Apnimed (APMD Proposed), a Phase 3 biotech developing what could become the first FDA-approved pill to treat obstructive sleep apnea, disclosed its IPO’s terms and launched the $150 million deal early today – Monday, July 27, 2026. Apnimed is offering 10 million shares at a price range of $14.00 to $16.00 to raise $150 million, if priced at the $15.00 mid-point of its range. The market cap would be $569.85 million.
BofA Securities, Evercore ISI, Cantor and LifeSci Capital are the joint book-runners.
Bankers expect to price Apnimed’s IPO on Thursday night, July 30, to trade Friday, July 31, on the NASDAQ.
Apnimed, based in Cambridge, Massachusetts, has only one clinical drug candidate – AD109 – also known as Oxnimbi, a pill in a fixed-dose formula to treat obstructive sleep apnea. The biotech has evaluated Oxnimbi in 1,300 patients so far in several Phase 3 trials, the prospectus said.
“AD109 is a combination of a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor.,” the prospectus said. “This drug candidate is designed to improve upper airway muscle activity to prevent airway collapse during sleep.”
Apnimed plans to spend about $228 million – including $134 million anticipated as the IPO’s net proceeds – to fund the regulatory approval process and the commercial launch of Oxnimbi, the prospectus said.
Apnimed’s principal stockholders include Japan’s Shionogi, which discovered rosuvastatin and patented it in the years from 1988 to 1994. Rosuvastatin is the active ingredient in Crestor, a blockbuster drug to lower cholesterol levels. In 1998, AstraZeneca licensed the global rights from Shionogi to develop and market the drug. In 2003, the FDA approved rosuvastatin under the brand name Crestor.
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