Shares of Apnimed (APMD) surged 37.5% in intraday trading on Friday, as the clinical-stage biotech made a strong debut on the Nasdaq Global Select Market. The stock opened significantly higher than its initial public offering price, reflecting robust investor appetite for the sleep apnea drug developer.

The rally was fueled by the company's upsized IPO, which priced 12 million shares at $16 apiece—the top of the marketed range of $14 to $16—raising $192 million. The deal was increased from an originally planned 10 million shares. Apnimed's sole clinical candidate, AD109 (Oxnimbi), is a once-daily oral treatment for obstructive sleep apnea, a condition with a large unmet medical need. The strong demand and premium pricing underscored confidence in the drug's potential.

The IPO was led by BofA, Evercore, Cantor Fitzgerald, and LifeSci Capital, with major shareholders including Morningside, Alpha Wave Ventures, and Japan's Shionogi & Co. The successful listing signals enthusiasm for biotech innovation in the sleep disorder space.