The assets of a Greenwood-based biopharmaceutical company that had plans to develop and manufacture synthetic insulin are set for the auction block. Key Auctioneers Inc. in Indianapolis is handling the sale of Elona Biotechnologies Inc.'s recently-built $6.5 million facility, intellectual property its key patent. The city of Greenwood is attempting to recover more than $9.5 million in loans and incentives through foreclosure proceedings. September 2, 2013

News Release

INDIANAPOLIS, Ind. – The assets of Greenwood biopharmaceutical firm Elona Biotechnologies, Inc. will be liquidated at absolute auction on September 27 according to Indianapolis-based Key Auctioneers.

Elona was put into receivership in June after the City of Greenwood filed a foreclosure action to recover over $9.5 million in loans and incentives. Bernadette Barron, the Chicago-based receiver, hired Key Auctioneers to liquidate all assets of Elona, including its recently constructed $6.5 million headquarters and manufacturing facility and its patent and other intellectual property.

The company was founded in 1997 with the aim of producing a generic form of insulin. It was seen as one of Indiana's most promising biotech firms – Governor Mike Pence made a campaign stop there in 2012. The company was formed by two former Lilly scientists, and was developing a quicker and less expensive way to produce insulin. The company had hoped to start production in 2011, but failed to win FDA approval and ran out of money.

Elona's key insulin patent, intellectual property and lab equipment is being offered as a package for $2.2 million, including buyer's premium, until Friday, September 6. If it is not sold by then, the patents will be auctioned along with the company's Greenwood building and equipment. The 50,000-square-foot building sits on 8 acres adjacent to I-65 and includes a never-used $800,000 clean room.

The auction will take place at 10 a.m. on Friday, September 27 at the company's headquarters: 749 Commerce Parkway Drive West, Greenwood, Ind. Online bidding will also be available. The assets will be sold at absolute auction with no minimum and no reserve.

For more information, contact Jeff Doner at 317-509-8600 or visit

About Key Auctioneers

Key Auctioneers is a regional real estate auction company with offices in Indianapolis, Chicago and Grand Rapids. Key's comprehensive asset disposition services include auctions, appraisals, asset recovery, property management and receiverships. Key provides services throughout the Midwest including Indiana, Illinois, Ohio, Kentucky, Missouri and Michigan.

Source: Key Auctioneers Inc.

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