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Aethlon Medical (AEMD) and North Immunology entered a definitive all-stock merger agreement, combining to focus on NOR-101, a half-life extended IL-13 x IL-18 bispecific antibody for atopic dermatitis and other immune-mediated diseases.
Pre-merger Aethlon stockholders are expected to own approximately 4.75% of the combined company, while pre-merger North Immunology stockholders (including private placement investors) are expected to own about 95.25%, implying a pro forma equity value of approximately $346.5 million inclusive of the private placement. An oversubscribed private placement is expected to provide about $180 million in gross proceeds, including conversion of roughly $34 million of North Immunology convertible notes, and to fund operations into the second half of 2028. The combined company will be named North Immunology and is expected to trade on Nasdaq as NRTX, with the merger targeted to close in the first quarter of 2027, subject to customary conditions. Aethlon stockholders will also receive contingent value rights tied to potential monetization of Aethlon's Hemopurifier business.