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11 April 2003
PPL spins off cloning business
Reproduced from The Courier, 11 April 2003
(Filed 11 April 2003)
www.land-care.org.uk
THE COMPANY that created Dolly the sheep yesterday
completed its withdrawal from the cloning techniques for which it
became famous as it reshapes to concentrate on more profitable markets.
PPL Therapeutics, which is based in Edinburgh
has agreed to spin-off its US-based regenerative medicine business
– which undertakes research based on stem cells.
The unit will be sold to Regenecor Holdings, a
new company formed by a join venture which includes the University
of Pittsburgh’s medical centre.
In a statement, PPL said, "The board of PPL
does not believe it is possible for PPL to be successful in developing
both its core protein business and the regenerative medicine business
within the financial and management resources currently available
to it."
PPL revealed its intention to sell its regenerative
medicine cloning business last year after sinking millions of pounds
into the project.
Chief executive Geoff Cook wants to concentrate
on developing new protein treatments for lung disease and cystic
fibrosis.
Yesterday he said, “By spinning out this
area of our business we have an important milestone in the strategy
put in place by PPL’s management team to focus on the business
on the development of protein based therapeutics.”
PPL is now focused on developing and producing
human proteins for therapeutic applications.
Copies of human DNA are introduced into the genetic
material of another species - usually sheep - and the product is
collected through an animal's milk. The company is also working
to overcome the causes of rejection for organs transplanted in humans.
PPL retains the rights to its cloning technology
but a spokesman said it had no current plans to undertake any work
in the area.
PPL shares were up 0.12p at 6.37p.
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