Apnimed, a late-stage drug developer advancing a pill for obstructive sleep apnea, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Apnimed would command a fully diluted market value of $665 million.
Apnimed's sole clinical candidate, AD109 (Oxnimbi), is a fixed-dose, anti-apneic neuromuscular modulator that combines a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor for the treatment of obstructive sleep apnea. It is designed to improve upper airway muscle activity and prevent airway collapse during sleep. Oxnimbi was most recently studied in 1,300 patients across multiple Phase 3 trials, and the company has since submitted an NDA in April 2026.
Apnimed was founded in 2017 and booked $120 million in revenue for the 12 months ended March 31, 2026. It plans to list on the Nasdaq under the symbol APMD. BofA Securities, Evercore ISI, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price the week of July 27, 2026.
