Apnimed, Inc. announced today that it has secured $79.75 million in an oversubscribed financing round that extends its Series C financing to a total of $142.25 million. The financing was led by existing investor Alpha Wave Ventures and included existing investors Sectoral Asset Management, Columbia-Seligman Investments and Tao Capital Partners, among others.
The financing will fund the planned Phase 3 trials for Apnimed’s lead candidate, AD109 (aroxybutynin + atomoxetine), which has the potential to be the first oral treatment for OSA. Enrollment for the clinical trials is expected to begin in the second quarter of 2023, subject to discussions with the U.S. Food and Drug Administration (FDA).
“This substantial additional investment is a significant vote of confidence by our investors,” said Larry Miller, M.D., Chief Executive Officer 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.”
“The results of the Phase 2 MARIPOSA study were highly promising and informed the design of the two Phase 3 trials to identify those patients who could benefit from a new oral treatment,” said Chris Dimitropoulos, Managing Director, Alpha Wave Ventures. “We’re excited to lead this financing, which will allow Apnimed to conduct its registration Phase 3 trials for this important alternative for the large number of patients with OSA who are unable tolerate current therapies.”