Sleep apnea pill developer Apnimed rises in debut after upsized $192 mln IPO
BUZZ-Sleep apnea pill developer Apnimed rises in debut after upsized $192 mln IPO Updates
** Late-stage biotech Apnimed APMD.O rises in Nasdaq debut on Fri after above-target IPO
** APMD shares open at $22 vs $16 offering price; stock last up 12.5% at $18 before being halted for volatility
** Cambridge, Massachusetts-based firm late Thurs sold 12 mln shares for $192 mln raise
** Co had marketed deal size of 10 mln shares 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, per the prospectus
** BofA, Evercore, Cantor Fitzgerald and LifeSci Capital joint bookrunners on the IPO
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))