Finance available for GE-sheep expansion

PPL Therapeutics (NZ) has confirmed that it will go ahead with a plan to expand its New Zealand flock of genetically engineered sheep.

The expansion had been reported in doubt after Scottish parent company PPL Therapeutics - the one that cloned Dolly the sheep - decided not to go ahead with £45 million ($157.7 million) fundraising because of weak technology markets.

The company's New Zealand general manager, George Mitchell, said NZ-based loan finance already in place would cover the proposed expansion.

PPL Therapeutics' sheep produce milk which contains the human protein alpha-1-antritrypsin.

The protein is used for the treatment of hereditary emphysema and cystic fibrosis.