what is an oravax

What is an Oravax

Birth

The Cystron shell company was intended to live for fourteen days in March 2020 to create the appearance of a Covid 19 vaccine, hide the identity of the sellers, and separate ultimately $38 million from capital markets by Akers Biosciences.

Cystron had a license to a claimed Covid 19 vaccine platform from Premas Biotech. Premas Biotech was an undisclosed Cystron shareholder. So Premas Biotech negotiated the license with itself. The other undisclosed Cystron shareholders were Mr Nadav Kidron, CEO of Oramed a Chinese-owned company, and persons associated with HC Wainright underwriters for Akers Biosciences and Oramed.

Akers raised money from capital markets to buy Cystron on the promise of pursuing a Covid 19 vaccine. Cystron was acquired by Akers on 23 March 2020. Mr Christopher Schreiber of Akers and Mr Kunndu of Premas Biotech issued a press release on 24 March 2020 describing the license between Akers and Premas Biotech. Mr Schreiber and Mr Kunndu did not mention that one day earlier Akers paid Premas Biotech cash and Akers shares as a shareholder of Cystron.

On 24 March 2020 Premas Biotech was a major shareholder in Akers. Mr Schreiber and Mr Kunndu were not licensors and licensees discussing the art of vaccine development that required seven years and $500 million rather they were shareholders in the common pursuit of public capital with the permission of the SEC and without disclosure of their joint shareholding.

The Fine Print

The lawyers at Haynes and Boone explained to the SEC much later that Cystron was a legal construct, a shell company, without employees or operations. The Akers acquisition of Cystron was not an acquisition of a company but the purchase of an asset, the Premas License, so the public that funded the acquisition did not need to know the details. Those details hidden from the public were the identity of Premas Biotech and Nadav Kidron CEO of Oramed as shareholders in Cystron.

Akers raised $4 million net of fees on 7 April 2020. The offering prospectus claimed that Premas Biotech by 6 April 2020 had made clones of three Covid 19 antigens, that Akers had bought Cystron on 23 March 2020, that Akers now held the Premas License, and that one-third of Cystron was owned by two entities connected with the underwriter HC Wainright. The owners of the other two-thirds of Cystron were not disclosed.

The Refund

Premas Biotech refunded monies received from Akers in every public offering in 2020 but over time kept $2 million. The math is complicated but the refund stands. Akers explained in later filings that Premas claimed to have not had permission from the Government of India to enter the Cystron transaction as an Indian firm with a shareholding in a foreign company. Akers agreed to hold on to cash and shares for Premas until Premas made a request for them which presumably meant after it received permission from the Government of India to have entered the transaction in the first place.

Horses and Water

Akers sought permission from the SEC in May 2020 for Akers insiders to sell shares. The table of insiders included Premas Biotech 207,000 shares and Mr Nadav Kidron 207,000 shares. These were the selling shareholders of Cystron on 23 March 2020 one day before the 24 March 2020 discussion between Mr Schreiber and Mr Kunndu, in the acquisition that Haynes and Boone claimed was not an acquisition, and thirteen days before Akers identified three Covid 19 antigens in a scientific achievement that has yet to be recorded in the literature of the vaccine community.

The filing also mentions that Premas had met a 14 May 2020 science milestone and was due amounts from public offerings that would be accrued and paid after 23 September 2020. In theory this would give Premas enough time to apply to the Government of India for permission to have negotiated with itself and Akers enough time to return to the trough until it went dry. Akers did for a total of $18 million before a separate $18 million November 2020 offering for a reverse merger with another shell company.

Premas continued with vaccine pursuit and sacrificed 50 mice in August 2020. The trial went so well that Akers opted to exit the Covid 19 vaccine business after six months for a reverse merger with a Florida shell that claimed to be in pursuit of a cure for Alzheimer’s.

Mr Kidron as CEO of Oramed, Chinese owned by a Sino Pharm subsidiary with a Covid 19 vaccine of its own, did not feel the need to file an 8k to disclose his participation in Cystron, nor payments received from a Sinopharm competitor.

Florida

The math of the Akers reverse merger with MyMdwas so compelling that at least nine class and derivative actions suits were filed. The Akers shares outstanding expanded from 2 million to 38 million, with another 5 million warrants hovering for dilution, $10 million in goodwill on the balance sheet of companies with accumulated losses of over $200 million with no product and no revenue.

Akers raised $18 million to saunter off to Florida from the Iroquois family of funds owned or directed by Akers lead independent director Mr Joshua Silverman familiar to the SEC for reasons unbecoming in the matter of MGT Capital Investments.

Castaway

What to do with Cystron?

First, the elevated minds at Akers management opted to keep Cystron in the luggage of the Florida trip. Later Cystron was cast into another shell, Oravax Medical, along with $1.5 million in cash in exchange for 13% of Oravax that would be shepherded conveniently by Mr Silverman.

In a matter of no small coincidence joining the castaway was Oramed, CEO Nadav Kidron, the ghost of Cystron past, with $1.5 million-plus a licensing salsa for 63% of Oravax. The math left 26% for other shareholders, Premas Biotech that had negotiated the original Cystron license with itself.

The legal journey from Cystron to Akers to Oravax required more than a little generosity from Cystron shareholders in waiving fees to be received for change of control and monies accrued from public offerings. All of which was accomplished in a tidal wave of ink between Oramed, the Cystron sellers, which included an unnamed individual, no hints, Premas Biotech, and Akers.

Reincarnation

The promise of the Premas Covid 19 vaccine trials ended with the cremation of the 50 mice in August 2020 . Until the imaginations of Mr Kidron and Kunndu conjured the next great promise, trials of a tablet that would deliver insulin, an Oramed adventure, and a tablet for the delivery of Premas Biotech’s Covid 19 vaccine which makes perfect sense as long as the tablet works and Premas has a vaccine in 2021 that it did not have in 2020.

Mr Kidron sold $4 million Oramed shares into this promise.

To create this bubble of belief Premas will license the license that it negotiated with itself, Cystron, that now resides with Oravax from Oravax.

Or for Premas either the second or third re-license of its own license from itself.

Mr Silverman Chairman of Oravax Medical is captured by this novel thought and wishes to share it with public markets by re-listing Oravax Medical.

Mr Kidron will speak at an HC Wainright conference this week to explain the vision, the vernacular, and verisimilitude of a brain housing group that could well be subject of genetic examination with a much larger market capitalization in behavioral finance.

Should be worth the price of admission.