Apnimed (APMD) took its IPO up a notch: The sleep apnea-focused biotech upsized its IPO to 12 million shares – up from 10 million in the prospectus – and priced its IPO at at $16.00 – the top of its range – to raise $192 million on Thursday night, July 30, 2026. Apnimed increased the number of shares by 20 percent. The IPO had been marketed at a price range of $14.00 to $16.00. Apnimed’s (APMD) IPO is expected to start trading tomorrow – Friday, July 31st – on the NASDAQ.
BofA Securities, Evercore ISI, Cantor and LifeSci Capital were the joint book-runners.
Apnimed (APMD Proposed), a Phase 3 biotech, is developing what could become the first FDA-approved pill to treat obstructive sleep apnea.
The word was that the IPO was multiple times oversubscribed.
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 intends to spend the IPO’s 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.
Apnimed is not profitable: The company reported a net loss of $31.83 million on revenue of $120.15 million for the 12 months that ended March 31, 2026, according to financial statements in the prospectus.
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