North Immunology is going public via a reverse merger with Aethlon Medical, positioning the inflammation-and-immunology startup for clinical advancement of an atopic dermatitis drug. The deal brings $180 million, and the company says its bispecific antibody aims to show efficacy and tolerability advantages versus established therapy in immune disorders. The transaction follows a period of heightened reverse-merger interest in biotech, driven by a desire for speed to capital and liquidity. North Immunology’s funding plan is expected to support clinical execution as it prepares for continued data generation in its lead eczema indication. For the broader sector, the move highlights how the market is still rewarding immunology assets—particularly those with mechanism differentiation—when conventional IPO windows remain selective.