Firm finds investor; jobs won’t come to Greenwood
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The company%u2019s Greenwood laboratory is pictured in February 2010.
Elona Biotechnologies research scientist David Stokell works on DNA amplification in the company's Greenwood laboratory.
A tentative deal with an investor would rescue a Greenwood-based pharmaceutical company, but Elona Biotechnologies wouldn’t make a generic form of insulin in the city or bring the jobs it promised.
Elona Biotechnologies has reached a tentative agreement with an investor, who would contribute millions of dollars in exchange for a substantial ownership stake in the firm, said attorney Wendy Brewer, who represents Greenwood in the matter. The company would get enough money to settle $1.5 million in debt and fund operations so it could continue to pursue U.S. Food and Drug Administration approval for a generic form of insulin.
And Greenwood would be repaid all of the $8.4 million in incentives given to the company.
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