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Kirsten Sheridan (“Disco Pigs”) is set to write and direct a biopic of Russian gymnast Olga Korbut for Treasure Entertainment, the recently expanded Irish production outfit.

The company, which has raised a $900,000 development fund, is also producing the next projects by directors Paddy Breathnach and Conor McPherson.

Breathnach (“Blow Dry”) founded Treasure with his producing partner Robert Walpole. McPherson and former ICM agent Justin Moore-Lewy have now also joined the company.

Breathnach has two projects in development. “The Sunshine of My Life” is based on the true story of the friendship between British bare-knuckle fighter Paddy Monahan and Muhammad Ali. Peter Barnes (“Enchanted April”) is adapting script from Monahan’s autobiography. Treasure has hooked up with Michael Winterbottom and Andrew Eaton’s Revolution Films to co-produce the film.

The other Breathnach project is “MacIntyre,” a police thriller set in the American South.

McPherson, who has just finished shooting “The Actors” for Miramax and FilmFour, is scripting “Ghosthunter” to shoot next year. It’s a period comedy chiller set in London.

Treasure’s new development fund has been raised from the Irish Film Board, Anglo Irish Bank and private investors including James Morris, chairman of post-house the Mill and “Riverdance” promoter Maurice Cassidy.

Treasure’s first feature was “I Went Down,” which led to a first-look deal with Fine Line Features. This has now lapsed.

Company is also in production with “Ape,” a half-hour model animation piece, written and directed by Rory Bresnihan. It’s a Gotham-set story about an orangutan that escapes from the Bronx Zoo and becomes a chat show host.

Having set up a model animation studio with Bresnihan, Treasure intends ultimately to make full-length animated features. Meanwhile, it is developing a TV series based on stories by Roddy Doyle.