BioAge Labs, a California-based biotech firm initially focused on anti-aging, has transitioned its attention to weight loss therapy by repurposing a
heart failure drug originally developed by
Amgen. This strategic pivot has paved the way for BioAge to secure a significant $198 million Initial Public Offering (IPO).
On Thursday, BioAge Labs will commence trading under the ticker symbol $BIOA on Nasdaq. The company has set its IPO price at $18 per share, positioning it in the middle of the previously proposed $17-to-$19 range. Initially planning to release 7.5 million shares, BioAge increased its offering to 10.5 million shares and ultimately decided on 11 million shares due to strong market interest.
Founded nine years ago, BioAge Labs confidentially filed for its IPO in late May, closely following a substantial $170 million Series D funding round. The IPO market has seen increased activity lately, particularly with successful offerings from companies like
Bicara,
Zenas, and
MBX. Additionally, firms such as
Upstream Bio and CAMP4 Therapeutics are preparing for their own IPOs.
Despite a robust cash position of $159 million as of the end of June, BioAge Labs chose to go public to facilitate easier access to capital, especially as it progresses through critical Phase 2 trials. The company's leading experimental medication is an oral apelin receptor agonist named azelaprag, originally acquired from Amgen. This drug represents a new wave of obesity treatments, aiming to replicate the success seen by industry giants Eli Lilly and Novo Nordisk.
Azelaprag is currently being tested in combination with first-generation obesity drugs. It has recently entered Phase 2 trials, paired with Eli Lilly’s tirzepatide. BioAge also plans another Phase 2 trial combining azelaprag with Novo Nordisk’s semaglutide. Besides its work on obesity treatments, BioAge is developing an oral NLRP3 inhibitor in preclinical trials targeting metabolic diseases and neuroinflammation.
Sanofi's recent investment in a Phase 2 NLRP3 biotech highlights the growing interest in this area, with major pharmaceutical companies like Novo and NodThera also exploring similar targets.
BioAge Labs boasts a workforce of 60 employees and its largest shareholder prior to the IPO is co-founder and CEO Kristen Fortney, holding a 9.82% stake. Following closely is a16z Bio + Health with 9.36%. Other significant shareholders include Khosla Ventures, Sofinnova Investments, Longitude Venture Partners, RA Capital, Cormorant, Kaiser Permanente, and Horsley Bridge.
As BioAge Labs steps into the public market, the additional capital is expected to support its ambitious clinical trial agenda and further development of its promising drug pipeline.
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