<SEC-DOCUMENT>0001683168-17-002515.txt : 20171030
<SEC-HEADER>0001683168-17-002515.hdr.sgml : 20171030
<ACCEPTANCE-DATETIME>20170929073208
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-17-002515
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AETHLON MEDICAL INC
		CENTRAL INDEX KEY:			0000882291
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				133632859
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9635 GRANITE RIDGE DRIVE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		858-459-7800

	MAIL ADDRESS:	
		STREET 1:		9635 GRANITE RIDGE DRIVE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BISHOP EQUITIES INC
		DATE OF NAME CHANGE:	19930602
</SEC-HEADER>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 10pt">9635
                                         Granite Ridge Drive</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 10pt">Suite
                                         100</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 10pt">San
                                         Diego, CA 92123</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 10pt">Phone
                                         858-459-7800</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 4561</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20005</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 6%">Attn:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 94%">Russell Mancuso, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Branch Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Heather Percival, Esq.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 6%"><FONT STYLE="font-weight: normal">RE:</FONT> </TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 94%">Aethlon Medical, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Registration Statement on Form S-1
Filed July 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">File No. 333-219589</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Mancuso and Ms. Percival:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">We are writing in connection with the above-captioned
matter regarding Aethlon Medical, Inc.&rsquo;s (the &ldquo;Company&rdquo;) disclosure in its Registration Statement on Form S-1/A,
filed September 26, 2017, File No. 333-219589 (the &ldquo;Registration Statement&rdquo;). We hereby provide supplementally the
following responses in reply to the Staff&rsquo;s comment letter dated September 28, 2017 (the &ldquo;Comment Letter&rdquo;). The
numbered responses set forth below correspond to the numbering set forth in the Comment Letter. For your convenience, we have included
each of the Staff&rsquo;s comments (in bold) before the relevant response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk Factors, page 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><B>1.</B></TD><TD STYLE="width: 95%"><B>We note your response to prior comment 7; however, your prospectus should include appropriate risk factor disclosure addressing
the jury trial waiver and exclusive forum. Also, provide us support for your disclosure that the clauses are &ldquo;customary and
reasonable&rdquo; in registered offerings.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In response to the Staff&rsquo;s comment,
we have added a risk factor addressing jury trial waiver and exclusive forum as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>The exclusive jurisdiction and waiver
of trial by jury clauses set forth in the form of securities purchase agreement and warrants to be issued to purchasers in this
offering may have the effect of limiting a purchaser&rsquo;s rights to bring legal action against us and could limit a purchaser&rsquo;s
ability to obtain a favorable judicial forum for disputes with us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 5.9 of the securities purchase agreement,
which may be executed by purchasers of at least $500,000 of securities in this offering, provides for investors to consent to exclusive
jurisdiction to courts located in New York, New York and Section 5.21 provides for a waiver of the right to a trial by jury.&nbsp;&nbsp;
These provisions are also set forth in Section 5(e) of the warrants to be issued to purchasers in this offering (forms of which
have been filed as exhibits 4.29 and 4.31 of the Registration Statement on Form S-1 to which this prospectus forms a part). These
provisions may have the effect of limiting the ability of investors to bring a legal claim against us due to geographic limitations
and/or preference for a trial by jury and may limit an investor&rsquo;s ability to bring a claim in a judicial forum that it finds
favorable for disputes with us. Alternatively, if a court were to find this exclusive forum provision inapplicable to, or unenforceable
in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving
such matters in other jurisdictions, which could adversely affect our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have removed any and all references to
these clauses being &ldquo;customary and usual&rdquo; from our disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>We cannot assure you that we will be able to comply with
the continued listing standards of the NASDAQ Capital Market, page 21</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">2.</TD><TD STYLE="width: 95%"><B>Address the last sentence of prior comment 10 regarding your previous deletion of disclosure from this risk factor</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the Staff&rsquo;s comment, we have added the
omitted disclosure back to the risk factor and clarified that we have been granted an extension by Nasdaq to meet the continued
listing criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Liquidity and Capital Resources, page 47</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><B>3.</B></TD><TD STYLE="width: 95%"><B>Reconcile your response to prior comment 6 with (1) your prospectus disclosure that this is a best efforts offering with
no minimum required as a condition to closing, and (2) your disclosure regarding your liquidity on page 47.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to Staff&rsquo;s comment, we have added the following
disclosures on p. 47 of the prospectus and to the Use of Proceeds section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;If our gross proceeds from this offering is less than
$6 million, we will need to raise additional capital from other sources.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;The securities purchase agreement being
entered into with certain purchasers in this offering limit our ability to raise capital both (i) for the next 90 days
whatsoever, and (ii) for so long as warrants issued hereunder are outstanding, in any sort of variable priced financing. Even
without receipt of proceeds from this offering, we have sufficient cash to operate for 90 days, and we do not intend to enter
into any sort of variable priced financing in the future due to the highly dilutive nature of those financings. Because we do
not intend to enter into any variable priced financings, we would not forsee a need for a forward or reverse split of our
stock in the next 12 months&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Plan of Distribution, page 76</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><B>4.</B></TD><TD STYLE="width: 95%"><B>Please address that part of prior comment 10 seeking disclosure of the material differences between the rights of investors
who sign the securities purchase agreement and all other investors in this offering. Your revised disclosure should make clear
what benefits and remedies investors who sign the agreement receive that other investors will not have.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to comply with your comment, we have added the following
to the disclosure addressing the material differences: &ldquo;In addition to rights and remedies available to all purchasers in
this offering under federal securities and state law, the purchasers which enter into a securities purchase agreement will also
be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract is material to larger
purchasers in this offering as a means to enforce the following covenants uniquely available to them under the securities purchase
agreement: (i) timely delivery of shares; (ii) agreement to not enter into variable rate financings while any warrants offered
hereunder are outstanding; (iii) agreement to not enter into any financings for 90 days from closing; and (iv) agreement not to
enter into any stock splits for a year from closing. &rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hope that the foregoing is responsive
to the Staff&rsquo;s comments. Please do not hesitate to contact me at (858) 459-7800 (extension 300) if you have any questions
regarding this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>/s/ Jim Frakes</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James B. Frakes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
