I doubt it's that simple, or else S.H.I.E.L.D. would have done it. I still think that the Europeans developed not a single Super-Soldier Serum, but a number of compounds. Flight serum, strength serum, etc. Segmenting things like that would have made it a lot easier to research and produce than trying to make one giant compound. I'm really surprised nobody in the writing department of Marvel has thought of that, and passed that thought on into the comics. Hell, even the Soviets managed super-soldiers like Natasha and the freaks in Ult. Nightmare. Hell, the Soviets had five programs that we know about working on supers.