Apnimed targets up to $160 million IPO to fund sleep‑apnea drug AD109

Apnimed, a sleep‑specialist biotech, announced plans for an initial public offering that could raise up to $160 million in gross proceeds.

The company will sell 10 million shares at $14‑$16 each, with an additional underwriter option for up to 1.5 million shares, potentially boosting net proceeds to about $155 million after expenses.

Proceeds are earmarked for the development of AD109, an oral therapy aimed at treating neuromuscular dysfunction in obstructive sleep apnea, which the FDA has accepted for review with a decision expected by February 28 2027.

If approved, AD109 would be the first pill targeting the neuromuscular component of OSA, and the shares will begin trading on the Nasdaq Global Market under the ticker APMD.