<SEC-DOCUMENT>0001171843-17-002930.txt : 20170510
<SEC-HEADER>0001171843-17-002930.hdr.sgml : 20170510
<ACCEPTANCE-DATETIME>20170510164534
ACCESSION NUMBER:		0001171843-17-002930
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170510
DATE AS OF CHANGE:		20170510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOCRYST PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000882796
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				621413174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217859
		FILM NUMBER:		17831125

	BUSINESS ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		919-859-1302

	MAIL ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>s3_051017.htm
<DESCRIPTION>FORM S-3
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>As filed with the Securities and Exchange Commission on May 10,
2017</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333- </B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>FORM S-3</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>BioCryst Pharmaceuticals, Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Exact name of registrant as specified in its charter)</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>62-1413174</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>(State or other jurisdiction of incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>(I.R.S. Employer Identification Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4505 Emperor Blvd., Suite 200</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Durham, North Carolina 27703</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(919) 859-1302</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Address, including zip code, and telephone number, including
area code, of registrant&rsquo;s principal executive offices)</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Jon P. Stonehouse</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>President and Chief Executive Officer</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4505 Emperor Blvd., Suite 200</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Durham, North Carolina 27703</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(919) 859-1302</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Name, address, including zip code, and telephone number, including
area code, of agent for service)</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>With a copy to:</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Brian Lane, Esq.<BR>
Robyn Zolman, Esq.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Gibson, Dunn &amp; Crutcher LLP</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>1050 Connecticut Avenue, NW</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Washington</B></FONT><B>, DC 20036</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(202) 955-8500</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the public:</B> From time to
time after the effective date of this Registration Statement, as determined by market conditions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If the only securities being registered on this Form are
being offered pursuant to dividend or interest reinvestment plans, check the following box: </FONT>&#9744;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If any of the securities being registered on this Form
are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, please check the following box: </FONT>&#9746;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. </FONT>&#9744;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If this Form is a post-effective amendment filed pursuant
to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. </FONT>&#9744;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box. </FONT>&#9744;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT>&#9744;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>



<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT>&#9744;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">Accelerated filer </FONT>&#9746;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Non-accelerated filer </FONT>&#9744;<FONT STYLE="font-size: 10pt">&nbsp;(do not check if a smaller reporting company)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company &#9744;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT>&#9744;</P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">________________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Title of Each Class of Securities to be Registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount to be Registered(1)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed
Maximum Offering Price </B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Per Unit(2)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed
Maximum Aggregate</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Offering Price</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount
of Registration Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt">Common Stock, $0.01 par value(2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">11,710,951 shares</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5.48</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">64,176,011</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,438</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD>Pursuant to Rule 416 under the Securities Act, the securities registered hereunder include such indeterminate number of securities
as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends or similar
transactions.</TD></TR>                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act and based
upon the average of the high and low prices on the Nasdaq Global Select Market on May 8, 2017.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><B>The registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the Securities
Act of 1933 or until this registration statement shall become effective on such date as the Commission, acting pursuant to said
Section&nbsp;8(a)&nbsp;may determine.</B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; color: red"><B>The information in this prospectus is not complete and may be changed.
We may not sell these securities until the registration statement filed with the Securities and Exchange Commission becomes effective.
This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.</B></P>



<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white; color: red"><B>SUBJECT TO COMPLETION,
DATED MAY 10, 2017</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white; color: red"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: Red"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>11,710,951 Shares of Common Stock<BR>
<BR>
</B></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The selling stockholders identified in this prospectus may
sell up to an aggregate of 11,710,951 shares of our common stock. We will not receive any of the proceeds from the sale of the
shares of our common stock by the selling stockholders.</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our registration of the shares of our common stock covered
by this prospectus does not mean that the selling stockholders will offer or sell any of the shares of our common stock. The selling
stockholders identified in this prospectus may sell the shares of our common stock covered by this prospectus in a number of different
ways and at varying prices. For additional information on the possible methods of sale that may be used by the selling stockholders,
you should refer to the information under the heading &ldquo;Plan of Distribution&rdquo; on page 8 of this prospectus.</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our common stock, par value $0.01 per share, trades on the
NASDAQ Global Select Market under the symbol &ldquo;BCRX.&rdquo; On May 8, 2017, the last reported sale price of our common stock
on The NASDAQ Global Select Market was $5.35 per share.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have not authorized anyone else to make additional representations
or to provide you with information other than information provided or incorporated by reference in this prospectus. We take no
responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you or representations
that others may make. The selling stockholders are not making or soliciting an offer of these securities in any state or jurisdiction
where the offer is not permitted or in any circumstances in which such offer or solicitation is unlawful. You should assume that
the information contained or incorporated by reference in this prospectus is accurate only as of the date of those documents.</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">______________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B>Investing in our common stock involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; on page 2 of this prospectus and in the documents incorporated herein by reference.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;______________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 9pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 9pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 9pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 9pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt"><U>Page</U></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="width: 4%; text-align: center; padding-top: 0in; padding-bottom: 0pt">i</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">PROSPECTUS SUMMARY</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">RISK FACTORS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">USE OF PROCEEDS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">SELLING STOCKHOLDERS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">DESCRIPTION OF CAPITAL STOCK</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">LEGAL MATTERS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">EXPERTS</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">All references to &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
or &ldquo;us&rdquo; refer solely to BioCryst Pharmaceuticals, Inc. and not to the persons who manage us or sit on our Board of
Directors. All trade names used in this prospectus are either our registered trademarks or trademarks of their respective holders.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 24.5pt; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; padding-right: 10pt; padding-left: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid; margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt; padding-left: 10pt"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 24.5pt; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">This summary highlights information contained elsewhere or incorporated
by reference into this prospectus. Because it is a summary, it does not contain all of the information that you should consider
before investing in our securities. You should read this entire prospectus carefully, including the section entitled &ldquo;Risk
Factors&rdquo; and the documents that we incorporate by reference into this prospectus, before making an investment decision.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 0pt"><B>Business of BioCryst Pharmaceuticals, Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt"><FONT STYLE="font-size: 10pt">We are a biotechnology company that
designs, optimizes and develops novel small molecule drugs that block key enzymes involved in <FONT STYLE="background-color: white">the
pathogenesis of diseases. </FONT></FONT>We focus on oral treatments for rare diseases in which significant unmet medical needs
exist and that align with our capabilities and expertise. We integrate the disciplines of biology, crystallography, medicinal chemistry
and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug
design. Structure-guided drug design is a drug discovery approach by which we design synthetic compounds from detailed structural
knowledge of the active sites of enzyme targets associated with particular diseases. We use X-ray crystallography, computer modeling
of molecular structures and advanced chemistry techniques to focus on the three-dimensional molecular structure and active site
characteristics of the enzymes that control cellular biology. Enzymes are proteins that act as catalysts for many vital biological
reactions. Our goal generally is to design a compound that will fit in the active site of an enzyme and thereby prevent its catalytic
activity.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">We are a Delaware corporation originally founded in 1986. Our principal
executive offices are located at 4505 Emperor Blvd. Suite 200, Durham, North Carolina 27703, and our telephone number is (919)
859-1302. For more information about us, please visit our website at http://www.biocryst.com. The information on our web site is
not incorporated by reference into this prospectus.</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>RISK FACTORS</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Investing in our common stock involves risks. Our business is influenced
by many factors that are difficult to predict and beyond our control and that involve uncertainties that may materially affect
our business, results of operations, financial condition or cash flows, or the value of these securities. These risks and uncertainties
are described in the risk factors section of the documents that are incorporated by reference in this prospectus including in our
most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should carefully consider
all of the information contained in or incorporated by reference in this prospectus before you invest in our securities. The occurrence
of any of these risks might cause you to lose all or part of your investment in our comment stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This prospectus, including the information we incorporate by reference,
contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). All statements
other than statements of historical facts contained in this prospectus and the information we incorporate by reference are forward-looking
statements. These forward-looking statements can generally be identified by the use of words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;predicts,&rdquo; &ldquo;potential,&rdquo; the negative of these words or similar expressions. Statements that describe our
future plans, strategies, intentions, expectations, objectives, goals or prospects are also forward-looking statements. These forward-looking
statements include, but are not limited to, statements about:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the preclinical development, clinical development, commercialization, or post-marketing studies of our product candidates and
products, including our HAE program, peramivir, galidesivir, and early stage discovery programs;</TD></TR>                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the potential funding from our contracts with the National Institute of Allergy and Infectious Diseases within the United States
Department of Health and Human Services and the Biomedical Advanced Research and Development Authority within the United States
Department of Health and Human Services for the development of galidesivir;</TD></TR>                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the potential for government stockpiling orders of peramivir, additional regulatory approvals of peramivir or milestones, royalties
or profit from sales of peramivir by us or our partners;</TD></TR>                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the potential use of peramivir as a treatment for H1N1, H5N1, and H7N9 or other strains of influenza;</TD></TR>                                                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the implementation of our business model, strategic plans for our business, products, product candidates and technology;</TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to establish and maintain collaborations or out-license rights to our product candidates;</TD></TR>                                                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>plans, programs, progress and potential success of our collaborations, including Sequirus UK Limited, Shionogi &amp; Co., Ltd.
and Green Cross Corporation for peramivir, and Mundipharma for forodesine;</TD></TR>                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>JPR Royalty Sub LLC&rsquo;s (&ldquo;Royalty Sub&rdquo;) ability to service its payment obligations in respect of the PhaRMA
Senior Secured 14.0% Notes due 2020 (the &ldquo;PhaRMA Notes&rdquo;), and our ability to benefit from our equity interest in Royalty
Sub;</TD></TR>              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the foreign currency hedge agreement entered into by us in connection with the issuance by Royalty Sub of the PhaRMA Notes;</TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates
and technology;</TD></TR>                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to operate our business without infringing the intellectual property rights of others;</TD></TR>                                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>estimates of our expenses, revenues, capital requirements, annual cash utilization, and our needs for additional financing;</TD></TR>                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to continue as a going concern;</TD></TR>                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the timing or likelihood of regulatory filings or regulatory agreements, deferrals, and approvals;</TD></TR>                                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to raise additional capital to fund our operations or repay our recourse debt obligations;</TD></TR>                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to comply with the covenants as set forth in the agreements governing our debt obligations;</TD></TR>                                                                                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in">&nbsp;</TD><TD STYLE="width: 0.25in">&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our financial performance; and</TD></TR>                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>competitive companies, technologies and our industry.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">These statements relate to future events or to our future financial
performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance
or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking
statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those
listed under &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus and the documents incorporated by reference. Any forward-looking
statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions
relating to our operations, results of operations, industry and future growth. Except as required by law, we assume no obligation
to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Discussions containing these forward-looking statements are also
contained in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; incorporated
by reference from our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarters ended since our
most recent Annual Report, our Current Reports on Form 8-K, as well as any future amendments we make to those filings or future
filings with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>USE OF PROCEEDS</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We will not receive any proceeds from the sale of common stock by
the selling stockholders. All proceeds from the sale of the shares will be for the accounts of the selling stockholders. See &ldquo;Selling
Stockholders&rdquo; and &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><B>SELLING STOCKHOLDERS</B></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The table below sets forth, to our knowledge, information concerning
the beneficial ownership of shares of our common stock by the selling stockholders as of May 8, 2017.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The information in the table below with respect to the selling stockholders
has been obtained from the selling stockholders. When we refer to the &ldquo;selling stockholders&rdquo; in this prospectus, we
mean the selling stockholders listed in the table below as offering shares, as well as their respective pledgees, donees, transferees
or other successors-in-interest who may hold any of the selling stockholders&rsquo; interest.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We do not know if, when or in what amounts the selling stockholders
may offer their shares for sale. The selling stockholders may sell some, all or none of the shares offered by this prospectus.
Because the number of shares the selling stockholders may offer and sell is not presently known, and because there are currently
no agreements, arrangements or understandings with respect to the sale of any of the shares, we cannot estimate the number of shares
that will be held by each selling stockholder after completion of this offering. This table, however, presents the maximum number
of shares of common stock that the selling stockholders may offer pursuant to this prospectus and the number of shares of common
stock that would be beneficially owned after the sale of the maximum number of shares of common stock by each selling stockholder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Beneficial ownership is determined in accordance with the rules of
the SEC, and includes voting or investment power with respect to shares. Unless otherwise indicated below, to our knowledge, each
selling stockholder named in the table has sole voting and investment power with respect to the shares of common stock beneficially
owned by it. The inclusion of any shares in this table does not constitute an admission of beneficial ownership for any selling
stockholder named below. This table does not include certain shares of our common stock held by affiliates of the selling stockholders.
The selling stockholders may hold a pecuniary interest in such additional shares.</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Name of Selling
    Stockholder</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shares
    of Common Stock <BR>
Beneficially Owned Prior to <BR>
Offering</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of Shares of <BR>
Common Stock Being <BR>
Offered</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shares
    of Common Stock <BR>
to be Beneficially Owned <BR>
After Offering</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; padding-bottom: 1pt; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; padding-bottom: 1pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Percentage(1)</FONT></P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; padding-bottom: 1pt; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; padding-bottom: 1pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Percentage</FONT></P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Baker Bros. Advisors
    LP</TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11,791,784(2)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">14.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11,710,951</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">80,833</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">________</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                 <TR STYLE="vertical-align: top">
<TD>(1)</TD><TD>Based on 80,421,820 shares
of our common stock outstanding on May 8, 2017.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(2)</TD><TD>Baker Bros. Advisors LP (&ldquo;Adviser&rdquo;) may be deemed to have the power to vote or direct the vote of and the power
to dispose or direct the disposition of the shares of common stock held directly by 667, LP (&ldquo;667&rdquo;) and Baker Brothers
Life Sciences, L.P. (&ldquo;Life Science&rdquo;, and together with 667, the &ldquo;Funds&rdquo;) and thus may be deemed the beneficial
owner of such shares of common stock, which include: (a) 1,607,300 shares of common stock held by 667, and (b) 10,103,651 shares
of common stock held by Life Sciences. Julian C. Baker and Felix J. Baker are the principals of Baker Bros. Advisors (GP) LLC,
the sole general partner of Adviser and, as such, have voting and dispositive power with respect to the shares of common stock
held by the Funds. In addition, Dr. Stephen R. Biggar, an employee of Adviser and former director of the Company, holds 5,833 shares
of common stock and options to purchase 75,000 shares of common stock. Dr. Biggar previously served on the board of directors of
the Company as a representative of the Funds. The policy of the Funds and Adviser does not permit employees to receive compensation
for serving as a director of the issuer. Therefore, Dr. Biggar has no pecuniary interest in any stock options or shares of common
stock directly held by him. The Funds are instead entitled to the pecuniary interest in any stock options and shares of common
stock received as director compensation. Furthermore, Julian C. Baker and Felix J. Baker each directly hold and beneficially own
23,459 shares of common stock.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On March 15, 2017, we entered into a Registration Rights Agreement
with 667, L.P. and Baker Brothers Life Sciences, L.P. pursuant to which we agreed that, if requested, we will register the shares
of our common stock beneficially owned by the selling stockholders for resale under the Securities Act of 1933 (the &ldquo;Securities
Act&rdquo;). Our registration obligations under this Registration Rights Agreement cover all shares of our common stock now held
or later acquired by the selling stockholders, will continue in effect for up to 10 years, and include our obligation to facilitate
certain underwritten public offerings of our common stock by the selling stockholders in the future. The registration statement
of which this prospectus is a part is being filed pursuant to the Registration Rights Agreement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following summary description of our capital stock summarizes
general terms and provisions that apply to the capital stock. Because this is only a summary, it does not contain all of the information
that may be important to you. This summary is subject to and qualified in its entirety by reference to our restated certificate
of incorporation, as amended, by-laws, as amended, and the rights agreement, as amended, each of which are on file with the SEC.
See &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Authorized and Outstanding Capital Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our authorized capital stock consists of 200,000,000 shares of common
stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which 200,000 shares are
designated Series B Junior Participating Preferred Stock with a par value of $0.001 per share. On May 8, 2017, there were 80,421,420
shares of common stock outstanding and no shares of preferred stock outstanding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Holders of our common stock are entitled to one vote per share on
all matters submitted to a vote of stockholders and may not cumulate votes for the election of directors. Common stockholders have
the right to receive dividends as and when declared by the Board of Directors from funds legally available therefor, subject to
any preferential dividend rights of any preferred stock then outstanding. Upon our dissolution or liquidation, common stockholders
are entitled to receive all assets legally available for distribution to stockholders, subject to any preferential rights of any
preferred stock then outstanding. Holders of common stock have no preemptive rights and have no rights to convert their common
stock into any other securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Preferred stock may be issued from time to time in one or more series,
each such series to have such terms as determined by our Board of Directors. Our Board of Directors has the authority to determine
and fix such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating,
optional or other special rights, and qualifications, limitations or restrictions thereof, including without limitation dividend
rights, conversion rights, redemption privileges and liquidation preferences, without further vote or action by our stockholders.
We will distribute a prospectus supplement with regard to each particular series of preferred stock that will describe the terms
and provisions of that series of preferred stock. The rights of the holders of any preferred stock that may be issued may adversely
affect the rights of the holders of common stock. The issuance of preferred stock could make it more difficult for third parties
to acquire a majority of our outstanding voting stock.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Anti-Takeover Provisions</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our certificate of incorporation provides for staggered terms for
the members of the board of directors and supermajority approval of the removal of any member of the board of directors and prevents
our stockholders from acting by written consent. Our certificate also requires supermajority approval of any amendment of these
provisions. These provisions and other provisions of our by-laws and of Delaware law applicable to us could delay or make more
difficult a merger, tender offer or proxy contest involving us.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The selling stockholders, which as used herein includes donees, pledgees,
transferees or other successors-in-interest selling shares of common stock or interests in shares of common stock received after
the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from
time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common
stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions
may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying
prices determined at the time of sale, or at negotiated prices.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The selling stockholders may use any one or more of the following
methods when disposing of shares or interests therein:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR>                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of
the block as principal to facilitate the transaction;</TD></TR>                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR>                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR>                                                                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>privately negotiated transactions;</TD></TR>                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>underwritten transactions;</TD></TR>                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>short sales effected after the date the registration statement of which this prospectus is a part is declared effective by
the SEC;</TD></TR>                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>through the distribution of the common stock by any selling stockholder to its partners, members or stockholders;</TD></TR>                                                                                                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per
share;</TD></TR>                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a combination of any such methods of sale; and</TD></TR>                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any other method permitted pursuant to applicable law.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In addition, any shares covered by this prospectus that qualify for
sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The selling stockholders may, from time to time, pledge or grant
a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the shares of common stock, from time to time, under this
prospectus, or under an amendment or supplement to this prospectus amending the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer
the shares of common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will
be the selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In connection with the sale of our common stock or interests therein,
the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in
turn engage in short sales of the common stock in the course of hedging the positions they assume. The selling stockholders may
also sell shares of our common stock short and deliver these securities to close out their short positions, or loan or pledge the
common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The aggregate proceeds to the selling stockholders from the sale
of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any. Each
of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole
or in part, any proposed purchase of common stock to be made directly or through agents. We will not receive any of the proceeds
from this offering.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The selling stockholders and any underwriters, broker-dealers or
agents that participate in the sale of the common stock or interests therein may be &ldquo;underwriters&rdquo; within the meaning
of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the shares may be underwriting
discounts and commissions under the Securities Act. Selling stockholders who are &ldquo;underwriters&rdquo; within the meaning
of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act. Underwriters and their controlling
persons, dealers and agents may be entitled, under agreements entered into with us and the selling stockholders, to indemnification
against and contribution toward specific civil liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">To the extent required, the shares of our common stock to be sold,
the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer
or underwriter, and any applicable discounts, commissions, concessions or other compensation with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">To facilitate the offering of the shares offered by the selling stockholders,
certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price
of the common stock. This may include over-allotments or short sales, which involve the sale by persons participating in the offering
of more shares than were sold to them. In these circumstances, these persons would cover such over-allotments or short positions
by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these persons may stabilize
or maintain the price of the common stock by bidding for or purchasing shares in the open market or by imposing penalty bids, whereby
selling concessions allowed to dealers participating in the offering may be reclaimed if shares sold by them are repurchased in
connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of
the common stock at a level above that which might otherwise prevail in the open market. These transactions may be discontinued
at any time.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have agreed to indemnify the selling stockholders against certain
liabilities, including liabilities under the Securities Act, relating to the registration of the shares offered by this prospectus.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>LEGAL MATTERS</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Alane Barnes has rendered an opinion with respect to the validity
of the common stock being offered by this prospectus. Ms. Barnes is compensated by the Company as an employee, participates in
various benefit plans offered to our employees, and owns directly or has the right to acquire through the exercise of options or
the vesting of restricted stock units less than 1% of our outstanding shares of common stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>EXPERTS</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Ernst &amp; Young LLP, independent registered public accounting firm,
has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016,
and the effectiveness of our internal control over financial reporting as of December 31, 2016, as set forth in their reports,
which are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements and
our management&rsquo;s assessment of the effectiveness of internal control over financial reporting as of December 31, 2016 are
incorporated by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports, given on their authority as experts in accounting
and auditing.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We file electronically with the SEC our annual reports on Form 10-K,
quarterly interim reports on Form 10-Q, current reports on Form 8-K, proxy statements and other information. We make available
on or through our website, http://www.biocryst.com, free of charge, copies of these filings as soon as reasonably practicable after
we electronically file them with or furnish them to the SEC. The information on our website is not incorporated by reference into
this prospectus. You can also request copies of such documents by contacting our Investor Relations Department at 4505 Emperor
Blvd., Suite 200, Durham, North Carolina 27703 or sending an email to investorrelations@biocryst.com. You may read and copy any
document we file at the SEC&rsquo;s Public Reference Room at 100 F Street NE, Washington, D.C. 20549. You can also obtain copies
of this information by mail from the Public Reference Room of the SEC at prescribed rates. You may obtain information on the operation
of the Public Reference Room by calling the SEC at (800) SEC-0330.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The SEC also maintains an Internet site that contains reports, proxy
and information statements, and other information about issuers, like BioCryst, that file electronically with the SEC. The address
of that site is http://www.sec.gov. Unless specifically listed below under &ldquo;Incorporation of Certain Documents by Reference&rdquo;
the information contained on the SEC website is not incorporated by reference into this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have filed with the SEC a registration statement on Form S-3 that
registers the securities we are offering. The registration statement, including the attached exhibits and schedules, contains additional
relevant information about us and our securities. The rules and regulations of the SEC allow us to omit certain information included
in the registration statement from this prospectus.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The SEC allows us to &ldquo;incorporate by reference&rdquo; information
into this prospectus. This means that we can disclose important information to you by referring you to another document filed separately
with the SEC. The information incorporated by reference is considered to be part of this prospectus, except for any information
that is superseded by information that is included directly in this document.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This prospectus includes by reference the documents listed below
that we have previously filed with the SEC and that are not included in or delivered with this document. They contain important
information about us and our financial condition.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 27, 2017;</TD></TR>                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 8, 2017;</TD></TR>                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our Current Reports on Form 8-K filed with the SEC on February 27, 2017 (filing containing items 8.01 and 9.01 only), March
15, 2017 and March 17, 2017; and</TD></TR>                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The description of our common stock which is contained in our Registration Statement on Form 8-A (File No. 000-23186) filed
with the SEC on January 7, 1994, together with the amendment thereto filed with the SEC on March 14, 1994, including any other
amendment or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">All documents filed by us pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act on or after the date of this Registration Statement and prior to its effectiveness and on or after the
date of this prospectus and prior to the termination of any offering of securities pursuant to this prospectus shall be deemed
to be incorporated by reference herein and to be a part of this prospectus from the date of filing of such documents, excluding
any information furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K and exhibits filed on such form that are
related to such items. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">You can obtain any of the documents incorporated by reference in
this prospectus from us without charge, excluding any exhibits to those documents unless the exhibit is specifically incorporated
by reference as an exhibit to this prospectus. You can obtain documents incorporated by reference in this prospectus at no cost
by requesting them in writing or by telephone from us at the following address:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Investor Relations<BR>
BioCryst Pharmaceuticals, Inc.<BR>
4505 Emperor Blvd., Suite 200<BR>
Durham, North Carolina 27703<BR>
(919) 859-1302</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have not authorized anyone else to make additional representations
or to provide you with information other than information provided or incorporated by reference in this prospectus. We take no
responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you or representations
that others may make. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities
offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then
the offer presented in this document does not extend to you.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART II</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 14.</B></TD><TD><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following table sets forth all expenses payable by the registrant
in connection with the issuance and distribution of the securities, other than underwriting discounts and commissions. The registrant
will bear all of such expenses (except for any brokerage, accounting, tax, or legal services or any other expenses incurred by
the selling stockholders in disposing of the shares). All the amounts shown are estimates, except the registration fee.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left; text-indent: 0in">Registration fee&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,438</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in">Accounting fees and expenses&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in">Legal fees and expenses&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 0in; padding-bottom: 1pt">Miscellaneous&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">17,562</TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; text-indent: 10pt">Total&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100,000</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 15.</B></TD><TD><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145 of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;)
sets forth the circumstances in which a Delaware corporation is permitted and/or required to indemnify its directors and officers.
The DGCL permits a corporation to indemnify its directors and officers in certain proceedings if the director or officer has complied
with the standard of conduct set out in the DGCL. The standard of conduct requires that the director or officer must have acted
in good faith, in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to matters in a criminal proceeding, the director or officer must have had no reason to believe that his or her conduct
was unlawful. With respect to suits by or in the right of the corporation, the DGCL permits indemnification of directors and officers
if the person meets the standard of conduct, except that it precludes indemnification of directors and officers who are adjudged
liable to the corporation, unless the Court of Chancery or the court in which the corporation&rsquo;s action or suit was brought
determines that the director or officer is fairly and reasonably entitled to indemnity for expenses. To the extent that a present
or former director or officer of the corporation is successful on the merits or otherwise in his or her defense of a proceeding,
the corporation is required to indemnify the director or officer against reasonable expenses incurred in defending himself or herself.
The rights provided in Section 145 of the DGCL are not exclusive, and the corporation may also provide for indemnification under
bylaw, agreement, vote of stockholders or disinterested directors or otherwise.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The registrant&rsquo;s Third Restated Certificate of Incorporation,
as amended (the &ldquo;Certificate of Incorporation&rdquo;), provides for indemnification of any director or officer who was or
is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he is or was, or has agreed to become, a director or officer
of the registrant, or is or was serving, or agreed to serve, at the request of the registrant, as a director, officer or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (including any employee
benefit plan), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including
attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf
in connection with such action, suit or proceeding and any appeal therefrom, in each case to the fullest extent permitted by the
DGCL. The registrant shall not indemnify any person seeking indemnification in connection with a proceeding or part thereof initiated
by such person unless the initiation was approved by the Board of Directors of the registrant. The Certificate of Incorporation
further provides for permissible indemnification of employees and other agents to the maximum extent permitted by the DGCL and
the Certificate of Incorporation with respect to directors and officers.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 102(b)(7) of the DGCL provides that a corporation may relieve
its directors from personal liability to the corporation or its stockholders for monetary damages for any breach of their fiduciary
duty as directors except for (i) a breach of the duty of loyalty; (ii) acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law; (iii) willful or negligent violations of certain provisions in the DGCL imposing certain
requirements with respect to stock repurchases, redemptions and dividends; or (iv) for any transactions from which the director
derived an improper personal benefit. The registrant&rsquo;s Certificate of Incorporation provides that no directors of the registrant
shall be liable to the registrant or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest
extent permitted by the DGCL.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In addition, the registrant currently maintains liability insurance
for its directors and officers insuring them against certain liabilities asserted against them in their capacities as directors
or officers or arising out of such status.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The indemnification provisions noted above may be sufficiently broad
to permit indemnification of the registrant&rsquo;s officers and directors for liabilities arising under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 16.</B></TD><TD><B>EXHIBITS.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">See the Exhibit Index attached to this registration statement and
incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 17.</B></TD><TD><B>UNDERTAKINGS.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a) To include any prospectus required by Section 10(a)(3) of the
Securities Act;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(b) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo;
table in the effective registration statement; and</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(c) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Provided, however,</I></FONT> that
paragraphs (1)(a), (1)(b) and (1)(c) do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d)
of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed
pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(4) That, for the purpose of determining liability under the Securities
Act to any purchaser:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a) Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in
the registration statement; and</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(b) Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be
part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B,
for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new
effective date of the registration statement relating to the securities in the registration statement to which that prospectus
relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.
<I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made
in any such document immediately prior to such effective date.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions described
in Item 15, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Durham, State of North Carolina, on May 10, 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BioCryst Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">/s/ Jon P. Stonehouse</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jon P. Stonehouse</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in"> <U></U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">Each of the undersigned officers and directors of BioCryst Pharmaceuticals,
Inc. hereby severally constitutes and appoints Jon P. Stonehouse, Thomas R. Staab, II and Alane Barnes, and each of them singly,
his or her true and lawful attorneys-in-fact and agent, with full power to them and each of them singly, with full and several
power of substitution and resubstitution, to sign for him or her in his or her name in the capacities indicated below, any and
all amendments (including post-effective amendments or any abbreviated Registration Statement, and any amendments thereto, filed
pursuant to Rule 462(b) under the Securities Act of 1933, as amended), and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission; granting unto said attorneys-in-fact and agents,
and each of them, full power and authority to perform any other act on behalf of the undersigned required to be done in the premises,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitutes or resubstitutes,
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities indicated on May 10, 2017.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid; width: 31%">/s/ Jon P. Stonehouse</TD>
    <TD STYLE="text-align: center; text-indent: 0in; width: 17%">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in; width: 50%">President, Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Jon P. Stonehouse</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Thomas R. Staab, II</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in">Senior Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Thomas R. Staab, II</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">(Principal Financial Officer and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Principal Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ George B. Abercrombie</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">George B. Abercrombie</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Fred E. Cohen, M.D., D.Phil</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Fred E. Cohen, M.D., D.Phil</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Stanley C. Erck</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Nancy Hutson, Ph.D.</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Nancy Hutson, Ph.D.</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Robert A Ingram</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Robert A. Ingram</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Kenneth B. Lee, Jr.</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Sanj K. Patel</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Sanj K. Patel</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; text-decoration: underline; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 2%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 85%; text-decoration: underline; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Third Restated Certificate of Incorporation of the Company. Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed December 22, 2006 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Certificate of Amendment to the Third Restated Certificate of Incorporation of the Company. Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed July 24, 2007 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Certificate of Amendment to the Third Restated Certificate of Incorporation of the Company.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed May 7, 2014 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed November 4, 2008 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock of the Company.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed May 7, 2014 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of the Company effective October 29, 2008. Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Form 8-K filed November 4, 2008 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Specimen Certificate for Registrant&rsquo;s Common Stock. Incorporated by reference to Exhibit 4.7 to the Company&rsquo;s Form S-3 filed November 28, 2008 (File No. 333-155783).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Registration Rights Agreement, dated March 15, 2017, by and between BioCryst Pharmaceuticals, Inc., 667, L.P., and Baker Brothers Life Sciences, L.P. Incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Form 8-K filed March 17, 2017 (File No. 000-23186).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Opinion of Alane Barnes.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Consent of Alane Barnes (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Power of Attorney (included on the signature page of this Registration Statement).</FONT></TD></TR>
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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 5.1</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[BioCryst Pharmaceuticals, Inc. Letterhead]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">May 10, 2017</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 2.5in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">4505 Emperor Boulevard, Suite 200</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Durham, North Carolina 27703</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 0.5in">BioCryst Pharmaceuticals, Inc.<BR>
Registration Statement on Form S-3</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:&#9;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">I am the Vice President, General Counsel and Corporate Secretary
of BioCryst Pharmaceuticals, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;) and have acted as counsel to
the Company in connection with the preparation and filing with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
of a Registration Statement on Form S-3 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;) under the Securities Act of 1933,
as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), relating to the registration for resale of an aggregate of 11,710,951
shares (the &ldquo;<B><I>Shares</I></B>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share, which may be sold
by certain selling stockholders identified in the Registration Statement (the &ldquo;<B><I>Selling Stockholders</I></B>&rdquo;)
from time to time pursuant to Rule 415 under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In arriving at the opinions expressed below,
I have examined originals, or copies certified or otherwise identified to my satisfaction as being true and complete copies of
the originals, of the Registration Statement, the Third Restated Certificate of Incorporation, as amended, of the Company, the
Amended and Restated Bylaws of the Company, and such other documents, corporate records, certificates of officers of the Company
and of public officials and other instruments as I have deemed necessary or advisable to enable me to render these opinions. In
my examination, I have assumed without independent verification the legal capacity of all natural persons, the genuineness of all
signatures, the authenticity and completeness of all documents submitted to me as originals, the conformity to original documents
of all documents submitted to me as certified, conformed, or photostatic copies and the authenticity of the originals of such latter
documents. As to any facts material to these opinions, I have relied to the extent I deemed appropriate and without independent
investigation upon statements and representations of officers and other representatives of the Company or certificates obtained
from public officials and others.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Based upon and subject to the foregoing and to the other qualifications,
limitations and assumptions set forth in this letter, I am of the opinion that the Shares to be sold by the Selling Stockholders
pursuant to the Registration Statement are validly issued, fully paid and non-assessable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page </FONT>2<BR>
May 10, 2017</P>



<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The opinions expressed herein are limited to the Delaware General
Corporation Law as currently in effect. I express no opinion as to any other laws, statutes, ordinances, rules or regulations.
I assume no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations
thereof or such facts.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">I consent to the filing of this opinion as an exhibit to the Registration
Statement, and to the use of my name under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement. In giving this
consents, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">[Signature page follows.]</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>/s/ Alane Barnes</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Alane Barnes</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in"><BR> </P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 23.1</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Consent of Independent Registered Public Accounting Firm</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We consent to the reference to our firm under the caption &quot;Experts&quot;
in this Registration Statement and related Prospectus of BioCryst Pharmaceuticals, Inc. for the registration of common stock to
be sold by the selling shareholder, and to the incorporation by reference therein of our reports dated February 27, 2017, with
respect to the consolidated financial statements of BioCryst Pharmaceuticals, Inc. and the effectiveness of internal control over
financial reporting of BioCryst Pharmaceuticals, Inc., included in its Annual Report (Form 10-K) for the year ended December 31,
2016, filed with the Securities and Exchange Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Raleigh, North Carolina</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">May 10, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
