The vaccine joins an ever-growing list of potential COVID-19 vaccines in clinical trials.
India's drug regulatory authority on Monday gave the green signal to Bharat Biotech's COVID-19 vaccine for human trials, making it the first domestic candidate from the country as the number of COVID-19 cases in India crossed 565,000.
Volunteers will receive two doses of the vaccine, and don't need to be hospitalized during the trial period.
"We are also scaling up capacities in other countries to further our goal to supply more than one billion doses of the vaccine globally through the course of 2021, provided the vaccine is safe and effective", he added.More news: Lakers finalizing deal with JR Smith
It is the first indigenous vaccine to have received the drug regulator's approval for trials.
Krishna Ella, Chairperson and Managing Director of Bharat Biotech had made the announcement stating that the collaboration with ICMR and NIV has been instrumental in developing Covaxin.
The human trials of the vaccine - which was developed in collaboration with the National Institute of Virology, IndianCouncil of Medical Research (ICMR) - are likely to begin in July.
The permission was granted after the company submitted results from pre-clinical studies of the vaccine that demonstrated its safety and immune response, said Bharat Biotech in its release. "CoroFlu could be in human clinical trials by the fall of 2020".More news: Interpreting Prime Minister Narendra Modi’s Statement on China
"Stoffels, who is also vice chairperson of the executive committee of J&J, said the lead vaccine candidate is a non-replicating viral-vector vaccine that contains a piece of DNA that codes for the coronavirus 'spike" protein.
China's Central Military Commission approved the use of the vaccine by the military on June 25 for a period of one year, CanSino said in a filing.
There are more than a dozen Indian initiatives with Corporates and Research Institutes and at various stages of development. Reportedly, it has global patents for around 140 products along with a portfolio of over 16 vaccines.
After that, depending on the results, the candidate will move into Phase-3.More news: Britain locks down city of Leicester after COVID-19 flare-up
"The Ad5-nCoV is now limited to military use only and its use can not be expanded to a broader vaccination range without the approval of the Logistics Support Department", CanSino said, referring to the Central Military Commission department which approved the military use of the vaccine. Yet, a cure for COVID-19 has not been found.