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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