Larry Miller, Apnimed CEO

Ex­clu­sive: In lieu of an IPO in rocky biotech mar­ket, Ap­n­imed lines up $80M from ex­ist­ing in­vestors for two PhI­II tri­als

With the biotech mar­ket where it is, be­set by sink­ing stock prices for star­tups that went pub­lic dur­ing a pan­dem­ic boon and un­kind to new­er en­trants, a sleep ap­nea-fo­cused drug de­vel­op­er de­cid­ed to re­ly on its ex­ist­ing in­vestors in­stead.

Ap­n­imed tapped its ex­ist­ing back­ers for a $79.7 mil­lion Se­ries C ex­ten­sion, CEO Lar­ry Miller told End­points News. The first part of the round, dis­closed in May, was $62.5 mil­lion. The biotech had con­sid­ered an IPO, but the “mar­kets were not re­cep­tive as I think many peo­ple would agree.”

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