Apnimed Completes Oversubscribed $79.75 Million Series C To Extension Financing


Apnimed, a clinical-stage pharmaceutical company focused on developing oral pharmacologic therapies for the treatment of obstructive sleep apnea (OSA) and related disorders, announced today that it has raised $79.75 million in an oversubscribed financing round, bringing its total Series C funding to $142.25 million. Alpha Wave Ventures led the funding, which also included current investors Sectoral Asset Management, Columbia-Seligman Investments, and Tao Capital Partners.

The funding will go toward Apnimed’s primary candidate, AD109 (aroxybutynin + atomoxetine), which has the potential to be the first oral treatment for OSA. Clinical trial enrollment is planned to begin in the second quarter of 2023, subject to discussions with the US Food and Drug  Administration (FDA).

Obstructive Sleep Apnea is one of the most common and serious sleep disorders. It is estimated to affect more than 35 million Americans, though underdiagnosis continues to be a serious problem and the number of affected Americans may be far greater. OSA is characterized by partial or complete upper airway obstruction that occurs during sleep, which often leads to poor sleep, and in the long term, has been shown to exacerbate hypertension, diabetes, cardiovascular disease, and stroke.

Additionally, OSA can impair work productivity, reduce daytime functional abilities, and lower quality of life. Sleep-related muscular relaxation driven by the central nervous system is the key neurologic mechanism that causes OSA.In patients with OSA, a reduction in neuromuscular control of the upper airway during sleep leads to a corresponding relaxation of the upper airway dilator muscles. The vast majority of diagnosed patients are prescribed positive air pressure therapy devices such as continuous positive airway pressure, or CPAP, but many patients are dissatisfied with these mechanical nighttime devices and fewer than half are compliant long term, leaving a significant population untreated, undertreated and at risk.

Apnimed is a clinical-stage pharmaceutical company working to transform the treatment of sleep apnea based on a simple idea – patients with obstructive sleep apnea could benefit from treatment with a safe and effective oral medication dosed once daily at bedtime. Apnimed’s lead development program targets the neurologic control of upper airway muscles to maintain an open airway during sleep. Based in Cambridge, Mass., the company is developing a portfolio of novel pharmacologic therapies for sleep apnea and related disorders.

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