Apnimed upsizes IPO to $192 million to fund launch of oral sleep‑apnea drug

Apnimed, a Massachusetts‑based biotech, announced an upsized initial public offering that now includes 12 million shares priced at $16 each, generating $192 million in gross proceeds. This amount exceeds the company’s earlier estimate of $134.6 million and could rise by an additional $28.8 million if underwriters exercise their option for extra shares.

The company plans to use the capital to bring its oral obstructive sleep apnea therapy, Oxnimbi (AD109), to market. The drug is awaiting a decision from the U.S. Food and Drug Administration, with a ruling expected by February 2027.

Phase 3 trials of Oxnimbi demonstrated a 46.8% reduction in nightly breathing interruptions among 660 patients, positioning it as a potential pill‑based alternative to the traditional CPAP machine. Eli Lilly’s Zepbound became the first FDA‑approved sleep‑apnea medication in December 2024, and Apnimed hopes its product will follow suit.