Indiana News

Greenwood May Foreclose On Biotech Firm

5/20/2013

A Johnson County business may be looking at foreclosure.

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Greenwood City Attorney Krista Taggart says the city may foreclose on Elona Biotechnologies within the next few weeks. Taggart says construction has been stopped on Elona Biotechnologies' planned facility near I-65 in Greenwood. Three years ago, the city gave Elona almost $8.5 million in incentives to build an insulin manufacturing facility. Incentives included a $6 million loan for construction. The facility would've employed 70 workers.

Taggart says there's still time for new investors to take over the company and keep the project afloat. The project had been part of Elona's planned $25 million expansion.

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