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The project was threatened earlier this year by US export control regulations, which prohibited British participants from even looking at designs produced by Mr Rutan's firm, Scaled Composites.
Virigin Galactic however finally received a licence and that not only cleared the way for full participation in the project, but also enabled the firm to become a part-owner of a new venture, called The SpaceShip Company.
The cost to experience four to five minutes of weightlessness is about $200,000 (£113,242).
Mr Rutan's firm plans to build two mother ships, each about the size of a 737, to carry SpaceShipTwo vehicles into the sky.