Apnimed gains in aftermarket as three biotechs outline IPO aims: Finance Report

Sleep disorder company Apnimed gained 56% in first-day trading after raising $192 million in a larger-than-expected IPO, setting the stage for three more listings that could reach NASDAQ as soon as next week.

The cash influx will prepare Apnimed Inc. (NASDAQ:APMD) for the launch of AD109, which the company plans to market as Oxnimbi to treat obstructive sleep apnea. The small molecule, which is Apnimed’s sole product, combines atomoxetine, a norepinephrine reuptake inhibitor, with antimuscarinic R-oxybutynin, a muscarinic receptor antagonist. FDA began reviewing its NDA this month...