Greenwood leaders find pharmaceutical company in default

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Greenwood leaders are taking action, trying to get back more than $8 million.

The money was given to a now-struggling pharmaceutical company that promised to invest in the city.

Elona is located near Emerson Avenue and Interstate 65.  The company recently said it was running out of money and couldn’t find private investors to keep it afloat.

Greenwood officials have now found Elona in default on the city’s incentives, which included a loan to build its facility. The company had also promised to hire 70 workers and invest nearly $30 million in Greenwood.

The company was founded by two Eli Lilly biochemists. It has been based in Greenwood since 1997.