IU, Purdue land prestigious research grant

DJIA 12,632.1 +38.1 / S&P 500 1,397.8 +6.9 / NASDAQ 2,499.2 +12.5 Tonight: Warmer. Low 56. Tomorrow: Breezy, warmer, late storms. High 84.
	Thursday, May 29, 2008
	IU, Purdue land prestigious research grant Indiana and Purdue universities will create a new medical research program after receiving a $25 million grant from the National Institutes of Health, the universities announced today. IU and Purdue will launch the Indiana Clinical and Translational Sciences Institute to turn scientific and medical discoveries more quickly into better care for patients and into new commercialized medical products. The Clinical and Translational Science Award is coveted by medical research centers because they are seen as marking out the nation's top-tier medical schools.  Steak n Shake shares hit 52-week low A dissident group of investors in The Steak n Shake Co. continues to add to its stake in the locally based restaurant chain even as share prices sink to new lows. Steak n Shake stock hit a 52-week low of $6.51 per share yesterday. The most recent tumble began on May 14, after the restaurant chain reported its 11th consecutive quarter with declining same-store sales. Activist investors led by Sardar Biglari and his San Antonio-based Lion Fund bought more than 105,000 shares in May alone, adding to an 11-percent stake, SEC filings show.
	$5 gas could become sign of the times Drivers are still wincing from their brush with $4 gas this month, but some station operators already are getting ready in case prices rise to $5 per gallon. A company that makes gas station signs has begun to field orders for plastic signs with the number "5" printed on them. Operators, who just months ago submitted a flurry of orders for the number "4," don't want to be caught without the number "5" if prices continue rising.   Lilly asks FDA to expand approved Cymbalta use Drug developer Eli Lilly and Co. said today it asked the Food and Drug Administration to approve its depression drug Cymbalta as a chronic pain treatment. The company said its filing with the FDA is based on studies conducted in patients with chronic osteoarthritis pain of the knee and chronic low back pain. The company also used studies focusing on diabetic peripheral neuropathic pain, or nerve damage caused by diabetes, and the pain disorder fibromyalgia. During the first quarter, Cymbalta sales rose 37 percent, to $605 million. WellPoint exec retiring, reorganization to follow WellPoint Inc.'s top information technology officer will retire from the company July 1, prompting the health insurer to reorganize the business unit he led. Mark Boxer, WellPoint's CEO of operations, technology and government services, is leaving for the University of Connecticut, where he will teach business courses and conduct health care policy research, according to a WellPoint statement. Boxer earned his MBA from the university. WellPoint does not plan to replace Boxer. Instead, it will hire a chief information officer and place other parts of Boxer's unit under other executives.   Cummins president, COO retiring in March 2009 Cummins Inc. said today that President and Chief Operating Officer Joe Loughrey will retire in March 2009. Loughrey is a nearly 35-year company veteran, and has served as president and COO of the Columbus diesel engine maker since May 2005. He said he has planned his departure with the board for more than two years as part of regular succession discussions.   Aztar sale could be delayed by bankruptcy The sale of Casino Aztar in Evansville could be delayed several months due to the bankruptcy of its owner, Tropicana Entertainment LLC, according to the Evansville Courier & Press. Tropicana, headquartered in Crestview Hills, Ky., sought Chapter 11 bankruptcy protection May 5. Reno, Nev.-based Eldorado Resorts LLC announced before the bankruptcy that it would buy the Aztar for $245 million.
	Genesco profit soars on Finish Line settlement Footwear and accessories retailer Genesco Inc. said today its fiscal first-quarter profit shot up, mostly due to a legal settlement related to the failed takeover attempt by Indianapolis-based Finish Line Inc. Adjusted results beat both company and Wall Street expectations. The company also raised its forecast for full-year profit, sending shares up $2.07, or 7.9 percent, to $28.58. Last year, Finish Line and UBS sought to buy Genesco, which operates a number of chains including Journeys, Underground Station and Hat World, for $1.5 billion and 12 percent of Finish Line's stock, but later backed out of the deal.   Attorney charged with stealing investment Bloomington attorney Phillip Chamberlain was arrested last night and charged with five felony counts for allegedly stealing money from a client instead of investing the money in a golf course project and building a house in Lawrence County. Indiana Secretary of State Todd Rokita said today Chamberlain offered to invest the money as an alternative to a plan by the client to invest in rental properties. The client, he said, loaned the money to Chamberlain, but Chamberlain stole a "large portion." Rokita didn't identify the client.
	Dow AgroSciences parent to boost prices Consumers hit hard in recent months by sharply higher prices for gasoline and food should prepare to start paying more for various household items following Dow Chemical Co.'s decision to raise its prices by up to 20 percent to offset the soaring cost of energy. The company, which announced the price increases yesterday, took the unusual step of directing blame at the nation's energy policy makers. The agricultural arm of the Midland, Mich.-based company, Dow AgroSciences, is headquartered in Indianapolis.   Concerts: the great outdoors? What are the pros and cons of outdoor concerts? Lou Harry's A&E   IRL has new problem, new race Making room for more cars could cause pit road accidents. The Score From IBJ staff - Compiled by Norm Heikens Man killed in overnight motorcycle accident. Police say alcohol may have contributed to a motorcycle crash early this morning that killed one person on the northwest side. Police say a vehicle struck a motorcycle at 56th Street and Georgetown Road, killing the driver. Officers are investigating whether the driver of that vehicle had been drinking. FOX 59 will have the latest at 10 p.m. Firefighters rescued a trapped woman Firefighters this morning rescued a woman trapped in a burning apartment building at 2238 N. College Ave. The woman was taken to Wishard Hospital in stable condition and treated for minor smoke inhalation. Officials say the fire started in her unit and that there might not have been working smoke detectors in the apartment. The cause of the fire is under investigation. Indiana ranks 49th as green state Only West Virginia finished behind Indiana in a recent Forbes ranking of greenest states. Forbes sorted the states by carbon footprint, air quality, water quality, hazardous waste management, policy initiatives and energy consumption. States at the bottom all suffer from a mix of toxic waste, lots of pollution and consumption, and no clear plans to do anything about it FDA safety initiative runs through Indy Indianapolis groups are playing a central role in the U.S. Food and Drug Administration's work to check up on the safety of pharmaceuticals after they hit the market. In April, WellPoint Inc. announced that one of its subsidiaries is working with the FDA to build a "safety sentinel system" - based on claims from WellPoint's 35 million customers - to detect if drugs cause unforeseen problems. Other health insurers also will help the FDA. And last week, the eHealth Initiative announced that Indianapolis-based Regenstrief Institute is studying whether the use of both claims data and electronic patient records helps spot trouble earlier.
	Visit IBJ's Web site, www.ibj.com       Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day.     At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast.
	IBJ Daily hosted and delivered by