Aethlon to merge with North Immunology

• Aethlon Medical (NASDAQ:AEMD) and North Immunology entered an all-stock merger agreement focused on NOR-101, a bispecific antibody program.
• North Immunology shareholders are expected to own about 95.25% of the combined company, with Aethlon shareholders owning about 4.75%.
• The combined company plans to trade on Nasdaq as North Immunology (NRTX) after the expected first-quarter 2027 merger closing.

Aethlon Medical (NASDAQ:AEMD) and North Immunology entered a definitive all-stock merger agreement that will combine the companies around NOR-101, a half-life extended IL-13 x IL-18 bispecific antibody being developed for atopic dermatitis and other immune-mediated diseases.

The transaction implies a pro forma equity value of approximately $346.5 million, including a private placement, with existing Aethlon shareholders expected to own about 4.75% of the combined company and North Immunology shareholders expected to own about 95.25%.

The companies said an oversubscribed private placement is expected to generate approximately $180 million in gross proceeds, including the conversion of about $34 million in North Immunology convertible notes, with funding expected to support operations into the second half of 2028.

Aethlon Medical develops therapeutic technologies, including its Hemopurifier platform, while North Immunology focuses on antibody-based treatments for immune-mediated diseases.

The merger is expected to close in the first quarter of 2027, subject to customary closing conditions, and Aethlon shareholders will receive contingent value rights linked to potential future monetization of Aethlon’s Hemopurifier business.