City gets $1.725 million from Elona sale

A judge approved giving nearly $2 million to Greenwood from the sale of a failed pharmaceutical company’s building and other assets, but the city may not get all of that money.

About $500,000 will go back to the redevelopment commission and any other money the city gets must be used to pay off loans for the Elona Biotechnologies land and building. Former Elona employees may also need to be paid, if that’s what a judge decides.

Greenwood had loaned or given Elona Biotechnologies about $8.5 million to build a new facility in the city and get federal approval to manufacture and sell a generic version of insulin worldwide. The company ran out of money last year and closed after constructing the building and buying equipment but never getting approval to sell the insulin.

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