SOURCE: Power of the Dream Ventures, Inc.
BUDAPEST, HUNGARY--(Marketwire - Sep 28, 2012) - Power of the Dream Ventures, Inc. (OTCBB: PWRV) is pleased to announce the acquisition of Genetic Immunity, Inc., a Phase III clinical stage biotechnology company with experimental nanomedicines that will lead to the next generation of immunotherapies, in a market that is projected to reach $11.00 billion by 2018.
Genetic Immunity's lead product candidate is an immune boosting drug for HIV, which is now only treated by antiretroviral drugs that decrease the ability of the immune system to fight with the virus. DermaVir HIV-specific Immunotherapy is the first of a new line of curative nanomedicine products developed for the treatment and eradication of HIV. In addition, Genetic Immunity has implemented a Predictive Genomic Biomarker as companion diagnostics to accurately predict potential responder patients to DermaVir treatment. Such innovations towards personalized medicine increase the treatment effect and reduce the cost of pivotal trials in full compliance with the FDA's initiatives to improve products for patients (Driving Biomedical Innovation, 2011). In addition, following a successful DermaVir trial on HIV-infected adults, the US government is sponsoring a Phase II pediatric clinical trial.
DermaVir is the first therapeutic vaccine that consistently boosts broadly directed central memory T-cells in human subjects. This immune response has been correlated with containment of viremia in Elite Controllers. The Phase II randomized, multicenter, placebo controlled trial conducted in Germany established the optimal DermaVir dose and provided data that demonstrates the killing of HIV-infected cells. Therefore, the eradication of HIV or the conversion of progressors to Elite Controllers via DermaVir immunization became a testable hypothesis.
"This acquisition milestone is the result of our collaboration for a common goal to sell stock in Genetic Immunity to the public. The acquisition of a private company by a public one corresponds to a novel IPO, and offers tremendous upside potential for all the shareholders of Genetic Immunity and PWRV. Starting today, financial market participants will have an opportunity to determine the price of our business. We are eager, because comparable technology companies trade at over half a billion dollar valuation. On a more personal note, I believe that Genetic Immunity's platform technology is a once in a lifetime opportunity. For the first time we are truly in reach of eradicating a highly infectious disease. We are proud to be a part of the process whereby the innovations presented by Genetic Immunity can become publicly available," commented Viktor Rozsnyay, CEO of Power of the Dream Ventures.
"Through this highly innovative financial transaction, Genetic Immunity achieves its corporate objective to become a publicly traded company and to retain the control over the business. The financial and technological synergy between the two Companies provides for substantial growth opportunity and high return on investment to our shareholders," said Dr. Julianna Lisziewicz, CEO of Genetic Immunity.
With the acquisition Genetic Immunity becomes a 100% wholly owned subsidiary of Power of the Dream Ventures, Inc.
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, or co-developing technologies that originate exclusively in Hungary. For more information, please visit http://www.powerofthedream.com
About Genetic Immunity
Genetic Immunity is a clinical stage technology company committed to discovering, developing, manufacturing and commercializing a new class of immunotherapeutic biologic drugs for the treatment of viral infections, cancer and allergies. The Company's two distinguished technology platforms will revolutionize the treatment of these chronic diseases. Our Langerhans' cell targeting nanomedicines are exceptional in both safety and immune modulating activity boosting specific Th1-type central memory T cells. Such immune responses differ from antibodies induced by vaccines. These are essential to eliminate infected cells or cancerous cells, and balance the immune reactivity in response to allergens. Our IT team generated a complex algorithm to match the mechanism of action of our drugs with clinical efficacy. In the future, we will predict the clinical and immunological benefits of our drugs based on the patient's disease and genomic background. The unique mixture of our technologies represents the next generation of personalized but not individualized medicines ensuring a longer and higher economic return.
Genetic Immunity's primary focus is the development of DermaVir that acts to boost the immune system of HIV-infected people to eliminate infected cells that remain in the reservoirs after successful antiretroviral treatment. Three clinical trials conducted in the EU and US showed that DermaVir immunizations were as safe as placebo and only four sequential patch treatments required to reduce the HIV infected cells in the blood within 24 weeks.
In 1988 Drs. Lisziewicz and Lori founded Genetic Immunity in the US after they described the 1st patient whose immune system was boosted to control HIV after treatment interruption (Lisziewicz et al. New England Journal of Medicine 1999) that lead to the invention of DermaVir. The Company's innovative technology team directed by Dr. Lisziewicz, a champion of immune busting therapies, is now headquartered in Budapest, Hungary. For more information please visit http://www.geneticimmunity.com
Statements in this press release that are not strictly historical in nature constitute forward-looking statements qualified in their entirety by this cautionary statement. Forward-looking statements include, without limitation, statements regarding business combination and similar transactions, prospective performance and opportunities and the outlook for the companies' businesses, including, without limitation, the ability of PWRV to advance Genetic Immunity's product pipeline or develop a curative immunotherapy for HIV, performance and opportunities and regulatory approvals, the anticipated timing of data from clinical data; the possibility of unfavorable results of the company's clinical trials; filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions; and any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. All forward-looking statements are based on information currently available to the companies, and the companies assume no obligation to update any such forward-looking statements.