Apnimed, a clinical-stage pharmaceutical company focused on developing oral pharmacologic treatments to address obstructive sleep apnea (OSA) and related disorders, has raised $62.5 million of committed capital in a Series C financing. The proceeds from the Series C financing will support Apnimed’s plans to advance its lead program, AD109, into phase 3 development. The company will also strategically grow the team to support further program development and initial commercial plans.
New investor, Sectoral Asset Management, led the round. Also participating were new investors Alpha Wave Ventures, NexPoint, and others, joining existing investors Morningside Ventures, Seligman Investments, and Tao Capital Partners.
“Patients with obstructive sleep apnea are in need of new pharmaceutical treatment options to manage this serious, life-altering, and life-threatening disease,” says Larry Miller, MD, CEO of Apnimed, in a release. “We’re pleased to have assembled this well-respected and committed group of investors as we seek to change the treatment paradigm for OSA and related sleep disorders.”
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Treating Obstructive Sleep Apnea
As part of the financing, Stefan Larson, PhD, partner at Sectoral Asset Management, and Chris Dimitropoulos, managing director, Biotechnology at Alpha Wave Ventures, will join Apnimed’s board of directors. Isaac Cheng, MD, of Morningside Capital, also joins the board to replace Gerald Chan, ScD.
“Apnimed has made remarkable progress in developing a robust pipeline of therapeutic options for OSA,” says Larson in a release. “We are excited to support Apnimed with their plans to advance their lead product, AD109, into Phase 3 as a potential treatment for this serious and highly prevalent condition.”
Dimitropoulos says in a release, “We believe that a pharmaceutical therapeutic approach to treating OSA represents a major and welcome shift both for the field and for people living with this serious disease. We look forward to seeing additional data from Apnimed’s Phase 2 MARIPOSA study later this year that will inform the final design of the planned Phase 3 studies and to supporting Apnimed through their continued progress toward approval.”
AD109 is Apnimed’s potential first-in-class, investigational, oral pharmacologic combination dosed once daily at bedtime. It is designed to treat OSA patients across a broad spectrum of disease severity. AD109 targets neurological pathways in OSA that cause upper airway closure during sleep. AD109 combines a selective norepinephrine reuptake inhibitor (atomoxetine) with Apnimed’s likely new chemical entity—a selective antimuscarinic (aroxybutynin)—intended to activate the upper airway dilator muscles and maintain an open airway during sleep.