Aethlon Medical to Merge with North Immunology in $180M Deal

The combined entity will operate as North Immunology, Inc., trading on the Nasdaq under the ticker symbol NRTX. Backed by a syndicate of healthcare investors including Bain Capital Life Sciences and Janus Henderson Investors, the financing provides enough capital to fund operations through the second half of 2028. Aethlon stockholders will retain a 4.75% stake in the new company, with the potential for additional value through contingent rights tied to Aethlon’s legacy Hemopurifier business.

North Immunology plans to launch a Phase 1a study of its lead program, NOR-101, in the first quarter of 2027. Developers anticipate preliminary pharmacokinetic and safety data by mid-2027, followed by Phase 1b and 2b topline results in 2028. Mohit Gupta, co-founder and CSO, noted that while current monoclonal antibodies have shifted the landscape for atopic dermatitis, many patients continue to struggle with disease burden. By addressing dual inflammatory pathways, the company expects its candidate to offer a superior therapeutic profile compared to existing options. The merger is slated to close in early 2027, pending stockholder approval and customary regulatory clearances.