Panacea Biotec has been awarded financial assistance of Rs. 10 crore under the Biotechnology Industry Partnership Programme (BIPP), an initiative of the Department of Biotechnology (DBT), Ministry of Science & Technology, Government of India for the development of pandemic influenza vaccine. DBT has approved Panacea Biotec's proposal and awarded financial assistance of Rs. 10 crore in the form of a long-term loan on concessional rate of interest of 2% per annum. The company has recently signed an agreement with DBT in this regard and got the first installment of Rs. 3 crore.
The company made this announcement during the trading hours today, 22 March 2010.