CAMBRIDGE, Mass. — Apnimed has priced an upsized initial public offering of 12 million shares of common stock at $16 per share, generating expected gross proceeds of $192 million.
The late-stage clinical pharmaceutical company has also granted underwriters a 30-day option to purchase up to an additional 1.8 million shares at the IPO price, less underwriting discounts and commissions.
Apnimed’s shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “APMD.”
The offering is expected to close on or about Aug. 3, subject to customary closing conditions. All shares in the offering are being sold by Apnimed.
BofA Securities, Evercore ISI, Cantor and LifeSci Capital are serving as joint book-running managers.
Apnimed is developing oral therapies targeting the neurobiology of sleep-related breathing disorders.
The company’s registration statements for the offering were declared effective by the U.S. Securities and Exchange Commission on July 30.
