Yeah it was basically an updated version- there were a few twists from the original story.
I'm trying to remember what the original virus was... It was alien wasn't it?
This time around they really played up the alien aspect- but there is a big twist in how it got to Earth:
(Spoiler blah blah blah)
Apparently Earth in the future contracts the virus- so our future scientists send it back in time (through a recently discovered wormhole) to our present. The whole point being that a natural resource in our present that has been harvested to extinction in the future so happens to be the only thing able to kill the virus.
So the virus is actually a warning from the future to stop doing the harvesting or eventually face annihilation (actually that has a "12 Monkeys" flavour to it--- definitely a ST:IV theme

).
Did some digging... The ending has a bit of the "Terminator" Cyberdyne paradox---
More spoilers hee hee...
Although all of the test samples were to be destroyed- one small sample is purposely saved. It is stored aboard the International Space Station. The paradox being that sometime in the future the sample makes it back to Earth, causing Mankind's destruction.
I actually liked it. But I'd like to watch the '71 film again.