Elona seeks to stay afloat; Firm pursuing FDA approval for new insulin

The founders of a pharmaceutical company that’s been based in Greenwood for 16 years plan to relinquish ownership in order to get enough cash to save the business from collapse.

A group of private investors who have bankrolled other pharmaceutical companies has reached a tentative agreement to buy all the stock in Elona Biotechnologies, a firm that’s developed generic versions of insulin and other protein-based drugs it hopes to sell worldwide, said attorney Sam Hodson, who’s been representing the city in the negotiations.

The firm will get enough funding to stay open and complete clinical trials that are needed for U.S. Food and Drug Administration approval of its low-cost insulin.

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