SAN DIEGO, Jan. 10, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased BioAge Labs, Inc. (NASDAQ: BIOA) (“BioAge” or the “Company”) common stock pursuant and/or traceable to BioAge’s registration statement for the initial public offering held on or about September 26, 2024 (the “IPO”), charging the Company and certain of its current senior executives and directors with violations of the federal securities laws (collectively, “Defendants”).
BioAge investors have until March 10, 2025 to seek appointment as lead plaintiff of the BioAge class action lawsuit.
If you purchased BioAge common stock pursuant and/or traceable to the registration statement for the Company’s IPO, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/bioage/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
BioAge is a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging. The Company’s main product candidate, azelaprag, is an oral drug that aims to treat obesity by targeting the apelin receptor to simulate certain biological benefits of exercise.
The BioAge lawsuit alleges that Defendants issued false and misleading statements and/or concealed material adverse facts in the offering documents for the Company’s IPO. In these offering documents, Defendants described the Company’s ongoing STRIDES Phase 2 trial of azelaprag for enhanced weight loss as free of safety concerns. For example, BioAge stated in its final prospectus for the IPO that “[a]zelaprag, our lead product candidate, is an orally available small molecule that has been well-tolerated in 265 individuals across eight Phase 1 clinical trials.”
The truth began to emerge on December 6, 2024, just months after the IPO, when BioAge announced its decision to “discontinue the ongoing STRIDES Phase 2 study of its investigational drug candidate azelaprag as monotherapy and in combination with tirzepatide” after participants in the STRIDES Phase 2 clinical study experienced elevated levels of liver enzymes warning of potential organ damage, a condition known as transaminitis.
On this news, the price of BioAge stock plummeted by $15.44 per share, or more than 76%. By the time the BioAge lawsuit was filed, the Company’s stock was trading around $5.36 per share, reflecting a significant drop from its IPO price of $18 per share.
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