BioAge raises nearly $200M from IPO, joins Nasdaq

BioAge Labs is set to debut on the Nasdaq today, trading under the ticker "BIOA". Through its initial public offering (IPO), the biotech company aims to raise approximately $200 million. This funding initiative is focused on advancing its leading obesity treatment candidate further into clinical development.

Yesterday, BioAge Labs announced plans to sell around 10.5 million shares, each priced between $17 and $19. Today, the company confirmed a slight increase in the number of shares to 11 million, with the final price set at $18 per share. This valuation means BioAge is poised to secure gross proceeds of $198 million from its IPO, as disclosed in a post-market release dated September 25. Additionally, the company had earlier projected that the combined net proceeds from the IPO and a concurrent private placement of $10.6 million-worth of shares would total $180.6 million.

BioAge Labs' IPO is one of the prominent public offerings this month, although it falls in the middle range compared to other biotech companies that have recently gone public. Earlier this month, Bicara Therapeutics, focusing on cancer treatments, raised $315 million, Zenas BioPharma secured $225 million, and MBX obtained $163.2 million.

A significant portion of the funds raised through BioAge's IPO will be allocated to its main drug candidate, azelaprag. Azelaprag is an orally administered small molecule currently in a phase 2 clinical trial for weight loss. This trial is being conducted in combination with Lilly’s obesity medication, Zepbound. Looking ahead, BioAge has scheduled a midstage trial for the first half of next year to evaluate azelaprag in combination with Novo Nordisk’s approved obesity drug, Wegovy.

BioAge Labs' strategic focus on securing substantial funding through its IPO demonstrates its commitment to advancing innovative treatments in the obesity sector. The biotech industry has seen a surge in public offerings recently, highlighting a growing investor interest in companies developing novel therapeutic solutions. BioAge’s IPO success, marked by its substantial fundraising, positions the company well to accelerate the clinical development of azelaprag and potentially bring new treatment options to market for obesity, a condition affecting millions worldwide.