Aethlon Medical to Merge with North Immunology in $346.5M All-Stock Reverse Merger; $180M PIPE to Fund NOR-101 Bispecific Antibody
AEMD has more than doubled off its 52-week low of $1.41.
Summary
Aethlon Medical is merging with North Immunology in a $346.5M all-stock reverse merger, with a concurrent $180M PIPE to fund NOR-101 development. Aethlon stockholders retain 4.75% ownership plus CVRs on legacy assets.
Key Events · M&A and Partnerships · AEMD
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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.
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$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 outstanding convertible promissory notes.
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Contingent Value Rights for Legacy Assets
Aethlon stockholders will receive one CVR per share, entitling them to 100% of net proceeds from any sale, license, or monetization of legacy Hemopurifier assets during a 10-year CVR term, with a 3-year period to enter into a Legacy Assets Transaction.
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NOR-101 Clinical Development Timeline
Phase 1a study of NOR-101 expected to begin Q1 2027, with interim PK and safety data by mid-2027. Phase 1b and Phase 2b studies in atopic dermatitis planned for 2027, with topline data expected in 2028. The $180M PIPE is expected to fund operations into 2H 2028.
Analysis · AEMD · Industrial Applications And Services
Aethlon Medical is merging with private biotech North Immunology in an all-stock reverse merger valuing the combined company at approximately $346.5 million. A concurrent $180 million 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. Aethlon stockholders will own approximately 4.75% of the combined company and receive contingent value rights tied to monetization of legacy Hemopurifier assets.
At the time of this filing, AEMD was trading at $7.24 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2.3M. The 52-week trading range was $1.41 to $41.35. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.