Apnimed files for $160m IPO to fund late-stage sleep apnoea pill development
Apnimed, a Massachusetts-based biotech, has filed for an initial public offering (IPO) on the Nasdaq exchange under the ticker 'APMD', aiming to raise up to $160 million by offering 10 million shares priced between $14 and $16. The company plans to use the proceeds primarily to support the regulatory process and potential commercialization of its lead candidate, oxnimbi (AD109), an oral drug for obstructive sleep apnoea (OSA). Oxnimbi is currently under FDA review, with a decision expected by February 28, 2027, based on positive Phase III data. If approved, it would become the first oral therapy for OSA, addressing a significant unmet need for patients who cannot or will not use CPAP machines. Unlike Eli Lilly's Zepbound, which is only approved for obese OSA patients, oxnimbi targets all OSA patients regardless of weight. Apnimed also plans to allocate some IPO funds to R&D for additional drug candidates.
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