Aethlon Medical to Merge with North Immunology in $346.5M All-Stock Reverse Merger; $180M PIPE to Fund NOR-101 Bispecific Antibody

summarizeSummary

Aethlon Medical is merging with private biotech North Immunology in an all-stock reverse merger valuing the combined company at approximately $346.5M. A concurrent $180M PIPE from leading healthcare investors will fund development of NOR-101, a bispecific antibody for atopic dermatitis, with Phase 1a data expected by mid-2027.

check_boxKey Events · M&A and Partnerships · AEMD

• Reverse Merger with North Immunology

  Aethlon Medical entered into a definitive merger agreement with North Immunology, Inc. on September 17, 2026. North Immunology equity is valued at $150M, Aethlon at $16.5M, with pro forma ownership of 95.25% North Immunology / 4.75% Aethlon. The combined company will operate as North Immunology, Inc. and trade under ticker NRTX on Nasdaq.

• $180M Concurrent Private Placement

  A $180M PIPE was secured from institutional investors including Bain Capital Life Sciences, Janus Henderson, Deep Track Capital, Longitude Capital, Soleus Capital, Invus, Sirenia Capital, Farallon, Adage Capital, and TCGX. The financing includes approximately $146M in cash and $34M from conversion of North Immunology's outstanding convertible notes. Minimum $175M proceeds is a closing condition.

• NOR-101 Clinical Development Timeline

  NOR-101, a half-life extended anti-IL-13 x IL-18 bispecific antibody for atopic dermatitis, is expected to begin Phase 1a in Q1 2027, with interim PK and safety data by mid-2027. Phase 1b and Phase 2b topline data are expected in 2028. The $180M PIPE is expected to fund operations into the second half of 2028.

• Contingent Value Rights for Legacy Business

  Aethlon stockholders will receive one CVR per share, entitling them to net proceeds from any future sale, license, or monetization of Aethlon's legacy Hemopurifier business. No payment is guaranteed if no monetization transaction occurs.

auto_awesomeAnalysis · AEMD · Industrial Applications And Services

This is a thesis-altering reverse merger. Aethlon Medical, a micro-cap device company with a $2.3M market cap, is being acquired by private biotech North Immunology in an all-stock deal that will leave Aethlon shareholders owning only 4.75% of the combined company. North Immunology brings NOR-101, a half-life extended IL-13 x IL-18 bispecific antibody for atopic dermatitis, with a Phase 1a start expected Q1 2027. The concurrent $180M private placement — backed by Bain Capital Life Sciences, Janus Henderson, Deep Track Capital, and other blue-chip healthcare investors — is expected to fund operations into the second half of 2028. Aethlon shareholders receive contingent value rights tied to any future monetization of the legacy Hemopurifier business, but the core investment thesis shifts entirely to North Immunology's clinical pipeline. The combined company will trade under ticker NRTX on Nasdaq, with North Immunology's management team and board taking control.