New Delhi: Drug firm Panacea Biotec launched Cabapan injection, an indigenously developed drug for treating prostate cancer.

Used in the treatment of metastatic castration resistant prostate cancer, it has been developed by the company at its Mumbai-based R&D Centre in compliance with the global current good manufacturing practices (cGMP), Panacea Biotec said in a regulatory filing.

The company is manufacturing the product at its Baddi, Himachal Pradesh-based manufacturing facility, it added.

"The launch of Cabapan reflects the hard work of Panacea Biotec's scientists who worked tenaciously for the development of this drug," Panacea Biotec Joint Managing Director Rajesh Jain said.

Prostate is the second leading site of cancer amongst males in India.

Panacea Biotec shares were trading over 2 per cent down at Rs 95 apiece on BSE.