Apnimed, a late-stage pharma developing oral therapies for sleep-related breathing diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
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.
The Cambridge, MA-based company 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. Apnimed filed confidentially on July 1, 2024. BofA Securities, Evercore ISI, and Cantor Fitzgerald are the joint bookrunners on the deal. No pricing terms were disclosed.
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