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Grants Received	3 Months Ended
Mar. 31, 2013
Notes to Financial Statements
Grants Received	NOTE 10 - GRANTS RECEIVED During 2007 and 2008, Genetic Immunity gained several government grants from the Hungarian state in order to finance the research and development projects. The grants are payable in arrears to 4 projects of the Company: DERMAVI_, DVCLIN01, FIBERSC2 and WINGS. The Company accrued for the grants received and it is reversed to the income statement along with the occurrence of the related expenses. Grants are payable in accordance with the milestone, not annually. Audited financial statements had to be disclosed to State Office as settlement of each milestone. Theses audits have been performed by the statutory auditor of the Hungarian Subsidiary. WINGS is an EU FP7 international consortium grant financed by the European Union. DERMAVI_ is successfully closed in 2009. DVCLIN01 supports the phase II clinical development of DermaVir. The Company made the final grant matching payment in April and will close this grant in the first half of 2013. FIBERSC2 supports the investigation of DermaVir mechanism of action with novel fiber integrated microscopy and will be concluded in 2013. WINGS supports the development of West Nile Virus vaccine with DermaVir technology and will be concluded in 2013.

Grants Received

3 Months Ended

Mar. 31, 2013

NOTE 10 - GRANTS RECEIVED

During 2007 and 2008, Genetic Immunity gained several government grants from the Hungarian state in order to finance the research and development projects. The grants are payable in arrears to 4 projects of the Company: DERMAVI_, DVCLIN01, FIBERSC2 and WINGS. The Company accrued for the grants received and it is reversed to the income statement along with the occurrence of the related expenses. Grants are payable in accordance with the milestone, not annually. Audited financial statements had to be disclosed to State Office as settlement of each milestone. Theses audits have been performed by the statutory auditor of the Hungarian Subsidiary. WINGS is an EU FP7 international consortium grant financed by the European Union.

DERMAVI_ is successfully closed in 2009. DVCLIN01 supports the phase II clinical development of DermaVir. The Company made the final grant matching payment in April and will close this grant in the first half of 2013. FIBERSC2 supports the investigation of DermaVir mechanism of action with novel fiber integrated microscopy and will be concluded in 2013. WINGS supports the development of West Nile Virus vaccine with DermaVir technology and will be concluded in 2013.