Lilly's partner BioAge Labs (BIOA.US) plans to raise $100M in IPO to develop AI-driven weight loss and anti-aging drugs
1min read Zhitong Finance learned that BioAge Labs (BIOA.US), a biotechnology startup focused on obesity treatment, said on Tuesday that it has filed for an initial public offering in the United States, planning to raise $100 million, and plans to list on the Nasdaq; but it did not disclose pricing terms.
The company's main candidate drug, azalaprag, is an oral small molecule drug that showed encouraging results in preclinical and early clinical trials, especially when used in combination with GLP-1R agonists, which can enhance weight loss. The company has launched a mid-stage trial with Zepbound from Eli Lilly (LLY.US) and plans to launch a second such trial with Wegovy from Novo Nordisk (NVO.US) in the first half of 2025.
In addition to weight loss, azalaprag can identify promising targets related to molecular changes associated with aging through its unique technology platform and proprietary human dataset, thus improving body composition and muscle function. BioAge Labs is currently conducting a phase II clinical trial to evaluate the potential of azalaprag in combination with existing obesity treatment drugs, aiming to develop a full oral combination therapy for obesity. The revenue data from the first trial is expected to be released in the third quarter of 2025. The company is also advancing a brain-penetrating NLRP3 inhibitor for the treatment of diseases driven by neuroinflammation and plans to submit an IND in the second half of 2025.
So far, BioAge's research on aging has focused on three directions, namely metabolic and muscle aging, brain aging, and immune aging. Meanwhile, relying on its unique AI drug discovery platform, BioAge also has multiple pipeline drugs under development, targeting obesity, neuroinflammation, acute muscle wasting, and other age-related diseases.
Founded in 2015 in Richmond, California, BioAge is dedicated to developing innovative drugs using AI technology to treat aging and age-related diseases and extend human health span. BioAge filed confidentially on May 31, 2024. Goldman, Morgan Stanley, Jefferies, and Citigroup are joint bookrunners for the transaction. Several months ago, BioAge raised $170 million in a financing round led by Sofinnova Investments, a life sciences investment company. The company recorded a loss of $26.6 million in the first half of this year, compared with a loss of $28.3 million in the same period of 2023.