Massachusetts-based biotech Apnimed is planning an initial public offering (IPO) on Nasdaq, aiming to raise up to $160 million. The funds will primarily support the development and potential commercialization of its lead oral drug candidate, oxnimbi (AD109), for obstructive sleep apnea (OSA).

Oximbi is currently under review by the US Food and Drug Administration (FDA), with a decision expected before February 28, 2027. If approved, it would be the first oral therapy for OSA suitable for all patients, regardless of weight, unlike existing options like Eli Lilly's Zepbound which is for obese patients. OSA affects 936 million individuals worldwide.