RVO – retinal vein occlusion – is probably one of the lesser-known eye diseases. However, the fact is that the disease is one of the most common causes of vision loss, with more than 16 million patients affected worldwide. Currently, there is no effective treatment that targets the underlying causes of the disease, which is something that Stockholm-based Annexin Pharmaceuticals wants to change things with the drug candidate ANXVThe candidate has also been shown to have potential in the field of cancer.
Potentially revolutionary treatment for RVO
RVO occurs when a vein in the eye becomes blocked by a blood clot, leading to swelling, bleeding and oxygen deprivation in the retina. This results in vision loss, which usually comes on suddenly and can worsen over time. There is currently no cure for RVO. Current options, including the first-line treatment anti-VEGF, are used to treat only its complications, must be repeated many times and are of limited effectiveness. Treatment involves injecting medication directly into the eye over a period of 6 months to several years, and the procedure is experienced by many patients as very uncomfortable.
ANXV is almost identical to the naturally occurring protein Annexin A5. With the candidate, Annexin Pharmaceuticals aims to develop a treatment with a completely new mechanism of action, which could potentially resolve or reduce the blockage in the vein itself that occurs in RVO. ANXV can also reduce inflammation, maintain functioning blood flow and save damaged retinal cells. Instead of being injected directly into the eye, the treatment can also be given intravenously in an arm.
The company is conducting a Proof-of-Concept phase IIa study at eye clinics in the US, which has been closed for recruitment since April. 15 patients are included in the study and so far everything indicates that ANXV has a good safety and tolerability profile. The majority of patients have also shown positive efficacy signals through stable or improved visual acuity and reduced swelling in the eye and the patients have been assessed to need anti-VEGF treatment to a lesser extent than expected, even though a matching control group is missing in the study. Top line data from the study is expected during the summer and Annexin's goal is to subsequently achieve licensing agreements and/or partnerships within the indication.
Exploring ANXV in cancer
The second area that Annexin has chosen to explore is oncology. Independent research shows that Annexin A5's unique properties may be useful in cancer treatment. The company believes that the candidate itself has the potential to affect cancer cells by increasing their susceptibility to immune system attacks. In addition, ANXV can enhance the effect of existing checkpoint inhibitors, which would be valuable since many patients have a suboptimal or absent response to these treatments.
Annexin has also explored the possibility of conjugating – i.e. binding cytotoxic agents to ANXV. This has shown promising results in preclinical studies where the ANXV conjugate was able to effectively kill cancer cells from a patient with triple-negative breast cancer. The company will continue to conduct preclinical and some clinical research to create opportunities for partnerships also in oncology. Read an interview with the CEO Anders Haegerstrand here.
Rights issue drives projects forward
To accelerate the development of the specified projects, Annexin Pharmaceuticals is conducting a rights issue of approximately SEK 28 million until May 2024, 45,1. The largest portion of the issue proceeds, approximately 47 percent, will be used to complete the Phase IIa study and to prepare for Phase IIb studies. The proceeds will also be used for preparatory studies in cancer and business development.
The rights issue is over 90 percent guaranteed through 66 percent of subscription commitments and 25 percent of guarantees from the main owner, board of directors and management.
Summary of the offer
| Terms & conditions | Each existing share gives one subscription right. Twenty-five subscription rights entitle the holder to subscribe for thirteen new shares. |
| Subscription period | 14 – 28 May 2024 |
| Subscription price | SEK 0,25 per share |
| Volume | SEK 45,1 million before issue costs |
| Pre-money valuation | SEK 86,5 million |
Prospectus and subscription
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Subscription via Avanza |
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