Eli Lilly Partner BioAge Files for U.S. IPO

BioAge: BioAge Labs is a startup that focuses on obesity therapy and has worked with Eli Lilly (NYSE:LLY). On Tuesday, it filed for an initial public offering (IPO) in the United States, hoping to take advantage of investors’ interest in the area.

This year, a number of biotech companies will put their shares on the stock market, including this one from Richmond, California. Expectations of a rate cut have made stocks go up and made it possible for more startups to raise money through initial public offerings (IPOs).

The planned IPO comes a few months after BioAge raised $170 million in a round of funding led by Sofinnova Investments, a life sciences investment company.

In the first half of this year, the business lost $26.6 million. In the same time last year, it lost $28.3 million.

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BioAge started doing business in 2015, but it hasn’t made any money yet. In a regulatory filing, the company said that it has “devoted substantially all of our resources to identifying, acquiring and developing our product candidates and licensed technologies.”

Some IPO investors this year would rather put their money into companies that have stable income and a history of making money. However, developers of drugs to fight obesity have caught the attention of Wall Street and the support of several major venture capital firms.

The Nasdaq will list BioAge’s stock under the symbol “BIOA.” The sale is being backed by Goldman Sachs, Morgan Stanley, Jefferies, and Citigroup.

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