BioAge Labs (BIOA) Shares Plummet After Discontinuing Trial Just 2 Months After IPO- Hagens Berman

SAN FRANCISCO, Jan. 3, 2025 /PRNewswire/ -- Shares of BioAge (NASDAQ: BIOA) have plummeted since the company's December 6 announcement of the discontinuation of a Phase 2 trial for its weight-loss drug azelaprag due to safety concerns. The abrupt halt comes just a little over two months after the company raised $198 million in a highly anticipated initial public offering in late September.

Hagens Berman has opened an investigation into whether BioAge's IPO documents may have contained misstatements or omissions and urges investors who suffered substantial losses to submit your losses now.

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BioAge Labs, Inc. (BIOA) Investigation:

On September 25, 2024, BioAge went public with considerable fanfare, pricing 11 million shares at $18 per share, with renowned Wall Street banks Goldman Sachs, Morgan Stanley, Jefferies and Citigroup serving as lead bookrunners.

Investor enthusiasm was fueled by the company's lead drug, azelaprag, licensed from Amgen. Preclinical data had suggested that azelaprag, when combined with other therapies, could significantly aid weight loss while preserving muscle mass, according to the IPO documents. The company said it had initiated a Phase 2 trial of azelaprag in combination with Eli Lilly's tirzepatide, also known as Mounjaro and Zepbound, with initial results expected in the third quarter of 2025.

However, on December 6, BioAge announced the discontinuation of the trial after observing elevated liver enzymes in several patients receiving azelaprag, leading the company to halt dosing and enrollment in the trial.

BioAge informed the FDA of its decision and stated it would provide an updated plan for the drug in the first quarter of 2025. The news sent BioAge shares tumbling nearly 80% on December 9.

This news drove the price of BioAge shares down almost 80% on December 9, 2024.

The recent disclosure and precipitous stock drop have driven shareholder rights firm Hagens Berman to open an investigation.

"We are investigating whether BioAge adequately disclosed the potential safety risks associated with azelaprag in its IPO filings," said Reed Kathrein, the Hagens Berman partner leading the investigation. "Investors deserve to be fully informed about the risks they are taking when investing in a biotech company's IPO."

If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the BioAge investigation, read more »

Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

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SOURCE Hagens Berman Sobol Shapiro LLP