, which currently requires twice-daily injections. Byetta has proved effective at controlling blood sugar and even helping some patients lose weight. But concerns about it include causing pancreas problems and then competition from a similar once-daily drug called Victoza, launched by Denmark-based Novo Nordisk A/S. Lilly expected to receive approval for Bydureon in 2010, but the FDA required another study to test its effects on patients’ heart rhythms. When the new requirement was announced in October, Lilly said it expected approval of Bydureon to be delayed until mid-2012. Worldwide Byetta sales last year totaled $710 million.
A $10 million research endowment at the Eugene and Marilyn Glick Eye Institute has attracted seven new researchers to the Indiana University School of Medicine’s Ophthalmology Department. The department will move this month to a new building at 1160 W. Michigan St. The Glicks pledged a total of $30 million to the medical school—including $20 million that went toward the 80,000-square-foot building, which will house clinical research space, a full-service optical shop and the ophthalmology outpatient clinic. The clinic, which is moving from University Hospital, will double in size. The local philanthropists hoped their gift would vault IU into the top 10 for research and prevention of eye disease.
State Fair stage collapses, leaving 5 dead, 40 injured
Strong winds caused the stage rigging for an outdoor concert to collapse, trapping fans.
Anthem not quite so dominant
Revised Insurance Department data show the Indianapolis-based carrier claims about 60 percent of the individual health insurance market in Indiana, down from a previously reported 65 percent.