City wants funds back from company



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Elona Biotechnologies officials told Greenwood this week that the company was running out of money and was having trouble finding private investors to keep the business going. PHOTO BY SCOTT ROBERSON


Greenwood officials are trying to get back $8.4 million in incentives from a pharmaceutical company that had promised to invest millions, hire 70 employees and sell a new form of insulin worldwide.

Elona Biotechnologies officials came to the city this week and said the company was running out of money and was having trouble finding private investors to keep the business going, said attorney Wendy Brewer, who’s representing the city.

The Greenwood Redevelopment Commission called a special meeting Friday and voted to find Elona in default on the city’s incentives, which included a $6.4 million loan for a new production facility. The city will try to recover all of the money that has been given to Elona, including the construction loan, $500,000 for equipment and $1.5 million to help the company get U.S. Food and Drug Administration approval for the insulin it wanted to make, Brewer said.

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