Indian pharmaceutical firm Gennova Biopharmaceuticals' Covid-19 vaccine, the first homegrown mRNA-based shot, was found to be safe and effective in an early-stage study, the government has said.

Government authorities have also approved further studies to test the vaccine's efficacy in a larger population. Gennova plans to conduct a mid-stage study at about 10 to 15 sites and a late-stage trial at 22 to 27 sites in India, Reuters reported.

Gennova is also investing in scaling up its vaccine manufacturing capacity, the government statement added.

Its parent firm, Emcure Pharmaceuticals, filed draft papers with the market regulator for an initial public offering last week.