<SEC-DOCUMENT>0000930413-18-002054.txt : 20180620
<SEC-HEADER>0000930413-18-002054.hdr.sgml : 20180620
<ACCEPTANCE-DATETIME>20180620161442
ACCESSION NUMBER:		0000930413-18-002054
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180620
DATE AS OF CHANGE:		20180620

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-44055
		FILM NUMBER:		18909498

	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/A

	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/A
<SEQUENCE>1
<FILENAME>c91420_sc13da.htm
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
<BR>
Schedule 13D/A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Under the Securities Exchange Act of
1934<BR>
(Amendment No. 1)*</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1px solid">BioCryst Pharmaceuticals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Issuer)</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1px solid">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1px solid">09058V103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(CUSIP Number)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Ron Panzier</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Great Point Partners, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>165 Mason Street, 3<SUP>rd</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Greenwich, CT 06830</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1px solid">(203) 971-3300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, Address and Telephone Number of Person
Authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Receive Notices and Communications)</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1px solid">June 20, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of Event which Requires Filing of
this Statement)</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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;<U>Act</U>&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 STYLE="width: 6%; border-top: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">1</TD>
    <TD STYLE="width: 88%; border-top: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Names of Reporting Persons</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Great Point Partners, LLC</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">2</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid"> &nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,204,204)">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt">3</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">SEC
Use Only</P>

</TD>
    <TD STYLE="border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">4</TD>
    <TD STYLE="border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">5</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid; padding-top: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">6</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization Delaware</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 25%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle">Number
of Shares<BR>
 Beneficially Owned by<BR>
 Each Reporting Person With</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">7</TD>
    <TD STYLE="width: 63%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Voting Power 0</P>

</TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">8</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">9</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Dispositive Power 0</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">10</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


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




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">11</TD>
    <TD STYLE="width: 88%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person 7,478,275</P>

</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">12</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">13</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Percent
                                         of Class Represented by Amount in Row (11) 7.58%<SUP>1</SUP></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: 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">14</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IA</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 2pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><SUP>1</SUP> Based on a total of 98,716,858 shares outstanding,
as reported by the Issuer on a Form 10-Q filed with the Securities and Exchange Commission on May 9, 2018.&nbsp;</P>

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    <TD STYLE="width: 6%; border-top: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">1</TD>
    <TD STYLE="width: 88%; border-top: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Names of Reporting Persons.</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Dr. Jeffrey R. Jay, M.D.</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">2</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid"> &nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,204,204)">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt">3</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">SEC
Use Only</P>

</TD>
    <TD STYLE="border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">4</TD>
    <TD STYLE="border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">5</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
</TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid; padding-top: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">6</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization United States</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 25%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle">Number
of Shares<BR>
 Beneficially Owned by<BR>
 Each Reporting Person With</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">7</TD>
    <TD STYLE="width: 63%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Voting Power 0</P>

</TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">8</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">9</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Dispositive Power 0</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">10</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


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




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">11</TD>
    <TD STYLE="width: 88%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person 7,478,275</P>

</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">12</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">13</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11) 7.58%<SUP>2</SUP></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: 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">14</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 2pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><SUP>2</SUP> Based on a total of
98,716,858 shares outstanding, as reported by the Issuer on a Form 10-Q filed with the Securities and Exchange Commission on
May 9, 2018.</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>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 3px double; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">1</TD>
    <TD STYLE="width: 88%; border-top: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Names of Reporting Persons</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Mr. David Kroin</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">2</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="margin: 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid"> &nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,204,204)">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt">3</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">SEC
Use Only</P>

</TD>
    <TD STYLE="border-right: Black 3px double; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">4</TD>
    <TD STYLE="border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Source of Funds (See Instructions) AF</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">5</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">6</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Citizenship or Place of Organization United States</P></TD>
    <TD STYLE="border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; border-top: Black 1px solid">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 25%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle">Number
of Shares<BR>
 Beneficially Owned by<BR>
 Each Reporting Person With</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">7</TD>
    <TD STYLE="width: 63%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Voting Power 0</P>

</TD>
    <TD STYLE="width: 6%; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">8</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Voting Power 7,478,275</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">9</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Sole Dispositive Power 0</P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">10</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Shared Dispositive Power 7,478,275</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


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




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">11</TD>
    <TD STYLE="width: 88%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person 7,478,275</P>

</TD>
    <TD STYLE="width: 6%; border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">12</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 5pt">13</TD>
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Percent
                                         of Class Represented by Amount in Row (11) 7.58%<SUP>3</SUP></P>

</TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: 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">14</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 3px double; border-left: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt; padding-top: 5pt"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</P>
        <P STYLE="margin: 0; font: 2pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 3px double; border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><SUP>3</SUP> Based on a total of 98,716,858 shares outstanding, as reported by the Issuer on a Form 10-Q filed with
the Securities and Exchange Commission on May 9, 2018.</P>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">This
Amendment No. 1 to Schedule 13D (this &ldquo;Amendment) is being filed by the undersigned to amend and supplement the Schedule
13D originally filed on February 16, 2018 (the &ldquo;Original Filing&rdquo;). Unless otherwise indicated, all capitalized terms
shall have the same meaning as provided in the Original Filing. Any reference to &ldquo;this Schedule 13D&rdquo; in the Original
Filing or in this Amendment shall refer to the Original Filing as amended by this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">Item 4 is hereby amended
by adding the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">On June 20, 2018, Great
Point delivered a letter to the Issuer reaffirming its objections to the proposed merger of the Issuer and Idera Pharmaceuticals,
which letter is filed as <U>Exhibit C</U> hereto.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">Item 5 is hereby amended
and restated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">BVF is the record holder
of the BVF Shares. Such shares constitute 2.13% 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: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">BOVF is the record holder
of the BOVF Shares. Such shares constitute 3.07% 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: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">GEF-SMA is the record
holder of the GEF-SMA Shares. Such shares constitute 2.20% 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: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">Item 7 is hereby amended to add the following exhibit:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">EXHIBIT C: Letter dated June 20, 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: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal"><I>Signature</I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: June 20, 2018</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Great Point Partners, LLC</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: left; border-bottom: Black 1px solid; padding-left: 15pt"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="width: 13%; text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Senior Managing Member</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">Dr. Jeffrey R. Jay, individually</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Mr. David Kroin</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">Mr. David Kroin, individually</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">Each of them is individually eligible to use the Schedule 13D/A to which this Exhibit is attached,
and such Schedule 13D/A is filed on behalf of each of them; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">Each of them is responsible for the timely filing of such Schedule 13D/A 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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date: June 20, 2018</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Great Point Partners, LLC</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: left; border-bottom: Black 1px solid; padding-left: 15pt"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="width: 13%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Senior Managing Member</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">/s/ Dr. Jeffrey R. Jay</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">Dr. Jeffrey R. Jay, individually</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">/s/ Mr. David Kroin</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 10pt">Mr. David Kroin, individually</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">165 Mason Street, 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Greenwich, CT 06830</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">June 20, 2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors of BioCryst Pharmaceuticals,
Inc. (&ldquo;BCRX&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As you are aware from our prior letter<SUP>1</SUP>,
we strongly believe the proposed merger with Idera Pharmaceuticals, Inc. (&ldquo;IDRA&rdquo;) is disadvantageous to the shareholders
of BioCryst. Given the unusual step taken of delaying the merger vote, the resulting passage of time, and the major changes in
circumstances since the original announcement, we write to you again to reiterate our negative stance, which is only solidified
by recent developments discussed here.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>The Idera Pipeline Has Suffered Meaningful Setbacks Since The Original Merger Announcement:</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">At the announcement of the proposed
merger, BioCryst and Idera advocated that a combined entity brings diversification to shareholders, something we still believe
is not desired by shareholders, even if it were delivered by this transaction. On slide 7 of the presentation made to the public,
BCRX and IDRA identified eight specific compounds with identified indications in formal preclinical or clinical testing.<SUP>2</SUP>
Four are from BioCryst, and four are from Idera. Since then, all four BioCryst assets/programs continue on their targeted development
timeline. The same cannot be said about <I>any</I> of Idera&rsquo;s programs.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">&ldquo;IMO-2125 in PD-1 Refractory Melanoma in combination with ipilimumab&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">As we stated in our original letter,
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. Our view has only been further confirmed with the
ASCO 2018 update. Since the update at SITC in November 2017 (the latest data available as of the original merger announcement date),
the Overall Response Rate (&ldquo;ORR&rdquo;) reported by Idera dropped from 50% in the first 10 patients treated to 27% in the
next 11 patients treated, a reduction of nearly 50%, raising significant questions about whether or not the ORR will drop even
further with the addition of even more patients.<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-family: Arial Unicode MS">&nbsp;</TD><TD NOWRAP STYLE="color: black">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="color: black; text-align: center">Presented at<BR> ASCO 2018</TD><TD NOWRAP STYLE="color: black">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="color: black; text-align: center">Presented at<BR> SITC 2017</TD><TD NOWRAP STYLE="color: black">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="color: black; text-align: center"><U>Difference</U>: <BR> Implied ORR <BR> from newly <BR> evaluable
    patients</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; text-align: center; background-color: rgb(178,178,178)"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">9 May 2018</FONT></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; text-align: center; background-color: rgb(178,178,178)"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3 Nov 2017</FONT></TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial Unicode MS; text-align: left; background-color: rgb(178,178,178)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; color: black; text-align: left">Complete Response</TD><TD STYLE="width: 5%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: center">2</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: center">1</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: black; text-align: center">1</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Partial Response</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">6</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">4</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">2</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Total Response</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">8</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">5</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">3</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Evaluable for Response</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">21</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">10</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: center; border-bottom: Black 1px solid">11</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Overall Response Rate (ORR) </TD><TD STYLE="color: black">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">38%</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: center">50%</TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="color: black; text-align: center; background-color: White">27%</TD><TD STYLE="color: black; text-align: left; background-color: White"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="color: black">note: one CR was still unconfirmed as of ASCO 2018</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Calculating an industry-standard two-sided
95% exact binomial confidence interval around the updated blended 38% ORR yields (18.1%, 61.6%). In other words, it is extraordinarily
unrealistic, at this time, to have confidence in what the true response rate will be. It could be as low as 18.1% which is just
under half the observed 38% point estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Moreover, we believe you should have
reminded investors that even this 38% reported ORR is only a subset of the patients treated in this trial. We know that 9 patients
were treated at other doses: 3 each at half the strength (4mg), double the strength (16mg), and quadruple the strength (32mg).
Typically, in earlier stage oncology studies, the go-forward dose is the maximum tolerated dose (&ldquo;MTD&rdquo;), because</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">higher doses are more effective than
lower doses (a &ldquo;dose response&rdquo;). While we acknowledge that with certain mechanisms, there could be a &ldquo;U-shaped&rdquo;
dose response curve, where neither low nor high doses are more efficacious than a mid-dose, it is very rare in oncology. With IMO-2125,
no such pre-specified mechanistic rationale was put forth. No MTD has been reached, as far as we can tell from past data disclosures.
Without any clear explanation at this time for why 8mg is the dose most likely to be better for patients than 4mg, 16mg or 32mg,
we think it is relevant and important to consider the response rates for these other doses, as presented at SITC 2017: 1 out of
3 patients at 4mg, 0 out of 3 patients at 16mg, and 0 out of 3 patients at 32mg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The perils of relying on single arm,
open label studies have been the subject of innumerable Wall Street analyst research reports going into and coming out of ASCO,
particularly considering high profile test drugs &ndash; including in melanoma &ndash; that originally showed &ldquo;promising&rdquo;
single arm ORR data, only to have either disappointed with the addition of more patients, or failed spectacularly in the controlled,
blinded outcomes studies. As a result of the greater uncertainty broadly in the immuno-oncology space in which Idera operates,
stock prices of companies in this field have fallen a median of 20% since the merger announcement (See Table 1 at the end of the
letter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">&ldquo;IMO-8400 &ndash; Dermatomyositis&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">On June 12, 2018, IDRA issued a press
release stating that the Phase II double-blind, placebo-controlled trial failed.<SUP>4</SUP> There is no mention of next steps,
which we interpret to mean there are none and that the program is being discontinued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">&ldquo;IMO-2125 &ndash; Solid Tumor Monotherapy&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">According to Idera&rsquo;s most recent
10Q<SUP>5</SUP> and 10K<SUP>6</SUP>, the Phase Ib solid tumor monotherapy trial of IMO-2125 began 15 months ago. Even though the
company has presented interim data several times from the IMO-2125 + ipilimumab study over this time frame, we still have seen
no results at all from this monotherapy trial. Enrollment in the first and second dose cohorts were completed in February 2018.
We believe ASCO 2018 would have been a perfect venue at which to share data from this study, and the omission of such an update,
particularly as the company is pursuing this merger, is an indication to us that IMO-2125 has shown little to no activity in at
least the first 16 patients treated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">&ldquo;IDRA-008 &ndash; Liver Target&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">In its 10Q filing for the first quarter
of 2018, IDRA disclosed: &ldquo;we completed our pre-clinical analysis for IDRA-008 and based upon the outcome of pre-clinical
pharmacology studies, including a comparative pharmacology study with the competitive development asset Volanesorsen, and IND-enabling
safety evaluation, we made a data-driven decision to not advance IDRA-008 into clinical development.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In summary, since the merger proposal was announced
5 months ago, risks surrounding IMO-2125 in PD-1 refractory melanoma have risen even further, the monotherapy study has likely
not yet shown any activity, and the two other programs are discontinued due to failure.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><U>Market View Has Been Made Clear and No Renegotiation Has Occurred</U>: As of June 19, 2018,
and since the day the merger proposal was announced, Idera&rsquo;s stock has fallen 42% and BioCryst stock has risen 7%. What was
originally contemplated as a merger of equals is now completely lopsided as BCRX shareholders will be forced to subsidize the loss
of over $250M in Idera market value. As of June 19, 2018, BCRX and IDRA have fully diluted market capitalizations of $675M and
$390M, respectively. A merger at relative value equivalence would result in BCRX shareholders owning 63.4% of the combined company,
not the 51.6% contemplated in the original proposal. Moreover, we believe BCRX&rsquo;s valuation has been held down by the possibility
of this merger as evidenced by the fact that the Russell 2000 Biotechnology Index is up 20% since the merger proposal was announced,
and as cited above, immuno-oncology companies have been devalued by 20% over that time period, while on average, drug development
companies outside the immuno-oncology space have increased in value.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify"><U>IMO-2125 Does Not Generate Cash</U>: On June 5, 2018, BioCryst issued a most unfortunate letter
to stockholders contending that the merger will enhance shareholder value.<SUP>7</SUP> As highlighted above, we believe that the
combined entity will not diversify risk, will not bolster the development pipeline, and will not create the synergies about which
management speculated since the day the deal was discussed with the public on the initial conference call. The letter further talks
about &ldquo;the cash generated by Idera&rsquo;s IMO-2125 program&rdquo;, and how that cash might be used to invest in BCX-7353.
To the best of our knowledge, IMO-2125 is a development stage asset, consuming enormous cash resources, and is the main reason
that both (a) IDRA has stated its current cash runs out in mid 2019 and (b) the proxy statement models IDRA needing $300M in 2019-2020.
If the Board is aware of cash that is being generated by IMO-2125, it is incumbent upon the Board to share such information with
shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify"><U>BioCryst Adjusted Idera Projections Are Misleading</U>: Lastly, the proxy statement was
                                                         filed subsequent to our initial letter, and we would like to highlight the BioCryst Adjusted Idera Projections on pages
                                                         82-83<SUP>8</SUP>. As far as we are aware, IMO-2125 has never been studied in Head&nbsp;&amp; Neck cancer or Bladder cancer.
                                                         However, the projections actually assume Head&nbsp;&amp; Neck and Bladder cancer sales will account for over 50% of total IMO-2125
                                                         revenue starting in 2025. We find it utterly baseless and wildly inconsistent with industry norms to assign value to a drug
                                                         candidate for indications in which it has never even been studied.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In summary, our equity ownership has not changed,
we continue to believe that the proposed merger is not in the best interest of BCRX shareholders, and we intend to vote against
it. We postulate that the decision to delay the merger vote was a result of both (a) other shareholders also expressing their discontent
with the proposed merger, and (b) management&rsquo;s hope (ultimately unrealized) that new information, could, on this post hoc
basis, save the merger. It is clear that it cannot. We believe the recent developments only further support our original stance
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Table 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We include only those companies that have trading histories from
the day prior to the IDRA/BCRX merger announcement through 6/19/18, and have valuations largely driven by their IO technologies.
We exclude cell therapy (for example, CAR-T) and targeted therapy companies (for example, targeted kinase inhibitors). Over 70%
of companies lost value, and 80% under-performed the Russell 2000 Biotech Index.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: center; vertical-align: bottom; background-color: rgb(178,178,178)"><FONT STYLE="font-size: 10pt"><B>Symbol</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 53%; text-align: center; vertical-align: bottom; background-color: rgb(178,178,178)"><FONT STYLE="font-size: 10pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; background-color: rgb(178,178,178)"><FONT STYLE="font-size: 10pt"><B>Price change 1/19/18 <BR>
to 6/19/18</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CLDX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Celldex Therapeutics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(79%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">JNCE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Jounce Therapeutics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(64%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NLNK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">NewLink Genetics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(41%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">AGEN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Agenus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(36%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">PIRS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Pieris Pharma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(32%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">INCY</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Incyte</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(22%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">FPRX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Five Prime Therapeutics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(21%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NKTR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nektar Therapeutics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(20%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SNDX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Syndax Pharmaceuticals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(18%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">OMED</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">OncoMed Pharma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(9%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">INO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Inovio Pharma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(3%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ADRO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Aduro BioTech</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">MGNX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">MacroGenics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">IMDZ</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Immune Design</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">26%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CRVS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Corvus Pharmaceuticals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Average</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(17%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Median</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(20%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">RGUSHSBT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Russell 2000 Biotech Index</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD></TR>
</TABLE>


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

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

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

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    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">TAVI YEHUDAI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MANAGING DIRECTOR</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> https://www.sec.gov/Archives/edgar/data/882796/000093041318000522/c90534_sc13d.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> https://www.sec.gov/Archives/edgar/data/861838/000110465918003242/a18-3552_8425.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> http://www.iderapharma.com/our-approach/key-publications/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> http://ir.iderapharma.com/news-releases/news-release-details/idera-pharmaceuticals-reports-results-phase-2-trial-imo-8400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP> https://www.sec.gov/Archives/edgar/data/861838/000155837018004402/idra-20180331x10q.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP> https://www.sec.gov/Archives/edgar/data/861838/000155837018001603/idra-20171231x10k.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> http://ir.biocryst.com/news-releases/news-release-details/biocryst-issues-letter-stockholders-reiterating-upside-potential</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>8</SUP> https://www.sec.gov/Archives/edgar/data/1732004/000104746918004163/a2235896z424b3.htm</P>





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