According to the lawsuit, defendants touted its lead product candidate azelaprag in connection with BioAge’s ongoing STRIDES clinical trial with expectations of topline results in 2025. Defendants also mentioned its collaboration with Eli Lilly and Company’s (“Lilly”) 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. Therefore, the IPO represented to the public that there were no safety concerns and BioAge expected top line results and to meet its primary endpoint goals in connection with its STRIDES clinical trial.
Contrary to these representations, 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. As a result, defendants discontinued the clinical trial and halted further enrollment. Given the fact that 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 at the time of the IPO. When the true details entered the market, the lawsuit claims that investors suffered damages.
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