follow the shell

the first rule of hurricane coverage is that every broadcast must begin with palm trees bending in the wind

carl hiassen

the loot

There are some disclosures that once not made should remain with the bearer into eternity of the ages lest the need for repentance and self incrimination are too much to bear.

The Cystron shell raised $240 million from public markets for Akers Biosciences and Oramed, companies with accumulated losses of over $300 million, no revenue, no product but the promise of a vaccine to end the pandemic. 

The CEO of Oramed, Mr Kidron, was a silent shareholder in the Cystron shell along with the China Hustle crowd and Premas Biotech that licensed the promised vaccine from itself. Cystron was intended to live for fourteen days but survives today as Oravax Medical.  

The complication of Mr Kidrons shareholding in an anonymous vaccine shell despite being the CEO of a Chinese owned company the parent of which had a vaccine in development of its own is confusing. The anonymity of the shell and the anonymity of the shareholding squared when Akers Biosciences registered Mr Kidrons 207,000 shares for sale in May 2020 presumably on Mr Kidron and other shareholders request. The SEC gave effectiveness to the S3 and the anonymous became less so.

The Oramed SEC filings, 8ks, q's, and annual reports are bereft of any mention of Mr Kidron's Cystron shareholding until 2021 when Oramed informed shareholders that Oramed bought Oravax Medical, the former Cystron. Other shareholders included MyMd, the former Akers Biosciences, Premas Biotech, the licensor and licensee of the non existent vaccine technology, and unnamed others.

In 2020 Akers Biosiences had raised $38 million from public markets on the promise of a Covid 19 to be delivered by Cystron through its license with Premas Biotech. Six months after the Cystron acquisition and Mr Kidron's windfall Akers sauntered into a reverse merger with a Florida shell company, MyMd, to pursue a cure for Alzheimers with an august board purchased from Johns Hopkins on terms that redefined credulity or at least strained the intent of spreadsheets. 

Before the MyMd hologram Akers discarded Cystron into Oravax Medical which required a blizzard of shareholder agreements and waivers of consideration at the blink of sunset happy hour delivering Oravax Medical to the same New York address as Oramed and MyMd, 1185 Avenue of the Americas.   In the end Oramed bought 63% of Oravax Medical.  So Mr Kidron's undisclosed investment in Cystron in March 2020 came to rest on the Oramed balance sheet in 2021.

inside job

Oramed was included in the Russell indices, June 2021 presumably because it had accumulated $130 million in losses, was Chinese owned, and had neither a product nor revenue.  That Oramed traded at all was a mystery. It traded 9 before the Russell inclusion and 25 thereafter.

Life science specialist Canaccord Genuity raised $15 million for Oramed requiring proctological diligence. Mr Kidron sold 200,000 Oramed shares at $20. Mr Kevin Rakin the Chairman of Oramed joined Mr Kidron in the sales at $20.  The Cannacord marriage was shotgunned replaced with generalist Cantor Fitzgerald. Oramed then raised $50 million placing 2 million shares at $25 with undisclosed private investors, anonymity begetting anonymity.   Oramed now trades at 8 much to the delight of shareholders who have not filed suit aggrieved that insiders left them holding a bag that is now worth 67% less.

Mr Leonard Sank an Oramed Board member transferred shares to an offshore trust managed by his wife at $3 a share in a market bid at 9.

The Vietnamese pre ordered 10 million shares of the non existent Oravax Medical vaccine in December 2021.

The Chairman Mr Rakin recently recently sold 9’s.