Swedish Joke of the day: AegirBio AB

AEGIR.ST, AKA  52Q.F

2021-11-24 20_28_16-Media viewer

Have you hear the one about the Swedes who acquired  a  Quick Covid-19 Saliva Test.

A year ago, AEGIR.ST was selling for 20.  Today, after crashing from 400, it is getting down to 20 again.  I doubt it stops there.

I am not writing this to re-hash what has already been said and speculated in various Swedish media and forums.  But since the dirty laundry is dealt with mainly in Swedish, and AeigirBio is also trading in Frankfurt, I found it fair that I should make use of my Swedish skills, and translate a small timeline as to what is being discussed in Sweden.  The information here is not from the media – it is from AegirBio’s press releases, their web site, and the web site of their Asian distributor.

I also will not attempt to answer the question if it is a scam, or are they just stupid.  Time will tell.

AegirBio’s press releases I’ve used here are from:  https://news.cision.com/se/aegirbio.  I have tried to edit the google translations. I apologize that the editing may be a bit sloppy.  I wanted to publish this while it is hot.

So let’s start about a half a year ago. From March to May, AEGIR is hinting on completed clinical trials, and upcoming product launch.  The press releases alone do not explain why the stock quadrupled from 25 to 100 at this period, and I haven’t researched it beyond the company PR.  One explanation could be that AEGIR then became ‘Folkaktie’ or ‘The People’s Stock,’ with lots of Swedes mutually hyping the price up. 

And just in case you did not know, the AegirBio product the hype has been about is called Viraspec. A Covid-19 Antigen Rapid Saliva Test. Viraspec was created independently of AegirBio.  AegirBio acquired Viraspec 6 months after it was founded.  It may well be a perfectly good product, only with the name that now is tarnished by AegirBio and its partners

There was a question about AegirBIo’s,  association with criminals >>> 


Part I – The Rise of AegirBio…


may4

Aegirbio AB signs distribution agreement for Covid-19 test and at the same time receives an order of at least SEK 40 million

 “NowMed Sweden is a company with extensive experience that since the outbreak of the pandemic has focused on the market for Covid products. NowMed Sweden has established contacts with larger regions, both in private and public healthcare and with other companies that have an interest in Covid-19 products. With experience from having delivered almost ten million nitrile gloves, one million visors and many millions of face masks to various agencies, NowMed Sweden has a very good organization around inventory and order management as well as logistics and sales. Something that Aegirbio will benefit greatly from.”

Wolf_WTFNitrile gloves come in boxes of one hundred, the smallest conceivable case to be delivered would be 10 boxes.  We are talking at most 10,000 cases of nitrile gloves. Why does AegirBio, who is in the business, seem to think these numbers indicate huge orders and advanced inventory and logistics. 

Quick calculation: 10000 cases of nitrile gloves makes about 130 cubic meters.  It would take your Friendly Movers Furniture Truck 5 trips to move them all.  Any guy driving a furniture moving truck apparently has the organization, distribution and logistics skills it takes to become worldwide distributor for Aegirbio.  LOL.

As to the 40 million — In November 2021, as Aegirbio released Q3 results, there was no trace of the money.  I was unable to find any prior press release that would explain why that is.


A second press release May 4th.:

Aegirbio AB signs agreement to sell Covid-19 tests in Germany, Europe’s largest market

Aegirbio has today signed an agreement with MIDAS Pharma, a pharmaceutical company in Germany for the sale of the Company’s saliva test for Covid-19. MIDAS Pharma will initially sell the product in Germany but will eventually include other markets where they are established.

Through the agreement with MIDAS Pharma, Aegirbio gets direct access to Europe’s largest diagnostics market with well-established testing for Covid-19. Through its network, MIDAS Pharma will also cover countries outside Germany, which will increase the pace of Aegirbio’s sales of tests.

On 24 November 2021, I found the same press release on MIDAS Pharma’s site.  There was today no other mention of Aegirbio or their products. As far as I can tell, nothing has happened since May 4th, so I leave it at that, and will focus on the Asian distributor instead.


And the final press release for May 4th:

Clarification of Aegirbio’s new distribution agreement

Earlier today, Aegirbio announced that it has signed an agreement with NowMed Sweden AB for the distribution of the company’s Covid-19 tests. In connection with this new collaboration, the new distribution company NowMed Sweden AB has been formed. It is a subsidiary of the group company NuÄrNu AB, which also owns Deltab profil och design AB. From March 2020, Deltab profil och design AB has primarily conducted its operations with distribution and sales of various types of protective products to the health care system. In that logistics chain, the company has worked to ensure purchasing, transport and logistics, which have included its own chartered flights from Asia with requested protective equipment to Sweden.


June25Aegirbio will receive a test order of SEK 100 million with a potential of more than SEK 1 billion in 2021

Together with NowMed, Aegirbio has received a first trial order worth approximately SEK 100 million for delivery to Asia. Together with NowMed’s partners in the region, far-reaching discussions are being held with governments and private healthcare chains in the neighboring countries for the delivery of between 3 and 5 million tests, to a value exceeding SEK 200 million a month, of the Company’s Covid-19 saliva test. In addition, NowMed has signed an exclusive distribution agreement with nine countries in Southeast Asia, including Cambodia, Thailand, Laos, Vietnam and Singapore.

This started the series of press releases, that would rocket the stock from 70 to 400 by August.  In the meantime, in Bangkok, AegirBio’s Asian distributor was getting ready:


July4JP World Medical, Bangkok, Thailand. NowMed’s partner in the region, and Aegirbio’s distributor in Asia…

… was setting up a Facebook page.

The first post was a photo of the Viraspec retail package.  By November 24, the post had 9 thumbs-up, and one comment from Eric from Sweden. He commented how Viraspec is a “Very good and easy test.”   

On the following day, JP World Medical updated their profile picture, with a new logo.  Later the same day, they updated their profile picture with a new design of a logo.  The profile photo has not changed since, so I take it on that day they decided on the third Logo.

facebook

There is a link on the Facebook page to JP World Medical, https://www.jpworldmed.com/.  That link is dead.  The domain jpworldmed.com was registered two days after setting up the Facebook account, July 6, 2021.  

The only activity after these initial days has been a  video ‘How to use Viraspec’ posted on July 24. 


AegirBio receives first order of just over SEK 400 million

July9

Together with NowMed Sweden, Aegirbio has received a first order worth just over SEK 400 million for delivery to Asia. This is a result of the test order that was won in early June and will be delivered as soon as possible. The delivery concerns Cambodia, Thailand, Laos, Vietnam and Singapore.

The need for simple and safe tests to control the spread of infection in countries where vaccination has not come as far as in Europe, for example, is gigantic. In order to be able to keep infrastructure, tourism, schools and workplaces open, the countries in the region are investing in widespread testing and are looking for products with easy sampling and safe results. Aegirbio’s Covid-19 test has been chosen for its simple sampling, which makes it possible to use it for everything from small school children to workplaces where frequent testing is important and sampling in the nose is not possible if you want to spread the testing.Untitled-2

“Now our distributor in Asia is proving that they have really succeeded with their sales to the countries in the region. This is the definitive proof that Aegirbio has a strong market position in Asia. To receive an order of just over SEK 400 million in less than 2 years from the formation of the company is something I am extremely proud of. We, together with our partner NowMed Sweden, will continue to work hard to further secure our position and we expect more orders during the autumn. ”, Says Martin Linde, CEO Aegirbio

On the one hand what they just said.  On the other hand what I can see : A Facebook page with two posts, a dead link, and a company logo that was designed three days ago.

I am not going to say anything more about that.


Aegirbio receives new large order of just over 400 million for Asia. Vietnam will be the next country for establishment

July16Aegirbio’s test for Covid-19 is now also being established in Vietnam with an order of just over 400 million. The tests will be delivered during August to October. This is an additional order to the 400 million that was ordered from Thailand just over a week ago. This means that Aegirbio continues its expansion with the intention of covering the entire region with a population of 600 million inhabitants.

“Our work to establish ourselves in Asia is bearing fruit. The plan to, with Thailand as a base, go further into the neighboring countries and offer high-quality, simple and robust Covid-19 tests in saliva delivers. This is just the beginning and we are actively working to increase production capacity further in order to saturate the market.

LOL! The Domino Effect.


In the meantime, ‘the Base in Thailand’ got busy

Aug20The domain http://jpworldmedical.co.th was registered August 20, 2021.  JP World Medical now had an adress in the cyberspace.  And a hastily assembled Website.   If you just click the link, the site looks presentable.  It is all about Viraspec, and it looks professional.  Once I started reading the site, it started seeming a little more sloppy – but that can easily be on account that the information is written by people who speak Swedish and Thai.  I needed to see the rest of the medical equipment selection.  Besides Viraspec, there are surgical masks, nitrile gloves, a ‘High Precicion Oil Free Compressor,’ which a further page revealed is an oxygen concentrator.  Protection suit, goggles.  My favorite article, however was under the section called:

2021-11-24 23_30_50-Product _ JP WORLD MEDICAL CO., LTD. — Mozilla Firefox

Other Euipments.  To start with the banner, they do not sell the Dentist’s Euipments pictured.  It is either a picture downloaded from the Internet, or in best case something put together by a web designer with no regard to what JP World Medical is actually selling.  Other Euipments are a pair of goggles, and this:

2021-11-24 23_35_23-Product _ JP WORLD MEDICAL CO., LTD. — Mozilla Firefox

A pair of magic shoe covers that will prevent your hear from falling off. 

The contrast between what AegirBio is telling in their press releases and what actually seems to be in Bangkok is startling.  I have a hard time believing that while AegirBio is getting orders in hundreds of millions, no one thinks about doing any research int who they are in business with, or at least to take a look at their web site and Facebook page. They should have noticed that there are some very urgent questions they should be asking before they announce any deals worth hundreds of millions and a strong market position with these… Magic shoe cover sellers.


Part II – The Fall of AegirBio coming soon