Biotechnology firm Panacea Biotec today said it has got financial assistance of Rs 10 crore from the Government of India for the evelopment of influenza vaccine.
The financial aid is a part of the Biotechnology Industry Partnership Programme of the Department of Biotechnology (DBT), Ministry of Science & Technology.
The DBT has approved the company's proposal and awarded financial assistance in the form of a long-term loan on a concessional rate of interest of 2 per cent per annum, it said in a statement.
Panacea Biotec has recently signed an agreement with the department in this regard and received the first installment of Rs 3 crore, the company said.
The company is indigenously developing Pandyflu, its vaccine against the H1N1 virus (Swine flu). In view of the recent onset of pandemic influenza A (H1N1), the DBT took its initiative to nurture R&D and innovation in biotech industry under Biotechnology Industry Research Assistance Programme.
Under the programme, the department had invited proposals from Indian biotechnology companies for indigenous development of influenza A (H1N1) or other pandemic flu vaccines.
Shares of Panacea were quoting at Rs 181, higher by 1.12 per cent in the late afternoon trade on the National Stock Exchange.