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VOL. 125 | NO. 43 | Thursday, March 4, 2010

Daily Digest

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Onyx Files Loan For New HQ

Onyx Medical Corp. on Monday filed a $3.9 million construction loan through Trustmark National Bank to build a facility at 5121 N. Shelby Oaks Drive.

The loan was in conjunction with Onyx’s seven-year payment-in-lieu-of-taxes (PILOT) agreement, approved last fall by the city-county Industrial Development Board, which is listed on the loan as a joinder.

Onyx will move its operation from its current headquarters at 152 Collins St. in Midtown.

The PILOT will save the company a little less than $850,000 in taxes.

Onyx is planning to make a $6.5 million capital investment as part of developing a new manufacturing facility and corporate headquarters and will create at least 17 new jobs.

Laraine Gilmore, president of Onyx, signed the trust deed. Jill Iglehart signed the loan joinder on behalf of the IDB.

Onyx company officials were not available Wednesday to discuss the project.

A call to Linkous Construction Co. Inc., the company originally selected to serve as general contractor for the facility, was not immediately returned.

The family-owned Onyx makes a “complete line of wires, guide pins, half pins, drills and screws utilizing the latest in process technology and medical-grade specialty materials,” according to its Web site.

Source: The Daily News Online & Chandler Reports

Eric Smith

MLGW Board to Consider Company Contracts

The Memphis Light, Gas & Water Division board of directors is scheduled to approve a resolution at this afternoon’s board meeting awarding a $51,900 contract to Union Metal Corp. for galvanized steel expressway poles.

Among the other contracts up for a vote today is a 12-month, $183,211 contract to Polypipe Inc. for polyethylene pipe.

The MLGW board will meet at 3 p.m. in the boardroom of the MLGW Administration Building, 220 S. Main St.

Andy Meek

MIT Recognizes Medtronic’s Innovation

Medtronic Inc. is one of the 50 most innovative companies, according to a list compiled by the Massachusetts Institute of Technology’s Technology Review.

Medtronic was recognized for its leadership in the development introduction of Deep Brain Stimulation (DBS) therapy, which helps treat neurological conditions by delivering controlled electrical pulses to a specific part of the brain.

DBS therapy was first commercialized outside the U.S. in 1995, and approved by the U.S. Food and Drug Administration in 1997 to suppress tremors in the upper extremities. Medtronic has broadened the applications of the technology.

Medtronic’s DBS therapy is now approved to manage some of the symptoms of Parkinson’s disease and in treating obsessive-compulsive disorder.

Minneapolis-based Medtronic’s Spinal and Biologics Business is in Memphis.

Tom Wilemon

Medicare Cuts To Doctors Delayed

The U.S. Senate voted Tuesday night to delay a 21 percent physician payment cut for one month.

The cut in reimbursements for Medicare and Tricare would take effect April 1.

The cut is tied to a sustainable growth rate (SGR) formula, which officials from the American

Medical Association and many health care experts have called flawed.

Congress so far has taken action each year to prevent the cuts from taking place, but doctors are pressing for a permanent fix.

This year, action on the SGR formula got caught up in the health care debate.

Tom Wilemon

Baptist Women’s to Host Breast Cancer Group

Baptist’s Women’s Health Center will host Women Helping Other Women, a breast cancer support group, on the second Tuesday of every month at 7 p.m.

Women diagnosed with breast cancer, undergoing breast cancer treatment or recovering from breast cancer are invited to attend.

Dr. Glenn Ann Martin will facilitate the support group.

Martin received her doctorate in psychology from the University of Memphis and is a certified professional grief therapist by the Association for Death Education and Counseling.

This month’s meeting will be Tuesday at the Women’s Health Center, 50 Humphreys Blvd., Suite 23.

For more information, call 227-9694.

– Taylor Shoptaw

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107
FORECLOSURE NOTICES 8 14 204
BUILDING PERMITS 92 209 3,265
BANKRUPTCIES 42 84 837
BUSINESS LICENSES 21 23 352
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0