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 private placement backed by RA Capital, Forbion, Third Rock Ventures and Sofinnova. After closing, Marea investors and the new financing participants will control the vast majority of the combined company, while current Lisata shareholders will retain only a small stake.
Sources:
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