Apnimed secures additional financing
By HME News Staff
Updated 1:12 PM CST, Tue January 3, 2023
CAMBRIDGE, Mass. – Apnimed has secured $79.75 million in an oversubscribed financing round that extends its Series C financing to a total of $142.25 million. The company will use proceeds to fund the planned Phase 3 trials for its lead candidate, AD 109 (aroxybutynin + atomoxetine), which has the potential to be the first oral treatment for obstructive sleep apnea. “This substantial additional investment is a significant vote of confidence by our investors,” said Larry Miller, M.D., CEO of Apnimed. “There is a tremendous unmet clinical need for new pharmaceutical treatment options for OSA, and this funding recognizes that need and the unique opportunity for AD109 to change the treatment paradigm for this serious disorder. With this funding, Apnimed can move forward with the late-stage clinical trials that will form the basis for approval of AD109.” Enrollment for the clinical trials is expected to begin in the second quarter, subject to discussions with the U.S. Food and Drug Administration (FDA). AD109 targets key neurological pathways in OSA that activate upper airway dilator muscles to maintain an open airway during sleep. Apnimed says it has the potential to become a safe, effective and convenient treatment for OSA, addressing some of the key limitations of current standard of care treatments that can be poorly tolerated (e.g., CPAP) and/or invasive (e.g., surgery or implanted devices).
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