Full Press Release Details
SAN FRANCISCO, Feb. 28, 2025 (GLOBE NEWSWIRE) -- BioAge Labs, Inc. (NASDAQ: BIOA) is abandoning development of its lead obesity candidate, azelaprag, just weeks after halting a Phase 2 trial. The biotech firm is pivoting to a preclinical neuroinflammation program, according to a recent company disclosure.
This decision follows a securities class action lawsuit alleging BioAge made misleading statements and omissions related to its September 2024 initial public offering. The IPO raised $227.7 million, with 12.65 million shares sold at $18 each. The suit claims the company’s IPO filings contained “materially false and/or misleading” statements.
Hagens Berman urges investors who purchased BioAge shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Defined Class: Purchasers in BioAge Labs, Inc. September 2024 IPO
Lead Plaintiff Deadline: Mar. 10, 2025
Contact the Firm Now: BIOA@hbsslaw.com
BioAge Labs, Inc. (BIOA) Securities Class Action:
Shareholders allege BioAge portrayed its STRIDES trial for azelaprag as free of safety concerns and confidently predicted positive results.
But on December 6, 2024, the company announced the trial’s termination due to elevated liver enzymes (transaminitis) in some participants. The biotech firm left the door open on azelaprag, noting that it remained encouraged by preclinical and early-phase data and vowing to share updated plans in 2025. The news triggered a more than 76% drop in BioAge’s stock price. Shares, which debuted at $18, were trading around $5.82 when the lawsuit was filed.
The lawsuit, filed by investors who acquired BioAge stock connected to the IPO, accuses the company and certain executives and directors of violating the Securities Act of 1933.
BioAge Terminates Azelaprag
In late January 2025, BioAge fully closed the door on azelaprag, explaining that the elevated liver enzymes seen in some patients without clear dose dependence had persuaded it to call time on the program.
Shareholder rights firm Hagens Berman has launched an investigation into the matter.
“BioAge’s axing of azelaprag, so soon after the company’s IPO, raises questions about the adequacy of BioAge’s disclosures. We’re investigating whether the company knew about but failed to disclose potential risks associated with the drug, before raising over $200 million from the investing public,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
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 case and our 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.
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.