Aethlon Medical agrees all-stock merger with North Immunology

A concurrent oversubscribed private placement is expected to raise about $180 million gross, including conversion of about $34 million in convertible promissory notes. Proceeds are expected to fund operations into the second half of 2028, centered on NOR-101 for atopic dermatitis.

NOR-101 Phase 1a is slated for Q1 2027, with interim PK and safety by mid-2027; Phase 1b and Phase 2b topline data targeted in 2028.

Aethlon Medical agreed to an all-stock merger with privately held North Immunology, combining operations under the North Immunology name. The combined company is expected to trade on Nasdaq under ticker NRTX, replacing Aethlon’s current listing.