Apnimed priced an upsized initial public offering to raise $192 million gross proceeds, aiming to fund continued development and an anticipated 2027 launch of its sleep apnea drug if approved. The company offered 12 million shares at $16 apiece. Apnimed’s daily pill, Oxnimbi (AD109), is awaiting an FDA decision expected by February 2027 after completing two Phase 3 trials. The company highlighted reduced nightly breath-stopping events in its most recent Phase 3 study and positioned the therapy as a targeted alternative to CPAP. The IPO underscores continued investor interest in late-stage sleep and respiratory franchises, particularly those with clear efficacy readouts and a defined regulatory timeline.