Apnimed, a late-stage drug developer advancing a pill for obstructive sleep apnea, raised $192 million by offering 12 million shares at $16, the high end of the $14 to $16 range. The company had originally filed to sell 10 million shares.
Apnimed's sole clinical candidate, AD109 (Oxnimbi), is an oral 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.
The Cambridge, MA-based company will trade on the Nasdaq under the symbol APMD. BofA Securities, Evercore ISI, and Cantor Fitzgerald acted as joint bookrunners on the deal.
