Apnimed Inc., a drug developer backed by Japan's Shionogi & Co., has filed for an initial public offering in the U.S. The company aims to raise capital to support the commercialization of its obstructive sleep apnea treatment, Oxnimbi.

Oxnimbi, a fixed-dose tablet, is currently in late-stage development. Apnimed submitted a new application to the U.S. Food and Drug Administration for the drug in April. The IPO filing indicates the company is preparing for a significant market entry.

The success of this IPO could signal investor appetite for novel treatments in the sleep disorder market. For Shionogi, it represents a potential exit or further validation of its investment in the company.