The biotech reverse-merger trend continued with two deals announced September 17, 2026: North Immunology’s merger with Aethlon Medical and Marea’s merger with Lisata Therapeutics. North Immunology will merge with Nasdaq-listed Aethlon Medical and raise approximately $180 million through a private placement. The combined company will retain the North Immunology name and is expected to trade under ticker NRTX. North plans to use the financing to advance NOR-101, a dual-targeting IL-13/IL-18 antibody for atopic dermatitis, into clinical testing. The cash is expected to fund operations into the second half of 2028. North Immunology investors are expected to own about 95.25% of the combined company, while existing Aethlon shareholders will hold about 4.75% and receive contingent rights tied to Aethlon’s legacy Hemopurifier business. Closing is expected in the first quarter of 2027, subject to approvals. Marea’s stock-for-stock combination with Lisata includes a $225 million privat...
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