North Immunology is going public through a reverse merger with Aethlon Medical, raising $180 million as it advances a long-acting immunology and inflammation program for atopic dermatitis. The company aims to show its bispecific antibody has efficacy and tolerability advantages versus Sanofi’s Dupixent. The reverse merger strategy follows a broader increase in reverse merger activity as smaller biotechs look for faster access to capital than traditional IPO routes. North Immunology’s financing is positioned to support clinical execution and signal market interest in next-generation immunology assets. Separately, reporting notes North Immunology has joined the reverse merger boom with the Aethlon deal, reflecting investor focus on late-stage readiness and near-term clinic milestones. The transaction adds another example of how market sentiment around immunology biologics continues to influence capital structure choices in biotech, particularly for pre-commercial programs.