Peter Pan's Magic Returns, As A Sequel

Once upon a time, there was a hospital in London dedicated to treating children, but chronically short of money, CBS News correspondent Elizabeth Palmer reports.

Enter the hero of our story, JM Barrie, the author of the childhood classic "Peter Pan," about a boy - Peter - who lives in Neverland, refusing to grow up.

"Peter Pan" was published in 1911 and was an instant smash hit in print, on the stage, and on screen. Over the decades, "Peter Pan" would generate millions of dollars in royalties and JM Barrie left it all to the Children's Hospital in Great Ormond Street.

But outside of Neverland, nothing, however wonderful, lasts forever. Not childhood, and not book royalties.

Next year, the copyright on "Peter Pan" runs out, which means the money it generates will dwindle.

But the hospital came up with a plan that it hopes will prolong the magic of J.M. Barrie's gift so that — to paraphrase the author — it will go on and on, so long as children are happy, and innocent.

And of course, healthy.

To keep the revenue coming in for increasingly expensive top-notch pediatric care, Great Ormond Street Hospital held a competition in 2004 to choose an author willing to write a "Peter Pan" sequel.

Geraldine McCorchrean is the winner.

"Everything is very slightly changed because it also had to be something that was original," McCorchrean says.

And yet, the sequel had to keep faith with a story that lives on in the hearts of little critics everywhere.

The book, called "Peter Pan In Scarlet," will be launched Thursday. On Wednesday, Geraldine McCorchrean dropped in to Great Ormond Street Hospital for an advance review from long-time patient Flora Edward.

"It was really good — don't panic" she says.

Without giving too much away, McCorchrean says the plot will "incorporate things that JM Barrie really cared about. He was a huge admirer of heroes."

Another hint is that the most famous girl fairy of all, Tinkerbell, has been replaced by a boy fairy, called Fire-Flyer.