<SEC-DOCUMENT>0001683168-19-002178.txt : 20190829
<SEC-HEADER>0001683168-19-002178.hdr.sgml : 20190829
<ACCEPTANCE-DATETIME>20190712130327
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-19-002178
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190712

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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    <TD STYLE="width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 9pt">Julie
                           Robinson</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">+1 858 550 6092</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">ROBINSONJM@cooley.com</FONT></P></TD>
    <TD STYLE="width: 55%; padding-left: 1.5in; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">VIA EDGAR</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July 12, 2019</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">United States Securities and Exchange Commission</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P>

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    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 6%">Attn:</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 94%">Thomas Jones</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Heather Percival</TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Aethlon Medical, Inc.</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">Amendment No. 1 to Registration
Statement on Form S-3</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"><B>Filed June 18, 2019</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"><B>File No. 333-231397</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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">Ladies and Gentlemen:</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">On behalf of Aethlon Medical, Inc. (the
&ldquo;<B><I>Company</I></B>&rdquo;), we are submitting this letter in response to comments received from the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;), by letter dated July 1, 2019, regarding the Company&rsquo;s
Amendment No. 1 to Registration Statement on Form S-3, filed on June 18, 2019 (the &ldquo;<B><I>Registration Statement</I></B>&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">Set forth below are the Company&rsquo;s
responses to the Staff&rsquo;s comment. For the Staff&rsquo;s convenience, we have incorporated your comments into this response
letter in italics.</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"><U>Amendment No. 1 to Registration Statement
on Form S-3 Filed June 18, 2019</U></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"><U>Exhibits</U></P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><I>We note your response to prior comment 4. It appears from the second paragraph on page 2 of
exhibit 5.2 that the opinion from counsel has assumed a separate opinion of Brownstein Hyatt Farber Schreck, LLP has been delivered
to you regarding certain matters. However, it does not appear that the opinion of this firm filed as exhibit 5.1 addressed such
matters. Please advise or have counsel provide a revised opinion as exhibit 5.1. </I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Response: </B>The
Company acknowledges the Staff&rsquo;s comment and provides the following response.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Brownstein Hyatt Farber
Schreck, LLP (&ldquo;<B><I>Nevada counsel&rdquo;)</I></B> provided an opinion, filed as Exhibit 5.1 to the Registration Statement,
required under SEC Regulation S-K, Item 601(b)(5)(i) (&ldquo;<B><I>Item 601(b)(5)(i)</I></B>&rdquo;), which requires: &ldquo;<I>An
opinion as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully
paid and non-assessable, and, if debt securities, whether they will be binding obligations of the registrant.&rdquo;</I></P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">July 12, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Page 2 of 3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Nevada counsel&rsquo;s
opinion under Item 601(b)(5)(i) provided an opinion, that, subject to certain assumptions permitted by Staff Legal Bulletin No.
19 as described below, &ldquo;such Shares will be duly authorized, validly issued, fully paid and non-assessable.&rdquo; We believe
such opinion is responsive to the requirements of Item 601(b)(5)(i) relating to the legality, fully paid and non-assessability
of the shares of Common Stock of the Company being registered under the Registration Statement (the &ldquo;<B><I>Shares</I></B>&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">In response to the Staff&rsquo;s June 6,
2019 Comment Letter, Cooley LLP (&ldquo;<B><I>Cooley</I></B>&rdquo;) provided an opinion that was filed as Exhibit 5.2 to the Registration
Statement, to address the additional matters required under Item 601(b)(5)(i) with respect to the debt securities (&ldquo;<B><I>Debt
Securities</I></B>&rdquo;) and warrants (&ldquo;<B><I>Warrants</I></B>&rdquo;) that are being registered under the Registration
Statement. In the Cooley opinion, we noted that a separate opinion of Nevada counsel covering certain matters had been delivered.
Specifically, we stated &ldquo;We have assumed that (i) the Company . . . has duly authorized . . . the Warrants, the Warrant Agreements,
the Debt Securities and the Indenture in accordance with its organizational documents and the laws of the State of Nevada . . .
.. We understand that a separate opinion of Brownstein Hyatt Farber Schreck, LLP as to certain of such matters has been delivered
to you.&rdquo; Consistent with that statement, the opinion of Nevada Counsel opined that, subject to certain assumptions permitted
by Staff Legal Bulletin No. 19, as discussed below, &ldquo;any offering, issuance or sale of Debt Securities, Warrants or Units,
such Securities will be <U>duly authorized</U>.&rdquo; The reference in the Cooley Opinion to the opinion of Nevada counsel was
intended only to note that a separate opinion had been rendered to the Company. The Cooley opinion did not rely on the opinion
of Nevada counsel. Consistent with the statement quoted from the Cooley opinion, there was overlap between the opinion of Nevada
counsel and the assumptions made by Cooley in its opinion, so the statement made in the Cooley opinion was correct on its face.
But given the guidance provided in Staff Legal Bulletin No. 19 as described below, Cooley was entitled to make assumptions in its
opinion without reference to or reliance on the opinion of Nevada counsel or any other opinion.</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; text-indent: 0in">We respectfully note
that under Staff Legal Bulletin No. 19 (October 14, 2011), the Staff has provided guidance that the assumptions that can be taken
in the case of Item 601(b)(5)(i) opinions for a universal shelf are very broad. It states specifically that &ldquo;the legality
opinion in the shelf registration statement at the time it becomes effective may include assumptions regarding the future issuance
of securities that would generally not be acceptable in connection with a non-shelf offering&rdquo; and then states in a footnote
&ldquo;Such assumptions may include, for example, that the number of shares to be offered and sold under the registration statement
will not exceed the number of shares authorized in the registrant&rsquo;s certificate or articles of incorporation; that the board
will have taken all actions, passed all resolutions, etc., necessary to authorize the issuance and sale of the securities; that
the specific terms of the securities will have been determined in accordance with all board resolutions or other authorization
requirements; and that all required state approvals will have been received (e.g., if the registrant is a state regulated utility).&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We do not interpret Item
601(b)(5)(i) to require any particular specific wording or exact matching wording for the required opinions covering the legality,
valid issuance or non-assessability of the Shares, Warrants and Debt Securities, or with respect to the Debt Securities, the requisite
binding obligations opinion covered in the Cooley opinion. We also note that Cooley has filed registration statements with similar
opinions for registrants in the past and we have reviewed many other 601(b)(5)(i) opinions that take a similar approach.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">July 12, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page 3 of 3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully requests the Staff&rsquo;s
assistance in completing the review of the Amended S-3 as soon as possible. Please contact me at (858) 550-6092 with any questions
or further comments regarding the responses to the Staff&rsquo;s comments.</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">Sincerely,</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">Cooley LLP</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"><U>/s/ Julie Robinson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Julie Robinson, Esq.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">cc:</TD><TD STYLE="text-align: justify">Timothy C. Rodell, MD, FCCP., Aethlon Medical, Inc.</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">James B. Frakes, Aethlon
Medical, Inc.</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Seth Skolnik, Esq.,
Cooley LLP</TD></TR>
</TABLE>

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