DSIR approves Panacea Biotec's R&D centre in New Delhi

Panacea Biotec Ltd has announced that the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology, New Delhi, has accorded recognition to the In-House R&D Centre for biopharmaceutical research of the Company at Mathura Road, New Delhi. This R&D facility for biopharmaceutical research was inaugurated an April 17, 2006.

This centre will utilize molecular biology and genomics tools and has around 30 hard core molecular biologists, immunologists bio-chemists, microbiologists and cell biologists. The centre will develop novel preventive & therapeutic vaccines, therapeutic fully human monoclonal antibodies and therapeutic peptides. It also plans to undertake the development of a peptide-based technology for alopecia (hair loss) management and tetravalent recombinant / chimeric dengue vaccine in-licensed from National Institutes of Health USA and initiate Phase I trails.

"This recognition will encourage the Company to engage more in the research and development (including clinical trials), in area of chemicals, drugs, pharmaceuticals, biotechnology" says Mr Rajesh Jain, Joint Managing Director, of the Company.

In-house R&D units recognized by DSIR in the area of pharmaceutical and biotechnology sector are eligible for duty free import of specified goods / equipment for R&D, duty free import of pharmaceutical reference standards in addition to weighted deductions on revenue and capital expenditure under the Income Tax Act. This recognition provides eligibility to obtain the financial assistance from various Govt. agencies.

Source : Equity Bulls

Keywords