Apnimed Plans Up to $160M Nasdaq IPO for Sleep Apnea Pill Development
Biotech firm Apnimed is preparing an initial public offering (IPO) on the Nasdaq, aiming to raise up to $160 million by selling 10 million shares at a price range of $14–$16 per share. The company plans to use IPO proceeds and existing funds totaling approximately $228.8 million for regulatory approval and commercialization efforts around its lead drug candidate oxnimbi (AD109), an oral therapy targeting obstructive sleep apnea (OSA). Oxnimbi is currently under FDA review, with a decision expected by February 28, 2027. If approved, it would be the first oral treatment for OSA and could address unmet needs among patients who are ineligible or unwilling to use CPAP devices. The drug aims to treat all types of sleep apnea regardless of patient weight, unlike Eli Lilly’s Zepbound (tirzepatide), which is only approved for obese individuals. Apnimed also plans to allocate a portion of the IPO proceeds toward R&D activities for additional drug candidates.
Tickers: $LLY
Topics: biotech IPO sleep apnoea drug development