CAMBRIDGE, MASSACHUSETTS— Apnimed, Inc., the clinical-stage pharmaceutical company focused on developing the oral pharmacologic therapies for the treatment of obstructive sleep apnea (OSA) and related disorders, announced today that it has raised USD 79.75 million in an oversubscribed financing round, bringing its total Series C funding to USD 142.25 million. Alpha Wave Ventures led the financing, which also included current investors Sectoral Asset Management, Columbia-Seligman Investments, and Tao Capital Partners.
The funding will go towards Apnimed’s primary candidate, AD109 (aroxybutynin + atomoxetine), which has the potential to be the first oral therapy for OSA. Clinical trial enrolment is planned to commence in the second quarter of 2023, subject to talks with the US Food and Drug Administration (FDA).
Apnimed CEO Larry Miller, M.D:
“This considerable new investment is a tremendous vote of confidence by our investors. There is a great unmet clinical need for novel pharmacological treatment options for OSA, and this funding acknowledges that need and the unique possibility for AD109 to transform the therapy paradigm for this critical illness. Apnimed will be able to continue forward with late-stage clinical studies that will provide the basis for AD109 approval with this investment.”
Chris Dimitropoulos, Managing Director of Alpha Wave Ventures:
“The findings of the Phase 2 MARIPOSA research were extremely encouraging, and they influenced the design of the two Phase 3 studies to identify patients who would benefit from a novel oral medicine. We are thrilled to be leading this financing, which will enable Apnimed to complete registration Phase 3 studies for this critical option for the significant number of people with OSA who are unable to tolerate existing medications.”
More about the company:
Apnimed is a clinical-stage pharmaceutical firm that is attempting to change the treatment of sleep apnea based on a simple concept: patients with obstructive sleep apnea might benefit from therapy with a safe and effective oral medicine administered once daily at bedtime.
Apnimed’s principal development program focuses on the neurologic regulation of upper airway muscles to keep the airway open during sleep. The firm, based in Cambridge, Massachusetts, is working on a portfolio of innovative pharmacologic therapeutics for sleep apnea and associated illnesses.
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