Apnimed targets up to $160 million IPO to fund launch of Oxnimbi, its oral sleep apnea pill

Apnimed, a Massachusetts biotech, filed with the SEC indicating it will seek an IPO of up to $160 million to finance the commercial launch of its oral obstructive sleep apnea therapy, Oxnimbi (AD109).

The company plans to sell 10 million shares at $14‑$16 each, expecting to net about $134.6 million, rising to $155.5 million if underwriters exercise their option for an additional 1.5 million shares.

Oxnimbi has completed two Phase 3 trials, the latest involving 660 patients and showing a 46.8% reduction in nightly breath‑stopping events compared with baseline, positioning it as a potential first‑in‑class prescription alternative to CPAP machines.

The FDA decision on Oxnimbi is anticipated by February, and approval would make it the first oral drug specifically approved for the millions of adults with obstructive sleep apnea.