North Immunology is going public through a reverse merger with Aethlon Medical, raising $180 million to advance an inflammation and immunology bispecific antibody program. The lead indication is atopic dermatitis, with the company aiming to demonstrate potential efficacy and tolerability advantages relative to established therapies. The transaction includes plans to use the capital to progress clinical development and support the path toward broader validation for its eczema-focused approach. The reverse-merger structure reflects continued investor appetite for rapid liquidity and commercialization-ready capital formation in inflammation. The new funding also ties to a key competitive question in immunology: whether next-generation bispecific formats can translate into meaningful clinical differentiation in patient subgroups and longer-term safety outcomes.