Even before it gets approval for its sleep apnea pill, Apnimed is testing investor appetite.

The Cambridge, Mass.-based biotech priced its shares at $16 to raise $192 million in an upsized IPO that would value the company at more than $600 million. The company’s stock is set to begin trading on Friday on Nasdaq.

“It’s been a one-size, fits-all disease, treated with a one-size, fits-all machine,” CEO Kevin Lind, 50, tells Forbes. “There is a better way.”

Lind took over as CEO from cofounder Larry Miller, a pulmonary doctor and serial entrepreneur who had postponed his own retirement to launch the company, in June. Lind, the company’s former board chairman, had previously cofounded Longboard Pharmaceuticals, which developed an epilepsy drug and was acquired by Denmark’s Lundbeck for $2.6 billion in 2024. Miller, 73, remains on the board as vice chairman.

Forbes profiled the company and its efforts to develop a drug for sleep apnea, a condition that affects as many as 80 million people in the U.S. alone, earlier this year.

Researchers have been trying without success for decades to develop a........

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