Aethlon agrees to North Immunology merger backed by $180 million financing

Aethlon ($AEMD) Medical agreed to an all-stock merger with North Immunology, accompanied by a private placement described as approximately $180 million in gross proceeds. That amount includes the conversion of roughly $34 million of existing North Immunology notes, so it is not entirely new cash. The combined business expects the financing to support operations into the second half of 2028.

The lead program, NOR-101, is an experimental antibody targeting IL-13 and IL-18 for atopic dermatitis and other inflammatory diseases. A Phase 1a study is planned for early 2027. Closing is expected in the first quarter of 2027, subject to shareholder, registration, listing and other conditions. The proposed North Immunology name and NRTX symbol would apply only after completion; AEMD remains the currently listed instrument.

Sources:

• Aethlon / North Immunology — merger agreement, PR Newswire reprint