Biotech firm Apnimed targets up to $160m in IPO proceeds to advance its late-stage obstructive sleep apnoea therapy, oxnimbi.
Apnimed plans to raise up to $160m through an initial public offering on Nasdaq, trading under the ticker APMD. The company will offer 10 million shares priced between $14 and $16 each, with an additional 1.5 million shares available to underwriters, potentially adding $24m to the raise.
Proceeds will primarily fund the regulatory and commercialization process for oxnimbi, its lead obstructive sleep apnoea (OSA) candidate. Apnimed has allocated $228.8m from IPO and existing funds for this effort, with the FDA expected to decide on approval by February 2027.
The drug, designed to prevent airway collapse during sleep, is positioned as a potential best-in-class therapy in the U.S. OSA market. Remaining IPO funds will support further R&D for additional drug candidates.