SAN DIEGO, Jan. 08, 2025 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a class action was filed on behalf of all shareholders who purchased stock pursuant and/or traceable to the BioAge Labs, Inc. (NASDAQ: BIOA) registration statement for the initial public offering (IPO) held on September 26, 2024. BioAge claims it is a “clinical stage biopharmaceutical company” that develops therapeutic product candidates for metabolic diseases, such as obesity, by targeting the biology of human aging.
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The Allegations: Robbins LLP is Investigating Allegations that BioAge Labs, Inc. (BIOA) Misled Investors Regarding its Lead Drug Candidate in Connection with its IPO
According to the complaint, prior to the IPO, defendants touted its lead product candidate azelaprag in connection with the Company’s ongoing STRIDES clinical trial with expectations of topline results in 2025. Defendants also mentioned its collaboration with Lilly’s Chorus clinical development organization who would be advising and assisting on all aspects of the STRIDES trial design and execution. Defendants further discussed the potential for a second Phase 2 clinical trial combining azelaprag and semaglutide to treat obesity in individuals ages 18 years and older. The complaint alleges that the IPO represented to the public that there were no safety concerns and the Company expected top line results and to meet its primary endpoint goals in connection with its STRIDES clinical trial.
However, the complaint continues that BioAge discontinued the ongoing STRIDES Phase 2 study of its investigational drug candidate azelaprag after several subjects showed elevated levels of liver enzymes warning of potential organ damage. Because defendants’ failure to disclose the potential for liver transaminitis in any of its previous clinical Phase 1 trials and various preclinical tox studies, defendants’ statements in BioAge’s registration statement were false and/or materially misleading. On this news, BioAge’s stock price declined from $20.09 per share on December 6, 2024 to $4.65 per share on December 9, 2024. At the time of filing, BioAge’s stock traded around $5.82 per share, which is well below its $18 per-share initial public offering price.
What Now: You may be eligible to participate in the class action against Regeneron Pharmaceuticals, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by March 10, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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