<SEC-DOCUMENT>0001144204-18-004365.txt : 20180129
<SEC-HEADER>0001144204-18-004365.hdr.sgml : 20180129
<ACCEPTANCE-DATETIME>20180129171437
ACCESSION NUMBER:		0001144204-18-004365
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20180129
DATE AS OF CHANGE:		20180129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rezolute, Inc.
		CENTRAL INDEX KEY:			0001509261
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				273440894
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-222768
		FILM NUMBER:		18556696

	BUSINESS ADDRESS:	
		STREET 1:		1450 INFINITE DRIVE
		CITY:			LOUISVILLE
		STATE:			CO
		ZIP:			80027
		BUSINESS PHONE:		650-847-1919

	MAIL ADDRESS:	
		STREET 1:		1450 INFINITE DRIVE
		CITY:			LOUISVILLE
		STATE:			CO
		ZIP:			80027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AntriaBio, Inc.
		DATE OF NAME CHANGE:	20130114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FITS MY STYLE INC
		DATE OF NAME CHANGE:	20110104
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>tv483573_s1.htm
<DESCRIPTION>FORM S-1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on January 29, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">File 333-_______</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></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; text-align: center; border: Black 1pt solid"><B>FORM S-1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B><U>REZOLUTE,
INC.</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-54495</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>27-3440894</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission file number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(</B>IRS Employer Identification</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1450 Infinite Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Louisville, CO 80027</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>(303)222-2128</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attn: Nevan Elam, CEO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1450 Infinite Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Louisville, CO 80027</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>(303)222-2128</U></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attn: Michael L. Weiner &amp; Anthony W.
Epps</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1400 Wewetta Street, Suite 400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Denver, CO 80202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(303) 629-3400</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Approximate date of commencement of proposed sale to the public:
</B>From time to time after the effective date of this registration statement.</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"><FONT STYLE="font-size: 10pt">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the
following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></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"><FONT STYLE="font-size: 10pt">If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></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"><FONT STYLE="font-size: 10pt">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></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"><FONT STYLE="font-size: 10pt">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting company&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller&nbsp;reporting&nbsp;company&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Do not check if a smaller reporting company)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emerging Growth Company&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 17(a)(2)(B) of the Securities Act.
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Calculation of Registration Fee</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title of Each Class of Securities to be Registered</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount to be </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registered (1)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Price Per</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Share </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>aggregate </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>offering price </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount of </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Common stock, par value $0.001</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">13,095,063 (2)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">$0.90 (3)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">11,785,557</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,467.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Registration Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,467.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), the shares of
common stock being registered hereunder also include an indeterminate number of additional shares of common stock as may become
issuable as a result of stock splits, stock dividends, stock distributions and similar transactions.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents 344,669 shares of common stock, par value $0,001 per share (&ldquo;Common Stock&rdquo;), previously issued to the
Selling Stockholder named herein, and 12,750,394 shares of Common Stock that are issuable pursuant to a common stock purchase agreement
with the Selling Stockholder named herein.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities using the
average of the high and low prices of the common stock on the OTCQB on January 23, 2018.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>This registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with section 8(a) of the Securities Act
of 1933 or until the Registration Statement shall become effective on such date as the commission, acting pursuant to section 8(a)
may determine. </B></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"></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The information in this prospectus is not complete and may be
changed. Our Selling Stockholders may not sell these securities until the registration statement filed with the U.S. Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not permitted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUBJECT TO COMPLETION, DATED JANUARY 29, 2018</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="tv483573_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">13,095,063 Shares of Common Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the offer and sale
of up to 13,095,063 shares of common stock, par value $0.001, of Rezolute, Inc., a Delaware based corporation, by Lincoln Park
Capital Fund, LLC (&ldquo;<B>Lincoln Park</B>&rdquo; or the &ldquo;<B>Selling Stockholder</B>&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">The shares of common stock being offered by
the Selling Stockholder have been or may be issued pursuant to the purchase agreement dated December 22, 2017 that we entered into
with Lincoln Park (the &ldquo;<B>Purchase Agreement</B>&rdquo;). We are not offering or selling any securities under this prospectus
and will not receive any of the proceeds from the sale of shares by the Selling Stockholder. However, we may receive gross proceeds
of up to $10.0 million from the sale of our common stock to Lincoln Park, pursuant to the Purchase Agreement, once the registration
statement, of which this prospectus is a part, is declared effective. See &ldquo;The Lincoln Park Transaction&rdquo; for a description
of the Purchase Agreement and &ldquo;Selling Stockholder&rdquo; for additional information regarding Lincoln Park.</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">The Selling Stockholder may sell the shares
of common stock described in this prospectus in a number of different ways and at varying prices. See &ldquo;Plan of Distribution&rdquo;
for more information about how the Selling Stockholder may sell the shares of common stock being registered pursuant to this prospectus.
The Selling Stockholder is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act of 1933, as
amended (the &ldquo;<B>Securities Act</B>&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">We will pay the expenses incurred in registering
the offer and sale of the shares by Lincoln Park under the Securities Act, including legal and accounting fees. See &ldquo;Plan
of Distribution&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">Our common stock is listed on OTCQB under the
symbol &ldquo;RZLT&rdquo;. On January 23, 2018, the last reported sale price of our common stock on OTCQB was $0.90.</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"><B>You should consider carefully the risks
that we have described in the section entitled &ldquo;Risk Factors&rdquo; beginning on Page 11 of this prospectus before deciding
whether to invest in our common stock. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the U.S. Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this prospectus is ___________,
2017</B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</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="width: 90%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_001">ABOUT THE PROSPECTUS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_001">3</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_002">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_002">3</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_003">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_003">4</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_004">THE LINCOLN PARK TRANSACTION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_004">29</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_005">RISK FACTORS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_005">11</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_006">MARKET, INDUSTRY AND OTHER DATA</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_006">29</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_007">USE OF PROCEEDS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_007">33</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_008">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_008">33</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_009">SELLING STOCKHOLDERS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_009">34</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_010">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_010">35</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_011">LEGAL MATTERS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_011">37</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_012">EXPERTS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_012">37</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_013">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_013">37</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_014">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_014">37</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_015">PART II &ndash; INFORMATION NOT REQUIRED IN PROSPECTUS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_015">II-1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_016">SIGNATURES</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_016">39</A></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>You
may only rely on the information contained in this prospectus or that we have referred you to. We have not authorized anyone to
provide you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to
buy any securities other than the common stock offered by this prospectus. This prospectus does not constitute an offer to sell
or a solicitation of an offer to buy any common stock in any circumstances in which such offer or solicitation is unlawful. Neither
the delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any
implication that there has been no change in our affairs since the date of this prospectus or that this prospectus is correct
as of any time after its date.</I></B></FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_001"></A>ABOUT THE PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In this prospectus, references to the &ldquo;<B>Company</B>,&rdquo;
&ldquo;<B>Rezolute</B>,&rdquo; &ldquo;<B>we</B>,&rdquo; &ldquo;<B>us</B>,&rdquo; &ldquo;<B>our</B>&rdquo; and similar terms refer
to Rezolute, Inc. References to our &ldquo;common stock&rdquo; refer to the common stock, par value $0.001 per share, of Rezolute,
Inc.</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">You should read this prospectus together with
information incorporated herein by reference as described under the heading &ldquo;Documents Incorporated by Reference&rdquo; and
the additional information described under the headings &ldquo;Where You Can Find More Information.&rdquo; If there is any inconsistency
between the information in this prospectus and the documents incorporated by reference herein, you should rely on the information
in this prospectus.</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">You should rely only on the information contained
in or incorporated by reference in this prospectus. We have not authorized any other person to provide information different from
that contained in this prospectus and the documents incorporated by reference herein. If anyone provides you with different or
inconsistent information, you should not rely on it. You should assume that the information appearing in this prospectus is accurate
as of the dates on the cover page, regardless of time of delivery of the prospectus or any sale of securities. Our business, financial
condition, results of operation and prospects may have changed since those dates.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_002"></A>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information set forth in this prospectus and
the information it incorporates by reference may contain various &ldquo;forward-looking statements&rdquo; within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;).
All information relative to future markets for our products and trends in and anticipated levels of revenue, gross margins and
expenses, as well as other statements containing words such as &ldquo;believe,&rdquo; &ldquo;project,&rdquo; &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;target,&rdquo; &ldquo;plan,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect&rdquo;
and &ldquo;intend&rdquo; and other similar expressions constitute forward-looking statements. These forward-looking statements
are subject to business, economic and other risks and uncertainties, both known and unknown, and actual results may differ materially
from those contained in the forward-looking statements. Examples of risks and uncertainties that could cause actual results to
differ materially from historical performance and any forward-looking statements include, but are not limited to, the risks described
under the heading &ldquo;Risk Factors&rdquo; beginning on page 11 of this prospectus, in our most recent Annual Report on Form
10-K, as well as any subsequent filings with the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;).
Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Also,
these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements are
made. You should read carefully this prospectus and any related free writing prospectuses that we have authorized for use in connection
with this offering, together with the information incorporated herein or therein by reference as described under the heading &ldquo;Where
You Can Find More Information,&rdquo; completely and with the understanding that our actual future results may be materially different
from what we expect. We hereby qualify all of our forward-looking statements by these cautionary statements. Except as required
by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could
differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the
future.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><A NAME="a_003"></A>PROSPECTUS SUMMARY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This summary highlights selected information
about Rezolute, Inc. and a general description of the securities that may be offered for resale or other disposition by the Selling
Stockholder. This summary is not complete and does not contain all of the information that may be important to you. For a more
complete understanding of us and the securities offered by the Selling Stockholders, you should carefully read this entire prospectus,
including the &ldquo;Risk Factors&rdquo; section, any applicable prospectus supplement for these securities and the other documents
we refer to and incorporate by reference. In particular, we incorporate important business and financial information into this
prospectus by reference.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a clinical stage biopharmaceutical company
specializing in the development of innovative drug therapies to improve the lives of patients with metabolic and orphan diseases.
We apply our proprietary formulation and manufacturing capabilities to known, well-characterized molecules to create differentiated,
patent-protected therapies that have the potential to significantly improve existing standards of care.</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"><B>Our Pipeline</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>RZ358</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 7, 2017, we licensed from XOMA
LLC (&ldquo;<B>XOMA</B>&rdquo;) the exclusive rights to develop and commercialize XOMA 358 (Now RZ358) for an orphan indication,
Congenital Hyperinsulinism (&ldquo;<B>CHI</B>&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">CHI is a rare genetic disorder that affects 1 in 50,000
newborns. Ordinarily, beta cells in the pancreas secrete just enough insulin to keep blood sugar in the normal range. With
CHI, the secretion of insulin is not properly regulated as the beta cells secrete too much insulin resulting in excessive low
blood sugar (severe hypoglycemia). In infants and young children, these episodes are characterized by lethargy, irritability
and difficulty feeding. Repeated episodes of hypoglycemia increase the risk of serious complications such as breathing
difficulties, seizures, developmental delays and intellectual disability, vision loss, brain damage, coma and possibly death.
CHI is the most common cause of persistent hypoglycemia in children and about 60 percent of infants with CHI experience a
hypoglycemic episode within the first month of life. Other affected children develop hypoglycemia by early childhood.</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; text-align: justify">To avoid hypoglycemia, many children require frequent glucose monitoring
and feeding, including intravenous or intestinal administration of sugar solutions, particularly overnight. This burdensome treatment
regimen has a substantially negative effect on the quality of life for these children and their families. In addition, a significant
number of children cannot be adequately treated with, or do not tolerate, existing medical therapies. Surgical removal of all or
part of the pancreas is a cornerstone of management for many children, but is invasive and diabetes inducing.</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; text-align: justify">RZ358 is a first-in-class fully human monoclonal antibody that counteracts
the effects of elevated insulin (hyperinsulinemia) by, in effect, turning down the insulin receptor when too much insulin is present,
making it well-suited as a treatment for severe, persistent hypoglycemia. XOMA demonstrated clinical proof-of-concept for RZ358
in Phase 2a studies and the compound has designated orphan status in the US and EU. We are preparing to launch Phase 2b studies
in 2018 with the potential to accelerate late-stage pivotal trials for an</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AB101</I></B></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">Our next product candidate (&ldquo;<B>AB101</B>&rdquo;),
a microsphere formulation of PEGylated human recombinant insulin, is being developed as an extended acting basal insulin intended
for once-weekly subcutaneous injection, for use alone and in combination with bolus prandial insulin or oral glucose lowering therapies,
to improve glycemic control in patients with Type&nbsp;1 and Type&nbsp;2 Diabetes Mellitus. We believe AB101 has the potential
to provide a near peak-less, slow and uniform release of basal insulin. The current standard of care in the $11 billion basal insulin
market is daily or twice-a-day injections.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the first and second quarters of calendar
year end 2017, we successfully manufactured and filled vials of AB101 in our facilities in Louisville, Colorado. In June of 2017
we filed an Investigational New Drug (&ldquo;<B>IND</B>&rdquo;) application for AB101 with the US Food and Drug Administration
(&ldquo;<B>FDA</B>&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 July of 2017, we dosed our first patient
in our Phase 1 first-in-human clinical trial of AB101. The Phase 1 clinical trial is a first-in-human single ascending dose study
to assess the safety and tolerability, pharmacokinetics and pharmacodynamics of AB101 in patients with Type 1 Diabetes Mellitus.
The first study part will be sequential cohort dose ranging of AB101, while an optional second study part will compare one or more
tested doses of AB101 from part 1 to active comparator Lantus<SUP>&reg;</SUP> (insulin glargine).&nbsp; In addition to safety and
pharmacokinetic assessments, the time-action pharmacology of AB101 (onset, peak, and end of action) will be evaluated using several
measures of glycemic response, including the hyperinsulinemic euglycemic clamp technique, continuous glucose monitoring, and background
insulin use.</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">Following the completion of the first part
of the study, we expect to review data and announce high-level results as early as the first half of calendar year 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">In addition, we plan to conduct a Phase&nbsp;2
program to assess and confirm the intended dosing profile, specifically of the once-weekly dosing frequency, and for dose-ranging.&nbsp;
The Phase 3 registration program will comprise multiple studies to compare efficacy and safety to currently available basal insulins,
in various combinations with bolus insulin and/or oral glucose lowering agents.&nbsp; It will be of adequate size to meet recommended
guidance for assessing chronic safety when used for Diabetes Mellitus.</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"><B><I>Licensing Agreement: Plasma Kallikrein
Inhibitors</I></B></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">On August 4, 2017, we licensed from ActiveSite
Pharmaceuticals, Inc. (&ldquo;<B>ActiveSite</B>&rdquo;) their oral plasma kallikrein inhibitor portfolio (&ldquo;<B>Portfolio</B>&rdquo;)
targeting the treatment of diabetic macular edema (&ldquo;<B>DME</B>&rdquo;) and other plasma kallikrein-medicated diseases such
as hereditary angioedema (&ldquo;<B>HAE</B>&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"><B>RZ402</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DME is a metabolic disease that results from an increase in retinal
vascular permeability (RVP) in the setting of diabetic retinopathy (abnormal retinal blood vessel growth caused by poorly controlled
blood sugar levels). Vascular leakage from retinal blood vessels leads to swelling of the retina, including the macula, an area
of the retina that is very important for vision. The kinin system and the production of bradykinin have been implicated in the
vascular leakage associated with DME. It is estimated that approximately 50 million individuals worldwide suffer from vision-threatening
complications of diabetes, including DME, which is one of the main causes of vision loss in working-age adults globally. With the
growth of diabetes, DME is expected to increase in prevalence beyond its current estimate of 750,000 individuals in the US and
21 million worldwide. Current treatment approaches are onerous, involving injections into the eye by retinal specialists on a monthly
or bimonthly basis. In addition to a segment of the DME population that does not respond to these treatments, the extent of therapeutic
benefit directly correlates with adherence to this route of administration and regimen, which is a significant burden for both
patients and their healthcare providers, leading to high rates of non-adherence and ultimately, suboptimal therapeutic outcomes.</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; text-align: justify">RZ402 is a potential new therapy for DME from the PKI portfolio.
RZ402 has been shown to normalize RVP in clinically-relevant animal models of macular edema as effectively as the current injectable
treatments, thereby supporting its potential as a stand-alone therapy for macular edema resulting from diabetes and other causes.
We are planning to file an IND for RZ402 in the second half of calendar year 2018.</P>

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

</DIV>

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

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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"><B>RZ602</B></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; text-align: justify">HAE is an orphan disease characterized by recurring attacks of sudden
and extreme swelling that can affect the face and mucous membranes, abdomen and genitalia. Attacks can be painful, debilitating,
varied in frequency and even life-threatening, due to swelling around the airway. The disease is caused by a problem with a gene
that controls the management of a specific protein, the C1 inhibitor. When there is an imbalance in the C1 inhibitor, there may
be excessive bradykinin production causing tiny blood vessels to &ldquo;leak&rdquo; or push fluid into parts of the patient&rsquo;s
body, resulting in an HAE attack. The trigger for an attack is variable from person</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">to person and even time to time.</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">Currently available therapies target the prevention or termination
of attacks, but are highly invasive and inconvenient due to the subcutaneous/intravenous routes of administration or have an undesirable
side effect profile. Approximately one in 50,000 patients worldwide have HAE.</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">RZ602 is a potential new therapy for HAE from the PKI portfolio.
Similar to our efforts with RZ402 for DME, the objective of RZ602 is to stop the inflammatory cascade by inhibiting the production
of kallikrein and thereby halting the downstream release of bradykinin and eventual swelling. We plan to file an IND for RZ602
in the first half of calendar year 2019.</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; text-align: justify"><B>Capital Requirements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2017, we have approximately
$4.0 million in cash on hand to fund our operations. Since inception, we have raised over $50 million, which has enabled us to
advance our microsphere platform, including initiating our first-in-human clinical study for our lead product candidate, AB101,
a potential once-weekly injectable basal insulin for patients with Type 1 and Type 2 diabetes.</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">We remain focused on ensuring we have sufficient
capital to fund our ongoing operations. We have raised approximately $13 million in calendar year 2017 from individual investors
in the US as well as pharmaceutical companies and funds in the Republic of Korea. The Company is targeting another total raise
of at least $15 million, which will allow us to sustain operations through the end of calendar year 2018. In addition to funding
additional clinical studies of AB101, the incremental funding will allow us to advance our pipeline and cover general and administrative
expenses. The Company has also been actively conducting animal studies to screen potential new product candidates as we seek to
evolve our drug pipeline.</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">Nonetheless, no assurance can be given that
the Company will be successful in its efforts in raising additional capital. Further, if the Company is unsuccessful, the lack
of funding will materially and adversely impact the Company&rsquo;s business and prospects. In particular, our ability to raise
additional capital is substantially dependent upon results from the Study and in the event that such results fail to meet or exceed
expectations, we may not be abe to attract additional capital to support the continuation of the program or overall operations.</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">The continuation of our business is dependent
upon obtaining further financings and achieving a break even or profitable level of operations in our business. The issuance of
additional equity securities by us could result in a significant dilution in the equity interests of our current or future stockholders.
Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
There are no assurances that we will be able to obtain additional financing through private placements and/or bank financing or
other means necessary to support our working capital requirements. To the extent that funds generated from operations and any private
placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital. No assurance
can be given that additional financing will be available, or if available, will be on terms acceptable to us. These conditions
raise substantial doubt about our ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.5pt; text-align: justify"><B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.5pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks that We Face</B></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">Our Business is subject to numerous risks and
uncertainties, including those highlighted in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 11. These risks
include, among others, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are a clinical stage company and we do not have, and may never
have, any products that generate significant revenues.</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will need substantial additional capital to fund our operations
and if we fail to obtain additional capital, we may be unable to complete the development and commercialization of our product
candidates or continue our research and development programs.</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We rely on a single product candidate, and if the market does not
develop for that candidate it could adversely impact our operating results.</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adverse events in our clinical trials may force us to stop development
of our product candidate or prevent regulatory approval of our product candidates.</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As our product candidates advance through clinical trials, they may
not have favorable results or receive regulatory approval.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our principal
executive offices are located at 1450 Infinite Drive, Louisville, CO 80027, and our telephone number is (303) 222-2128. Our internet
address is</FONT> http://www.rezolutebio.com<FONT STYLE="font-size: 10pt">. The information on our website is not incorporated
by reference into this prospectus, and you should not consider it part of this prospectus.</FONT></P>

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

</DIV>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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="width: 49%"><FONT STYLE="font-size: 10pt">Common stock offered by Selling Stockholder</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13,095,063 shares of common stock consisting of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in; text-align: justify">(1)&nbsp;&nbsp;344,669 commitment
        shares issued to Lincoln Park upon the execution of the Purchase Agreement; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in; text-align: justify">(2)&nbsp;&nbsp;12,750,394 shares
        we may sell to Lincoln Park under the Purchase Agreement from time to time after the date of this prospectus.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Common stock outstanding prior to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">54,073,309</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Common stock outstanding after giving effect to the issuance of 12,750,394 shares under the Purchase Agreement registered herein.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">66,823,703 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will receive no proceeds from the sale of shares of common stock by Lincoln Park in this offering. We may receive up to $10 million aggregate gross proceeds under the Purchase Agreement from any sales we make to Lincoln Park pursuant to the Purchase Agreement after the date of this prospectus. Any proceeds that we receive from sales to Lincoln Park under the Purchase Agreement will be used for working capital and general corporate purposes. See &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">OTCQB symbol for our Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;RZLT&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This investment involves a high degree of risk. See &ldquo;Risk
        Factors&rdquo; in this prospectus and in the documents incorporated by reference in this prospectus, including the risk factors
        described under the section entitled &ldquo;Risk Factors&rdquo; contained in our Annual Report on Form&nbsp;10-K for the year ended
        June 30, 2017 for a discussion of factors you should consider carefully before making an investment decision.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Purchase Agreement with Lincoln Park</B></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">On December 22, 2017, we entered into the Purchase
Agreement with Lincoln Park, pursuant to which Lincoln Park has agreed to purchase from us up to an aggregate of $10,000,000 of
our common stock (subject to certain limitations) from time to time over the term of the Purchase Agreement. Also on December 22,
2017, we entered into a registration rights agreement with Lincoln Park, which we refer to in this prospectus as the Registration
Rights Agreement, pursuant to which we have filed with the SEC the registration statement that includes this prospectus to register
for resale under the Securities Act, the shares of common stock that have been or may be issued to Lincoln Park under the Purchase
Agreement.</P>

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

</DIV>

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

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<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">Other than the 344,669 shares of our common
stock that we have already issued to Lincoln Park pursuant to the terms of the Purchase Agreement as consideration for its commitment
to purchase shares of our common stock under the Purchase Agreement, we do not have the right to commence any sales to Lincoln
Park under the Purchase Agreement until certain conditions set forth in the Purchase Agreement, all of which are outside of Lincoln
Park&rsquo;s control, have been satisfied, including that the SEC has declared effective the registration statement that includes
this prospectus. Thereafter, we may, from time to time and at our sole discretion, direct Lincoln Park to purchase shares of our
common stock in amounts of up to 65,000 shares, which we refer to as a &ldquo;regular purchase,&rdquo; on any business day on which
the closing sale price of our common stock is not less than $0.40, and provided that at least five business days have passed since
the last prior regular purchase was completed. The maximum amount of stock that we may be permitted to sell in a single regular
purchase may be increased to up to 125,000 shares if the closing sale price of our common stock meets certain price thresholds
set forth in the Purchase Agreement. In all cases, however, Lincoln Park&rsquo;s total commitment obligation under any single regular
purchase will not exceed $500,000. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement
in regular purchases will be equal to the lesser of (1)&nbsp;the lowest closing sale price of our common stock on the purchase
date or (2)&nbsp;the average of the three lowest closing sale prices of our common stock during the twelve consecutive&nbsp;business
days prior to the purchase date. In addition, upon notice to Lincoln Park, we may, from time to time and at our sole discretion,
direct Lincoln Park to make additional purchases of shares of our common stock under certain circumstances.&nbsp;The purchase price
of the shares purchased in these &ldquo;accelerated purchases&rdquo; will be equal to the lesser of (1)&nbsp;the closing market
price of our stock on the date of such purchase or (2)&nbsp;95% of the volume-weighted average price.</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">We will control the timing and amount of any
sales of our common stock to Lincoln Park, subject to certain share price and beneficial ownership limitations set forth in the
Purchase Agreement.&nbsp;In each case, the purchase price per share will be equitably adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, or other similar transaction occurring during the business days used to compute such price. We
may at any time in our sole discretion terminate the Purchase Agreement without fee, penalty or cost upon one business day notice.
There are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages
in the Purchase Agreement or Registration Rights Agreement other than a prohibition on entering into a &ldquo;Variable Rate Transaction,&rdquo;
as defined in the Purchase Agreement. Lincoln Park may not assign or transfer its rights and obligations under the Purchase Agreement.
Please see the Purchase Agreement, which is incorporated by reference as an exhibit to the registration statement of which this
prospectus forms a part, and the section of this prospectus entitled &ldquo;Lincoln Park Transaction&rdquo; for more information.</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 of January 23, 2018, there were 54,073,309
shares of our common stock outstanding, of which 39,095,063 shares were held by non-affiliates, excluding the 344,669 commitment
shares that we have already issued to Lincoln Park under the Purchase Agreement. Although the Purchase Agreement provides that
we may sell up to an additional $10,000,000 of our common stock to Lincoln Park, only 13,095,063 shares of our common stock are
being offered under this prospectus, which represents: (i) 344,669 shares that we already issued to Lincoln Park as a commitment
fee for making the commitment under the Purchase Agreement, and (ii) an additional 12,750,394 shares which may be issued to Lincoln
Park in the future under the Purchase Agreement, if and when we sell shares to Lincoln Park under the Purchase Agreement. Depending
on the market prices of our common stock at the time we elect to issue and sell shares to Lincoln Park under the Purchase Agreement,
we may need to register for resale under the Securities Act additional shares of our common stock in order to receive aggregate
gross proceeds equal to the $10,000,000 total commitment available to us under the Purchase Agreement. If all of the 13,095,063
shares offered by Lincoln Park under this prospectus were issued and outstanding as of the date hereof, such shares would represent
19.6% of the total number of shares of our common stock outstanding and 25.0% of the total number of outstanding shares held by
non-affiliates, in each case as of the date hereof. If we elect to issue and sell more than the 13,095,063 shares offered under
this prospectus to Lincoln Park, which we have the right, but not the obligation, to do, we must first register for resale under
the Securities Act any such additional shares, which could cause additional substantial dilution to our stockholders. The number
of shares ultimately offered for resale by Lincoln Park is dependent upon the number of shares we sell to Lincoln Park under the
Purchase Agreement.</P>

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

</DIV>

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

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<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">The Purchase Agreement prohibits us from directing
Lincoln Park to purchase any shares of common stock if those shares, when aggregated with all other shares of our common stock
then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park and its affiliates having beneficial ownership,
at any single point in time, of more than 9.99% of the then total outstanding shares of our common stock, as calculated pursuant
to Section 13(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 13d-3 thereunder, which limitation
we refer to as the Beneficial Ownership Cap.</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">Issuances of our common stock in this offering
will not affect the rights or privileges of our existing stockholders, except that the economic and voting interests of each of
our existing stockholders will be diluted as a result of any such issuance. Although the number of shares of common stock that
our existing stockholders own will not decrease, the shares owned by our existing stockholders will represent a smaller percentage
of our total outstanding shares after any such issuance to Lincoln Park.</P>

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

</DIV>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_005"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>An investment in us involves a high degree
of risk. You should consider carefully the following information about these risks before deciding to purchase any of our securities.
If any of the events or developments described below actually occurs, our business, results of operations and financial condition
would likely suffer. In these circumstances, you may lose all or part of your investment. In addition, it is also possible that
other risks and uncertainties that affect our business may arise or become material in the future.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Business</B></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"><B><I>We will need substantial additional capital
to fund our operations. If we fail to obtain additional capital, we may be unable to sustain operations. </I></B></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">Our operations consume substantial amounts
of cash and we expect that our cash used by operations will continue to increase for the next several years. As of September 30,
2017, we had approximately $4.0 million in cash on hand. We will need to raise additional capital between the fourth quarter of
calendar year 2017 and the end of the first quarter of calendar year 2018 in order to sustain our operations and we estimate that
we will need at least an additional $15 million in capital to cover operating expenses through December 2018. If we are unable
to raise additional capital, we may have to significantly delay, scale back or discontinue one or more of our drug development
or research and development programs. We may be required to cease operations or seek partners for our product candidates at an
earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available. In the
absence of additional capital we may also be required to relinquish, license or otherwise dispose of rights to technologies, product
candidates or products that we would otherwise seek to develop or commercialize ourselves on terms that are less favorable than
might otherwise be available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our corporate objectives are dependent
upon one another and to the extent that there is a delay or complication in any one objective, our ability to timely complete our
other goals could be adversely impacted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our corporate objectives are dependent upon
one another and to the extent that there is a delay, complication or failure in any one objective, our ability to complete our
other goals in a timely fashion could be adversely impacted. For example, we are currently conducting a Phase 1 first-in-human
clinical study of our lead product candidate, AB101, a once-weekly injectable basal insulin for patients with Type 1 and Type 2
diabetes mellitus (&ldquo;<B>Study</B>&rdquo;) while concurrently expanding our pipeline and advancing additional potential drug
candidates towards clinical studies. We anticipate generating results from the Study in the first quarter of calendar year 2018
when we also anticipate needing to raise additional capital. We expect that potential investors will want to review the results
from the Study prior to making an investment decision and in the event that the results from the Study do not meet or exceed expectations,
we may not be able to raise capital and advance additional pipeline candidates or sustain operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Results of preclinical testing or earlier
clinical studies are not necessarily predictive of future results, therefore none of the product candidates we advance into clinical
studies may have favorable results in later clinical studies or receive regulatory approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Success in preclinical testing does not ensure
that clinical studies will generate adequate data to demonstrate the efficacy and safety of an investigational drug or biologic.
For example, while we have generated promising preclinical results for AB101, there is no assurance that we will generate similar
data in the Study or additional clinical studies. Even if the Study or other clinical studies for additional programs produces
promising results, there is no assurance that such results will be replicated or exceeded in later clinical studies. A number of
companies in the biopharmaceutical industry, including those with greater resources and experience, have suffered significant setbacks
in clinical studies, even after seeing promising results in earlier preclinical and clinical studies. We do not know whether the
Study or any other clinical studies that we may conduct will demonstrate adequate efficacy and safety to justify the continuing
advancement of a program. If later stage clinical studies do not produce favorable results, our ability to achieve regulatory approval
for any of our product candidates may be adversely impacted. Even if we believe that our product candidates have performed satisfactorily
in preclinical testing and clinical studies, we may still fail to obtain FDA approval for our product candidates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may experience delays in our clinical
trials that could adversely affect our financial position.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Many factors could affect the timing of the
Study and other clinical trials that we may conduct, including lack of cGMP drug product, slow patient recruitment, the proximity
of patients to clinical sites, the eligibility criteria for the trial, competing clinical trials and new drugs approved for the
conditions we are investigating. Other companies may be conducting clinical trials or may announce plans for future trials that
will be seeking patients with the same indications as those we are studying. As a result of all of these factors, our trials may
take longer to enroll patients than we anticipate. Delays in patient enrollment in the trials may increase our costs and slow down
our product development and approval process. Our product development costs will also increase if we need to perform more or larger
clinical trials than planned. Any delays in completing our clinical trials could adversely impact our cash position and ability
to support ongoing operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Due to our reliance on contract research
organizations or other third parties to conduct clinical trials, we may not have complete control over the timing, conduct and
expense of our clinical trials.</I></B></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">We rely primarily on third parties to conduct
our clinical trials. As a result, we will have less control over the conduct of the clinical trials, the timing and completion
of the trials, the required reporting of adverse events and the management of data developed through the trial than would be the
case if our own staff conducted all clinical trials. Communicating with outside parties can also be challenging, potentially leading
to mistakes and difficulties in coordinating activities. Outside parties may have staffing difficulties, may undergo changes in
priorities or may become financially distressed, adversely affecting their willingness or ability to conduct our trials. We may
experience unexpected increased costs that are beyond our control. Problems with the timeliness or quality of the work of a contract
research organization may lead us to seek to terminate the relationship and use an alternative service provider. However, making
this change may be costly and may delay our trials, and contractual restrictions may make such a change difficult or impossible.
Additionally, it may be impossible to find a replacement organization that can conduct our trials in an acceptable manner and at
an acceptable cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Adverse events in our clinical trials
may force us to stop development of our product candidates or prevent regulatory approval of our product candidates.</I></B></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">Our product candidates may produce serious
adverse events in patients during clinical trials. These adverse events could interrupt, delay or halt clinical trials of our product
candidates and could result in the FDA, or other regulatory authorities requesting additional preclinical data or denying approval
of our product candidates for any or all targeted indications. An institutional review board, independent data safety monitoring
board, the FDA, other regulatory authorities or the Company itself may suspend or terminate clinical trials at any time. We cannot
assure you that any of our product candidates will prove safe for human use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may not be successful in our efforts
to partner AB101 or any of our programs with larger pharmaceutical companies. </I></B></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">Complete clinical programs through Phase 3
and beyond for drug candidates in diabetes and metabolic diseases are expensive and complex. We estimate that prior any regulatory
approval of AB101 more than $300 million would be required to fund manufacturing scale up and clinical studies. As a result, we
expect to partner with a larger pharmaceutical company with broader resources and experience to advance AB101 into later clinical
studies. Even if the Study or additional early studies of AB101 produces compelling data supporting the advancement of the program,
no assurance can be given that any of the larger pharmaceutical companies will be interested in partnering with us or that we would
be able to enter into a collaboration on favorable terms. Our failure to partner AB101 could have a material and adverse impact
on our ability to further develop the program or continue our overall operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may not be successful in our efforts
to identify, discover or formulate product pipeline candidates. </I></B></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">Research and development programs require substantial
technical, financial and human resources to identify new product pipeline candidates. Our research and development programs may
initially demonstrate success in identifying potential product pipeline candidates but subsequently fail to yield them. Through
our research and development programs, if we are unable to formulate innovative long-acting therapies based on our microsphere
platform technology or otherwise, our long-term business, financial position, income, expansion and outlook may be materially adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our competitors may develop and market
drugs that are less expensive, more effective or safer than our product candidates.</I></B></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">The pharmaceutical market is highly competitive.
If approved by regulatory agencies and subsequently commercialized, our product candidates that contain currently approved active
ingredients will likely face competition from existing products on the market. In particular, if we successfully commercialize
AB101, our product candidate would compete directly against Sanofi&rsquo;s Toujeo and Lantus, Novo Nordisk&rsquo;s Levemir and
Tresiba and Eli Lilly&rsquo;s Basaglar. Additionally, other pharmaceutical and biotechnology companies may develop improved formulations
of the same drugs that compete with drug products we are developing. It is possible that our competitors will develop and market
products that are less expensive, more effective or safer than our future products or that will render our products obsolete. We
expect that competition from pharmaceutical and biotechnology companies, universities and public and private research institutions
will increase. Many of these competitors have substantially greater financial, technical, research and other resources than we
do. We may not have the financial resources, technical and research expertise or marketing, distribution or support capabilities
to successfully compete with these competitors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>After the completion of our clinical
studies, we cannot predict whether or when we will obtain regulatory approval to commercialize our product candidates and we cannot,
therefore, predict the timing of any future revenue from these product candidates.</I></B></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">Even if we achieve positive clinical results
and file for regulatory approval, we cannot commercialize any of our product candidates until the appropriate regulatory agencies
have reviewed and approved the applications for such product candidates. We cannot assure that the regulatory agencies will complete
their review processes in a timely manner or that we will obtain regulatory approval for any product candidate we develop. Satisfaction
of regulatory requirements typically takes many years, is dependent upon the type, complexity and novelty of the product and requires
the expenditure of substantial resources. In addition, we may experience delays or rejections based upon additional government
regulation from future legislation or administrative action or changes in FDA policy during the period of product development,
clinical studies and FDA regulatory review.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Even if our product candidates receive
regulatory approval, they may still face future development and regulatory hurdles. </I></B></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"><FONT STYLE="font-size: 10pt">Even if US regulatory
approval is obtained for a particular drug candidate, the FDA may still impose significant restrictions on marketing, indicated
uses and/or require potentially costly post-approval studies or post-market surveillance. For example, the label ultimately approved,
if any, may include restrictions on use. Further, the FDA may require that long-term safety data may need to be obtained as a post-market
requirement. </FONT>Even if the FDA or a foreign regulatory agency approves a product candidate, the approval may impose significant
restrictions on the indicated uses, conditions for use, labeling, advertising, promotion, marketing and/or production of such product
and may impose requirements for post-approval studies, including additional research and development and clinical trials. The FDA
and other agencies also may impose various civil or criminal sanctions for failure to comply with regulatory requirements, including
substantial monetary penalties and withdrawal of product approval.</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"></P>

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<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 addition, manufacturers of drug products
and their facilities are subject to continual review and periodic inspections by the FDA and other regulatory authorities for compliance
with current good manufacturing practices and regulations. If we or a regulatory agency discovers previously unknown problems with
a product, such as adverse events of unanticipated severity or frequency, or problems with the facility where the product is manufactured,
a regulatory agency may impose restrictions on that product, the manufacturing facility or us, including requiring recall or withdrawal
of the product from the market or suspension of manufacturing. If we, our product candidates or the manufacturing facilities for
our product candidates fail to comply with applicable regulatory requirements, a regulatory agency may:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issue warning letters or untitled letters;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">seek an injunction or impose civil or criminal penalties or monetary
fines;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">suspend or withdraw regulatory approval;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">suspend any ongoing clinical studies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">refuse to approve pending applications or supplements to applications
filed by us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">suspend or impose restrictions on operations, including costly new
manufacturing requirements; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">seize or detain products, refuse to permit the import or export of
products, or require us to initiate a product recall.</FONT></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">The occurrence of any event or penalty described
above may inhibit our ability to commercialize our products and generate revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If any of our product candidates for
which we receive regulatory approval does not achieve broad market acceptance, the revenue that we generate from its sales, if
any, will be limited</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The commercial success of our product candidates
for which we obtain marketing approval from the FDA or other regulatory agencies will depend upon the acceptance of these products
by the medical community, including physicians, patients and payors. The degree of market acceptance of any of our approved products
will depend on a number of factors, including:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">demonstration of clinical safety and efficacy compared to other products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prevalence and severity of any adverse effects;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limitations or warnings contained in a product&rsquo;s FDA-approved
labeling;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">availability of alternative treatments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">pricing and cost-effectiveness;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the effectiveness of our or any future collaborators&rsquo; sales
and marketing strategies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to obtain and maintain sufficient third-party coverage
or reimbursement from government health care programs, including Medicare and Medicaid; and</FONT></TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the willingness of patients to pay out-of-pocket in the absence of
third-party coverage.</FONT></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">If our product candidates are approved, but
do not achieve an adequate level of acceptance by physicians, health care payors and patients, we may not generate sufficient revenue
from these products, and we may not become or remain profitable. In addition, our efforts to educate the medical community and
third-party payors on the benefits of our product candidates may require significant resources and may never be successful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our manufacturing experience is limited.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The manufacture of
drugs for clinical trials and for commercial sale is subject to regulation by the FDA under cGMP regulations and by other regulators
under other laws and regulations. We cannot assure you that we can successfully manufacture our products under cGMP regulations
or other laws and regulations in sufficient quantities for clinical trials or for commercial sale, or in a timely or economical
manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our manufacturing
facilities require specialized personnel and are expensive to operate and maintain. Any delay in the regulatory approval of product
candidates to be manufactured in these facilities will require us to continue to operate these expensive facilities and retain
specialized personnel, which may increase our losses. Construction of our manufacturing facility and original validation has been
completed. Validation is an ongoing process that must be maintained to allow us to manufacture under cGMP guidelines. We cannot
guarantee that the FDA or any foreign regulatory agencies will approve our other facilities or, once approved, that any of our
facilities will remain in compliance with cGMP regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The manufacture of
pharmaceutical products is a highly complex process in which a variety of difficulties may arise from time to time. Specifically,
the manufacture of microspheres consists of twelve highly engineered unit operations to produce a sterile dry powder in vial for
resuspension. We may not be able to resolve any such difficulties with this process in a timely fashion, if at all. We are currently
the sole manufacturer of AB101 and if anything were to interfere with our continuing manufacturing operations in our facility,
it could materially adversely affect our business and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">If one or more of
our product candidates progress to mid- to late-stage development, we may incur significant expenses in the expansion and/or construction
of manufacturing facilities and increases in personnel in order to manufacture product candidates. We cannot assure you that we
have the necessary funds or that we will be able to develop this manufacturing infrastructure in a timely or economical manner,
or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Currently, our other
potential product candidates are manufactured in small quantities for use in various studies. We cannot assure you that we will
be able to successfully manufacture additional product candidates at a larger scale in a timely or economical manner, or at all.
If and when any of these product candidates are ready for clinical trials, we will need to manufacture them in larger quantities.
If we are unable to successfully increase our manufacturing scale or capacity, the regulatory approval of such clinical studies
may be delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we fail to develop manufacturing capacity
and experience, fail to manufacture our product candidates economically or on reasonable scale or volumes, or in accordance with
cGMP regulations, our development programs and commercialization of any approved products will be materially adversely affected.
This may result in delays in filing our IND or in commencing our clinical trials. Any such delays could materially adversely affect
our business and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If our product candidates do not meet
safety or efficacy requirements, they will not receive regulatory approval and we will be unable to market them.</I></B></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">The process of drug development, regulatory
review and approval typically is expensive, takes many years and the timing of any approval cannot be accurately predicted. If
we fail to obtain regulatory approval for our current or future product candidates, we will be unable to market and sell such products
and therefore may never be profitable.</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"></P>

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<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 part of the regulatory approval process,
we must conduct preclinical studies and clinical trials for each product candidate to demonstrate safety and efficacy. The number
of preclinical studies and clinical trials that will be required varies depending on the product candidate, the indication being
evaluated, the trial results and regulations applicable to any particular product candidate.</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">The results of preclinical studies and initial
clinical trials of our product candidates do not necessarily predict the results of later-stage clinical trials. Product candidates
in later stages of clinical trials may fail to show the desired safety and efficacy despite having progressed through initial clinical
trials. We cannot assure you that the data collected from the preclinical studies and clinical trials of our product candidates
will be sufficient to support approval by FDA or a foreign regulatory authority. In addition, the continuation of a particular
study after review by an independent data safety monitoring board does not necessarily indicate that our product candidate will
achieve the clinical endpoint.</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">The FDA and other regulatory agencies can delay,
limit or deny approval for many reasons, including:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a product candidate may not be safe or effective;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our manufacturing processes or facility may not meet the applicable
requirements; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in regulatory agency approval policies or adoption of new
regulations may require additional clinical trials or work on our end.</FONT></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">Any delay in, or failure to receive or maintain,
approval for any of our products could prevent us from ever generating meaningful revenues or achieving profitability.</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">Our product candidates are prone to the risks
of failure inherent in drug development. Before obtaining regulatory approvals for the commercial sale of any product candidate
for a target indication, we must demonstrate safety in preclinical studies and effectiveness with substantial evidence gathered
in well-controlled clinical studies. With respect to approval in the US, to the satisfaction of the FDA and, with respect to approval
in other countries, to the satisfaction of regulatory authorities in those countries, we must demonstrate that the product candidate
is safe and effective for use for that target indication and that the manufacturing facilities, processes and controls are adequate.</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">Despite our efforts, our product candidates
may not:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">offer therapeutic benefit or other improvements over existing, comparable
therapeutics;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">be proven safe and effective in clinical studies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">meet applicable regulatory standards; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">be capable of being produced in sufficient quantities at acceptable
costs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">be successfully commercialized; or </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">obtain favorable reimbursement.</FONT></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">We are not permitted to market any of our product
candidates in the US until we receive approval of a new drug application, or approval of a biologics license application, from
the FDA, or in any foreign countries until we receive the requisite approval from such countries. We have not submitted a new drug
application or biologics license application or received marketing approval for any of our product candidates.</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"></P>

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<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">Preclinical testing and clinical studies are
long, expensive and uncertain processes. We may spend several years completing our testing for any particular product candidate,
and failure can occur at any stage. Negative or inconclusive results or adverse medical events during a clinical study could also
cause us or the FDA to terminate a clinical study or require that we repeat it or conduct additional clinical studies. Additionally,
data obtained from a clinical study is susceptible to varying interpretations and the FDA or other regulatory authorities may interpret
the results of our clinical studies less favorably than we do. The FDA and equivalent foreign regulatory agencies have substantial
discretion in the approval process and may decide that our data is insufficient to support a marketing application and require
additional preclinical, clinical or other studies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Any failure or delay by our third-party
suppliers on which we rely or intend to rely to provide materials necessary to develop and manufacture our drug products may delay
or impair our ability to commercialize our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We rely upon a small number of third-party
suppliers for the manufacture of certain raw materials that are necessary to formulate our drug products, including AB101, for
preclinical and clinical testing purposes. We intend to continue to rely on them in the future. We also expect to rely upon third
parties to produce materials required for the commercial production of our product candidates if we succeed in obtaining necessary
regulatory approvals. If we are unable to arrange for third-party sources, or do so on commercially unreasonable terms, we may
not be able to complete development of or market our product candidates.</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">There are a small number of suppliers for raw
materials that we use to manufacture our drugs. Such suppliers may not sell these raw materials at the times we need them or on
commercially reasonable terms. We do not have any control over the process or timing of the acquisition of these raw materials
by our manufacturers. Moreover, we currently do not have any agreements for the commercial production of these raw materials. Although
we generally do not begin a clinical study unless we believe we have a sufficient supply of a product candidate to complete the
clinical study, any significant delay in the supply of raw material components needed to produce a product candidate for a clinical
study due to the need to replace a third-party manufacturer could considerably delay completion of our clinical studies, product
testing and potential regulatory approval of our product candidates. If we or our manufacturers are unable to purchase these raw
materials after regulatory approval has been obtained for our product candidates, the commercial launch of our product candidates
would be delayed or there would be a shortage in supply of such product candidates, which would impair our ability to generate
revenues from the sale of our product candidates.</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">If we successfully commercialize any of our
product candidates, we may be required to establish commercial manufacturing capabilities of larger scale. In addition, as our
drug development pipeline increases and matures, we will have a greater need for clinical study and commercial manufacturing capacity.
We have no experience manufacturing pharmaceutical products on a commercial scale and we may need to rely on third-party manufacturers
with capacity for increased production scale to meet our projected needs for commercial manufacturing, the satisfaction of which
on a timely basis may not be met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Recently enacted and future legislation
or regulatory reform of the health care system in the US and foreign jurisdictions may affect our ability to sell our products
profitably. </I></B></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">Our ability to commercialize our future products
successfully, alone or with collaborators, will depend in part on the extent to which reimbursement for the products will be available
from government and health administration authorities, private health insurers and other third-party payors. The continuing efforts
of the US and foreign governments, insurance companies, managed care organizations and other payors of health care services to
contain or reduce health care costs may adversely affect our ability to set fair prices for our products, generate revenues and
achieve and maintain profitability.</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"></P>

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<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">Specifically, in both the US and some foreign
jurisdictions, there have been a number of legislative and regulatory proposals to change the health care system in ways that could
impact our ability to sell our products profitably. In March 2010, President Obama signed into law the Patient Protection and Affordable
Care Act, as amended by the Health Care and Education Reconciliation Act, or collectively, the Health Care Reform Law, a sweeping
law intended to broaden access to health insurance, reduce or constrain the growth of healthcare spending, enhance remedies against
fraud and abuse, add new transparency requirements for healthcare and health insurance industries, impose new taxes and fees on
the health industry and impose additional health policy reforms.</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">We will not know the full effects of the Health
Care Reform Law until applicable federal and state agencies issue regulations or guidance under the new law. Although it is too
early to determine the effect of the Health Care Reform Law, the new law appears likely to continue the pressure on pharmaceutical
pricing, especially under the Medicare program, and also may increase our regulatory burdens and operating costs. We expect further
federal and state proposals and health care reforms to continue to be proposed by legislators, which could limit the prices that
can be charged for the products we develop and may limit our commercial opportunity.</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">Also in the US, the Medicare Prescription Drug,
Improvement, and Modernization Act of 2003, also called the Medicare Modernization Act, or MMA, changed the way Medicare covers
and pays for pharmaceutical products. The legislation expanded Medicare coverage for drug purchases by the elderly and introduced
a new reimbursement methodology based on average sales prices for drugs. In addition, this legislation authorized Medicare Part
D prescription drug plans to use formularies where they can limit the number of drugs that will be covered in any therapeutic class.
As a result of this legislation and the expansion of federal coverage of drug products, we expect that there will be additional
pressure to contain and reduce costs. These cost reduction initiatives and other provisions of this legislation could decrease
the coverage and price that we receive for any approved products and could seriously harm our business. While the MMA applies only
to drug benefits for Medicare beneficiaries, private payors often follow Medicare coverage policy and payment limitations in setting
their own reimbursement rates, and any reduction in reimbursement that results from the MMA may result in a similar reduction in
payments from private payors.</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">The continuing efforts of government and other
third-party payors to contain or reduce the costs of health care through various means may limit our commercial opportunity. It
will be time-consuming and expensive for us to go through the process of seeking reimbursement from Medicare and private payors.
Our products may not be considered cost-effective, and government and third-party private health insurance coverage and reimbursement
may not be available to patients for any of our future products or sufficient to allow us to sell our products on a competitive
and profitable basis. Our results of operations could be adversely affected by the MMA, the Health Care Reform Law, and additional
prescription drug coverage legislation, by the possible effect of this legislation on amounts that private insurers will pay and
by other health care reforms that may be enacted or adopted in the future. In addition, increasing emphasis on managed care in
the US will continue to put pressure on the pricing of pharmaceutical products. Cost control initiatives could decrease the price
that we or any potential collaborators could receive for any of our future products and could adversely affect our profitability.</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 some foreign countries, including major
markets in the European Union and Japan, the pricing of prescription pharmaceuticals is subject to governmental control. In these
countries, pricing negotiations with governmental authorities can take up to 12 months or longer after the receipt of regulatory
marketing approval for a drug product. To obtain reimbursement or pricing approval in some countries, we may be required to conduct
a clinical study that compares the cost effectiveness of our product candidates to other available therapies. Such pharmacoeconomic
studies can be costly and the results uncertain. Our business could be harmed if reimbursement of our products is unavailable,
limited in scope or amount or if pricing is set at unsatisfactory levels.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We face potential product liability exposure,
and, if successful claims are brought against us, we may incur substantial liability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The use of our product candidates in clinical
studies and the sale of any products for which we obtain marketing approval expose us to the risk of product liability claims.
Product liability claims might be brought against us by consumers, health care providers, pharmaceutical companies or others selling
or otherwise coming into contact with our products. If we cannot successfully defend ourselves against product liability claims,
we could incur substantial liabilities. In addition, regardless of merit or eventual outcome, product liability claims may result
in:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">impairment of our business reputation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">withdrawal of clinical study participants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">costs of related litigation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">distraction of management&rsquo;s attention from our primary business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">substantial monetary awards to patients or other claimants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the inability to commercialize our product candidates; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">decreased demand for our product candidates, if approved for commercial
sale.</FONT></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">We currently have clinical trial insurance
on AB101, our lead product candidate. This product liability insurance coverage for our clinical studies may not be sufficient
to reimburse us for all expenses or losses we may suffer. Moreover, insurance coverage is becoming increasingly expensive, and,
in the future, we may not be able to maintain insurance coverage at a reasonable cost or in sufficient amounts to protect us against
losses due to liability. If and when we obtain marketing approval for any of our product candidates, we intend to expand our insurance
coverage to include the sale of commercial products; however, we may be unable to obtain this product liability insurance on commercially
reasonable terms. On occasion, large judgments have been awarded in class action lawsuits based on drugs that had unanticipated
adverse effects. A successful product liability claim or series of claims brought against us could cause our stock price to decline
and, if judgments exceed our insurance coverage, could decrease our cash and adversely affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we use hazardous and biological materials
in a manner that causes injury or violates applicable law, we may be liable for damages.</I></B></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">Our research and development activities involve
the controlled use of potentially hazardous substances, including toxic chemical and biological materials. We could be held liable
for any contamination, injury or other damages resulting from these hazardous substances. In addition, our operations produce hazardous
waste products. While third parties are responsible for disposal of our hazardous waste, we could be liable under environmental
laws for any required cleanup of sites at which our waste is disposed. Federal, state, foreign and local laws and regulations govern
the use, manufacture, storage, handling and disposal of these hazardous materials. If we fail to comply with these laws and regulations
at any time, or if they change, we may be subject to criminal sanctions and substantial civil liabilities, which may harm our business.
Even if we continue to comply with all applicable laws and regulations regarding hazardous materials, we cannot eliminate the risk
of accidental contamination or discharge and our resultant liability for any injuries or other damages caused by these accidents.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we are unable to establish sales and
marketing capabilities or enter into agreements with third parties to market and sell our product candidates, we may be unable
to generate any revenue.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently do not have dedicated staff for
the sale, marketing and distribution of drug products. The cost of establishing and maintaining such a staff may exceed the cost-effectiveness
of doing so. In order to market any products that may be approved by the FDA, we must build our sales, marketing, managerial and
other non-technical capabilities or make arrangements with third parties to perform these services. If we are unable to establish
adequate sales, marketing and distribution capabilities, whether independently or with third parties, we may not be able to generate
product revenue and may not become profitable. We will be competing with many companies that currently have extensive and well-funded
marketing and sales operations. Without an internal team or the support of a third party to perform marketing and sales functions,
we may be unable to compete successfully against these more established companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Guidelines and recommendations published
by various organizations may adversely affect the use of any products for which we may receive regulatory approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Government agencies issue regulations and guidelines
directly applicable to us and to our product candidates. In addition, professional societies, practice management groups, private
health or science foundations and organizations involved in various diseases from time to time publish guidelines or recommendations
to the medical and patient communities. These various sorts of recommendations may relate to such matters as product usage and
use of related or competing therapies. For example, organizations like the American Diabetes Association have made recommendations
about therapies in the diabetes therapeutics market. Changes to these recommendations or other guidelines advocating alternative
therapies could result in decreased use of any products for which we may receive regulatory approval, which may adversely affect
our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our independent registered public accounting
firm&rsquo;s report, contained herein, includes an explanatory paragraph that expresses substantial doubt about our ability to
continue as a going concern.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our financial statements have been prepared
on the basis that we will continue as a going concern. For the period from March 24, 2010 to September 30, 2017, we have an accumulated
deficit of approximately $71,007,000. As of September 30, 2017, our total stockholder&rsquo;s equity was approximately $7,806,000
and we had working capital of approximately $2,673,000. We expect to continue to incur losses for the foreseeable future as we
develop and commercialize our product candidates, and we must raise additional capital from external sources in order to sustain
our operations. Primarily as a result of our history of losses and limited cash balances, our independent registered public accounting
firm has included in their audit report an explanatory paragraph expressing substantial doubt about our ability to continue as
a going concern. Our ability to continue as a going concern is contingent upon, among other factors, our ability to obtain financing
to continue to fund our operations. We cannot provide any assurance that we will be able to raise additional capital. If we are
unable to secure additional capital, we may be required to curtail our research and development initiatives and take additional
measures to reduce costs in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. These
measures could cause significant delays in the development of AB101 and other product candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are at an early stage of development
as a company and we do not have, and may never have, any products that generate significant revenues.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are at an early stage of development as
a proprietary product specialty pharmaceutical company and we do not have any commercial products. Our existing product candidates
will require extensive additional clinical evaluation, regulatory review, significant marketing efforts and substantial investment
before they generate any revenues. Our efforts may not lead to commercially successful products, for a number of reasons, including:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our product candidates may not prove to be safe and effective in
clinical trials;</FONT></TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may not be able to obtain regulatory approvals for our product
candidates or approved uses may be narrower than we seek;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may not have adequate financial or other resources to complete
the development and commercialization of our product candidates; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any products that are approved may not be accepted or reimbursed
in the marketplace.</FONT></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">We do not expect to be able to market any of
our product candidates for a number of years. If we are unable to develop, receive approval for, or successfully commercialize
any of our product candidates, we will be unable to generate significant revenues. If our development programs are delayed, we
may have to raise additional capital or reduce or cease our operations.</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">Initially, we expect to derive all of our revenues,
if any, from RZ358 and AB101. As we cannot currently enter the market with either of these programs, it is uncertain whether either
program will achieve and sustain high levels of demand and market acceptance. Our success will depend to a substantial extent on
our ability to successfully commercialize and market our products. Failure of consumers to accept either program would significantly
adversely affect our revenues and profitability.</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"><B><I>We have never generated any revenues
and may never become profitable.</I></B></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">Since inception, we have not generated any
revenues and have incurred an accumulated deficit of approximately $71,007,000 through September 30, 2017. We expect to continue
to incur substantial operating losses for the next several years as we move our product candidates into clinical trials and continue
our research and development efforts. To become profitable, we must successfully develop, manufacture and market our product candidates,
either alone or in conjunction with possible collaborators. We may never have any revenues or become profitable.</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"><B><I>Our limited operating history makes it
difficult to evaluate our business and prospects.</I></B></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">Our operations to date have been limited to
organizing and staffing our company, acquiring product and technology rights, conducting preclinical studies and producing product
under cGMP conditions. We have not demonstrated an ability to conduct clinical trials, obtain regulatory approval for or commercialize
a product candidate. Consequently, any predictions about our future performance may not be as accurate as they could be if we had
a history of successfully testing, developing and commercializing pharmaceutical products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we are unable to successfully remediate
the material weakness in our internal control over financial reporting, the accuracy and timing of our financial reporting may
be adversely affected, which may adversely affect investor confidence in us and, as a result, the value of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the audit of the fiscal
2017 consolidated financial statements of Rezolute, Inc., we noted a material weakness in our controls, principally as a result
of not having segregated duties as our Chief Accounting Officer can initiate and complete transactions, not having measures that
would prevent the Chief Accounting Officer from overriding the internal control system, and the Chief Accounting Officer is responsible
for complex accounting issues without additional reviews within the Company. A material weakness is a deficiency or combination
of deficiencies in internal control over financial reporting that results in more than reasonable possibility that a material misstatement
of annual or interim financial statements will not be prevented or detected on a timely basis. We have also begun evaluating and
implementing additional procedures to improve the segregation of duties. We cannot assure that these or other measures will fully
remediate the deficiencies or material weakness described above. We also cannot assure you that we have identified all of our existing
significant deficiencies and material weaknesses, or that we will not in the future have additional significant deficiencies or
material weaknesses.</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"></P>

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<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"><B><I>Operations outside the United States
may be affected by different local politics, business and cultural factors, different regulatory requirements and prohibitions
between jurisdictions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operations outside the United States may be
affected by different local business and cultural factors, different regulatory requirements and prohibitions between jurisdictions,
including the Foreign Corrupt Practices Act and local laws prohibiting corrupt payments; and changes in regulatory requirements
for financing activities.</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">We are currently in the process of establishing
a wholly-owned subsidiary in the Republic of Korea (South Korea). &nbsp;Our operations, once established, will be subject to various
political, economic, and other risks and uncertainties inherent to the country. &nbsp;Among other risks, the registrant&rsquo;s
operations are subject to the risks of political conditions and governmental regulations. &nbsp;If there are any changes to government
regulations that affect our ability to operate, we may face significant losses.</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"><B><I>The persistently weak global economic
and financial environment in many countries and increasing political and social instability may have a material adverse effect
on our results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Many of the world&rsquo;s largest economies
and financial institutions continue to be impacted by a weak ongoing global economic and financial environment, with some continuing
to face financial difficulty, liquidity problems and limited availability of credit. It is uncertain how long these effects will
last, or whether economic and financial trends will worsen or improve. Such uncertain times may have a material adverse effect
on our results of operations, financial condition and, if circumstances worsen, our ability to raise capital at reasonable rates.</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 addition, the varying effects of difficult
economic times on the economies, currencies and financial markets of different countries could unpredictably impact, the conversion
of our operating results into our reporting currency, the US dollar. Alternately, inflation could accelerate, which could lead
to higher interest rates, which would increase our costs of raising capital.</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 addition, increasing political and social
instability around the world may lead to significant business disruptions or other adverse business conditions. Similarly, increased
scrutiny of corporate taxes and executive pay may lead to significant business disruptions or other adverse business conditions,
and may interfere with our ability to attract and retain qualified personnel in South Korea.</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"><B>Risks Related to Our Intellectual Property</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our current patent positions and license
portfolio may not include all patent rights needed for the full development and commercialization of our product candidates. We
cannot be sure that patent rights we may need in the future will be available to license on commercially reasonable terms, or at
all.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We typically develop our product candidates
using compounds that we have acquired or in-licensed, including the original composition of matter patents and patents that claim
the activities and methods for such compounds&rsquo; production and use. For example, in 2017 we in-licensed a kallikrein inhibitor
portfolio from ActiveSite Pharmaceuticals and in consideration for such license, we will owe milestone payments and royalties to
ActiveSite if and when we progress product candidates through development.</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 we learn more about the mechanisms of action
and new methods of manufacture and use of these product candidates, we may file additional patent applications for these new inventions
or we may need to ask our licensors to file them. We may also need to license additional patent rights or other rights on compounds,
treatment methods or manufacturing processes because we learn that we need such rights during the continuing development of our
product candidates.</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"></P>

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<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">Although our patents may prevent others from
making, using or selling similar products, they do not ensure that we will not infringe the patent rights of third parties. We
may not be aware of all patents or patent applications that may impact our ability to make, use or sell any of our product candidates
or proposed product candidates. For example, because we sometimes identify the mechanism of action or molecular target of a given
product candidate after identifying its composition of matter and therapeutic use, we may not be aware until the mechanism or target
is further elucidated that a third party has an issued or pending patent claiming biological activities or targets that may cover
our product candidate. US patent applications filed after November 29, 2000 are confidential in the US Patent and Trademark Office
for the first 18 months after such applications&rsquo; earliest priority date, and patent offices in other countries often publish
patent applications for the first time six months or more after filing. Furthermore, we may not be aware of published or granted
conflicting patent rights. Any conflicts resulting from patent applications and patents of others could significantly reduce the
coverage of our patents and limit our ability to obtain meaningful patent protection. If others obtain patents with conflicting
claims, we may need to obtain licenses to these patents or to develop or obtain alternative technology.</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">We may not be able to obtain any licenses or
other rights to patents, technology or know-how from third parties necessary to conduct our business as described in this report
and such licenses, if available at all, may not be available on commercially reasonable terms. Any failure to obtain such licenses
could delay or prevent us from developing or commercializing our drug candidates or proposed product candidates, which would harm
our business. Litigation or patent interference proceedings may be necessarily brought against third parties, as discussed below,
to enforce any of our patents or other proprietary rights or to determine the scope and validity or enforceability of the proprietary
rights of such third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If our or our licensors&rsquo; patent
positions do not adequately protect our product candidates or any future products, others could compete with us more directly,
which would harm our business.</I></B></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">Our commercial success will depend in part
on our and our licensors&rsquo; ability to obtain additional patents and protect our existing patent positions, particularly those
patents for which we have secured exclusive rights, as well as our ability to maintain adequate protection of other intellectual
property for our technologies, product candidates and any future products in the US and other countries. If we or our licensors
do not adequately protect our intellectual property, competitors may be able to use our technologies and erode or negate any competitive
advantage we may have, which could materially harm our business, negatively affect our position in the marketplace, limit our ability
to commercialize our product candidates and delay or render impossible our achievement of profitability. The laws of some foreign
countries do not protect our proprietary rights to the same extent as the laws of the US, and we may encounter significant problems
in protecting our proprietary rights in these countries.</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">The patent positions of biotechnology and pharmaceutical
companies, including our own patent position, involve complex legal and factual questions, and, therefore, validity and enforceability
cannot be predicted with certainty. Patents may be challenged, deemed unenforceable, invalidated or circumvented. We and our licensors
will be able to protect our proprietary rights from unauthorized use by third parties only to the extent that our proprietary technologies,
product candidates and any future products are covered by valid and enforceable patents or are effectively maintained as trade
secrets.</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">The degree of future protection for our proprietary
rights is uncertain, and we cannot ensure that:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we or our licensors were the first to make the inventions covered
by each of our pending patent applications;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we or our licensors were the first to file patent applications for
these inventions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">others will not independently develop similar or alternative technologies
or duplicate any of our technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any of our or our licensors&rsquo; pending patent applications will
result in issued patents;</FONT></TD></TR></TABLE>



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

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

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<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any of our or our licensors&rsquo; patents will be valid or enforceable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any patents issued to us or our licensors and collaborators will provide a basis for commercially
viable products, will provide us with any competitive advantages or will not be challenged by third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will develop additional proprietary technologies or product candidates that are patentable;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the patents of others will not have an adverse effect on our business.</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"><B><I>We may be unable to adequately prevent
disclosure of trade secrets and other proprietary information.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We rely on trade secrets to protect our proprietary
know-how and technological advances, especially where we do not believe patent protection is appropriate or obtainable. However,
trade secrets are difficult to protect. We rely in part on confidentiality agreements with our employees, consultants, outside
scientific collaborators, sponsored researchers and other advisors to protect our trade secrets and other proprietary information.
These agreements may not effectively prevent disclosure of confidential information and may not provide an adequate remedy in the
event of unauthorized disclosure of confidential information. In addition, others may independently discover our trade secrets
and proprietary information. Costly and time consuming litigation could be necessary to enforce and determine the scope of our
proprietary rights. Failure to obtain or maintain trade secret protection could enable competitors to use our proprietary information
to develop products that compete with our products or cause additional, material adverse effects upon our competitive business
position.</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"><B><I>Litigation regarding patents, patent
applications and other proprietary rights may be expensive and time consuming. If we are involved in such litigation, it could
cause delays in bringing product candidates to market and harm our ability to operate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our commercial success will depend in part
on our ability to manufacture, use, sell and offer to sell our product candidates and proposed product candidates without infringing
patents or other proprietary rights of third parties. Although we are not currently aware of any litigation or other proceedings
or third-party claims of intellectual property infringement related to our product candidates, the pharmaceutical industry is characterized
by extensive litigation regarding patents and other intellectual property rights. Other parties may obtain patents in the future
and allege that the use of our technologies infringes these patent claims or that we are employing their proprietary technology
without authorization. Likewise, third parties may challenge or infringe upon our or our licensors&rsquo; existing or future patents.
Proceedings involving our patents or patent applications or those of others could result in adverse decisions regarding the patentability
of our inventions relating to our product candidates or the enforceability, validity or scope of protection offered by our patents
relating to our product candidates.</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">Even if we are successful in these proceedings,
we may incur substantial costs and divert management&rsquo;s time and attention in pursuing these proceedings. If we are unable
to avoid infringing the patent rights of others, we may be required to seek a license, defend an infringement action or challenge
the validity of the patents in court. Patent litigation is costly and time-consuming. We may not have sufficient resources to bring
these actions to a successful conclusion. In addition, if we do not obtain a license, develop or obtain non-infringing technology,
fail to defend an infringement action successfully or have our patents declared invalid, we may incur substantial monetary damages;
encounter significant delays in bringing our product candidates to market; or be precluded from participating in the manufacture,
use or sale of our product candidates or methods of treatment requiring licenses.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If our patent and other intellectual
property protection is inadequate, our sales and profits could suffer or competitors could force our products completely out of
the market.</I></B></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">Patents which prevent the manufacture or sale
of our products may be issued to others. We may have to license those patents and pay significant fees or royalties to the owners
of the patents in order to keep marketing our products. This would cause profits on sales to suffer.</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">We have been granted patents or licensed patents
in the US, but patent applications that have been, or may in the future be, filed by us may not result in the issuance of additional
patents. The scope of any patent issued may not be sufficient to protect our technology. The laws of foreign jurisdictions in which
we intend to sell our products may not protect our rights to the same extent as the laws of the US.</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 addition to patent protection, we also rely
on trade secrets, proprietary know-how and technology advances. We enter into confidentiality agreements with our employees and
others, but these agreements may not be effective in protecting our proprietary information. Others may independently develop substantially
equivalent proprietary information or obtain access to our know-how. Litigation, which is expensive, may be necessary to enforce
or defend our patents or proprietary rights and may not end favorably for us. We may also choose to initiate litigation against
other parties who we come to believe are infringing these patents. If such litigation is unsuccessful or if the patents are invalidated
or canceled, we may have to write off the related intangible assets and such an event could significantly reduce our earnings.
Any of our licenses, patents or other intellectual property may be challenged, invalidated, canceled, infringed or circumvented
and may not provide any competitive advantage to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If the Company is required to impair
their long-lived assets, the Company&rsquo;s financial condition and results could be negatively affected.</I></B></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">If we are unable to manufacture products in
our manufacturing facilities or successfully develop products using our patents that were purchased, the Company may conclude our
long-lived assets may be impaired. If we evaluate our long-lived assets and deem that there is an impairment, under current accounting
standards, the Company will be required to write down the assets. Any write-down would have a negative effect on our consolidated
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Investors may experience dilution if
we issue additional shares of common stock.</I></B></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 general, stockholders do not have preemptive
rights to any common stock issued by us in the future. Therefore, stockholders may experience dilution of their equity investment
if we issue additional shares of common stock in the future. This includes shares issuable under equity incentive plans, or if
we issue securities that are convertible into shares of our common stock. Given that we will we require additional capital, we
intend to raise funds in the future by issuing common stock that will cause dilution to our stockholders. We also have significant
outstanding warrants to purchase common stock as well as a stock option pool available to employees, which if exercised, would
cause dilution to our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>There is a limited trading market for
our common stock, which could make it difficult to liquidate an investment in our common stock, in a timely manner.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common stock is currently traded on the
OTCQB. Because there is a limited public market for our common stock, investors may not be able to liquidate their investment whenever
desired. We cannot assure that an active trading market for our common stock will ever develop and the lack of an active public
trading market means that investors may be exposed to increased risk. In addition, if we failed to meet the criteria set forth
in SEC regulations, various requirements would be imposed by law on broker-dealers who sell our securities to persons other than
established customers and accredited investors. Consequently, such regulations may deter broker-dealers from recommending or selling
our common stock, which may further affect its liquidity.</P>

<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>With a limited trading market for our
common stock, the trading price can be impacted by naked short selling. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our stock price has been under downward pressure
for over a year and we have been puzzled as to why there would be consistent downward pressure on our stock even in the face of
positive news about the Company and our prospects. Following some investigation and with the assistance of outside advisors, we
believe we are the target of naked short selling. Naked short selling is when an investor sells short shares that they do not possess
and have not confirmed their ability to possess. If the trade associated with the short does not take place within the clearing
time period and the short-seller does not tender shares to the buyer, the trade is considered a &ldquo;failure to deliver.&rdquo;&nbsp;</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">Naked short selling, a practice that is prohibited
by the SEC's Regulation SHO, reduces the value of companies and shareholders' investments by artificially pushing a company&rsquo;s
stock price down. For smaller companies like ours that are looking to raise working capital, it makes the process difficult. Upon
tracking our trading activity, we have determined that approximately 44% of our daily trading volume is short selling and we believe
that the short sellers have been lax at complying with Regulation SHO since early 2013. There are no assurances that we will be
able to curb the naked short selling of our stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If securities analysts do not publish
research or reports about our business or if they downgrade us or our sector, the price of our common stock could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The trading market for our common stock will
depend in part on research and reports that industry or financial analysts publish about us or our business. We do not control
these analysts. Furthermore, if one or more of the analysts who cover us downgrades us or the industry in which we operate or the
stock of any of our competitors, the price of our common stock will likely decline. If one or more of these analysts ceases coverage
altogether, we could lose visibility, which could also lead to a decline in the price of the common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We cannot ensure that our common stock
will be listed on a securities exchange, which may adversely affect your ability to dispose of our common stock in a timely fashion.</I></B></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">We plan to seek listing of our common stock
on the NYSE MKT or NASDAQ exchange as soon as reasonably practicable. In 2011, the NYSE MKT and the NASDAQ amended their listings
to restrict the ability of companies that have completed reverse mergers to list their securities on such exchanges. In order to
become eligible to list their securities on such exchange, reverse merger companies must have had their securities traded on an
over-the-counter (OTC) market for at least one year, maintained a certain minimum closing price for no less than 30 of the most
recent 60 days prior to the filing of an initial listing application and prior to listing, and timely filed with the SEC all required
reports since consummation of the reverse merger, including one annual report containing audited financial statements for a full
fiscal year commencing after the date of the filing of the Form 8-K containing the Company&rsquo;s Form 10 information. To date
the Company has not met all of the filing requirements above and may not be able to satisfy the initial listing standards of the
NYSE MKT or NASDAQ exchanges in the foreseeable future or at all. Even if we are able to list our common stock on such exchange,
we may not be able to maintain a listing of the common stock on such stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The market price and trading volume of
our common stock may be volatile, which may adversely affect its market price.</I></B></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">The market price of our common stock could
be subject to significant fluctuations due to factors such as:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actual or anticipated fluctuations in our financial condition or results of operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limited trading activity;</TD></TR></TABLE>

<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">&nbsp;&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">success or failure of our operating strategies and our perceived prospects; realization of any
of the risks described in this section; failure to be covered by securities analysts or failure to meet the expectations of securities
analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">decline in the stock prices of peer companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">discount in the trading multiple of our common stock relative to that of common stock of certain
of our peer companies due to perceived risks associated with our smaller size.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result, shares of our common stock may
trade at prices significantly below the price an investor paid to acquire them. Furthermore, declines in the price of our common
stock may adversely affect the Company&rsquo;s ability to conduct future offerings or to recruit and retain key employees.</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"><B><I>Our common stock may be considered a
&ldquo;penny stock.&rdquo;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trades of our common stock are subject to Rule
15g-9 promulgated by the SEC under the Exchange Act, which imposes certain requirements on broker-dealers who sell securities subject
to the rule to persons other than established customers and accredited investors. For transactions covered by the rule, broker-dealers
must make a special suitability determination for purchasers of the securities and receive the purchaser&rsquo;s written agreement
to the transaction prior to sale. The SEC also has other rules that regulate broker-dealer practices in connection with transactions
in &ldquo;penny stocks.&rdquo; Penny stocks generally are equity securities with a price of less than $5.00 (other than securities
listed on a national securities exchange, provided that current price and volume information with respect to transactions in that
security is provided by the exchange or system). The penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document prepared by the SEC that provides
information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide
the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson
in the transaction, and monthly account statements showing the market value of each penny stock held in the customer&rsquo;s account.
The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally
or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer&rsquo;s
confirmation. These disclosure requirements have the effect of reducing the level of trading activity in the secondary market for
our common stock. As a result of the foregoing, investors may find it difficult to sell their shares.</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"><B><I>We have no current plan to pay dividends
on our common stock and investors may lose the entire amount of their investment.</I></B></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">We have no current plans to pay dividends on
our common stock. Therefore, investors will not receive any funds absent a sale of their shares. We cannot assure investors of
a positive return on their investment.</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"><B>Risks Related to this Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The sale or issuance of our common stock
to Lincoln Park may cause dilution and the sale of the shares of common stock acquired by Lincoln Park, or the perception that
such sales may occur, could cause the price of our common stock to fall.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2017, we entered into the Purchase
Agreement with Lincoln Park, pursuant to which Lincoln Park has committed to purchase up to $10,000,000 of our common stock. Concurrently
with the execution of the Purchase Agreement, we issued 344,669 shares of our common stock to Lincoln Park as a fee for its commitment
to purchase shares of our common stock under the Purchase Agreement. The purchase shares that may be sold pursuant to the Purchase
Agreement may be sold by us to Lincoln Park at our discretion from time to time over a 36-month period commencing after the satisfaction
of certain conditions set forth in the Purchase Agreement, including that the SEC has declared effective the registration statement
that includes this prospectus. The purchase price for the shares that we may sell to Lincoln Park under the Purchase Agreement
will fluctuate based on the price of our common stock. Depending on market liquidity at the time, sales of such shares may cause
the trading price of our common stock to fall.</P>

<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generally have the right to control the
timing and amount of any future sales of our shares to Lincoln Park. Additional sales of our common stock, if any, to Lincoln Park
will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Lincoln Park all,
some or none of the additional shares of our common stock that may be available for us to sell pursuant to the Purchase Agreement.
If and when we do sell shares to Lincoln Park, after Lincoln Park has acquired the shares, Lincoln Park may resell all, some or
none of those shares at any time or from time to time in its discretion. Therefore, sales to Lincoln Park by us could result in
substantial dilution to the interests of other holders of our common stock. Additionally, the sale of a substantial number of shares
of our common stock to Lincoln Park, or the anticipation of such sales, could make it more difficult for us to sell equity or equity-related
securities in the future at a time and at a price that we might otherwise wish to effect sales.</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"><B><I>We may require additional financing to
sustain our operations and without it we may not be able to continue operations. </I></B></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">At September 30, 2017 we had working capital
of approximately $2,673,000. The independent auditor&rsquo;s report for the year ended June 30, 2017, includes an explanatory paragraph
to their audit opinion stating that our recurring losses from operations raise substantial doubt about our ability to continue
as a going concern. We do not currently have sufficient financial resources to fund our operations. We do not currently have sufficient
financial resources to fund our operations or those of our subsidiaries. Therefore, we need additional funds to continue these
operations.</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">We may direct Lincoln Park to purchase up to
$10,000,000 worth of shares of our common stock under our agreement over a 36-month period generally in amounts up to 65,000 shares
of our common stock, which may be increased to up to 125,000 shares of our common stock depending on the market price of our common
stock at the time of sale and subject to a maximum limit of $500,000 per purchase, on any such business day. Assuming a purchase
price of $0.90 per share (the closing sale price of the common stock on January 16, 2018) and the purchase by Lincoln Park of 11,111,111
shares of common stock covered by this prospectus that we may sell to Lincoln Park as purchase shares under the Purchase Agreement,
the aggregate gross proceeds to us would only be $10,000,000.</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">The extent we rely on Lincoln Park as a source
of funding will depend on a number of factors including, the prevailing market price of our common stock and the extent to which
we are able to secure working capital from other sources. If obtaining sufficient funding from Lincoln Park were to prove unavailable
or prohibitively dilutive, we will need to secure another source of funding in order to satisfy our working capital needs. Even
if we sell all $10,000,000 under the Purchase Agreement to Lincoln Park, we may still need additional capital to fully implement
our business, operating and development plans. Should the financing we require to sustain our working capital needs be unavailable
or prohibitively expensive when we require it, the consequences could be a material adverse effect on our business, operating results,
financial condition and prospects.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our management will have broad discretion
over the amounts, timing and use of the net proceeds that we may receive pursuant to the Purchase Agreement, you may not agree
with how we use the proceeds, and the proceeds may not be invested successfully.</I></B></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; text-align: justify">Our management will have broad discretion in
the timing and application of any net proceeds that we may receive from any future sales of common stock to Lincoln Park pursuant
to the Purchase Agreement. Management could use these proceeds for purposes other than those contemplated at the time of this prospectus.
Accordingly, you will be relying on the judgment of our management with regard to the timing and use of these net proceeds, and
you will not have the opportunity as part of your investment decision to assess whether the proceeds are being used appropriately.
It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our company.</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"><B><I>We may not be able to access the full
amounts available under the Purchase Agreement, which could prevent us from accessing the capital we need to continue our operations,
which could have an adverse effect on our business.</I></B></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">All funds available under the Purchase Agreement
are only available if our common stock per share value is $0.40 or higher at the time we seek to sell stock, and the volume of
any such stock sales under the Purchase Agreement may vary with our common stock per share price. Changes in our stock price may
limit the net proceeds we may receive under the Purchase Agreement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_006"></A>MARKET, INDUSTRY AND
OTHER DATA</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">Unless otherwise indicated, information contained
in this prospectus concerning our industry and the markets in which we operate, including our general expectations and market position,
market opportunity and market size, is based on information from various sources, on assumptions that we have made that are based
on those data and other similar sources and on our knowledge of the markets for our services. These data involve a number of assumptions
and limitations. In addition, projections, assumptions and estimates of our future performance and the future performance of the
industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including
those described in section entitled &ldquo;<I>Risk Factors</I>&rdquo; of this prospectus and elsewhere in this prospectus. These
and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties
and by us.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_004"></A>THE LINCOLN
PARK TRANSACTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>General</B></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; text-align: justify">On December 22, 2017, we entered into the Purchase
Agreement and the Registration Rights Agreement with Lincoln Park. Pursuant to the terms of the Purchase Agreement, Lincoln Park
has agreed to purchase from us up to $10,000,000 of our common stock (subject to certain limitations) from time to time during
the term of the Purchase Agreement. Pursuant to the terms of the Registration Rights Agreement, we have filed with the SEC the
registration statement that includes this prospectus to register for resale under the Securities Act the shares that have been
or may be issued to Lincoln Park under the Purchase Agreement.</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">Concurrently with the execution of the Purchase
Agreement on December 22, 2017, we issued to Lincoln Park 344,669 shares of our common stock as a fee for its commitment to purchase
shares of our common stock under the Purchase Agreement.</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">We do not have the right to commence any sales
to Lincoln Park under the Purchase Agreement until certain conditions set forth in the Purchase Agreement, all of which are outside
of Lincoln Park&rsquo;s control, have been satisfied, including the registration statement that includes this prospectus being
declared effective by the SEC. Thereafter, we may, from time to time and at our sole discretion, direct Lincoln Park to purchase
shares of our common stock in amounts of up to 65,000 shares on any business day on which the closing sale price of our common
stock is not less than $0.40, provided that at least five business days have passed since the last prior regular purchase was completed.
The maximum amount of stock that we may be permitted to sell in a single regular purchase may be increased to up to 125,000 shares
if the closing sale price of our common stock meets certain price thresholds set forth in the Purchase Agreement. In all cases,
however, Lincoln Park&rsquo;s total commitment obligation under any single regular purchase will not exceed $500,000. In addition,
upon notice to Lincoln Park, we may, from time to time and at our sole discretion, direct Lincoln Park to purchase additional shares
of our common stock in &ldquo;accelerated purchases&rdquo; as set forth in the Purchase Agreement.&nbsp; The purchase price per
share is based on the market price of our common stock immediately preceding the time of sale as computed under the Purchase Agreement.
Lincoln Park may not assign or transfer its rights and obligations under the Purchase Agreement.</P>

<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Purchase Agreement also prohibits us from
directing Lincoln Park to purchase any shares of common stock if those shares, when aggregated with all other shares of our common
stock then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park and its affiliates having beneficial
ownership, at any single point in time, of more than 9.99% of the then total outstanding shares of our common stock, as calculated
pursuant to Section&nbsp;13(d)&nbsp;of the Exchange Act, and Rule&nbsp;13d-3 thereunder, which limitation we refer to as the Beneficial
Ownership Cap.</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"><B>Purchase of Shares Under the Purchase Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Purchase Agreement, on any business
day selected by us on which the closing sale price of our common stock is not less than $0.40, provided that at least five business
days have passed since the last prior regular purchase was completed, we may direct Lincoln Park to purchase up to 65,000 shares
of our common stock on any such business day in a regular purchase, provided, however, that (i) the regular purchase may be increased
to up to 80,000 shares, provided that the closing sale price is not below $1.25 on the purchase date, and (ii) the regular purchase
may be increased to up to 125,000 shares, provided that the closing sale price is not below $2.00 on the purchase date. In all
cases, however, Lincoln Park&rsquo;s total commitment obligation under any single regular purchase will not exceed $500,000. The
purchase price per share for each such regular purchase will be equal to the lower of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the lowest sale price for our common stock on the purchase date of such shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the arithmetic average of the three lowest closing sale prices for our common stock during the
12 consecutive business days ending on the business day immediately preceding the purchase date of such shares.</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 addition to regular purchases described
above, we may also direct Lincoln Park, on any business day on which we have properly submitted a regular purchase notice and the
closing price of our common stock is not below $0.75 per share, to purchase an additional amount of our common stock in an accelerated
purchase, not to exceed the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">25% of the aggregate shares of our common stock traded during normal trading hours on the purchase
date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">two times the number of purchase shares purchased pursuant to the corresponding regular purchase.</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">The purchase price per share for each such
accelerated purchase will be equal to the lower of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">95% of the volume weighted average price during (i) the entire trading day on the purchase date,
if the volume of shares of our common stock traded on the purchase date has not exceeded a volume maximum calculated in accordance
with the Purchase Agreement, or (ii) the portion of the trading day of the purchase date (calculated starting at the beginning
of normal trading hours) until such time at which the volume of shares of our common stock traded has exceeded such volume maximum;
or</TD></TR></TABLE>

<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">&nbsp;&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the closing sale price of our common stock on the accelerated purchase date.</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 the case of the regular purchases and accelerated
purchases, the purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction occurring during the business days used to compute the purchase price.</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">Other than as described above, there are no
trading volume requirements or restrictions under the Purchase Agreement, and we will control the timing and amount of any sales
of our common stock to Lincoln Park.</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"><B>Events of Default</B></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">Events of default under the Purchase Agreement
include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effectiveness of the registration statement of which this prospectus forms a part lapses for
any reason (including, without limitation, the issuance of a stop order), or any required prospectus supplement and accompanying
prospectus are unavailable for the resale by Lincoln Park of our common stock offered hereby, and such lapse or unavailability
continues for a period of 10 consecutive business days or for more than an aggregate of 30 business days in any 365-day period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">suspension by our principal market of our common stock from trading for a period of one business
day;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the de-listing of our common stock from OTCQB, our principal market, provided our common stock
is not immediately thereafter trading on the New York Stock Exchange, The NASDAQ Capital Market, The NASDAQ Global Market, The
NASDAQ Global Select Market, the NYSE Arca or the OTC Bulletin Board (or nationally recognized successor thereto);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of our transfer agent to issue to Lincoln Park shares of our common stock within three
business days after the applicable date on which Lincoln Park is entitled to receive such shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any breach of the representations or warranties or covenants contained in the Purchase Agreement
or Registration Rights Agreement that has or could have a material adverse effect on us and, in the case of a breach of a covenant
that is reasonably curable, that is not cured within five business days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any voluntary or involuntary participation or threatened participation in insolvency or bankruptcy
proceedings by or against us; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if at any time we are not eligible to transfer our common stock electronically.</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">Lincoln Park does not have the right to terminate
the Purchase Agreement upon any of the events of default set forth above. During an event of default, all of which are outside
of Lincoln Park&rsquo;s control, we may not direct Lincoln Park to purchase any shares of our common stock under the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Termination Rights</B></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">We have the unconditional right, at any time,
for any reason and without any payment or liability to us, to give notice to Lincoln Park to terminate the Purchase Agreement.
In the event of bankruptcy proceedings by or against us, the Purchase Agreement will automatically terminate without action of
any party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>No Short-Selling or Hedging by Lincoln Park</B></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">Lincoln Park has agreed that neither it nor
any of its affiliates shall engage in any direct or indirect short-selling or hedging of our common stock during any time prior
to the termination of the Purchase Agreement.</P>

<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Prohibitions on Variable Rate Transactions</B></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">There are no restrictions on future financings,
rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or Registration Rights
Agreement other than a prohibition on entering into a &ldquo;Variable Rate Transaction,&rdquo; as defined in the Purchase Agreement.</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"><B>Effect of Performance of the Purchase Agreement
on Our Stockholders</B></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">All 13,095,063 shares registered in this offering
which have been or may be issued or sold by us to Lincoln Park under the Purchase Agreement are expected to be freely tradable.
It is anticipated that shares registered in this offering will be sold over a period of up to 36-months commencing on the date
that the registration statement including this prospectus becomes effective. The sale by Lincoln Park of a significant amount of
shares registered in this offering at any given time could cause the market price of our common stock to decline and to be highly
volatile. Sales of our common stock to Lincoln Park other than those shares we already sold in the initial purchase, if any, will
depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Lincoln Park all, some
or none of the additional shares of our common stock that may be available for us to sell pursuant to the Purchase Agreement. If
and when we do sell shares to Lincoln Park, after Lincoln Park has acquired the shares, Lincoln Park may resell all, some or none
of those shares at any time or from time to time in its discretion. Therefore, sales to Lincoln Park by us under the Purchase Agreement
may result in substantial dilution to the interests of other holders of our common stock. In addition, if we sell a substantial
number of shares to Lincoln Park under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares
or the mere existence of our arrangement with Lincoln Park may make it more difficult for us to sell equity or equity-related securities
in the future at a time and at a price that we might otherwise wish to effect such sales. However, we have the right to control
the timing and amount of any additional sales of our shares to Lincoln Park and the Purchase Agreement may be terminated by us
at any time at our discretion without any cost to us.</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">Pursuant to the terms of the Purchase Agreement,
we have the right, but not the obligation, to direct Lincoln Park to purchase up to an additional $10,000,000 of our common stock,
exclusive of the 344,669 shares issued to Lincoln Park on such date as a commitment fee. Depending on the price per share at which
we sell our common stock to Lincoln Park, we may be authorized to issue and sell to Lincoln Park under the Purchase Agreement more
shares of our common stock than are offered under this prospectus. If we choose to do so, we must first register for resale under
the Securities Act any such additional shares, which could cause additional substantial dilution to our stockholders. The number
of shares ultimately offered for resale by Lincoln Park under this prospectus is dependent upon the number of shares we direct
Lincoln Park to purchase under the Purchase Agreement.</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">The following table sets forth the amount of
gross proceeds we would receive from Lincoln Park from our sale of shares to Lincoln Park under the Purchase Agreement at varying
purchase prices:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assumed<BR> Average<BR> Purchase<BR> Price&nbsp;Per<BR> Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Registered&nbsp;Shares<BR> to&nbsp;be&nbsp;Issued&nbsp;if&nbsp;Full<BR> Purchase&nbsp;(1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage&nbsp;of<BR> Outstanding&nbsp;Shares<BR> After&nbsp;Giving&nbsp;Effect&nbsp;to<BR> the&nbsp;Issuance&nbsp;to&nbsp;Lincoln<BR> Park&nbsp;(2)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proceeds&nbsp;from&nbsp;the&nbsp;Sale<BR>
of&nbsp;Shares&nbsp;to&nbsp;Lincoln<BR>
Park&nbsp;Under&nbsp;the&nbsp;$10M<BR> Purchase&nbsp;Agreement</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 23%; text-align: right">0.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">12,750,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">19.1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 22%; text-align: right">5,100,158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.90</FONT></TD><TD STYLE="text-align: left">(3) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,111,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,333,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Although the Purchase Agreement provides that we may sell up to $10,000,000 of our common stock
to Lincoln Park, we are only registering 13,095,063 shares under this prospectus, which may or may not cover all the shares we
ultimately sell to Lincoln Park under the Purchase Agreement, depending on the purchase price per share. As a result, we have included
in this column only the shares that we are registering in this offering.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The denominator is based on 54,073,309 shares outstanding as of January 23, 2017, adjusted to include
the issuance of (i) 344,669 commitment shares previously issued to Lincoln Park upon the execution of the Purchase Agreement, and
(ii) the number of shares set forth in the adjacent column which we would have sold to Lincoln Park, assuming the purchase price
in the adjacent column. The numerator is based on the number of shares issuable under the Purchase Agreement at the corresponding
assumed purchase price set forth in the adjacent column.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The closing sale price of our shares on January 23, 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_007"></A>USE OF PROCEEDS</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">This prospectus relates to shares of our common
stock that may be offered and sold from time to time by Lincoln Park. We will receive no proceeds from the sale of shares of common
stock by Lincoln Park in this offering. We may receive up to $10 million aggregate gross proceeds under the Purchase Agreement
from any sales we make to Lincoln Park pursuant to the Purchase Agreement after the date of this prospectus. We estimate that the
net proceeds to us from the sale of our common stock to Lincoln Park pursuant to the Purchase Agreement will be up to $10 million
over an approximately 36-month period, assuming that we sell the full amount of our common stock that we have the right, but not
the obligation, to sell to Lincoln Park under that agreement and other estimated fees and expenses. See &ldquo;Plan of Distribution&rdquo;
elsewhere in this prospectus for more information.</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">We expect to use any proceeds
that we receive under the Purchase Agreement for working capital and general corporate purposes. This anticipated use of net proceeds
from the sale of our common stock to Lincoln Park under the Purchase Agreement represents our intentions based upon our current
plans and business conditions. The amounts we actually expend in these areas, and the timing thereof, may vary significantly from
our current intentions and will depend upon a number of factors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_008"></A>DESCRIPTION OF CAPITAL
STOCK</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">Our authorized capital stock consists of 200,000,000
shares of common stock, $0.001 par value per share, and 20,000,000 shares of preferred stock in one or more series, $0.001 par
value per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Common Stock</B></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 of January 23, 2017, there were 54,073,309
shares of our common stock outstanding held of record by approximately 379 stockholders. In addition, there are outstanding options,
warrants and rights to acquire additional shares of common stock.</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">Holders of the common stock are entitled to
one vote per share on all matters submitted to the stockholders for a vote. There are no cumulative voting rights in the election
of directors. The shares of common stock are entitled to receive such dividends as may be declared and paid by the Board of Directors
out of funds legally available therefor and to share, ratably, in the net assets, if any, of AntriaBio upon liquidation. The stockholders
have no preemptive rights to purchase any shares of our capital stock.</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent for the common stock is
VStock, Cedarhurst, New York. Our common stock is traded on the OTCQB and is quoted under the symbol &ldquo;RZLT.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Preferred Stock</B></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">Our certificate of incorporation authorizes
20,000,000 shares of preferred stock. Our Board is authorized, without further stockholder action, to establish various series
of preferred stock from time to time and to determine the rights, preferences and privileges of any unissued series including,
among other matters, any dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, liquidation preferences,
sinking fund terms, the number of shares constituting any such series, and the description thereof and to issue any such shares.
There are no issued and outstanding shares of Preferred Stock.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_009"></A>SELLING STOCKHOLDER</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">This prospectus relates to the possible resale
by the Selling Stockholder, Lincoln Park, of shares of common stock that have been or may be issued to Lincoln Park pursuant to
the Purchase Agreement. We are filing the registration statement of which this prospectus forms a part pursuant to the provisions
of the Registration Rights Agreement, which we entered into with Lincoln Park on December 22, 2017 concurrently with our execution
of the Purchase Agreement, in which we agreed to provide certain registration rights with respect to sales by Lincoln Park of the
shares of our common stock that have been or may be issued to Lincoln Park under the Purchase Agreement.</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">Lincoln Park, as the Selling Stockholder, may,
from time to time, offer and sell pursuant to this prospectus any or all of the shares that we have sold or may sell to Lincoln
Park under the Purchase Agreement. The Selling Stockholder may sell some, all or none of its shares. We do not know how long the
Selling Stockholder will hold the shares before selling them, and we currently have no agreements, arrangements or understandings
with the Selling Stockholder regarding the sale of any of the shares.</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">The following table presents information regarding
the Selling Stockholder and the shares that it may offer and sell from time to time under this prospectus. The table is prepared
based on information supplied to us by the Selling Stockholder, and reflects its holdings as of January 23, 2017. Neither Lincoln
Park nor any of its affiliates has held a position or office, or had any other material relationship, with us or any of our predecessors
or affiliates. Beneficial ownership is determined in accordance with Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.
The percentage of shares beneficially owned prior to the offering is based on based on 54,073,309 shares of common stock outstanding
as of January 23, 2017.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Selling&nbsp;Stockholder</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares<BR>
Beneficially<BR>
Owned&nbsp;Before<BR>
this&nbsp;Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage<BR>
of<BR>
Outstanding<BR>
Shares<BR>
Beneficially<BR>
Owned<BR>
Before&nbsp;this<BR>
Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares&nbsp;to&nbsp;be&nbsp;Sold<BR>
in&nbsp;this&nbsp;Offering<BR>
Assuming&nbsp;The<BR>
Company&nbsp;issues<BR>
the&nbsp;Maximum<BR>
Number&nbsp;of&nbsp;Shares<BR>
Under&nbsp;the<BR>
Purchase<BR>
Agreement</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage<BR>
of<BR>
Outstanding<BR>
Shares<BR>
Beneficially<BR>
Owned<BR>
After&nbsp;this<BR>
Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Lincoln Park Capital Fund, LLC<BR> (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 10pt">344,669</FONT></TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">*</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(3)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">13,095,063</TD><TD STYLE="width: 1%; text-align: left">(4)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">*</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(5)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Less than 1%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, are deemed
to be beneficial owners of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld
have shared voting and investment power over the shares being offered under the prospectus filed with the SEC in connection with
the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate
of a licensed broker dealer.</TD></TR></TABLE>

<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">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents 344,669 shares of our common stock issued to Lincoln Park on December 22, 2017 as a
fee for its commitment to purchase shares of our common stock under the Purchase Agreement, all of which shares are covered by
the registration statement that includes this prospectus. In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
from the number of shares beneficially owned prior to the offering all of the additional shares of common stock that Lincoln Park
may be required to purchase pursuant to the Purchase Agreement because the issuance of such shares is solely at our discretion
and is subject to certain conditions, the satisfaction of all of which are outside of Lincoln Park&rsquo;s control, including the
registration statement of which this prospectus is a part becoming and remaining effective. Furthermore, under the terms of the
Purchase Agreement, issuances and sales of shares of our common stock to Lincoln Park are subject to certain limitations on the
amounts we may sell to Lincoln Park at any time, including the Beneficial Ownership Cap. See the description under the heading
&ldquo;The Lincoln Park Transaction&rdquo; for more information about the Purchase Agreement.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Based on 54,073,309 outstanding shares of our common stock as of January 23, 2018, which includes
344,669 shares of our common stock issued to Lincoln Park on December 22, 2017 as a fee for its commitment to purchase shares of
our common stock under the Purchase Agreement.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">Although the Purchase Agreement provides that we may sell up to $10,000,000 of our common stock
to Lincoln Park, only 13,095,063 shares of our common stock are being offered under this prospectus, which represents: (i)&nbsp;344,669
shares of our common stock issued to Lincoln Park as a fee for its commitment to purchase shares of our common stock under the
Purchase Agreement; and (ii)&nbsp;an aggregate of 12,750,394 shares of our common stock that may be sold by us to Lincoln Park
at our discretion from time to time over a 36-month period commencing after the satisfaction of certain conditions set forth in
the Purchase Agreement, including that the SEC has declared effective the registration statement that includes this prospectus.
Depending on the price per share at which we sell our common stock to Lincoln Park pursuant to the Purchase Agreement, we may need
to sell to Lincoln Park under the Purchase Agreement more shares of our common stock than are offered under this prospectus in
order to receive aggregate gross proceeds equal to the $10,000,000 total commitment available to us under the Purchase Agreement.
If we choose to do so, we must first register for resale under the Securities Act such additional shares. The number of shares
ultimately offered for resale by Lincoln Park is dependent upon the number of shares we sell to Lincoln Park under the Purchase
Agreement.</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Assumes the sale of all shares of common stock registered pursuant to this prospectus, although
the Selling Stockholder is under no obligation to sell any shares of common stock at this time.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_010"></A>PLAN OF DISTRIBUTION</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">The common stock offered by this prospectus
is being offered by the Selling Stockholder, Lincoln Park. The common stock may be sold or distributed from time to time by the
Selling Stockholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents
at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at
fixed prices, which may be changed. The sale of the common stock offered by this prospectus could be effected in one or more of
the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ordinary brokers&rsquo; transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">transactions involving cross or block trades;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through brokers, dealers, or underwriters who may act solely as agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;at the market&rdquo; into an existing market for the common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in other ways not involving market makers or established business markets, including direct sales
to purchasers or sales effected through agents;</TD></TR></TABLE>

<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">&nbsp;&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in privately negotiated transactions; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any combination of the foregoing.</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 order to comply with the securities laws
of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in
certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption
from the state&rsquo;s registration or qualification requirement is available and complied with.</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">Lincoln Park is an &ldquo;underwriter&rdquo;
within the meaning of Section 2(a)(11) of the Securities Act.</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">Lincoln Park has informed us that it intends
to use an unaffiliated broker-dealer to effectuate all sales, if any, of the common stock that it may purchase from us pursuant
to the Purchase Agreement. Such sales will be made at prices and at terms then prevailing or at prices related to the then current
market price. Each such unaffiliated broker-dealer will be an underwriter within the meaning of Section 2(a)(11) of the Securities
Act. Lincoln Park has informed us that each such broker-dealer will receive commissions from Lincoln Park that will not exceed
customary brokerage commissions.</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">Brokers, dealers, underwriters or agents participating
in the distribution of the shares offered by this prospectus may receive compensation in the form of commissions, discounts, or
concessions from purchasers for whom the broker-dealers may act as agent, of the common stock sold by Lincoln Park through this
prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of common stock sold by Lincoln Park
may be less than or in excess of customary commissions. Neither we nor Lincoln Park can presently estimate the amount of compensation
that any agent will receive.</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">We know of no existing arrangements between
Lincoln Park or any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution of the shares
offered by this prospectus.</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">We may from time to time file with the SEC
one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part to
amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act,
to disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Stockholder,
including the names of any brokers, dealers, underwriters or agents participating in the distribution of such shares by the Selling
Stockholder, any compensation paid by Lincoln Park to any such brokers, dealers, underwriters or agents, and any other required
information.</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">We will pay the expenses incident to the registration
under the Securities Act of the offer and sale of the shares to Lincoln Park. We have agreed to indemnify Lincoln Park and certain
other persons against certain liabilities in connection with the offering of shares of common stock offered hereby, including liabilities
arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of
such liabilities. Lincoln Park has agreed to indemnify us against liabilities under the Securities Act that may arise from certain
written information furnished to us by Lincoln Park specifically for use in this prospectus or, if such indemnity is unavailable,
to contribute amounts required to be paid in respect of such liabilities.</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">Lincoln Park has represented to us that at
no time prior to the Purchase Agreement has Lincoln Park or its agents, representatives or affiliates engaged in or effected, in
any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange
Act) of our common stock or any hedging transaction, which establishes a net short position with respect to our common stock. Lincoln
Park agreed that during the term of the Purchase Agreement, it, its agents, representatives or affiliates will not enter into or
effect, directly or indirectly, any of the foregoing transactions.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have advised Lincoln Park that it is required
to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the Selling Stockholder,
any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing,
or attempting to induce any person to bid for or purchase any security which is the subject of the distribution until the entire
distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security
in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.</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">This offering will terminate on the date that
all shares offered by this prospectus have been sold by Lincoln Park.</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">Our common stock is quoted on OTCQB under the
symbol &ldquo;RZLT&rdquo;.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_011"></A>LEGAL MATTERS</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">The validity of the shares of our common stock
offered hereby and certain other legal matters will be passed upon for us by the law firm of Dorsey &amp; Whitney LLP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_012"></A>EXPERTS</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">EKS&amp;H LLLP, our independent registered
public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K, for the years
ended June 30, 2017 and 2016, which are incorporated by reference in this prospectus and elsewhere in the registration statement.
Our financial statements are incorporated by reference in reliance on EKS&amp;H LLLP&rsquo;s report, given their authority as experts
in accounting and auditing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_013"></A>WHERE YOU CAN FIND ADDITIONAL
INFORMATION</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">We file annual reports, quarterly reports,
current reports, and proxy and information statements and other information with the SEC. You may read and copy materials that
we have filed with the SEC at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC
at 1-800-SEC-0330 for further information on the public reference room. Copies of reports and other information from us are available
on the SEC&rsquo;s website at http://www.sec.gov. Such filings are also available at our website at http://www.rezolutebio.com.
Website materials are not a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_014"></A>DOCUMENTS INCORPORATED BY REFERENCE</B></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">The SEC allows us to &ldquo;incorporate by
reference&rdquo; the information that we have filed with it, meaning we can disclose important information to you by referring
you to those documents already on file with the SEC. The information incorporated by reference is considered to be part of this
prospectus except for any information that is superseded by other information that is included in this prospectus.</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">This filing incorporated by reference the following
documents, which we have previously filed with the SEC pursuant to the Exchange Act:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Annual Report on Form 10-K for the year ended June 30, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Quarterly Report on Form 10-Q for the quarter ended September 30, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Current Reports on Form 8-K filed with the SEC on October 5, 2017, October 10, 2017, November 3,
2017, November 29, 2017, December 6, 2017, December 7, 2017, December 19, 2017 and December 26, 2017; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Definitive Proxy Statement on Schedule 14A for our 2017 annual meeting of stockholders filed
with the SEC on October 20, 2017.</TD></TR></TABLE>

<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, all documents subsequently filed
by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering,
shall be deemed to be incorporated by reference into this prospectus.</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; text-align: justify">We will provide, without charge, to each person, including any beneficial
owner, to whom this prospectus is delivered, on the written or oral request of such person, a copy of any or all of the reports
or documents incorporated by reference in this prospectus, but not delivered with this prospectus. Any request may be made by writing
or telephoning us at the following address or telephone number:</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: center">Rezolute, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1450 Infinite Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Louisville, CO 80027</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">303-222-2128</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">investor-relations@rezolutebio.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may also access the documents incorporated by reference into
this prospectus at our website address at www.rezolutebio.com. The other information and content contained on or linked from our
website are not part of this prospectus.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><A NAME="a_015"></A>PART II &ndash; INFORMATION
NOT REQUIRED IN PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Expenses of Issuance and Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fees and expenses to be paid in connection
with the distribution of securities being registered hereby are estimated as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: justify">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,467</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Legal fees and expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,467</TD><TD STYLE="text-align: left">&nbsp;</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"><B>Indemnification of Directors and Officers</B></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">Section 145 of the Delaware General Corporation
Law provides that a corporation has the power to indemnify a director, officer, employee or agent of the corporation and certain
other persons serving at the request of the corporation in related capacities against amounts paid and expenses incurred in connection
with an action or proceeding to which he is or is threatened to be made a party by reason of such position, if such person shall
have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation,
and, in any criminal proceeding, if such person had no reasonable cause to believe his conduct was unlawful; provided that, in
the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any matter
as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the adjudicating
court determines that such indemnification is proper under the circumstances.</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">Our Certificate of Incorporation and Bylaws
provide that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware General Corporation
Law. In addition, the Certificate of Incorporation provides, as permitted by Section 102(b)(7) of the Delaware General Corporation
Law, that our directors will not be liable for monetary damages to us for breaches of their fiduciary duty as directors, unless
they (i) violated their duty of loyalty to us or our stockholders, (ii) acted, or failed to act, in good faith, (iii) acted with
intentional misconduct, (iv) knowingly or intentionally violated the law, (v) authorized unlawful payments of dividends, unlawful
stock purchases or unlawful redemptions, or (vi) derived an improper personal benefit from their actions as directors.</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">Our Bylaws also permit us to secure insurance
on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware
General Corporation Law would permit indemnification. We have purchased a policy of directors&rsquo; and officers&rsquo; liability
insurance that insures our directors and officers.</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">The limitations of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation
against directors and officers, even though such an action, if successful, might otherwise benefit our stockholders and us. In
addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors
and officers pursuant to these indemnification provisions. We believe that these provisions, the insurance and the indemnity agreements
are necessary to attract and retain talented and experienced directors and officers.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant
to the foregoing provisions, the registrant has been advised that, in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in Act and is, therefore, unenforceable.</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"><B>Recent Sales of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 189.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the past three years as of June 30, 2017
and through January 23, 2018, we have offered and sold the following securities in unregistered transactions pursuant to exemptions
under the United States Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;).</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: 0.25in">1.</TD><TD STYLE="text-align: justify">On September 3, 2014, we issued 1,000 shares of our common stock in consideration for services
performed. The issuance was made in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">2.</TD><TD STYLE="text-align: justify">On November 28, 2014, we issued 1,782,783 shares of our common stock in the Unit Financing to 50
investors for an aggregate consideration of $3,298,131. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">3.</TD><TD STYLE="text-align: justify">On December 31, 2014, we issued 1,960,774 shares of our common stock in the Unit Financing to 23
investors for an aggregate consideration of $3,627,412. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">4.</TD><TD STYLE="text-align: justify">On February 28, 2015, we issued 897,004 shares of our common stock in the Unit Financing to 18
investors for an aggregate consideration of $1,659,452. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">5.</TD><TD STYLE="text-align: justify">On February 23, 2015, we issued 327,921 shares of our common stock in the Unit Financing to eight
investors for an aggregate consideration of $606,650. We paid Paulson cash compensation of $894,164 and we also issued Paulson
a warrant exercisable into 1,477,287 shares of our common stock. The issuance was made in reliance upon an exemption from registration
under Section 4(a)(2) of the Securities Act</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">6.</TD><TD STYLE="text-align: justify">On March 31, 2015, we issued 307,798 shares of our common stock in the Unit Financing to eight
investors for an aggregate consideration of $569,426. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">7.</TD><TD STYLE="text-align: justify">On April 6, 2015, we issued 764,641 shares of our common stock in the Unit Financing to six investors
for an aggregate consideration of $1,414,585. We paid Paulson cash compensation of $141,585 and we also issued Paulson a warrant
exercisable into 347,202 shares of our common stock. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">8.</TD><TD STYLE="text-align: justify">On April 20, 2015, we issued 37,838 shares of our common stock in consideration for services performed.
The issuance was made in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">9.</TD><TD STYLE="text-align: justify">On December 9, 2015, we issued 1,025,699 shares of Series A Preferred Stock in a Series A Financing
to six investors for an aggregate consideration of $2,000,115. The issuance was made in reliance upon an exemption from registration
under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">10.</TD><TD STYLE="text-align: justify">On March 2, 2016, we issued 1,716,487 shares of Series A Preferred Stock in a Series A Financing
to six investors for an aggregate consideration of $3,347,500. We paid the placement agents cash compensation of $230,174 and we
also issued warrants exercisable into 414,546 shares of our common stock. The issuance was made in reliance upon an exemption from
registration under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: 0.25in">11.</TD><TD STYLE="text-align: justify">On April 12, 2016, we issued 512,820 shares of Series A Preferred Stock in a Series A Financing
to one investor for an aggregate consideration of $1,000,000. The issuance was made in reliance upon an exemption from registration
under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">12.</TD><TD STYLE="text-align: justify">On April 29, 2016, we issued 161,679 shares of our common stock in the Unit Financing to three
investors for an aggregate consideration of $177,847. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">13.</TD><TD STYLE="text-align: justify">On May 31, 2016, we issued 3,001,888 shares of our common stock in the Unit Financing to 26 investors
for an aggregate consideration of $3,302,077. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">14.</TD><TD STYLE="text-align: justify">On June 24, 2016, we issued 715,909 shares to of our common stock in the Unit Financing to 15 investors
for an aggregate consideration of $787,500. We paid the placement agent cash compensation of $61,798 and we also issued warrants
exercisable into 71,591 shares of common stock. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">15.</TD><TD STYLE="text-align: justify">On June 28, 2016, we issued 995,543 shares of our common stock in the Unit Financing to 14 investors
for an aggregate consideration of $1,095,097. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">16.</TD><TD STYLE="text-align: justify">On July 29, 2016, we issued 418,182 shares of our common stock in the Unit Financing to nine investors
for an aggregate consideration of $460,000. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">17.</TD><TD STYLE="text-align: justify">On September 30, 2016, we issued 2,029,454 shares of our common stock in the Unit Financing to
25 investors for an aggregate consideration of $2,232,399. The issuance was made in reliance upon an exemption from registration
under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">18.</TD><TD STYLE="text-align: justify">On October 6, 2016, we issued 2,376,455 shares of our common stock in the Unit Financing to 24
investors for an aggregate consideration of $2,614,101. We paid the placement agent cash compensation of $339,833 and we also issued
warrants exercisable into 978,152 shares of common stock. The issuance was made in reliance upon an exemption from registration
under Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">19.</TD><TD STYLE="text-align: justify">On October 7, 2016, we issued 909,091 shares of our common stock in the Unit financing to one investor
for an aggregate consideration of $1,000,000. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">20.</TD><TD STYLE="text-align: justify">On October 13, 2016, we issued 50,000 shares of our common stock in the Unit financing to one investor
for an aggregate consideration of $55,000. The issuance was made in reliance upon an exemption from registration under Section
4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">21.</TD><TD STYLE="text-align: justify">On March 6, 2017, we issued 4,500,000 shares of our common stock in the Stock financing to three
investors for an aggregate consideration of $4,500,000. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">22.</TD><TD STYLE="text-align: justify">On April 18, 2017, we issued 2,226,190 shares of our common stock in the Stock financing to two
investors for an aggregate consideration of $2,226,190. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">23.</TD><TD STYLE="text-align: justify">On June 30, 2017, we issued 1,550,000 shares of our common stock in the Stock financing to five
investors for an aggregate consideration of $1,550,000. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<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">&nbsp;&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: 0.25in">24.</TD><TD STYLE="text-align: justify">On July 18, 2017, we issued 4,500,000 shares of our common stock in the Stock financing to two
investors for an aggregate consideration of $4,500,000. The issuance was made in reliance upon an exemption from registration under
Section 4(a)(2) of the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exhibits</B></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">A list of exhibits filed herewith or incorporated
by reference is contained in the Exhibit Index which is incorporated herein by reference.</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"><B>Undertakings</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act of 1933;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&nbsp; Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes
in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to
the plan of distribution not previously disclosed in the registration statement or any material change to such information in
the Registration Statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><I>provided, however</I>, that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">paragraphs (a)(1)(i), (ii)&nbsp;and (iii)&nbsp;above
do not apply if the registration statement is on Form&nbsp;S-1 (&sect;&nbsp;239.11 of this chapter), Form&nbsp;S-3 (&sect;&nbsp;239.13
of this chapter), Form&nbsp;SF-3 (&sect;&nbsp;239.45 of this chapter) or Form&nbsp;F-3 (&sect;&nbsp;239.33 of this chapter) and
the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the registrant pursuant to section&nbsp;13 or section&nbsp;15(d)&nbsp;of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78<I>o</I>(d)) that are incorporated by reference in the registration statement, or, as to a registration
statement on Form&nbsp;S-3, Form&nbsp;SF-3 or Form&nbsp;F-3, is contained in a form of prospectus filed pursuant to &sect;&nbsp;230.424(b)&nbsp;of
this chapter that is part of the registration statement.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 168pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering;</TD>
</TR></TABLE>

<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">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability under
the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a registration
statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed
in reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of the date it is first
used after effectiveness.&nbsp; <I>Provided, however, </I>that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of
the registration statement or made in any such document immediately prior to such date of first use; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</TD>
</TR></TABLE>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_016"></A>SIGNATURES</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">Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized
in the City of Louisville, State of Colorado, on January 29, 2018.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%"><B>REZOLUTE, INC.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Nevan Elam</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Nevan Elam</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Chief Executive Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Executive Officer)</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Morgan Fields</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Morgan Fields</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Chief Accounting Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each person whose signature appears below constitutes and appoints
each of Nevan Elam his attorney-in-fact and agent, with the full power of substitution and resubstitution and full power to act
without the other, for them in any and all capacities, to sign any and all amendments, including post-effective amendments, and
any registration statement relating to the same offering as this registration that is to be effective upon filing pursuant to Rule
462(b) under the Securities Act of 1933, as amended, to this registration statement, and to file the same, with exhibits thereto
and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that
said attorneys-in-fact, or their substitute or substitutes, may do or cause to be done by virtue hereof. Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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="width: 30%; border-bottom: black 1pt solid; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Nevan Elam</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nevan Elam</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Hoyoung Huh</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hoyoung Huh</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Welch</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>David Welch</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Samir Patel</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Samir Patel</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>/s/ Tae Hoon Kim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid">Tae Hoon Kim</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>/s/ Gil Labrucherie</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid">Gil Labrucherie</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Morgan Fields</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD>January 29, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Morgan Fields</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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">&nbsp;&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 10%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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="width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex2_1.htm" STYLE="-sec-extract: exhibit"><B>2.1 </B></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex2_1.htm" STYLE="-sec-extract: exhibit">Share Exchange and Reorganization Agreement, January 31, 2013 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex2_1.htm" STYLE="-sec-extract: exhibit"><B>2.2 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex2_1.htm" STYLE="-sec-extract: exhibit">Plan of Conversion, dated January 10, 2013 (incorporated by reference to Exhibit 2.1 of the Company&rsquo;s Form 8-K filing on January 11, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_1.htm" STYLE="-sec-extract: exhibit"><B>3.1 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_1.htm" STYLE="-sec-extract: exhibit">Articles of Conversion, dated January 10, 2013 (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Form 8-K filing on January 11, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_2.htm" STYLE="-sec-extract: exhibit"><B>3.2 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_2.htm" STYLE="-sec-extract: exhibit">Certificate of Conversion, dated January 10, 2013 (incorporated by reference to Exhibit 3.2 of the Company&rsquo;s Form 8-K filing on January 11, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_3.htm" STYLE="-sec-extract: exhibit"><B>3.3 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_3.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation, dated January 10, 2013 (incorporated by reference to Exhibit 3.3 of the Company&rsquo;s Form 8-K filing on January 11, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_4.htm" STYLE="-sec-extract: exhibit"><B>3.4 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000025/ex3_4.htm" STYLE="-sec-extract: exhibit">Delaware Bylaws, dated January 10, 2013 (incorporated by reference to Exhibit 3.4 of the Company&rsquo;s Form 8-K filing on January 11, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414032197/v378391_ex3-5.htm" STYLE="-sec-extract: exhibit"><B>3.5 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414032197/v378391_ex3-5.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Certificate of Incorporation, dated April 30, 2014 (incorporated by reference to Exhibit 3.5 of the Company&rsquo;s Form S-1 filing on May 20, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000211/ex3_1.htm" STYLE="-sec-extract: exhibit"><B>3.6</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000211/ex3_1.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Certificate of Incorporation, dated November 28, 2017 (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Form 8-K filing on November 29, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000447/ex3_1.htm" STYLE="-sec-extract: exhibit"><B>3.7</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000447/ex3_1.htm" STYLE="-sec-extract: exhibit">Certificate of Designation dated December 7, 2015 (incorporated by reference on Exhibit 3.1 of the Company&rsquo;s Form 8-K on December 10, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000211/ex3_2.htm" STYLE="-sec-extract: exhibit"><B>3.8</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000211/ex3_2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws, dated November 28, 2017 (incorporated by reference to Exhibit 3.2 of the Company&rsquo;s Form 8-K filing on November 29, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417062743/tv480957_ex2-1.htm" STYLE="-sec-extract: exhibit"><B>3.9</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417062743/tv480957_ex2-1.htm" STYLE="-sec-extract: exhibit">Certificate of Ownership and Merger, dated December 6, 2017 (incorporated by reference to Exhibit 2.1 of the Company&rsquo;s Form 8-K filing on December 7, 2017) </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_5.htm" STYLE="-sec-extract: exhibit"><B>4.1 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_5.htm" STYLE="-sec-extract: exhibit">Form of Konus Warrant (incorporated by reference to Exhibit 4.5 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>4.2 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Warrant (incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex4_2.htm" STYLE="-sec-extract: exhibit"><B>4.3 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex4_2.htm" STYLE="-sec-extract: exhibit">Form of Bridge Warrant (incorporated by reference to Exhibit 4.2 of the Company&rsquo;s Form 8-K filing on January 16, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_3.htm" STYLE="-sec-extract: exhibit"><B>4.4 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex4_3.htm" STYLE="-sec-extract: exhibit">Form of Conversion Warrant (incorporated by reference to Exhibit 4.3 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414030227/v377121_ex10-1.htm" STYLE="-sec-extract: exhibit"><B>4.5 </B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414030227/v377121_ex10-1.htm" STYLE="-sec-extract: exhibit">Form of Compensation Warrant (incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Form 10-Q filing on May 14, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000644/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>4.6</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000644/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on December 4, 2014)</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></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="width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000004/ex4_2.htm" STYLE="-sec-extract: exhibit"><B>4.7</B></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000004/ex4_2.htm" STYLE="-sec-extract: exhibit">Form of Financing Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on January 5, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>4.8</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on April 6, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex4_2.htm" STYLE="-sec-extract: exhibit"><B>4.9</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex4_2.htm" STYLE="-sec-extract: exhibit">Form of Financing Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on April 6, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000447/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>4.10</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000447/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Agent Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on December 10, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>4.11</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on June 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex4_2.htm" STYLE="-sec-extract: exhibit"><B>4.12</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex4_2.htm" STYLE="-sec-extract: exhibit">Form of Agent Warrant (incorporated by reference to the Company&rsquo;s Form 8-K filing on June 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv483573_ex5-1.htm" STYLE="-sec-extract: exhibit"><B>5.1</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv483573_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Dorsey &amp; Whitney LLP *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.1</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_1.htm" STYLE="-sec-extract: exhibit">Asset Purchase Agreement with PR Pharmaceuticals (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000605/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.2</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000605/ex10_1.htm" STYLE="-sec-extract: exhibit">Asset Purchase Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on November 10, 2014.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_3.htm" STYLE="-sec-extract: exhibit"><B>10.3</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_3.htm" STYLE="-sec-extract: exhibit">Employment Agreement with Nevan Elam, dated June 18, 2012 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_4.htm" STYLE="-sec-extract: exhibit"><B>10.4</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_4.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employment Agreement with Nevan Elam, dated March 26, 2014 (incorporated by reference to Exhibit 10.4 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_2.htm" STYLE="-sec-extract: exhibit"><B>10.5</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_2.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Employment Agreement with Nevan Elam, dated February 23, 2015 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 24, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_4.htm" STYLE="-sec-extract: exhibit"><B>10.6</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_4.htm" STYLE="-sec-extract: exhibit">Employment Agreement with Sankaram Mantripragada, dated April 1, 2012 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_3.htm" STYLE="-sec-extract: exhibit"><B>10.7</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_3.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employment Agreement with Sankaram Mantripragada, dated March 26, 2014 (incorporated by reference to Exhibit 10.3 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_3.htm" STYLE="-sec-extract: exhibit"><B>10.8</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_3.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Employment Agreement with Sankaram Mantripragada, dated February 23, 2015 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 24, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_6.htm" STYLE="-sec-extract: exhibit"><B>10.9</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_6.htm" STYLE="-sec-extract: exhibit">Consulting Agreement with Hoyoung Huh, dated July 1, 2012 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_6.htm" STYLE="-sec-extract: exhibit"><B>10.10</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_6.htm" STYLE="-sec-extract: exhibit">Termination Agreement with Hoyoung Huh, dated March 26, 2014 (incorporated by reference to Exhibit 10.6 of the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000014/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.11</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000014/ex10_1.htm" STYLE="-sec-extract: exhibit">Employment Agreement with Hoyoung Huh, dated January 1, 2015 (incorporated by reference to the Company&rsquo;s Form 8-K filing on January 8, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000892/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.12</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000892/ex10_1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employment Agreement with Hoyoung Huh, dated October 31, 2016 (incorporated by reference to the Company&rsquo;s Form 8-K filing on November 4, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_4.htm" STYLE="-sec-extract: exhibit"><B>10.13</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_4.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employment Agreement with Morgan Fields, dated February 23, 2015 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 24, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_7.htm" STYLE="-sec-extract: exhibit"><B>10.14</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_7.htm" STYLE="-sec-extract: exhibit">Option Agreement with Steve Howe, dated January 30, 2013 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></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="width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_8.htm" STYLE="-sec-extract: exhibit"><B>10.15</B></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_8.htm" STYLE="-sec-extract: exhibit">Option Agreement with Nevan Elam, dated January 30, 2013 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_9.htm" STYLE="-sec-extract: exhibit"><B>10.16</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_9.htm" STYLE="-sec-extract: exhibit">Option Agreement with Sankaram Mantripragada, dated January 30, 2013 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_10.htm" STYLE="-sec-extract: exhibit"><B>10.17</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228213000073/ex10_10.htm" STYLE="-sec-extract: exhibit">Option Agreement with Hoyoung Huh, dated January 30, 2013 (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 6, 2013)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.18</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex10_1.htm" STYLE="-sec-extract: exhibit">Subscription Agreement (incorporated by reference to the Company&rsquo;s 8-K filing on January 16, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex4_1.htm" STYLE="-sec-extract: exhibit"><B>10.19</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000023/ex4_1.htm" STYLE="-sec-extract: exhibit">Form of Bridge Note (incorporated by reference to the Company&rsquo;s Form 8-K filing on January 16, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414008442/v366819_ex10-2.htm" STYLE="-sec-extract: exhibit"><B>10.20</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420414008442/v366819_ex10-2.htm" STYLE="-sec-extract: exhibit">Form of Note Conversion Letters (incorporated by reference to the Company&rsquo;s Form 10-Q filing on February 13, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.21</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000180/ex10_1.htm" STYLE="-sec-extract: exhibit">Unit Subscription Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on April 1, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000201/antriabio_def14c-041014.htm" STYLE="-sec-extract: exhibit"><B>10.22</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000201/antriabio_def14c-041014.htm" STYLE="-sec-extract: exhibit">AntriaBio, Inc. 2014 Stock and Incentive Plan (incorporated by reference to Appendix B to the Company&rsquo;s Definitive Information Statement on Schedule 14C filed on April 10, 2014)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_5.htm" STYLE="-sec-extract: exhibit"><B>10.23</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000070/ex10_5.htm" STYLE="-sec-extract: exhibit">AntriaBio, Inc. 2015 Non Qualified Stock Option Plan (incorporated by reference to the Company&rsquo;s Form 8-K filing on February 24, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000892/ex10_2.htm" STYLE="-sec-extract: exhibit"><B>10.24</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000892/ex10_2.htm" STYLE="-sec-extract: exhibit">AntriaBio, Inc. 2016 Non Qualified Stock Option Plan (incorporated by reference to the Company&rsquo;s Form &nbsp;8-K filing on November 4, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-25.htm" STYLE="-sec-extract: exhibit"><B>10.25</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-25.htm" STYLE="-sec-extract: exhibit">AntriaBio, Inc. 2016 Non Qualified Stock Option Plan, as Amended (incorporated by reference to the Company&rsquo;s Form 10-K on September 21, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-1.htm" STYLE="-sec-extract: exhibit"><B>10.26</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-1.htm" STYLE="-sec-extract: exhibit">Nevan Elam Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-2.htm" STYLE="-sec-extract: exhibit"><B>10.27</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-2.htm" STYLE="-sec-extract: exhibit">Nevan Elam Prospective Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-3.htm" STYLE="-sec-extract: exhibit"><B>10.28</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-3.htm" STYLE="-sec-extract: exhibit">Hoyoung Huh Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-4.htm" STYLE="-sec-extract: exhibit"><B>10.29</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-4.htm" STYLE="-sec-extract: exhibit">Hoyoung Huh Prospective Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-5.htm" STYLE="-sec-extract: exhibit"><B>10.30</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-5.htm" STYLE="-sec-extract: exhibit">Morgan Fields Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-6.htm" STYLE="-sec-extract: exhibit"><B>10.31</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-6.htm" STYLE="-sec-extract: exhibit">Morgan Fields Prospective Refresh Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-7.htm" STYLE="-sec-extract: exhibit"><B>10.32</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416141648/v455882_ex10-7.htm" STYLE="-sec-extract: exhibit">Sankaram Mantripragada Stock Option Agreement (incorporated by reference to the Company&rsquo;s Form 8-K on December 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417027380/v465723_ex10-1.htm" STYLE="-sec-extract: exhibit"><B>10.33</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417027380/v465723_ex10-1.htm" STYLE="-sec-extract: exhibit">Form of Stock Option Cancellation Agreement (incorporated by reference to the Company&rsquo;s Form 10-Q filing on May 15, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000242/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.34</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228214000242/ex10_1.htm" STYLE="-sec-extract: exhibit">Lease Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on May 12, 2014)</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<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="width: 6%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-35.htm" STYLE="-sec-extract: exhibit"><B>10.35</B></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%"><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-35.htm" STYLE="-sec-extract: exhibit">Lease Agreement with Elion (incorporated by reference to the Company&rsquo;s Form 10-K on September 21, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-36.htm" STYLE="-sec-extract: exhibit"><B>10.36</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex10-36.htm" STYLE="-sec-extract: exhibit">Sublease Agreement with Elion (incorporated by reference to the Company&rsquo;s Form 10-K on September 21, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000004/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.37</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000004/ex10_1.htm" STYLE="-sec-extract: exhibit">Form of Subscription Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on January 5, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.38</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228215000122/ex10_1.htm" STYLE="-sec-extract: exhibit">Form of Subscription Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on April 6, 2015)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416082181/v430207_ex10-1.htm" STYLE="-sec-extract: exhibit"><B>10.39</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416082181/v430207_ex10-1.htm" STYLE="-sec-extract: exhibit">Form of Purchase Agreement (incorporated by reference to the Company&rsquo;s Form 10-Q filing on February 16, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000633/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.40</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000633/ex10_1.htm" STYLE="-sec-extract: exhibit">Collaboration Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on March 2, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.41</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex10_1.htm" STYLE="-sec-extract: exhibit">Form of Purchase Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on June 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex10_4.htm" STYLE="-sec-extract: exhibit"><B>10.42</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228216000763/ex10_4.htm" STYLE="-sec-extract: exhibit">Form of Exchange Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on June 29, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416125780/v448917_ex10-37.htm" STYLE="-sec-extract: exhibit"><B>10.43</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416125780/v448917_ex10-37.htm" STYLE="-sec-extract: exhibit">Placement Agent Agreement dated March 22, 2016 (incorporated by reference to the Company&rsquo;s Form 10-K filing on September 28, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416125780/v448917_ex10-38.htm" STYLE="-sec-extract: exhibit"><B>10.44</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420416125780/v448917_ex10-38.htm" STYLE="-sec-extract: exhibit">Placement Agent Agreement dated April 11, 2016 (incorporated by reference to the Company&rsquo;s Form 10-K filing on September 28, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000062/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.45</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000062/ex10_1.htm" STYLE="-sec-extract: exhibit">Form of Purchase Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on March 6, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000175/ex10_1.htm" STYLE="-sec-extract: exhibit"><B>10.46</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000091228217000175/ex10_1.htm" STYLE="-sec-extract: exhibit">Development and License Agreement (incorporated by reference to the Company&rsquo;s Form 8-K filing on August 7, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417065280/tv482048_ex10-1.htm" STYLE="-sec-extract: exhibit"><B>10.47</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417065280/tv482048_ex10-1.htm" STYLE="-sec-extract: exhibit">Form of Purchase Agreement (incorporated by reference to the Company&rsquo;s Form 8-k filing on December 26, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417065280/tv482048_ex10-2.htm" STYLE="-sec-extract: exhibit"><B>10.48</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417065280/tv482048_ex10-2.htm" STYLE="-sec-extract: exhibit">Form of Registration Right Agreement (incorporated by reference to the Company&rsquo;s Form 8-k filing on December 26, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex21-1.htm" STYLE="-sec-extract: exhibit"><B>21.1</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1509261/000114420417049237/v474916_ex21-1.htm" STYLE="-sec-extract: exhibit">Listing of Subsidiaries (incorporated by reference to the Company&rsquo;s Form 10-K filing on September 21, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv483573_ex23-1.htm" STYLE="-sec-extract: exhibit"><B>23.1</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv483573_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of EKS&amp;H LLLP *</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv483573_ex5-1.htm" STYLE="-sec-extract: exhibit"><B>23.2</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv483573_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Dorsey &amp; Whitney, LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#a_016" STYLE="-sec-extract: exhibit"><B>24.1</B></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_016" STYLE="-sec-extract: exhibit">Power of Attorney (contained on signature page to the registration statement)</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tv483573_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 29, 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1450 Infinite Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Louisville, CO 80027</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-1</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to Rezolute, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the Registration Statement on
Form S-1 (the &ldquo;<B>Registration Statement</B>&rdquo;) filed by the Company with the United States Securities and Exchange
Commission (the &ldquo;<B>Commission</B>&rdquo;) under the United States Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), relating to the offer and sale by Lincoln Park Capital Fund, LLC (the &ldquo;<B>Selling Stockholder</B>&rdquo;)
of up to 13,095,063 shares of common stock, par value $0.001 per share, of the Company (&ldquo;<B>Common Stock</B>&rdquo;), consisting
of (i) 344,669 shares of Common Stock (the &ldquo;<B>Commitment Shares</B>&rsquo;) issued to the Selling Stockholder by the Company
and outstanding on the date hereof and (ii) up to 12,750,394 shares of Common Stock that may be sold by us to the Selling Stockholder
at our discretion from time to time (the &ldquo;<B>Future Shares</B>&rdquo;) pursuant to a purchase agreement dated December 22,
2017 between the Company and the Selling Stockholder (the &ldquo;<B>Purchase Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also examined
such other documents and reviewed such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below. In rendering our opinions, we have assumed the authenticity of all documents submitted to us as originals,
the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We have
also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements
or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise)
to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by
all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are
the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinions, we have relied
upon certificates of officers of the Company and of public officials. We have assumed that the Shares will be sold as described
in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing,
we are of the opinion that (i) the Commitment Shares have been validly issued and are fully paid and non-assessable and (ii) the
Future Shares when issued, sold and delivered by the Company against payment therefor in accordance with the provisions of the
Purchase agreement, will be will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinions expressed
above are limited to the Delaware General Corporation Law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 29, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement, and to the reference to our firm under the heading &ldquo;Legal
Matters&rdquo; in the prospectus constituting part of the Registration Statement. In giving this consent, we do not admit that
we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Dorsey &amp; Whitney LLP</P>

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

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

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tv483573_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the inclusion in this
Registration Statement (No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) on Form S-1 of our report dated September 22, 2017, with respect to the consolidated
financial statements of Rezolute, Inc. and subsidiary as of and for the years ended June 30, 2017 and 2016, filed on September&nbsp;22,
2017, which appears in this Form S-1 Registration Statement, which includes an explanatory paragraph regarding the substantial
doubt about Rezolute, Inc. and subsidiary&rsquo;s ability to continue as a going concern.&nbsp; We also consent to the reference
to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 29, 2018</P>

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

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

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

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