Apnimed Targets Up to $160M IPO for Sleep Apnea Drug Oxnimbi Launch

Apnimed, a late-stage biotech, is planning an IPO targeting up to $160 million to support the impending launch of its sleep apnea pill Oxnimbi (AD109). The company intends to list on the Nasdaq Global Market under the ticker APMD, offering 10 million shares priced between $14 and $16 each, with underwriters able to purchase an additional 1.5 million shares through an option, potentially raising the net proceeds to about $155.5 million. The bulk of the IPO proceeds will fund the FDA approval process and commercialization of Oxnimbi for obstructive sleep apnea (OSA), with Oxnimbi currently under FDA review and a decision expected by February 28, 2027. Oxnimbi is a once-daily oral drug designed to improve upper airway muscle activity to prevent airway collapse during sleep, and if approved, would be the first pill specifically targeting the neuromuscular root cause of OSA.