Panacea Biotec signs an MoU with Panjab University to develop New Chemical Entities

Panacea Biotec Ltd has announced that the Company has entered into a Memorandum of Understanding (MoU) with Panjab University, Chandigarh for a Drug Discovery Project. The MoU has been signed between Mr. Rajesh Jain, Joint Managing Director of Panacea Biotec and Professor (Emeritus) S V Kessar & Prof. S K Kulkarni of Panjab University, in the presence of Vice- Chancellor of Panjab University.

As per the agreement, Panacea Biotec's Drug Discovery R&D centre- Laksh, located at Mohali, Punjab and Panjab University will collaborate to identify lead molecules with an aim to bring a New Chemical Entity (NCE) superior to existing marketed products in the therapeutic area of Psychiatric Disorders. The university would transfer chemical and biological information on molecules to Panacea Biotec to develop them as NCEs. Panacea Biotec will undertake their pre-clinical and clinical development leading to their launch worldwide.

"With this agreement, we have moved one step further in our goal of meeting global, emerging healthcare needs in the field of Psychiatry. The world wide market for Psychiatric drugs exceeds USD 13 billion and there is a continuous need to bring better drug molecules to minimize the morbidity of patients requiring such treatment. We are sure, with this collaboration, Panacea Biotec would emerge as a major player in this segment by developing innovative drug molecules in line with our mission Innovation in Support of Life" says Mr. Rajesh Jain, Joint Managing Director, Panacea Biotec.