4 May 2022
Apnimed secures USD 62.5 million in Series C led by Sectoral Asset Management
On May 4, 2022, Apnimed, a pharmaceutical company targeting obstructive sleep apnea (OSA), secured CAD 81.4 million ($62.5 million) in Series C funding, led by Sectoral Asset Management with participation from Alpha Wave Ventures, NexPoint, and others. This round included both new and existing investors such as Morningside Ventures, Seligman Investments, and Tao Capital Partners. The capital will propel Apnimed's main drug, AD109, into Phase 3 trials and expand the team for further development and initial commercial planning. Apnimed's CEO, Larry Miller, M.D., highlighted the urgent need for new OSA treatments. New board members from the investing parties will include Stefan Larson, Ph.D., and Chris Dimitropoulos, with Isaac Cheng, M.D., replacing Gerald Chan, Sc.D. The investors expressed confidence in Apnimed's innovative approach to OSA treatment and anticipation for upcoming Phase 2 study results, which will shape Phase 3 trial designs.
