Apnimed is developing AD109, a first-in-class oral combination of aroxybutynin (an antimuscarinic) and atomoxetine (a selective norepinephrine reuptake inhibitor) intended to improve oxygenation by addressing the neuromuscular root cause of OSA. AD109 is formulated as a once-daily bedtime pill and has completed two pivotal Phase 3 trials, SynAIRgy and LunAIRo. Apnimed plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration in the second quarter of 2026. To support commercial readiness and a potential U.S. launch if approved, the company secured up to $150 million in a senior secured credit facility from funds managed by HealthCare Royalty Partners. The financing structure includes staged tranches tied to approval and sales milestones and a synthetic royalty on net sales. Apnimed is based in Cambridge, Mass.

Total raised

$317M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Apr 2026