PANACEA BIOTEC LTD. - Intimation Of Incorporation Of Step-Down Subsidiary Company

We would like to inform you that the Company''s material subsidiary, Panacea Biotec Pharma Ltd. has incorporated its wholly owned subsidiary company namely, Panacea Biotec Inc. in the state of Delaware, USA and has made an initial investment of US$75,000 (~Rs.6.23 million) in the shares of common stock of Panacea Biotec Inc.