Apnimed Inc., a biotech company focused on sleep apnea treatments and backed by Shionogi & Co., announced its initial public offering on Thursday, raising $192 million. The company priced 12 million shares at $16 each, hitting the upper end of its previously marketed range of $14 to $16 per share. This indicates strong investor demand for the Cambridge, Massachusetts-based firm.
Initially, Apnimed had planned to offer 10 million shares, but it expanded the offering by 2 million shares. The total raised amount includes the full exercise of the underwriters' option for an additional 1.5 million shares, which further boosted the proceeds. The company's lead product, Oxnimbi (AD109), is an oral medication for obstructive sleep apnea (OSA) and recently had its New Drug Application accepted by the U.S. Food and Drug Administration (FDA) in July 2026.
Oxnimbi is designed to be the first drug specifically for the general OSA population, distinguishing it from Eli Lilly's Zepbound, which was approved in December 2024 for obese sleep apnea patients. Apnimed intends to allocate approximately $228.8 million from the IPO proceeds and existing cash towards regulatory costs and the potential commercial rollout of Oxnimbi. The company reported a preliminary cash position of roughly $172.8 million as of June 2026.
BofA Securities served as the lead underwriter for the offering, with Evercore ISI, Cantor, and LifeSci Capital also participating. Apnimed's shares are expected to begin trading on the Nasdaq Global Market under the ticker symbol "APMD." The company, founded in 2017, is aiming to disrupt the OSA market, which it believes is ripe for innovation, particularly with oral therapies that simplify treatment and expand diagnosis.
