A pharmaceutical company working to bring a pill-based treatment for sleep apnea to market has taken a major step toward going public. Apnimed submitted paperwork Friday for an initial public offering in the United States.
The move comes as the biotech industry experiences a significant turnaround, with new investment flowing back into the sector and improving confidence among investors following a lengthy period of decline. IPO activity in the biotech space had fallen to its lowest point in over a decade heading into 2025.
Apnimed was established in 2017 and focuses on creating oral medications to address obstructive sleep apnea, commonly known as OSA, along with related conditions. Unlike current treatments that often rely on devices worn during sleep, the company is pursuing a pill-based approach.
The company’s primary drug in development, called AD109, is an experimental pill taken once each night at bedtime. In May, it successfully met the main goal of a late-stage clinical trial, marking a significant milestone. Apnimed has already submitted a marketing application and is anticipating a potential decision from the FDA sometime in the first quarter of 2027.
BofA Securities, Evercore ISI, Cantor, and LifeSci Capital are serving as the underwriters for the public offering. Apnimed plans to list its shares on the Nasdaq stock exchange under the ticker symbol “APMD.”
