BioAge Labs is having its initial public offering today. The drug developer’s signature product, Azelaprag, isn’t yet on sale, but it is undergoing clinical trials in hopes it will one day be.
What does Azelaprag do? It’s a weight loss drug that, the company hopes, will help manage and relieve obesity. Here’s what you need to know about BioAge’s IPO.
What is BioAge?
BioAge Labs, Inc. is a clinical-stage biopharmaceutical firm based in Richmond, California. It was founded in 2015. “Clinical stage” means the company doesn’t actually have a drug or product approved by the Food and Drug Administration (FDA) that it can sell to the public. Instead, it has drugs and products in clinical trials, which are needed before any drug is deemed safe and effective for use in people.
BioAge’s star product is the anti-obesity drug Azelaprag, which is currently in Phase 2 trials. The drug is taken orally and aims to improve weight loss in individuals. The company is also working on an NLRP3 inhibitor, which aims to help reduce chronic inflammation that comes with aging.
BioAge’s Azelaprag drug is being developed in combination with tirzepatide, the drug sold under highly popular brand names Mounjaro and Zepbound.
When is BioAge’s IPO?
BioAge priced its shares on Wednesday. The stock is expected to begin trading today (Thursday, September 26, 2024).
What is BioAge’s stock ticker?
BioAge shares will trade under the stock symbol “BIOA”.
What market will BioAge trade on?
BioAge shares will trade on the Nasdaq Global Select Market.
How many BioAge shares are available in its IPO?
BioAge is offering 11 million shares of its common stock in the IPO. All the shares are being offered by BioAge itself.
What is BioAge’s IPO price?
BIOA’s public offering price is $18 per share. BioAge says it expects the gross offerings from the IPO to be $198 million.
What will BioAge use the IPO proceeds for?
According to FierceBiotech, BioAge will use the proceeds to begin production of a drug needed for Phase 3 trials of Azelaprag as well as using the funds to help take the company’s NLRP3 inhibitor to human trials.
How much is BioAge worth?
Reuters pegs the valuation of BioAge at up to $640 million. It says that since the company was founded in 2015, BioAge has previously raised over $300 million from various investors.
Correction: An earlier version of this story characterized BioAge’s Azelaprag drug as a potential competitor to Zepbound. In fact, it’s being developed in combination with tirzepatide.