Indiana City Sues Over Failed Pharmaceutical Facil...

Indiana City Sues Over Failed Pharmaceutical Facility
Created by kblakeslee on 6/13/2013 10:56:46 AM


GREENWOOD, Ind. (AP) _ Officials of a suburban Indianapolis city have filed a foreclosure lawsuit against a pharmaceutical company that failed to open after receiving $8.4 million from the city.
 
  Greenwood Mayor Mark Myers says city officials had tried for months to help with talks involving possible investors in hopes of saving Elona Biotechnologies. Myers tells the Daily Journal that no progress was being made.
 
  City attorney Krista Taggart says the lawsuit asks for a Johnson County judge to appoint a receiver who would try to sell Elona's unfinished facility and equipment for making insulin.
 
  Elona said three years ago it expected to employ some 70 workers and spend more than $25 million on a planned expansion. 
 
  The newspaper reports the company founders didn't return messages and that its phone number is disconnected.
 

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