Morning all,came across the following article about LCT and...

Morning all,

came across the following article about LCT and support they're receiveing from the mayor of Invercargill City:

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Mayor Tim Shadbolt wants the Invercargill City Council to pay $2.5 million for a biotechnology company's Auckland Island pig breeding unit. Living Cell Technologies has built the hi-tech unit near Invercargill where it plans to house a growing herd of the disease-free pigs and use cells from the piglets to treat life-threatening diseases such as diabetes.

Mr Shadbolt has been an enthusiastic supporter of the company and said he wanted the council to use endowment funds to buy the pig breeding unit.

The endowment fund could be used only to buy property and must also provide a 10 per cent return, he said.
The council had about $3 million available to spend, Mr Shadbolt said.

"The potential is huge. If we can do well out of it as a council well and good." He hoped to have a proposal to the council property committee this week.

Mr Shadbolt said he could also see possibilities for a joint syndicate to be formed with other organisations with a view to investing in any future infrastructure Living Cell Technologies had planned.

However, the majority of city councillors contacted yesterday wanted more information on Mr Shadbolt's proposal before commenting on possible funding.

Living Cell Technologies founding director David Collinson said the company was putting together a proposal to go to the council. Mr Collinson, who was in Invercargill last week for the Southland Economic Forum, said $60m had been invested in the company in the past 20 years.

In the next decade it hoped to build 80 more pig units in Southland, each housing 500 sows. The piglets would be worth about $100,000 each.

The company is still waiting for government approval to start New Zealand clinical trials on eight type-1 diabetics.

Its chief executive has said if it doesn't get approval soon it will move overseas.

Prime Minister John Key, who was in Southland at the weekend, said he had spoken to Health Minister Tony Ryall and he expected a decision on the trials to be made reasonably soon.

He said he did not know enough about the issue to say whether the Government felt bullied by the company's talk of developing its research and technology overseas if a decision were not made soon.

Mr Ryall said it was a serious issue and a decision would not be rushed.

Former Labour health minister David Cunliffe gave conditional approval in October for eight New Zealand type-1 diabetes patients to receive transplants.

It followed two years of consultation, which recommended trials proceed subject to certain conditions.

These included international independent peer review, setting up an independent clinical team and experts to oversee the trials.

Link as follows: http://www.stuff.co.nz/southland-times/news/2437221/ICC-has-cash-for-pig-unit-may

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Have a good day.


Cheers

SW