Apnimed aspires for up to $160M IPO as sleep apnea pill launch nears

Biotech Apnimed aspires for up to $160M IPO as sleep apnea pill launch nears By Darren Incorvaia Jul 27, 2026 11:30am Apnimed biotech IPO obstructive sleep apnea IPO Apnimed has detailed its plans for an initial public offering, with the biotech intending to raise as much as $160 million to fund the launch of its sleep apnea pill. In a filing with the Securities and Exchange Commission today, Apnimed announced it plans to sell 10 million shares at a price between $14 and $16 apiece. While $160 million is the upper bound of the potential cash haul, Apnimed expects to net $134.6 million from the stock sale, according to the filing, hitting $155.5 million if the underwriters fully exercise their option to purchase 1.5 million additional shares. The Massachusetts company revealed its intent to join the swelling biotech IPO chorus earlier this month. Apnimed’s obstructive sleep apnea (OSA) therapy, Oxnimbi or AD109, is currently awaiting an FDA approval decision, with an answer from the regulator expected by February. The daily pill has smashed two phase 3 trials, including most recently cutting the number of nightly breath-stopping events by 46.8% in a study of 660 patients. The most common treatment for sleep apnea is a CPAP machine, which requires wearing an awkward mask all night. Should Oxnimbi get approved, it would become the first prescription drug designed specifically for the many millions of adults with sleep apnea. While Eli Lilly’s Zepbound became the first ever FDA-approved sleep apnea med in December 2024, it is only okayed for adults who also have obesity. Oxnimbi is a combination of aroxybutynin, a novel antimuscarinic; and atomoxetine, a noradrenaline reuptake inhibitor that is also used in attention-deficit/hyperactivity disorder. The pill targets the motor neurons that control breathing during sleep and boosts their activity so that throat muscles don’t relax, which is what disrupts breathing in patients with sleep apnea. Apnimed has been prepping for Oxnimbi’s launch for some time, bringing Pfizer veteran Graham Goodrich on board as chief commercial officer at the beginning of 2024. Apnimed biotech IPO obstructive sleep apnea IPO sleep apnea Biotech