Pharma BD Deal Intelligence

Aethlon Medical, Inc. / North Immunology, Inc.

2026 · Reverse Merger · Pending

Aethlon Medical (Nasdaq: AEMD) entered a definitive all-stock merger agreement with privately held North Immunology, Inc., a reverse merger that takes North Immunology public. The transaction is backed by an oversubscribed $180 million private placement expected to fund the combined company into the second half of 2028. North Immunology's lead program NOR-101 is a half-life-extended anti-IL-13 x IL-18 bispecific antibody designed to inhibit both type 2 and non-type 2 inflammation in atopic dermatitis, engineered for dosing every three or six months. A Phase 1a study is expected to begin in Q1 2027, with interim PK and safety data expected by mid-2027.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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