Apnimed files for $160M Nasdaq IPO to fund oral sleep apnoea drug oxnimbi

Annabel Kartal Allen Pharmaceutical Technology Tue, July 28, 2026 at 4:26 AM PDT | 2 min read

Apnimed is targeting a listing on the Nasdaq exchange through an initial public offering (IPO) valued at up to $160 million. The proceeds will support the Massachusetts-based biotech as it prepares to launch its potentially "best-in-class" therapy for obstructive sleep apnoea (OSA) in the U.S. market.

Under the ticker 'APMD', Apnimed will offer 10,000,000 shares at a price range of $14 to $16 per share, bringing the potential total raise to $160 million. This amount could increase further, as the company plans to offer an additional 1,500,000 shares — potentially securing up to an extra $24 million, depending on underwriter interest.

Apnimed intends to allocate the IPO funds primarily toward bringing its lead candidate, oxnimbi, to the OSA market. The company plans to dedicate approximately $228.8 million — combining IPO proceeds and existing funds — to support the regulatory process and potential commercialization of the drug. Remaining funds will be used to finance research and development activities for additional drug candidates.

About Oxnimbi (AD109)

Oxnimbi, also known as AD109, is designed to increase muscle activity in the upper airways to prevent airway collapse during sleep. The drug is currently under review by the U.S. Food and Drug Administration (FDA) for potential approval in OSA. The regulator is expected to make a decision on oxnimbi before February 28, 2027, based on positive data from the drug's Phase III programme.

Addressing Unmet Needs in OSA

While multiple device-based treatment options exist for OSA, a significant portion of patients are either ineligible for or unwilling to use a continuous positive airway pressure (CPAP) machine, which works by keeping the airways open during sleep.

If approved, oxnimbi would become the first oral therapy to reach the OSA market. The treatment landscape remained largely stagnant until 2024, when Eli Lilly's blockbuster weight loss drug, Zepbound (tirzepatide), became the first pharmaceutical to secure approval for OSA.

Zepbound's approval provided obese patients with the first new treatment option for the condition. However, according to a 2024 review published in Sleep Medicine, only just over one-third of OSA patients are considered clinically obese, meaning many are not eligible for Zepbound in this context.

By introducing a treatment suitable for all types of OSA — regardless of a patient's weight — Apnimed hopes oxnimbi will become the best-in-class therapy for the condition, which currently affects 936 million people worldwide.

In a previous statement, Apnimed CEO Larry Miller noted that the once-daily oral drug could "expand and reshape the sleep apnoea treatment landscape, while representing a notable commercial opportunity for Apnimed."

"Apnimed scouts $160m IPO to back late-stage sleep apnoea pill development" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand.