Shares of BioAge Labs Inc. (BIOA) soared 5.73% in pre-market trading on Thursday, extending their stellar rally after the clinical-stage biopharmaceutical company made a blockbuster debut on the Nasdaq the previous day.
On Wednesday, BioAge Labs' initial public offering (IPO) was met with overwhelming investor demand, with the stock skyrocketing 32% on its first trading day. The company raised $198 million by offering 11 million shares at $18 apiece, pricing above the expected range in a sign of strong interest in its lead product candidate, azelaprag.
Azelaprag is an oral obesity treatment pill that mimics the activity of the apelin protein, which is secreted by the body after exercise. It holds immense promise given the surging market for weight-loss drugs, projected to become a $150 billion industry by the early 2030s as rates of obesity continue to climb worldwide.
With its successful listing and promising pipeline drug, BioAge Labs has captured the attention of investors eager to get in early on the next potential blockbuster obesity treatment. While the stock has seen a meteoric rise out of the gates, the company's ability to bring azelaprag to market and capitalize on the lucrative obesity drug space will be key to sustaining its momentum going forward.
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