PRESS RELEASE: Bankrupt Biotech Firm to be Auctioned Friday

INDDIANAPOLIS, IN—The assets and unoccupied building of Greenwood biopharmaceutical firm Elona Biotechnologies, Inc. will be liquidated at absolute auction on September 27, according to Indianapolis-based Key Auctioneers.

Once seen as one of Indiana’s most promising start-ups—Governor Mike Pence made a campaign stop there in 2012—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.

The company was founded in 1997 by two former Lilly scientists with the aim of producing a generic form of insulin. Elona sought to develop 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 insulin patents, intellectual property and lab equipment will be auctioned along with the company’s Greenwood building. 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.

TAGS: Investment