4 May 2022 - - US-based pharmaceutical company Apnimed has raised USD 62.5m of committed capital in a Series C financing. New investor, Sectoral Asset Management, led the round, the company said.

Also participating were new investors Alpha Wave Ventures, NexPoint, and others, joining existing investors Morningside Ventures, Seligman Investments, and Tao Capital Partners.

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.

As part of the financing, Stefan Larson, Ph.D., Partner at Sectoral Asset Management, and Chris Dimitropoulos, managing director, biotechnology at Alpha Wave Ventures, will join Apnimed's board of directors. Isaac Cheng, M.D., of Morningside Capital, also joins the board to replace Gerald Chan, Sc.D.

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 key 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.

The investigational drug combination has the potential to become a safe, effective, and convenient treatment for OSA, addressing some of the key limitations of the current standard of care treatments. It is currently completing Phase 2 clinical trials.

Following completion of the trials, Apnimed plans to meet with FDA to discuss the Phase 3 development program.

MARIPOSA (clinicaltrials.gov identifier NCT05071612) is a randomized, double-blind, placebo-controlled, parallel-arm, dose-finding one-month study designed to inform the Phase 3 dose for AD109 and advance dose-finding for AD504 in participants (n=280) with mild, moderate, and severe OSA.

MARIPOSA is one of the largest clinical trials ever planned for a drug candidate that is intended to treat the underlying cause of OSA. Interested volunteers may obtain more information about the trial at MARIPOSAstudy.com.