white wedding

It's a nice day for a white wedding

billy idol

In the beginning

The bride was pregnant. 

How else to explain the Ides of March 2020 for Akers Biosciences leap from cannabis to medical devices to a cure for the pandemic with $190 million in accumulated losses and permanent residency at the courthouse steps for securities fraud. 

The bride Cystron, a fancy way of saying gene, was incorporated 10 March 2020. The shareholders then were anonymous but after repeated trips to the public trough since are known to have been Premas Biotech, Nadav Kidron CEO of Oramed, and gentlemen associated with the underwriter of Akers securities at HC Wainright. 

Cystron negotiated a License and Development Agreement with Premas Biotech for its antigen science to create a vaccine for the pandemic on 19 March 2020. Nine days to negotiate an agreement that might take legal teams months to haggle over clauses to secure sellers from buyers that might disappear into the night with the secret sauce. 

If that is not a record for time it has to be within a bomb blast of the top three convenient that Premas Biotech was a shareholder in Cystron, Licensee, and the Licensor of the science presumably signing both sides of the agreement. 

Four days later 23 March 2020 Akers Biosciences entered a Membership Interest Purchase Agreement with Cystron and on 24 March 2020 paid $1 million, 19.9% of Akers shares, and the promise of future consideration from public offerings to be shared with the then unnamed Cystron sellers.  

On 24 March 2020 the Executive Chairman of Akers Biosciences Mr Schreiber and the CEO of Premas Biotech Mr Kunndu collaborated in an interview and press release. 

The pair appear to be arms length Licensor and Licensee explaining the merits of the license and vaccine journey without disclosing that Premas had negotiated the license with itself through a shell company and that Schreiber and Kunndu were now shareholders in common seeking to approach the public trough with an offering of securities.

Akers filed a prospectus on 7 April 2020 to sell 766,000 shares at $7 a share, explain the terms of the Cystron acquisition, disclose that one third of Cystron is owned by two entities associated with the underwriter without naming them, and does not disclose the identities of the other two shareholders, Premas Biotech and Mr Kidron CEO of Oramed.

$38 million and several capital raises later Akers discarded Cystron into another shell company Oravax Medical before Akers reverse merger with a Florida shell company MyMd on terms creatively conjured.

The inconvenience of a change of control at Akers less than five years after the acquisition of Cystron entitled Cystron shareholders to among other things 12.5% in consideration that Cystron shareholders conveniently waived.

It now appears that MyMd intends to distribute its 13% shareholding in the Cystron, Oravax Medical shell to its shareholders to make Oravax Medical a publicly traded company in some tortured sense or just disappear into the ether.

MyMD is currently evaluating several options with respect to its interest in Oravax, including a potential distribution of Oravax shares to the MyMD shareholders. This would make Oravax a publicly held company.

The majority shareholder in Cystron, Oravax Medical is Oramed that has a tale of its own.