The Zhitong Finance App learned that the US biotech company Apnimed, which focuses on the treatment of obstructive sleep apnea, submitted a prospectus to the US Securities and Exchange Commission (SEC) on Monday and plans to raise up to 160 million US dollars through an initial public offering (IPO).
According to the prospectus, Apnimed plans to issue 10 million shares at an issue price range of $14 to $16 per share. Based on the maximum issue price, the company's market value would reach approximately US$608 million.
The IPO comes at a time when financing in the US biotech industry is picking up. Data shows that since 2026, US biotech and pharmaceutical companies have raised more than 5 billion US dollars in IPOs, far higher than 969.2 million US dollars in the same period last year.
Apnimed is currently developing the oral medication Oxnimbi to treat obstructive sleep apnea. The company submitted a listing application to the US Food and Drug Administration (FDA) in April of this year. The regulatory approval period is expected to be about 10 months.
If approved for marketing, Oxnimbi will be one of the few drugs approved to treat sleep apnea on the market after LLY.US (LLY.US) weight loss drug Zepbound, and will compete with it.
On the shareholder side, Japan's Shionogi Pharmaceutical is an important supporter of Apnimed. Additionally, the company's investors include Morningside Ventures, alternative asset management firm Alpha Wave Global, and Columbia Management, a subsidiary of Ameriprise Financial.
According to financial data, in the three months up to March 31, Apnimed achieved revenue of 84.8 million US dollars and net profit of 67.7 million US dollars; in the same period last year, the company's revenue was only 3.1 million US dollars, with a net loss of 28.6 million US dollars, and the performance improved significantly.
The IPO was co-lead underwriters with Bank of America, Evercore, Cantor FitzGerald, and LifeSci Capital. Apnimed plans to list on the NASDAQ global market under the stock code “APMD.”