Evening gang, just some light reading on the progress of LCT's never ending application for their NZ trial...
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A multimillion-dollar industry being earmarked for Southland could be lost unless the Government approved clinical trials for diabetic sufferers by the end of this month, the company doing the trials said.
Auckland-based company Living Cell Technologies aims to revolutionise diabetes treatments by transplanting genetically pure Auckland Island pig cells into humans.
A herd of the pigs is based in Southland and the region is poised to cash in, with some commentators saying it could potentially be as big as the dairy industry in economic terms.
However, Living Cell Technology chief executive Paul Tan said it might move offshore unless it was given the green light to proceed with trials by the end of this month.
The company argues its Auckland Island pigs' islet cells are genetically pure and disease-free and says it has proved this through trials in Russia.
It had already waited nearly three years for successive New Zealand governments to make a decision and it would face pressure from its international shareholders to move offshore if no decision was made by the end of this month.
It had backup strategies in place to move offshore, he said.
Although some pigs were still likely to remain in Southland if the company moved offshore, its expansion, research and trials would take place overseas.
Venture Southland boss Jeff Troon last night tabled a report at an Invercargill City Council committee meeting saying the Government's delays in the trial approval process were unacceptable.
Health Minister Tony Ryall said it was following a process set in place by the previous government that it agreed with.
"This is a very complex issue and there will be an announcement in due course."
Venture Southland group manager enterprise and strategic projects Steve Canny said Living Cell Technology had already been through an exhaustive approvals process.
It appeared the decision was now down to one independent reviewer who was doing other things.
Link as follows: http://www.stuff.co.nz/southland-times/business/2406123/Southland-could-lose-millions
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Cheers
SW
LCT Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
