BUDAPEST, HUNGARY 4/4/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company, is pleased to announce that Genetic Immunity has signed an agreement to participate in a consortium effort to develop a vaccine for the West Nile Virus.
The European Commission's Directorates – General Research and Innovation has decided to grant a financial contribution for the implementation of the project called: West Nile Integrated Shield Project: Epidemiology, Diagnosis and Prevention of West Nile Virus in Europe (WINGS) within the framework of the SP1-Cooperation. The duration of the project shall be 36 months and will be led by Fraunhofer Institute, Leipzig. Genetic Immunity, as a member of the consortium of 9 participants, has just signed the final agreement.
The consortium was founded to develop preventive vaccine-candidates against West Nile Fever, caused by West Nile Virus (WNV), which has recently spread through North America. Although the European situation is currently less dramatic compared to the USA, WNV is being detected more frequently over the last five years especially in south-eastern Europe, including Italy, Hungary and Romania.
Although the WNV viral strains are similar in America and Europe, different conditions for a WNV epidemic have to be taken into account, like insect vectors, reservoir hosts (birds) and their endemic virus populations plus specialties of European climate and geography. To make a significant impact in the enhancement of Europe's preparedness to WNV, the consortium has defined three major scientific and technical objectives. Firstly, to develop a diagnostic system for WNV-infections, that has no cross-reactions with other common flavivirus infections. Secondly, to develop a vaccine for humans and last but not least to establish a scientific network to collect, investigate and standardize biological data associated with WNV records using standardized methods. Several European Institutes supported by US scientists experienced with the North American outbreak will be collaborating to fight the disease from a European perspective.
Genetic Immunity's contribution will consists of two parts:
First, the Company will apply its proprietary "pathogen-like" nanoparticle formulation technology using plasmid DNA (pDNA) constructs encoding WNV antigens to obtain West Nile Fever specific vaccine-candidates. For this purpose Genetic Immunity will apply the well-established formulation and quality control methods used for the preparation and characterization of DermaVir. Second, the Company will apply the DermaPrep topical administration technology in vivo for the different formulations of vaccine-candidates. Beyond the "pathogen-like" nanoparticles, DNA vaccines developed by the consortium members will also be tested using the DermaPrep topical delivery system.
Genetic Immunity recently completed Phase II clinical trials of the Company's lead product candidate DermaVir against HIV/AIDS. Phase II results have shown clinically significant median 70% viral load reduction in patients treated, as compared to placebo, without any side effects.
Power of the Dream Ventures, Inc. is a leading technology holding company. We identify and harness the unique technological prowess of Hungary's high-tech industry, turning promising ideas and ready to market products/technologies into global industry leaders. We focus on developing, acquiring, licensing, or co-developing technologies that originate exclusively in Hungary that are in prototype stage based on existing patents; in prototype stage prior to patenting; existing products that require expansion capital to commercialize; emerging science and high-technology research projects that require help in patenting, developing the product and marketing, University spin-off technologies, and ideas from the very early stage that represent "disruptive technologies." We primarily focus on providing enabling solutions in the fields of environmental technologies, power generation and storage, software products and services, biotechnology, medical devices and what we call 'disruptive technologies.' For more information please visit our website at Http://www.powerofthedream.com
About Genetic Immunity
Genetic Immunity is a privately held US/Hungarian biotechnology company developing a new class of immunotherapeutic biologics for the treatment of viral infections, cancer and allergy. The Company's proprietary therapeutic vaccine platform technology is based on dendritic cell-targeting topical nanomedicines. For more information please visit http://www.geneticimmunity.com
DermaVir is a novel therapeutic HIV vaccine with both antiviral and immunomodulating activities. Genetic Immunity believes that DermaVir has the potential to offer a paradigm change in the treatment of HIV/AIDS based on clinical data showing boosting of HIV-specific T cells and decrease of HIV-infected cells that are not eliminated by antiretroviral drugs. DermaVir has an excellent safety profile similar to vaccines used in healthy adults and children. The goal of DermaVir immune intensification is to modify HIV disease, decrease drug exposure while mainaining undetectable HIV-RNA levels and achieve remission (functional cure) in HIV-infected patients.
At the Company:
President and CEO
US telephone: 1-646-499-4510 between 8AM and 1PM ET.
At the Genetic Immunity:
Dr. Zsolt Lisziewicz
Chief Operating Officer
Source: Power of the Dream Ventures, Inc.