Apnimed has raised $192 million from an upsized IPO to fund the launch of its sleep apnea pill, Oxnimbi (AD109).
The company priced the IPO at $16 per share, selling 12 million shares instead of the originally planned 10 million, which were targeted between $14 and $16.
The net proceeds from the IPO will be used to support the commercial launch and regulatory approval process for Oxnimbi, which is under FDA review with a decision expected by February 2027.
Apnimed shares began trading on the Nasdaq under the ticker symbol APMD; the stock rose sharply in initial trading, opening at $22 and hovering around $17, representing a strong market reception.
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