BioAge Labs is bringing in almost $200 million via its Nasdaq IPO this morning, with the proceeds earmarked for taking its lead obesity drug further into clinical trials.
After setting out plans yesterday to sell about 10.5 million shares priced between $17 and $19 apiece, the biotech has confirmed it will increase that number slightly to 11 million shares.
The final share price has remained at the previous estimate of $18, meaning BioAge is expecting to bring in gross proceeds of $198 million from the offering, the company said in a post-market release Sept. 25.
The biotech had said yesterday that it expected net proceeds of the IPO combined with a concurrent private placement of $10.6 million worth of shares would reach $180.6 million.
The company is due to list on the Nasdaq this morning under the ticker “BIOA.” Underwriters still have the option to buy an additional 1.65 million shares, which could net BioAge a further $29.7 million.
BioAge’s near-$200 million IPO haul falls in the middle of the range set out by a trio of biotechs that all went public on the same day earlier this month. Cancer-focused Bicara Therapeutics bagged $315 million, followed by Zenas BioPharma’s $225 million and MBX’s $163.2 million.
Top of the list of BioAge’s spending priorities for its proceeds is lead candidate azelaprag, an orally delivered small molecule that is undergoing a phase 2 weight loss trial in combination with Eli Lilly’s obesity med Zepbound. A midstage trial evaluating azelaprag in combination with Novo Nordisk’s own approved obesity drug Wegovy is slated to begin in the first half of next year.