Intro to a new case pitch to biotech interested speculants:
Intro:
Annexin Pharmaceuticals
$ANNX, currently valued at 100 MSEK, is a Swedish first-in-class biotech that has developed a novel recombinant therapy with the potential to redefine retinal disease treatment. I’ve been tracking the diabetic retinopathy research whose response to ANXV has been nothing short of extraordinary, functional improvements that standard anti-VEGF or corticosteroid therapy simply cannot deliver. This is the kind of early signal that serious investors and analysts, including Adam Feuerstein and Matthew Herper, recognize as rare and disruptive.
Data so far in terms of speculating:
My observations in terms of speculating on DR effects based on quotas, presentations, patent data. This is not company communicated, but based on patents, screen shares by the company and etc.
Clinical observations are striking. Retinal perfusion jumps 45-65 percent, capillary density on OCTA rises 40-65 percent, and macular edema and intraretinal fluid drop 50-85 percent. Microaneurysms and hemorrhages decrease 45-75 percent. Retinal function, measured by ERG and microperimetry, improves 35-65 percent, while BCVA remains stable or improves by up to eight ETDRS letters. The safety profile is pristine, no ANXV-related adverse events reported. In short, this is functional and anatomical improvement in DR and RVO that is not just incremental; it’s transformational in my opinion.
Mechanistically, ANXV targets phosphatidylserine, a pathogenic signal, directly modifying disease progression rather than merely masking symptoms. Combine that with anti-VEGF, which rapidly reduces edema, and you have a dual-action therapy that addresses both cause and effect. Patent WO2024236190A1, published in 2024, secures this combination and effectively locks in a unique IP moat.
My thoughts:
Let’s be blunt: the data should be and is world-class. Rapid perfusion gains, capillary density restoration, functional recovery, and edema reduction at these magnitudes are unheard of in diabetic retinopathy, to quote Professor Stanga:
["We can see increased retinal capillary density and increased retinal vascular perfusion in both of these vision threatening conditions. A novel drug such as ANXV with a differentiated mechanism of action has a potential to change the way we treat these patients"]
If these results replicate in NEXUS for other DR patients and in the Phase IIb, the upside is enormous: I’m talking $100- 300 million USD fair valuation, easily. And with the current uncertainty of financing, the company doesn’t need a massive rights issue, they could raise 15–30 percent of current valuation (c. ~30 MSEK) in a private placement and keep dilution minimal.
Risks:
This is high-risk, yes, but the reward profile is insane. The patient observed in the NEXUS study so far didn’t just stabilize; they showed novel anatomical improvements and enhanced light adaptation, a functional recovery that standard care never delivers. If Professor Stanga and leading ophthalmologists recognize this data as world-leading, Annexin Pharmaceuticals will become one of the most sought-after first-in-class ophthalmology assets in the market.
Outro:
Let me be clear: this is not incremental biotech. This is mechanical disease modification, a therapy that actually intervenes in ischemia and apoptosis, not just in VEGF pathways. Anyone who ignores this is leaving serious upside on the table. The data are compelling, the IP is strong, the safety is clean, and the market potential is undeniable. This is exactly the kind of asymmetric, high-conviction opportunity that investors dream of.
About me:
I have been following the research & development related to this company for three years passionately with the predictive thought of knowing that they'll enter diabetes, and diabetic retinopathy 2 years before their trial start. 2 years later, they have found signals of effect on a DR patient, in which Stanga (the PI) believes that the effects are significant and highly unlikely to be anything other than an ANXV effect.
So what do I believe about in NEXUS as a study?
I believe in a significant outcome where DR patients are showing signals of effect which will additionally de-risk the upcoming Phase IIb.
If you've come so far into the reading, this is going to be my first and only article on X related to stocks.