<SEC-DOCUMENT>0000930413-18-000522.txt : 20180216
<SEC-HEADER>0000930413-18-000522.hdr.sgml : 20180216
<ACCEPTANCE-DATETIME>20180215185017
ACCESSION NUMBER:		0000930413-18-000522
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180216
DATE AS OF CHANGE:		20180215

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-44055
		FILM NUMBER:		18619172

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREAT POINT PARTNERS LLC
		CENTRAL INDEX KEY:			0001281446
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		165 MASON STREET, 3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203 971-3300

	MAIL ADDRESS:	
		STREET 1:		165 MASON STREET, 3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>c90534_sc13d.htm
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
        SECURITIES AND EXCHANGE COMMISSION<BR>
        Washington, D.C. 20549<BR>
        <BR>
        Schedule 13D</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934<BR>
        (Amendment No. _____________)*</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; font: bold 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">BioCryst Pharmaceuticals Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Common Stock</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45.8pt"><B>&nbsp;</B></P>
        <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">09058V103</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ron Panzier</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Great Point Partners, LLC </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>165 Mason Street, 3<SUP>rd</SUP> Floor</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Greenwich, CT 06830</B></P>
        <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(203) 971-3300</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person
        Authorized to</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Receive Notices and Communications)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; font: bold 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">February 6, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">If the
    filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
    13D, and is filing this schedule because of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Note</B>: Schedule filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies are to be sent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">*The remainder of this cover
page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">The information required
in the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities
Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).</P>


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    <TD COLSPAN="4" STYLE="border-top: Black 3px double; border-right: Black 3px double; border-bottom: Black 1px solid; padding-left: 6pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons<BR>
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Great Point Partners, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group<SUP> </SUP>(See Instructions)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" ROWSPAN="4" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: center; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Shares</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficially Owned by</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Reporting Person With</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Voting Power 0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power 0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    Amount Beneficially Owned by Each Reporting Person 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11) 7.60%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; padding-top: 5pt"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; border-bottom: Black 3px double; padding-left: 6pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">IA<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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        <P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">Based on a total of 98,432,868 shares outstanding, as reported by the Issuer on a Form 8-K filed with the Securities and Exchange Commission on January 22, 2018.</FONT></P>



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 <FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 3px double; border-right: Black 3px double; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons.<BR>
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dr. Jeffrey R. Jay, M.D.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group<SUP> </SUP>(See Instructions)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; text-align: left"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization United States</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" ROWSPAN="4" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: center; padding-top: 5pt; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Shares</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficially Owned by</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Reporting Person With</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Voting Power 0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power 0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11) 7.60%<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; border-bottom: Black 3px double; padding-top: 5pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">IN<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></P>
<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> <FONT STYLE="font-size: 10pt">Based on a total of 98,432,868 shares outstanding, as reported by the Issuer on a Form 8-K filed with the Securities and Exchange Commission on January 22, 2018.</FONT></P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 3px double; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">
 <FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 3px double; border-right: Black 3px double; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. David Kroin</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group<SUP> </SUP>(See Instructions)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: left; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt"><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization United States</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" ROWSPAN="4" STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; text-align: center; padding-top: 5pt; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Shares</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficially Owned by</FONT><BR>
        <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Reporting Person With</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Voting Power o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power 0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</FONT></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">
    <FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt">
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person 7,478,275</font></TD></TR>



<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings ">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11) 7.60%<SUP>3</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 3px double; border-bottom: Black 3px double; padding-top: 5pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">IN<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></P>
<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 90%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 73%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> <FONT STYLE="font-size: 10pt">Based on a total of 98,432,868 shares outstanding, as reported by the Issuer on a Form 8-K filed with the Securities and Exchange Commission on January 22, 2018.</FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 1.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Security and Issuer</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The class of equity securities
to which this Schedule 13D (this &ldquo;<U>Statement</U>&rdquo;) relates is the common stock, $0.01 par value per share (the &ldquo;<U>Common
Stock</U>&rdquo;), of BioCryst Pharmaceuticals Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo; or the &ldquo;<U>Issuer</U>&rdquo;).
The address of the principal executive offices of the Issuer is 4505 Emperor Blvd., Suite 200, Durham NC 27703.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 2.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Identity and Background</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">This Statement is being
filed jointly on behalf of the following persons (collectively, the &ldquo;<U>Reporting Persons</U>&rdquo;): (i) Great Point Partners,
LLC, a Delaware limited liability company (&ldquo;<U>Great Point</U>&rdquo;); (ii) Dr. Jeffrey R. Jay, an individual (&ldquo;<U>Dr.
Jay</U>&rdquo;), and (iii) Mr. David Kroin, an individual (&ldquo;<U>Mr. Kroin</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The business address of
each Reporting Person is 165 Mason Street, 3rd Floor, Greenwich, CT 06830.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">During the last five years,
none of the Reporting Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">During the last five years,
none of the Reporting Persons has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws, except
that on or about June 24, 2014, Great Point Partners LLC, without admitting or denying the findings, consented to a cease-and-desist
order in connection with an SEC administrative proceeding arising out of a violation of Regulation M in April 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">Each of Dr. Jay and Mr.
Kroin is a United States citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 3.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Source and Amount of Funds or Other Consideration</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">Biomedical Value Fund, L.P.
(&ldquo;<U>BVF</U>&rdquo;) used its own funds to purchase 2,105,456 shares of Common Stock (the &ldquo;<U>BVF Shares</U>&rdquo;).
Biomedical Offshore Value Fund, Ltd. (&ldquo;<U>BOVF</U>&rdquo;) used its own funds to purchase 3,033,903 shares of Common Stock
(the &ldquo;<U>BOVF Shares</U>&rdquo;). GEF-SMA, L.P. (&ldquo;<U>GEF-SMA</U>&rdquo;) used its own funds to purchase 2,171,249 shares
of Common Stock (the &ldquo;<U>GEF-SMA Shares</U>&rdquo;). Class D Series of GEF-PS, LP (&ldquo;<U>GEF-PS</U>&rdquo;) used its
own funds to purchase 167,667 shares of Common Stock (the &ldquo;<U>GEF-PS Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">See Item 5 below for information
with respect to Great Point, Dr. Jay and Mr. Kroin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 4.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Purpose of Transaction</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The Reporting Persons are
filing this Statement because the Reporting Persons hold the Common Stock with a purpose or effect of defeating a proposed merger
agreement recently announced by the Issuer. In a Form 8-K filed with the Securities and Exchange Commission on January 22, 2018,
the Issuer announced that it had entered into a definitive merger agreement with Idera Pharmaceuticals, Inc. (&ldquo;<U>Idera</U>&rdquo;)
(NASDAQ: IDRA) to form a new combined company focused on the development and commercialization of medicines. The Reporting Persons
are strongly opposed to the merger with Idera and intend to vote their shares of Common Stock against any proposal to authorize
or consummate such merger.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The Reporting Persons believe
the Common Stock is undervalued and represent a low-risk and high reward investment in the spectrum of such companies. It is the
Reporting Persons&rsquo; view that the merger is significantly unbalanced and represents a substantial transfer of highly valuable
Company assets to the shareholders of Idera in exchange for more speculative Idera assets of far more uncertain value. Since Idera&rsquo;s
principal shareholder is also a significant shareholder of the Company, but has invested substantially more in Idera than in the
Company, it is the Reporting Persons&rsquo; view that the merger enables such shareholder to substantially increase its interest
in the Company&rsquo;s assets at a substantial discount from their true value, and to the ultimate detriment of the other Company
shareholders. To this end, Great Point has expressed its views to the Issuer in a letter dated as of February 15, 2018, filed as
<U>Exhibit B</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The Reporting Persons intend
to review their respective investments in the Issuer on a continuing basis and may from time to time and at any time in the future,
depending on various factors, including, without limitation, the Issuer&rsquo;s financial position and strategic direction, actions
taken or not taken by the board of directors of the Issuer, price levels of the Common Stock, other investment opportunities available
to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with
respect to their investment in the Issuer as they deem appropriate, including, without limitation: (i) acquiring additional shares
of Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate
to the value of the Common Stock of the Issuer (collectively, &ldquo;<U>Securities</U>&rdquo;) in the open market or otherwise;
(ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions
with respect to the Securities; or (iv) advocating an alternative sale or transfer of a material amount of assets of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The foregoing is
subject to change at any time, without notice, and there can be no assurance that the Reporting Persons will take any of the
actions set forth above. Except as otherwise described above in this Item 4, the Reporting Persons currently have no plan(s)
or proposal(s) that relate to, or would result, in any of the events or transactions described in subparagraphs (a) - (j) of
Item 4 of the form of Schedule 13D, although each of the Reporting Persons reserves the right to formulate such plans
or proposals in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 5.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Interest in Securities of the Issuer</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">BVF is the record holder
of the BVF Shares. Such shares constitute 2.14% of the shares of Common Stock outstanding, computed in accordance with Rule 13d-3.
BVF shares voting and dispositive power over the BVF Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">BOVF is the record holder
of the BVF Shares. Such shares constitute 3.08% of the shares of Common Stock outstanding, computed in accordance with Rule 13d-3.
BOVF shares voting and dispositive power over the BOVF Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">GEF-SMA is the record holder
of the GEF-SMA Shares. Such shares constitute 2.21% of the shares of Common Stock outstanding, computed in accordance with Rule
13d-3. GEF-SMA shares voting and dispositive power over the GEF-SMA Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">GEF-PS is the record holder
of the GEF-PS Shares. Such shares constitute 0.17% of the shares of Common Stock outstanding, computed in accordance with Rule
13d-3. GEF-PS shares voting and dispositive power over the GEF-PS Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">Great Point is the investment
manager of each of BVF, BOVF, GEF-SMA and GEF-PS and by virtue of such status may be deemed to be the beneficial owner of the BVF
Shares, the BOVF</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Shares, the GEF-SMA Shares
and the GEF-PS Shares. Each of Dr. Jay, as senior managing member of Great Point, and Mr. Kroin, and special managing member of
Great Point, has shared voting and investment power with respect to the BVF Shares, the BOVF Shares, the GEF-SMA Shares and the
GEF-PS Shares and may be deemed to be the beneficial owner of such shares. Great Point, Dr. Jay and Mr. Kroin disclaim beneficial
ownership of the BVF Shares, the BOVF Shares, the GEF-SMA Shares and the GEF-PS Shares except to the extent of any pecuniary interest,
and this statement shall not be deemed to be an admission that they are the beneficial owners of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 6.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Item 7.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Material to be Filed as Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">The following documents
are filed as exhibits and are incorporated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt">EXHIBIT A: Joint Filing Agreement, dated as of February
15, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt">EXHIBIT B: Letter dated February 15, 2018, from Great Point
Partners, LLC to Issuer (Attention: Board of Directors)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><I>Signature</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date: February 15, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><B>Great Point Partners, LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Dr. Jeffrey R. Jay<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 15pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Dr. Jeffrey R. Jay</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Senior Managing Member</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt"><FONT STYLE="font-size: 10pt">Dr. Jeffrey R. Jay, individually</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Mr. David Kroin</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt"><FONT STYLE="font-size: 10pt">Mr. David Kroin, individually</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE
13D</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The undersigned hereby agree as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Each of them is individually eligible to use the Schedule 13D to which this Exhibit is attached, and such Schedule 13D is filed on behalf of each of them; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Each of them is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36pt; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">February 15, 2018</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Great Point Partners, LLC</B></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Dr. Jeffrey R. Jay<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-left: 15pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Dr. Jeffrey R. Jay</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Senior Managing Member</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt"><FONT STYLE="font-size: 10pt">Dr. Jeffrey R. Jay, individually</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Mr. David Kroin</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 32pt"><FONT STYLE="font-size: 10pt">Mr. David Kroin, individually</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Great Point Partners, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">165 Mason Street, 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Greenwich, CT 06830</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">February 15, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors (the &ldquo;Board&rdquo;)
of BioCryst Pharmaceuticals, Inc. (&ldquo;BCRX&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are Great Point Partners, LLC (&ldquo;GPP&rdquo;),
an investment manager beneficially owning 7,478,275 shares of common stock of BCRX. We write to advise you that we are strongly
opposed to the proposed merger of BCRX with Idera Pharmaceuticals, Inc. (&ldquo;IDRA&rdquo;) and intend to vote our shares against
any proposal to authorize or consummate such merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our experience investing in pharmaceutical
and biotechnology research and development (&ldquo;R&amp;D&rdquo;) companies, we believe BCRX shares are undervalued and represent
a low-risk and high reward investment in the spectrum of such companies. It is our view that the merger is significantly unbalanced
and represents a substantial transfer of highly valuable BCRX assets to the shareholders of IDRA in exchange for more speculative
IDRA assets of far more uncertain value. Since IDRA&rsquo;s principal shareholder is also a significant shareholder of BCRX, but
has invested substantially more in IDRA than in BCRX, it is our view that the merger enables such shareholder to substantially
increase its interest in BCRX&rsquo;s assets at a substantial discount from their true value, and to the ultimate detriment of
the other BCRX shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the Board has apparently determined to
discontinue BCRX as a standalone business, we believe it is incumbent upon the Board to explore alternative strategies to maximize
the value of BCRX&rsquo;s assets for the benefit of all shareholders. As explained in detail below, it is our view that the market
price of BCRX&rsquo;s securities has not heretofore reflected the full value that would be recognized had alternative strategies
been explored. Based on our experience, we would expect several large biotechnology and pharmaceutical companies to be interested
in paying a significantly greater amount than IDRA is paying through contribution of its stock to NewCo in order to control the
BCRX assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Among other points, we note the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We believe BCRX&rsquo;s lead product, BCX-7353, alone has a present
value of well over $1.5 billion, more than three times the current market capitalization of BCRX.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">BCX-7353 is being developed to treat patients with an orphan disease,
Hereditary Angioedema (&ldquo;HAE&rdquo;). It appears to be just one Phase 3 study away from a regulatory submission (data expected
in the first half of 2019)</FONT><A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 11pt">and has already completed a double-blind, placebo controlled Phase 2 study that in our experience
is likely to be highly predictive of success in that Phase 3 study.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">BCX-7353&rsquo;s mechanism of action in HAE is well validated, as
there are several approved therapies that also block plasma kallikrein<B><I>, </I></B>an enzyme considered to be a key culprit
in the disease.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The HAE market is a large, readily-identifiable market in which existing
products generated approximately $1.7 billion in sales in 2016, growing at an annual rate in excess of 20%. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">To our knowledge, there are no drugs other than BCX-7353 currently
in Phase 3 development for HAE. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We believe BCX-7353 should have composition of matter patent protection
until 2035.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">f.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">As an oral therapy for HAE patients, BCX-7353 has the potential to
take significant market share from competitive drugs and also grow the market. At a recent FDA workshop</FONT><A HREF="#a_edn2" NAME="a_ednref2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT><FONT STYLE="font-size: 11pt">,
patients expressed high interest in an oral option, as other therapies are administered by injection or by intravenous infusion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">g.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">HAE is an area where pharmaceutical companies have shown significant
interest in M&amp;A. Some examples include:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81.35pt"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 11pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">On November 2, 2015, Shire plc announced it was paying $5.9 billion
in cash (plus up to an additional $646 million in earnouts) to acquire Dyax Corp. for the latter&rsquo;s HAE attack prevention
therapy in development called DX 2930.</FONT><A HREF="#a_edn3" NAME="a_ednref3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 11pt">At the time of acquisition, the drug candidate was further from completing its pivotal study than
BCX-7353 is now. The acquisition price represented a 52% premium (68% premium including the earnout) to the trailing 30-day volume
weighted average closing price of Dyax&rsquo;s publicly traded common stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81.35pt"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 11pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">On November 11, 2013, Shire plc announced it was paying $4.2 billion
up-front in cash to acquire Viropharma Incorporated for its principal asset, CINRYZE&reg; (C1 esterase inhibitor), a leading brand
for HAE attack prevention. The acquisition price represented a 64% premium to ViroPharma&rsquo;s unaffected share price.</FONT><A HREF="#a_edn4" NAME="a_ednref4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81.35pt"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 11pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">On July 3, 2008, Shire plc announced it was paying &euro;328 million
in cash, and made an additional &euro;21M investment (aggregating approximately $550 million at then-current exchange rates) to
acquire the European company Jerini AG for icatibant, its sub-cutaneous therapy for HAE attack treatment.</FONT><A HREF="#a_edn5" NAME="a_ednref5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-size: 11pt">This therapeutic candidate had a mixed regulatory history at the time, having just been rejected
by the FDA while having received a positive recommendation in Europe. The acquisition price represented a 124% premium to the trailing
30-day volume weighted average closing price of Jerini&rsquo;s publicly traded common stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81.35pt"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 11pt">iv.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">On July 15, 2008 Viropharma Incorporated announced it was paying
approximately $463 million, to acquire Lev Pharmaceuticals (&ldquo;LEVP&rdquo;).</FONT><A HREF="#a_edn6" NAME="a_ednref6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-size: 11pt">LEVP had only one asset, CI-INH intravenous for HAE attack prevention (which later became CINRYZE).
At the time, (i) CI-INH had a mixed regulatory history, having first been rejected by the FDA and then having received a positive
advisory committee vote, and (ii) the market opportunity was far from established given no marketed therapies existed in the U.S.
The acquisition price represented a 50% premium to the trailing 30-day volume weighted average closing price of Lev&rsquo;s publicly
traded common stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">BCRX has a proven ability to develop products through FDA approval,
as evidenced by FDA&rsquo;s approval of BCRX&rsquo;s Peramavir in 2014 to treat patients with acute uncomplicated influenza (the
flu).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In addition to its lead asset BCX-7353, BCRX also has a valuable
pipeline with a liquid formulation of BCX-7353 currently in a Phase 2 trial called &ldquo;ZENITH-1&rdquo;, and new programs coming
on line, such as the small molecule addressing Fibrodysplasia Ossificans Progressiva (&ldquo;FOP&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">With its recent disclosure of a potential $20 million-plus Peramavir
procurement contract from the U.S. government, we estimate BCRX had more than sufficient cash on hand to sustain operations into
2020, certainly through the significant upcoming milestones of Phase 3 BCX-7353 data, Phase 2 ZENITH-1 data, and Phase 1 data for
FOP.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In contrast, while we acknowledge there may
be potential significant upside in IDRA shares if its lead asset, IMO-2125, proves enormously successful in the immuno-oncology
field, and while we leave it to IDRA shareholders to assign a proper valuation to IDRA shares, we believe IMO-2125 has a completely
different, and higher, risk profile than BCX-7353, and therefore significantly increases risk for BCRX shareholders exchanging
their shares for those of the proposed NewCo. IMO-2125 has only been given to a small number of patients to date, the clinical
experience thus far has not included a control arm of any kind, and the studies have been done in a combination setting with another
active agent, making it difficult to judge the activity of just IMO-2125. Consequently, we believe it cannot be determined with
any certainty if and to what extent IMO-2125 itself is effective. Furthermore, the regulatory path is entirely unclear, since the
immuno-oncology field is among the most competitive in all of biotechnology research and development, making it extremely difficult
to know what it takes to be the winner, even if a new drug proves to be an active agent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As we evaluate this merger, we have consulted
the latest Institutional Shareholder Services (&ldquo;ISS&rdquo;) Proxy Voting Guidelines, published January 4, 2018<A HREF="#a_edn7" NAME="a_ednref7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT>.
ISS cites 6 key factors to be considered in a review of Mergers and Acquisitions (page 34 of its report) and we have listed each
below in tandem with our view:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #1: Valuation</U> - Is the value to be received by the target
shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing
valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View:</I> First, we must
assess, who is the target and who is the acquirer? The companies state that this is a merger of equals. We disagree. As noted,
the largest shareholder in IDRA is also the largest shareholder in BCRX. However, including its warrants, this shareholder has
an investment in IDRA with a market value that is approximately twice the size of the market value of its BCRX investment ($155
million vs. $78 million as of the merger announcement date, corresponding to a beneficial ownership interest of at least approximately
25.6% of the shares of IDRA, but approximately 14.2% of the shares of BCRX).<A HREF="#a_edn8" NAME="a_ednref8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
Furthermore, this investor controls two seats on IDRA&rsquo;s board of directors. Assuming this largest shareholder will act rationally
and in its own best interests, as the chart below indicates, such shareholder would logically view this transaction as an increase
in ownership (to almost 20% from 14%) of BCRX&rsquo;s more advanced drug assets in exchange for its voting interests in IDRA&rsquo;s
more speculative assets, to the detriment of the remaining BCRX shareholders who will be diluted. At current merger share exchange
rates, independent BCRX shareholders will only own 44.3% of the combined company, whose drug pipeline will be proportionately diminished
in future value by absorption of IDRA&rsquo;s assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%">
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    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">P</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.35pt">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">s<FONT STYLE="letter-spacing: 0.3pt">t</FONT><FONT STYLE="letter-spacing: -0.25pt">-D</FONT><FONT STYLE="letter-spacing: 0.15pt">ea</FONT>l <FONT STYLE="letter-spacing: -0.35pt">O</FONT><FONT STYLE="letter-spacing: -0.3pt">w</FONT><FONT STYLE="letter-spacing: 0.35pt">n</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: -0.25pt">r</FONT>s<FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: -0.45pt">i</FONT>p</FONT></TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.7pt">L</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">r</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.35pt">g</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">st <FONT STYLE="letter-spacing: -0.15pt">S</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">a</FONT><FONT STYLE="letter-spacing: -0.25pt">r</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.35pt">ho</FONT><FONT STYLE="letter-spacing: -0.45pt">l</FONT><FONT STYLE="letter-spacing: 0.3pt">d</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT>r</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">P</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">r</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ss <FONT STYLE="letter-spacing: -0.5pt">R</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: -0.45pt">l</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">a</FONT>se</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.7pt">L</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">r</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.35pt">g</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">st <FONT STYLE="letter-spacing: -0.15pt">S</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">a</FONT><FONT STYLE="letter-spacing: -0.3pt">r</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.35pt">ho</FONT><FONT STYLE="letter-spacing: -0.45pt">l</FONT><FONT STYLE="letter-spacing: 0.35pt">d</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT>r</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.35pt">h</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">r</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">s</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$ <FONT STYLE="letter-spacing: -0.25pt">(</FONT><FONT STYLE="letter-spacing: 0.25pt">M</FONT>)</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">D</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">R</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">$1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.4pt">5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">48</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">BCR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">X</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">14</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">$</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.4pt">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">51</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">N</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">w</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">C</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">o</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.45pt">A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.45pt">l</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">l <FONT STYLE="letter-spacing: 0.35pt">o</FONT><FONT STYLE="letter-spacing: 0.3pt">t</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT>r <FONT STYLE="letter-spacing: -0.15pt">S</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">a</FONT><FONT STYLE="letter-spacing: -0.3pt">r</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.35pt">ho</FONT><FONT STYLE="letter-spacing: -0.45pt">l</FONT><FONT STYLE="letter-spacing: 0.35pt">d</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: -0.25pt">r</FONT>s</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.45pt">A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.45pt">l</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">l <FONT STYLE="letter-spacing: 0.35pt">o</FONT><FONT STYLE="letter-spacing: 0.3pt">t</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT>r <FONT STYLE="letter-spacing: -0.15pt">S</FONT><FONT STYLE="letter-spacing: 0.35pt">h</FONT><FONT STYLE="letter-spacing: 0.15pt">a</FONT><FONT STYLE="letter-spacing: -0.3pt">r</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.35pt">ho</FONT><FONT STYLE="letter-spacing: -0.45pt">l</FONT><FONT STYLE="letter-spacing: 0.35pt">d</FONT><FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: -0.25pt">r</FONT>s</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.35pt">h</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">r</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">s</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$ <FONT STYLE="letter-spacing: -0.25pt">(</FONT><FONT STYLE="letter-spacing: 0.25pt">M</FONT>)</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">D</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">R</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">74</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">$4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.4pt">5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">48</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">36</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">BCR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">X</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">85</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">$4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.4pt">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">51</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">44</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">N</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.15pt">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">w</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.5pt">C</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">o</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">80</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Other than the largest shareholder, all BCRX shareholders are reducing
their indirect interest in the BCRX assets and are not being paid appropriate value for those assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">All BCRX shareholders are being diluted by ~48.4% in their ownership
of BCRX assets in exchange for IDRA assets, which, as discussed above, have vastly less certain value.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">All BCRX shareholders are exchanging shares with a readily liquid
trading marketplace (BCRX shares have traded an average of 1.56 million shares per day over the past year) for shares in NewCo
which have a completely uncertain liquidity profile &ndash; in our experience, shares in newly listed entities often take significant
time in order to develop a strong liquidity profile.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #2: Market reaction</U> - How has the market responded to
the proposed deal? A negative market reaction should cause closer scrutiny of a deal.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View</I>: BCRX&rsquo;s stock
price changes since the merger announcement date is further confirmation that market participants agree that this merger destroys
value. In the first ten trading days following the merger announcement, the BCRX stock price declined by 22.2% while the Russell
2000 Biotechnology Index, a broad measure of small capitalization life sciences stocks, was up 2.8%, a relative underperformance
of ~25%. As of the date of this filing, even with additional share purchases by GPP (over the past 8 trading days GPP has purchased
over 20% of the volume per Bloomberg), the relative underperformance since the announcement is still more than 16%. Our conviction
that this merger is ill-advised, and that BCRX would be more valuable either continuing to operate independently or being acquired
by a third party, has driven our desire to increase our holdings in an effort to defeat the merger proposal. Indeed, if we believed
that this merger was inevitable, we would not have purchased additional shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #3: Strategic rationale</U> - Does the deal make sense strategically?
From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable.
Management should also have a favorable track record of successful integration of historical acquisitions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View: </I>Both IDRA and BCRX
are currently R&amp;D companies with no material commercial operations. The vast majority of their expenses, and indeed their respective
valuations, are being driven by their clinical R&amp;D operations. Therefore, any merger should make strategic sense from this
point of view. Yet, on the investor call hosted by both companies on the day the transaction was announced, per the transcript<A HREF="#a_edn9" NAME="a_ednref9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>,
the first question posed by an analyst was:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>&ldquo;&hellip;.I&rsquo;m kind
of wondering really if you could provide a little bit more color on the clinical synergies that you see with this merger&rdquo;,
</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">To which Mr. Vincent Milano, the
CEO of IDRA (and the proposed CEO of NewCo), responded as follows (GPP emphasis added with underline):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>&ldquo;&hellip;So on the clinical
synergy, I think the way we view this, Charles, is that we&rsquo;re going to put the two companies together and <U>all the programs
that we currently have are going to continue to operate as is</U>. With regards to the operations team, the work in front of us
as we get prepared for the closing, we&rsquo;ll take a look at the processes, if you will, of both companies from a clinical operations
standpoint, take the best of both and combine them. <U>But this merger wasn&rsquo;t contemplated under creating clinical operation
synergies</U>, if you will. It&rsquo;s really about the point you raised, not only diversifying the risk, but creating greater
opportunities for greater returns by putting the two companies with the two respective talent bases and experiences together, and
also the two discovery engines where we think we can enhance the number of rare disease targets that our technologies together
could be applied to&hellip;&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Later in the call, when an analyst
asked for examples of how these two very different platforms will work together, the answer from the Mr. Milano was:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>&ldquo;that&rsquo;s a terrific
question and I&rsquo;ll apologize in advance that I can&rsquo;t give you all the answers yet&hellip;. the team is working on together
comparing the two lists, if you will&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">It appears to us that the merger
has not been exhaustively evaluated and we agree with management&rsquo;s assessment above that there is no obvious synergy between
the clinical operations of the companies which currently operate in completely different therapeutic modalities. For unprofitable
companies in the R&amp;D business, cash is a precious asset, yet management was not able to cite any significant cost synergies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Prior to the announcement of the merger, BCRX stated on its most
recent earnings call that it had cash sufficient to &ldquo;to complete the BCX-7353 HAE regulatory requirements, to allow us to
file an NDA and an MAA, as well as to prepare and fully resource our commercial infrastructure to successfully launch 7353.&rdquo;
Since that time, BCRX disclosed the potential for a greater than $20 million procurement contract on Peramavir, and as such we
now model that BCRX would have sufficient cash to sustain BCRX&rsquo;s operations well into 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Meanwhile, IDRA had stated in its January 5, 2018 press release,
that it had only enough cash on hand to sustain operations through the second quarter of 2019.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Neither management team has provided
guidance for cash synergies or an extended cash runway due to this merger, so given that IDRA had a shorter runway than BCRX, we
believe that NewCo would have a shorter cash runway than BCRX has as a stand-alone company. This shorter cash runway may cause
additional needs for financing at uncertain prices and additional dilution to all shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">A strategic rationale offered by
management on the investor call seems to be an increase in near-term catalysts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On the investor call, the CEO of
BCRX, Mr. Jon Stonehouse, said:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>&ldquo;we get questions from
investors in the past that said, oh, you don&rsquo;t have anything until first half of 2019 with the read-out of APeX-2. The combined
company gives you read-outs on IMO-2125, a read-out on IMO-8400, a read-out on ZENITH. I mean, it completely changes what&rsquo;s
coming between now and the end of this year.&rdquo; </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">If BCRX shareholders care for access
to those IDRA events, without synergies in the combined entity, then there is no difference for those shareholders owning shares
in NewCo, versus just buying shares of IDRA for themselves. It seems this transaction may have been done to gain access to highly
risky, short-term value creation opportunities, at the cost of maintaining full control and rights to significantly larger longer-term,
higher certainty, value creation in the key BCRX assets. If shareholders of either company wanted to diversify risk by owning shares
of the other company, they can purchase shares on their own.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The only other area which has been
identified as a potential synergy in this merger is the addition of IDRA management as a steward for BCRX&rsquo;s lead asset in
HAE, a disease in which Mr. Milano and other proposed management of NewCo have significant experience and success from their prior
company. We agree with this assessment, but in our view, this single point is not sufficient to justify 48.4% dilution for BCRX
shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #4: Negotiations and process</U> - Were the terms of the transaction
negotiated at arm&rsquo;s-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders.
Significant negotiation &ldquo;wins&rdquo; can also signify the deal makers&rsquo; competency. The comprehensiveness of the sales
process (e.g., full auction, partial auction, no auction) can also affect shareholder value.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View:</I> While we do not
have access to information at the level of the Board, all the information that we do have appear to indicate that this transaction
was hastily conceived and fashioned and that the BCRX Board did not engage in a process to evaluate fully all of the strategic
alternatives that might be available. We note that BCRX completed an underwritten equity financing through JP Morgan just four
months ago on September 18, 2017, at which time BCRX made no mention of exploring a potential IDRA merger, other strategic alternatives,
or needing to augment or change the management team to fully capitalize on the value of BCRX&rsquo;s assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In fact, on the investor call to
discuss the merger proposal, an analyst asked, <I>&ldquo;Just wondering, did Idera approach BioCryst for this merger or the other
way around&rdquo;</I>, and Mr. Milano responded as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&ldquo;<I>This is Vin. Thank you
for your question. So, as we stated in our prepared remarks, Jon and I have known each other for many years. And as you can imagine,
friends and CEOs share stories about the challenges that we face. And I would say that we collectively, one night over drinks,
decided wouldn&rsquo;t it be interesting to see if we could combine forces to improve the probability of success, enhance the value
proposition both for patients and shareholders. And so it started over a drink, if I could say that.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">This sounds very far from describing
a comprehensive exploration of how a company can maximize the value of its assets; or even the exploration of any sale process
at all. The ownership ratios contemplated in the merger appear to simply be approximations of the ratio of the then-current market
capitalizations of each company, despite the significant disparity in cash runways, or product potentials including the timing
and likelihood of reaching that potential. There is no indication that BCRX considered any other valuation measure at all. Until
a full auction process is run, given the differences between the two constituents of the proposed merger, there is zero justification
for BCRX shareholders to give up a significant interest in the BCRX assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #5: Conflicts of interest</U> - Are insiders benefiting from
the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts,
the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests.
Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure
presented in the &ldquo;ISS Transaction Summary&rdquo; section of this report is an aggregate figure that can in certain cases
be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive,
analyze the underlying assumptions to determine whether a potential conflict exists.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View:</I> We cannot say if
there are any significant conflicts of interest at the board level of BCRX. We note only the inherent benefit to BCRX&rsquo;s largest
shareholder at the expense of everyone else as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In addition, in an objective analysis,
BCRX management appear to benefit financially immediately from this transaction. As described in the merger agreement<A HREF="#a_edn10" NAME="a_ednref10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>,
all then-outstanding BCRX stock options accelerate and vest in full in the proposed transaction. Given our experience as an investor,
we believe it is also safe to assume that NewCo will be adopting a new incentive plan and will issue additional options to some
of the very people whose options had just vested. Consequently, management is benefitting disproportionately to get the deal done,
with existing shareholders being further diluted and disadvantaged.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><U>ISS #6: Governance</U> - Will the combined company have a better
or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance
profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration
in governance.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>GPP View:</I> The companies have
provided only limited information on governance for NewCo. The merger agreement states that NewCo&rsquo;s board of directors would
consist of four directors from BCRX, four from IDRA and one additional director subject to mutual agreement; the identities of
six out of nine are currently unknown to us. Based on our analysis of the disparate value of the two entities, this evenly allocated
board disadvantages the existing BCRX shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Currently, no single BCRX shareholder
owns more than 15% of BCRX&rsquo;s outstanding shares, whereas in the proposed NewCo, the existing largest shareholder&rsquo;s
ownership will increase to approximately 20% of the NewCo shares as a result of its greater proportionate ownership of IDRA. With
all other BCRX shareholders being diluted, a holding of that size may result in effective voting control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In summary, we believe that the proposed merger
is not in the best interest of BCRX shareholders and we intend to vote against it. We encourage the Board to reconsider the propriety
of the current proposed transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: 0.5in">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><U>/s/ DAVID KROIN&#9;</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVID
KROIN</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGING
DIRECTOR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref1" NAME="a_edn1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
BioCryst earnings call, November 7, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref2" NAME="a_edn2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
https://www.fda.gov/forindustry/userfees/prescriptiondruguserfee/ucm566079.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref3" NAME="a_edn3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/936402/000110465915074944/a15-22162_1ex99d1.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref4" NAME="a_edn4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
http://investors.shire.com/news-and-events/news-releases/yr-2013/11-11-2013a.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref5" NAME="a_edn5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/936402/000095010308001827/dp10565_ex9901.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref6" NAME="a_edn6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/946840/000119312508150887/dex991.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref7" NAME="a_edn7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
https://www.issgovernance.com/file/policy/active/americas/US-Voting-Guidelines.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref8" NAME="a_edn8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/861838/000163859918000057/xslF345X03/doc4_5183.xml,
https://www.sec.gov/Archives/edgar/data/861838/000114420417054858/tv478052_sc13da1.htm,
https://www.sec.gov/Archives/edgar/data/1263508/000114420417058963/0001144204-17-058963-index.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref9" NAME="a_edn9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
Bloomberg Transcript service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#a_ednref10" NAME="a_edn10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex2d1.htm</P>



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