Sleep apnea pill developer Apnimed rises in debut after upsized $192 mln IPO

Late-stage biotech Apnimed APMD.O rose in its Nasdaq debut on Friday after pricing above target in its initial public offering.

APMD shares opened at $22 versus the $16 offering price; the stock was last up 12.5% at $18 before being halted for volatility.

The Cambridge, Massachusetts-based company late Thursday sold 12 million shares for a $192 million raise, compared with the 10 million shares it had marketed at $14-$16.

Its sole clinical product candidate, AD109 (Oxnimbi), is a once-daily pill taken at night to treat obstructive sleep apnea (OSA), a condition in which the airway repeatedly collapses during sleep, lowering oxygen levels and disrupting breathing.

Morningside, Alpha Wave Ventures and Japanese pharma Shionogi & Co 4507.T are its largest shareholders, according to the prospectus.

BofA, Evercore, Cantor Fitzgerald and LifeSci Capital were joint bookrunners on the IPO.