<SEC-DOCUMENT>0001062993-14-003353.txt : 20140821
<SEC-HEADER>0001062993-14-003353.hdr.sgml : 20140821
<ACCEPTANCE-DATETIME>20140522171351
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-14-003353
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANAVEX LIFE SCIENCES CORP.
		CENTRAL INDEX KEY:			0001314052
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				208365999
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163
		BUSINESS PHONE:		800-689-3939

	MAIL ADDRESS:	
		STREET 1:		51 W 52ND STREET,
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019-6163

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thrifty Printing Inc.
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

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   <TITLE>Anavex Life Sciences Corp. - SEC Correspondence - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>ANAVEX LIFE SCIENCES CORP. </B><BR><B>51 West
52</B><B><SUP>nd</SUP></B><B> Street, 7</B><B><SUP>th</SUP></B><B> Floor
</B><BR><B>New York, New York 10019-6163 </B><BR></P>
<P align=center>May 22, 2014 </P>
<P align=justify><B><U>VIA EDGAR</U></B></P>
<P align=justify>Jeffrey P. Riedler <BR>Assistant Director <BR>United States
Securities and Exchange Commission <BR>Division of Corporate Finance <BR>100 F
Street, N.E. <BR>Washington, D.C. 20549 <BR>Tel: (202) 551-3715 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Re:</B> </TD>
    <TD align=left width="95%"><B>Anavex Life Sciences Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form S-1</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>Filed April 11, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>File No. 333-195225</B> </TD></TR></TABLE>
<P align=justify>Ladies and Gentlemen: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anavex
Life Sciences Corp. (the &#147;<U>Company</U>&#148;) confirms receipt of the letter dated
April 30, 2014 from the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and
Exchange Commission (the &#147;<U>Commission</U>&#148;) with respect to the
above-referenced filing (the &#147;<U>Registration Statement</U>&#148;). We are responding
to the Staff&#146;s comments as set forth below. The Company&#146;s responses to the
Staff&#146;s comments are in identical numerical sequence. For the convenience of the
Staff, each comment is repeated verbatim with the Company&#146;s response immediately
following.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>COMMENT 1. </TD>
    <TD align=left width="90%">
      <P align=justify>We note that you are registering the sale of 101,000,004
      shares of common stock by various selling stockholders. Given the size
      relative to the number of shares outstanding held by non-affiliates, the
      nature of the offering and the selling security holders, the transaction
      appears to be a primary offering. Because you are not eligible to conduct
      a primary offering of this size on form S-3 you are not eligible to
      conduct a primary at-the- market offering under Rule 415(a)(4). </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%">
      <P align=justify>If you disagree with our analysis, please advise the
      staff of the company&#146;s basis for determining that the transaction is
      appropriately characterized as a transaction that is eligible to be made
  under rule 415(a)(1)(i). In your analysis, please refer to Securities Act Rules C&amp;DI Question 612.09 and address the following among any other relevant factors: </P></TD></TR></TABLE>
<BR>
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<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 2 </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
How long the selling shareholders have held the shares;	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
The circumstances under which they received them;	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
Their relationship to the issuer;	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
The amount of shares involved;	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
Whether the sellers are in the business of underwriting securities; and	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>
&#149;	</TD>
	<TD width=85% align=left>
Whether under all the circumstances it appears that the seller is acting as a	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
	<TD width="5%" align=left>&nbsp;	</TD>
	<TD width=85% align=left>
conduit for the issuer.	</TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>
<B>RESPONSE:</B>																								</TD>
	<TD width=90% align=left>
      <div align="justify"><B>None of the shares of the Company&rsquo;s common stock (&ldquo;</B><B><U>Common Stock</U></B><B>&rdquo;) to</B>          <B>be registered under the Registration Statement are currently directly held</B>          <B>by any of the selling security holders listed therein (such holders, the</B>          <B>&ldquo;</B><B><U>Selling Security Holders</U></B><B>&rdquo;); none of such shares have been issued by the</B>          <B>Company. The shares of Common Stock to be registered under the</B>          <B>Registration Statement underlie convertible securities (senior debentures,</B>          <B>the &ldquo;</B><B><U>Debentures</U></B><B>&rdquo;, and warrants, the &ldquo;</B><B><U>Warrants</U></B><B>&rdquo;, collectively, the</B>          <B>&ldquo;</B><B><U>Securities</U></B><B>&rdquo;) issued to the Selling Security Holders pursuant to the</B>          <B>securities purchase agreement (the &ldquo;</B><B><U>Securities Purchase Agreement</U></B><B>&rdquo;)</B>          <B>entered into by and among the Company and the Selling Security Holders</B>          <B>on March 13, 2014 (such transaction, the &ldquo;</B><B><U>Investment</U></B><B>&rdquo;). As such, the</B>          <B>Selling Security Holders are currently indirect beneficial owners of the</B>          <B>shares of Common Stock to be registered under the Registration Statement.</B>          <B>The debt evidenced by the Debentures has a thirty (30) year maturity date,</B>          <B>and until the maturity date, such debt is convertible into shares of</B>          <B>Common Stock in satisfaction thereof. The Warrants have a term of five (5)</B>          <B>years. Pursuant to the Securities Purchase Agreement and ancillary</B>          <B>documents, the Company agreed to register all of the shares of Common</B>          <B>Stock underlying the Debentures and Warrants on behalf of the Selling</B>          <B>Security Holders. Upon exercise of the Warrants, or conversion of the</B>          <B>Debentures, an applicable amount of shares of Common Stock shall be</B>          <B>issued to the exercising or converting Selling Security Holder. The</B>          <B>Company shall not receive any proceeds from the sale of such shares of</B>          <B>Common Stock sold by the Selling Security Holders under the Registration</B>          <B>Statement.</B> </div></TD>
</TR>
</TABLE>
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<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 3 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>&nbsp;				</TD>
	<TD width=90% align=right>
      <div align="justify"><B>None of the Selling Security Holders had any business relationship or</B>
           <B>entered into any securities related transactions with the Company prior to</B>
          <B>the Investment. To the Company&rsquo;s knowledge, none of the Selling Security</B>
        <B>Holders are in the business of underwriting securities.</B> </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;								</TD>
	<TD width=90% align=right>
      <div align="justify"><B>With respect to the amount of shares of Common Stock involved, the</B>
          <B>Company has only submitted the Registration Statement pursuant to its</B>
          <B>obligations to the Selling Security Holders under the terms of the Securities</B>
          <B>Purchase Agreement and ancillary documents, not on its own behalf, and is</B>
          <B>willing to submit for registration only that amount of shares underlying the</B>
          <B>Debentures and Warrants as would be acceptable to the Commission to</B>
          <B>constitute a Rule 415(a)(1)(i) offering, which the Company anticipates will</B>
    <B>be approximately one-third of its public float, or 11,011,422 shares (the</B><b> &ldquo;</b><b><u>1/3 Shares</u></b><b>&rdquo;) of its current public float of 33,034,265 shares.</b></div></TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;					</TD>
	<TD width=90% align=right>
      <div align="justify"><B>Considering the foregoing relevant factors, the Selling Security Holders are</B>
        <B>acting on their own behalf in accordance with their own investment intent</B>

        <B>and not as a conduit for the Company, and as such, the Company does not</B>

        <B>believe that the offering constitutes a primary offering, but rather qualifies</B>

      <B>as a Rule 415(a)(1)(i) offering.</B>      </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
      COMMENT 2.					</TD>
	<TD width=90% align=right>
      <div align="justify">Please provide us, with a view toward disclosure in the prospectus, with the total

        dollar value of the securities underlying the convertible notes that you have

        registered for resale (using the number of underlying securities that you have

        registered for resale and the market price per share for those securities on the

    date of the sale of the convertible notes).    </div></TD>
</TR>

<TR>
	<TD nowrap>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
<B>RESPONSE:</B>						</TD>
	<TD width=90% align=right>
      <div align="justify"><B>On the date of the sale of the Securities, March 18, 2014, the closing price</B>
        <B>of the Common Stock was &#36;0.44 per share. As such, the dollar value of the</B>
        <B>33,333,336 shares initially listed in the Registration Statement underlying</B>

        <B>the Debentures would be &#36;14,666,668. The dollar value of the 101,000,004</B>

        <B>shares underlying all of the Securities would be &#36;4,440,002, and the dollar</B>

        <B>value of the 1/3 Shares would be &#36;4,845,026.</B> </div></TD>
</TR>

<TR>
	<TD nowrap>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
COMMENT 3.								</TD>
	<TD width=90% align=right>
      <div align="justify">Please provide us, with a view toward disclosure in the prospectus, with tabular        disclosure of the dollar amount of each payment (including the value of any
        payments to be made in common stock) in connection with the transaction that

        you have made or may be required to make to any selling shareholder, any

        affiliate of a selling shareholder, or any person with whom any selling

        shareholder has a contractual relationship regarding the transaction (including

        any interest payments, liquidated damages, payments made to &ldquo;finders&rdquo; or

  &ldquo;placement agents,&rdquo; and any other payments or potential payments). Please provide footnote disclosure of the terms of each such payment. Please do not include any repayment of principal on the convertible notes in this disclosure. </div></TD>
</TR>
</TABLE>
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<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 4 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR valign="top">
	<TD align=left>&nbsp;			</TD>
	<TD width=90% align=left> <div align="justify">Further, please provide us, with a view toward disclosure in the prospectus, with disclosure of the net proceeds to the issuer from the sale of the convertible notes, and the total possible payments to all selling shareholders and any of their &nbsp;affiliates in the first year following the sale of convertible notes. </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%" align="left">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>RESPONSE:</B>										</TD>
	<TD width=90% align=left>
      <div align="justify"><B>In response to the Staff&rsquo;s comment above, the Company has set forth below</B>          <B>the dollar amount of each payment (including the value of any payments to</B>          <B>be made in common stock) in connection with the issuance of the Securities</B>          <B>to the Selling Security Holders made by the Company or that may be</B>          <B>required to be made by the Company to any Selling Security Holder, any</B>          <B>affiliate of a Selling Security Holder, or any person with whom any Selling</B>          <B>Security Holder has a contractual relationship regarding the Investment</B>          <B>(including any interest payments, liquidated damages, payments made to</B>          <B>&ldquo;finders&rdquo; or &ldquo;placement agents,&rdquo; and any other payments or potential</B>          <B>payments):</B> </div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="80%" border="2" align="center" cellpadding="3" cellspacing="0" bordercolor="#000000" style="font-size:10pt;border-color:black;border-collapse:collapse;">
  <TR valign="top">
	<TD align=center>
<B><U>Selling Security Holders</U></B>	</TD>
	<TD width=50% align=center>
<B><U>Dollar Amount/Payment</U></B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Auriga Global Investors SU, SA</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Auriga Investors-Montserrat Global Fund</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Hudson Bay Master Fund LTD</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>DAFNA LifeScience LP</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>DAFNA LifeScience Market Neutral L.P. </B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>DAFNA LifeScience Select L.P. </B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Joann Mostovoy</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Sabby Healthcare Volatility Master Fund,</B>
<B>Ltd. </B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>		</TD>
</TR>

<TR valign="top">
	<TD align=left>
<B>Sabby Volatility Warrant Master Fund,</B>
<B>Ltd. </B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>		</TD>
</TR>

<TR valign="top">
	<TD align=left>
<B>Sphera Global Healthcare Master Fund</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>HFR HE Sphera Global Healthcare Master</B>
<B>Trust</B><B><SUP>(1)</SUP></B>	</TD>
	<TD width=50% align=center>
<B>-</B>		</TD>
</TR>
</TABLE>
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<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 5 <BR>
</P>
<TABLE width="80%" border="2" align="center" cellpadding="3" cellspacing="0" bordercolor="#000000" style="font-size:10pt;border-color:black;border-collapse:collapse;">
  <TR valign="top">
	<TD align=left>
 &nbsp;<B>Maxim Partners LLC</B><B><SUP>(2)</SUP></B> </TD>
	<TD width=50% align=center>

      <B>&#36;700,840.00</B></TD>
</TR>
</TABLE>
<P align="justify" style="margin-left:5%"><b><sup>(1)</sup></b>&nbsp;<b>Except for Maxim Group LLC (&ldquo;</b><b><u>Maxim&rdquo;)</u></b><b>, the Company was not required to pay, and no </b><b>Selling Security Holder has received
payment from the Company, in connection with the Investment transaction.</b></P>
<P align="justify" style="margin-left:5%"> <b><sup>(2)</sup></b><b>Maxim Partners LLC is an affiliate of Maxim. Maxim served as the exclusive placement agent in connection with the Investment transaction. Maxim was paid &#36;700,840.00 and was issued Warrants, in the name of Maxim Partners
LLC, representing the right to purchase up to an aggregate of 1,000,000 shares of Common Stock. Additionally, the Company does not intend to include Maxim Partners LLC&rsquo;s shares in the amended Registration Statement.</b></P>
<P align="justify" style="margin-left:5%"> <b>The net proceeds received by the Company in connection with the issuance of the Securities pursuant to the Securities Purchase Agreement was &#36;9,270,130. No cash amounts are due and payable on the principal amount outstanding on the Debentures
in the first year following their sale, and no scheduled interest payments will be due thereon.</b></P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left nowrap>
COMMENT 4.	</TD>
	<TD width=90% align=left> Please provide us, with a view toward disclosure in the prospectus, with tabular disclosure of: </TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;			</TD>
	<TD width=85% align=left> <div align="justify">the total possible profit the selling shareholders could realize as a result of the conversion discount for the securities underlying the convertible note, presented in a table with the following information disclosed separately: </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=80% align=left> <div align="justify">the market price per share of the securities underlying the convertible note on the date of the sale of the convertible note; </div></TD>
</TR>

<TR>
  <TD width="15%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=80% align=left> <div align="justify">the conversion price per share of the underlying securities on the date of the sale of the convertible note, calculated as follows: </div></TD>
</TR>

<TR>
  <TD width="15%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>&nbsp;		</TD>
	<TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="justify">- if the conversion price per share is set at a fixed price, use the price per share established in the convertible note; and </div></TD>
</TR>

<TR>
  <TD width="15%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;			</TD>
	<TD width=80% align=left> <div align="justify">the total possible shares underlying the convertible note (assuming no interest payments and complete conversion throughout the term of the note); </div></TD>
</TR>

<TR>
  <TD width="15%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;				</TD>
	<TD width=80% align=left> <div align="justify">the combined market price of the total number of shares underlying the convertible note, calculated by using the market price per share on the date of the sale of the convertible note and the total possible shares underlying the convertible note; </div></TD>
</TR>
</TABLE>
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<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 6 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;				</TD>
	<TD width=80% align=left> the total possible shares the selling shareholders may receive and the combined conversion price of the total number of shares underlying the convertible note calculated by using the conversion price on the date of the sale of the convertible note and the total possible number of shares the selling shareholders may receive; and </TD>
</TR>

<TR>
  <TD width="15%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="15%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;					</TD>
	<TD width=80% align=left> the total possible discount to the market price as of the date of the sale of the convertible note calculated by subtracting the total conversion price on the date of the sale of the convertible note from the combined market price of the total number of shares underlying the convertible note on that date. </TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>&nbsp;		</TD>
	<TD width=90% align=left> <div align="justify">If there are provisions in the convertible note that could result in a change in the price per share upon the occurrence of certain events, please provide additional
    &nbsp;tabular disclosure as appropriate. </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%" align="left">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
<B>RESPONSE:</B>			</TD>
	<TD width=90% align=left>
      <div align="justify"><B>In response to the Staff&rsquo;s comment above, the table below details the total</B>          <B>possible profit the Selling Security Holders could realize as a result of the</B>          <B>conversion discount for the Common Stock underlying the Securities:</B> </div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border="2" cellpadding="3" cellspacing="0" bordercolor="#000000" style="font-size:10pt;border-color:black;border-collapse:collapse;">
  <TR valign="top">
	<TD align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Selling</B><br>
<B>Security</B><br>
<B>Holder</B>			</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Market</B>
<B><br>
Price Per</B><br>
<B>Share </B><B><SUP>(1)</SUP></B>			</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE">
<B>Type of</B>
<B><br>
Security </B><B><SUP>(2)</SUP></B>				</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE">
<B>Conversion</B>
<br>
<B>Price </B><B><SUP>(3)</SUP></B>				</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Total Possible</B><br>
<B>Shares</B><br>
<B>Underlying</B><br>
<B>Securities </B><B><SUP>(4)</SUP></B>		</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Combined</B>
<br>
<B>Market</B><br>
<B>Price</B><B><SUP>(5)</SUP></B>			</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Total</B>
<br>
<B>Possible</B><br>
<B>Shares</B><br>
<B>Receivable</B><br>
<B><sup>(6)</sup></B>	</TD>
	<TD width=12% align=center nowrap bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Total Possible</B><br>
<B>Discount To</B><br>
<B>Market</B><br>
<B>Price</B><B><SUP>(7)</SUP></B>		</TD>
</TR>

<TR>
	<TD rowspan="4" valign="middle">
      <B>Auriga</B>
      <B>Global</B>
      <B>Investors SU,</B>
      <B>SA</B>					</TD>
<TD width="12%" rowspan="4" valign="middle">
     <div align="center"><B>&#36;0.44</B> </div></TD>
<TD width="12%" align="center" valign="middle">
      <B>Debenture</B> </TD>
<TD width="12%" align="center" valign="middle">
      <B>&#36;0.30</B> </TD>
<TD width="12%">
  <B>3,333,334</B>	</TD>
<TD width="12%">
  <B>&#36;1,466,666.96</B>	</TD>
<TD width="12%">
  <B>3,333,334</B>	</TD>
<TD width="12%">
  <B>&#36;466,666.76</B>	</TD>
</TR>

<TR>
	<TD width="12%" align="center" valign="top">
     <B>Series A</B> <B>Warrant</B></TD>
<TD width="12%" align="center" valign="top">
      <B>&#36;0.30</B> </TD>
<TD width="12%">
  <B>3,333,333</B>		</TD>
<TD width="12%">
  <B>&#36;1,466,666.52</B>		</TD>
<TD width="12%">
  <B>3,333,333</B>		</TD>
<TD width="12%">
  <B>&#36;466,666.62</B>		</TD>
</TR>

<TR valign="top">
	<TD width=12% align=center valign="middle"><B>Series B</B> <B>Warrant</B> </TD>
	<TD width=12% align=center valign="top">
      <B>&#36;0.42</B></TD>
	<TD width=12% align=left>
<B>3,333,333</B>			</TD>
	<TD width=12% align=left>
<B>&#36;1,466,666.52</B>			</TD>
	<TD width=12% align=left>
<B>3,333,333</B>			</TD>
	<TD width=12% align=left>
<B>&#36;66,666.66</B>			</TD>
</TR>

<TR valign="top">
	<TD width=12% align=center valign="middle">
      <B>Debenture</B>
     <B>/Series A</B>
     <B>Warrant/</B>
      <B>Series B</B>
      <B>Warrant</B> </TD>
	<TD width=12% align=center valign="middle">
      <B>-</B></TD>
	<TD width=12% align=left>
      <B>10,000,000</B>			</TD>
	<TD width=12% align=left>
      <B>&#36;4,400,000</B>			</TD>
	<TD width=12% align=left>
      <B>10,000,000</B>			</TD>
	<TD width=12% align=left>
      <B>&#36;1,000,000.04</B>			</TD>
</TR>

<TR valign="top">
	<TD align=left valign="middle" bgcolor="#EEEEEE" style="border-bottom: 1px solid #000000;">
<B>Auriga</B>	<B>Investors-</B></TD>
	<TD width=12% align=center valign="middle" bgcolor="#EEEEEE">
      <div align="center"><B>&#36;0.44</B> </div></TD>
	<TD width=12% align=center valign="middle" bgcolor="#EEEEEE">
      <div align="center"><B>Debenture</B> </div></TD>
	<TD width=12% align=center valign="middle" bgcolor="#EEEEEE">
      <div align="center"><B>&#36;0.30</B> </div></TD>
	<TD width=12% align=left bgcolor="#EEEEEE">
<B>1,666,667</B>	</TD>
	<TD width=12% align=left bgcolor="#EEEEEE">
<B>&#36;733,333.48</B>	</TD>
	<TD width=12% align=left bgcolor="#EEEEEE">
<B>1,666,667</B>	</TD>
	<TD width=12% align=left bgcolor="#EEEEEE">
<B>&#36;233,333.38</B>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_7></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 7 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=3 align=left vAlign=center bgcolor="#EEEEEE"><B>Montserrat</B> <BR>
      <B>Global
      Fund</B> <BR><BR></TD>
    <TD width="12%" rowSpan=3 align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B></TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$733,333.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$233,333.38</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>Series B</B> <B>Warrant</B></TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$733,333.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$33,333.34</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> <B>/Series A</B>
      <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>5,000,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,200,000.44</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>5,000,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$500,000.10</B> </TD>
  </TR>
  <TR>
    <TD vAlign=center rowSpan=4><B>Hudson Bay</B> <BR><B>Master Fund</B>
      <BR><B>LTD</B> </TD>
    <TD vAlign=center align=center width="12%" rowSpan=4><B>$0.44</B> </TD>
    <TD vAlign=center width="12%"><B>Debenture</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center width="12%"><B>$2,200,000</B> </TD>
    <TD vAlign=center width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center width="12%"><B>$700,000</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left width="12%"><B>Series A</B> <B>Warrant</B>
</TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$2,200,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$700,000</B> </TD></TR>
  <TR>
    <TD vAlign=center width="12%"><B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.42</B> </TD>
    <TD vAlign=center width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center width="12%"><B>$2,200,000</B> </TD>
    <TD vAlign=center width="12%"><B>5,000,000</B> </TD>
    <TD vAlign=center width="12%"><B>$100,000</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left width="12%"><B>Debenture</B> <B>/Series A</B>
      <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>-</B> </TD>
    <TD vAlign=center align=left width="12%"><B>15,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$660,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>15,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$1,500,000</B> </TD></TR>
  <TR>
    <TD rowSpan=4 vAlign=center bgcolor="#EEEEEE"><B>DAFNA</B> <BR>
      <B>LifeScience</B>
      <BR><B>LP</B> </TD>
    <TD width="12%" rowSpan=4 align=center vAlign=center bgcolor="#EEEEEE"><B>$0.44</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>$1,135,376</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>361,256</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B></TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$1,135,376</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>361,256</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>Series B</B> <B>Warrant</B></TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$1,135,376</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>2,580,400</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$51,608</B> </TD>
  </TR>
  <TR>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> <B>/Series A</B>
      <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>7,741,200</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>$3,406,128</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>7,741,200</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>$774,120</B> </TD>
  </TR>
  <TR>
    <TD vAlign=center rowSpan=3><B>DAFNA</B> <BR><B>LifeScience</B>
      <BR><B>Market</B> <BR><B>Neutral L.P.</B> </TD>
    <TD vAlign=center align=center width="12%" rowSpan=3><B>$0.44</B> </TD>
    <TD vAlign=center width="12%"><B>Debenture</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center width="12%"><B>462,000</B> </TD>
    <TD vAlign=center width="12%"><B>$203,280</B> </TD>
    <TD vAlign=center width="12%"><B>462,000</B> </TD>
    <TD vAlign=center width="12%"><B>$64,680</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left width="12%"><B>Series A</B> <B>Warrant</B>
</TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>462,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$203,280</B> </TD>
    <TD vAlign=center align=left width="12%"><B>462,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$64,680</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left width="12%"><B>Series B</B> <B>Warrant</B>
</TD>
    <TD vAlign=center align=center width="12%"><B>$0.42</B> </TD>
    <TD vAlign=center align=left width="12%"><B>462,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$203,280</B> </TD>
    <TD vAlign=center align=left width="12%"><B>462,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$9,240</B>
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 8 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=center width="12%">&nbsp;</TD>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>-</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,386,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$609,840</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,386,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$138,600</B> </TD></TR>
  <TR vAlign=top>
    <TD  rowSpan=4 align=left vAlign=center bgcolor="#EEEEEE"><B>DAFNA</B>
      <BR>
      <B>LifeScience</B> <BR><B>Select <BR>L.P.</B> </TD>
    <TD width="12%"
      rowSpan=4 align=center vAlign=center bgcolor="#EEEEEE"><B>$0.44</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$861,344</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$274,064</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$861,344</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$274,064</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series B</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$861,344</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>1,957,600</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$39,152</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>5,872,800</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,584,032</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>5,872,800</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$587,280</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=4><B>Joann</B> <BR><B>Mostovoy</B>
</TD>
    <TD vAlign=center align=center width="12%" rowSpan=4><B>$0.44</B> </TD>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$733,333.48</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$233,333.38</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series A</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$733,333.48</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$233,333.38</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series B</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.42</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$733,333.48</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,666,667</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$33,333.34</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>-</B> </TD>
    <TD vAlign=center align=left width="12%"><B>5,000,001</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$2,200,000.44</B> </TD>
    <TD vAlign=center align=left width="12%"><B>5,000,001</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$500,000.10</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=4 align=left vAlign=center bgcolor="#EEEEEE"><B>Sabby</B> <BR>
      <B>Healthcare</B>
      <BR><B>Volatility</B> <BR><B>Master Fund,</B> <BR><B>Ltd.</B> </TD>
    <TD width="12%" rowSpan=4 align=center vAlign=center bgcolor="#EEEEEE"><B>$0.44</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,933,333.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$933,333.38</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,933,333.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$933,333.38</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series B</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,933,333.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,666,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$133,333.34</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>20,000,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$8,800,000.44</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>20,000,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,000,000.10</B>  </TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 9 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=4><B>Sabby</B> <B>Volatility</B>
      <B>Warrant</B> <B>Master Fund,</B> <B>Ltd.</B> </TD>
    <TD vAlign=center align=center width="12%" rowSpan=4><B>$0.44</B> </TD>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,334</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$1,466,666.96</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,334</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$466,666.76</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series A</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,333</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$1,466,666.52</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,333</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$466,666.62</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series B</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.42</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,333</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$1,466,666.52</B> </TD>
    <TD vAlign=center align=left width="12%"><B>3,333,333</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$66,666.66</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>-</B> </TD>
    <TD vAlign=center align=left width="12%"><B>10,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$4,400,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>10,000,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$1,000,000.04</B> </TD></TR>
  <TR>
    <TD rowSpan=4 vAlign=center bgcolor="#EEEEEE"><B>Sphera</B> <B>Global</B> <B>Healthcare</B>
      <B>Master Fund</B> </TD>
    <TD width="12%" rowSpan=4 align=center vAlign=center bgcolor="#EEEEEE"><B>$0.44</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>$2,776,693.48</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>$883,492.38</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,776,693.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$883,492.38</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series B</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$2,776,693.48</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>6,310,667</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$126,213.34</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>18,932,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$8,330,080.44</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>18,932,001</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$1,893,198.10</B> </TD>
  </TR>
  <TR>
    <TD vAlign=center rowSpan=4><B>HFR HE</B> <B>Sphera</B> <B>Global</B>
      <B>Healthcare</B> <B>Master Trust</B> </TD>
    <TD vAlign=center align=center width="12%" rowSpan=4><B>$0.44</B> </TD>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center width="12%"><B>356,000</B> </TD>
    <TD vAlign=center width="12%"><B>$156,640</B> </TD>
    <TD vAlign=center width="12%"><B>356,000</B> </TD>
    <TD vAlign=center width="12%"><B>$49,840</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series A</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.30</B> </TD>
    <TD vAlign=center align=left width="12%"><B>356,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$156,640</B> </TD>
    <TD vAlign=center align=left width="12%"><B>356,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$49,840</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Series B</B> <B>Warrant</B>
    </TD>
    <TD vAlign=center align=center width="12%"><B>$0.42</B> </TD>
    <TD vAlign=center align=left width="12%"><B>356,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$156,640</B> </TD>
    <TD vAlign=center align=left width="12%"><B>356,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$7,120</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="12%"><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD vAlign=center align=center width="12%"><B>-</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,068,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$469,920</B> </TD>
    <TD vAlign=center align=left width="12%"><B>1,068,000</B> </TD>
    <TD vAlign=center align=left width="12%"><B>$106,800</B> </TD></TR>
  <TR>
    <TD rowSpan=3 vAlign=center bgcolor="#EEEEEE"><B>Maxim</B> <B>Partners</B> <B>LLC</B> </TD>
    <TD width="12%" rowSpan=3 align=center vAlign=center bgcolor="#EEEEEE"><B>$0.44</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Debenture</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE"><B>-</B> </TD>
    <TD width="12%" vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series A</B> <B>Warrant</B>    </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.30</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>500,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$220,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>500,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$70,000</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>Series B</B> </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#EEEEEE"><B>$0.42</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>500,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$220,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>500,000</B> </TD>
    <TD width="12%" align=left vAlign=center bgcolor="#EEEEEE"><B>$10,000</B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 10 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee rowSpan=2>&nbsp;&nbsp;</TD>
    <TD align=center width="12%"  bgColor=#eeeeee rowSpan=2>&nbsp;&nbsp;</TD>
    <TD align=center width="12%" bgColor=#eeeeee><B>Warrant</B> </TD>
    <TD align=center width="12%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD align=left width="12%" bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD align=left width="12%" bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD align=left width="12%" bgColor=#eeeeee>&nbsp;&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="12%" bgColor=#eeeeee><B>Debenture</B> <B>/Series
      A</B> <B>Warrant/</B> <B>Series B</B> <B>Warrant</B> </TD>
    <TD align=center width="12%"  bgColor=#eeeeee>-</TD>
    <TD align=left width="12%" bgColor=#eeeeee><B>1,000,000</B> </TD>
    <TD align=left width="12%" bgColor=#eeeeee><B>$440,000</B> </TD>
    <TD align=left width="12%" bgColor=#eeeeee><B>1,000,000</B> </TD>
    <TD align=left width="12%" bgColor=#eeeeee><B>$80,000</B>
</TD></TR></TABLE></DIV>
<P align=justify><B><SUP>(1) </SUP></B><B>Market price per share of the Common
Stock underlying the Securities on the date of the sale of the Securities.
<BR></B><B><SUP>(2) </SUP></B><B>The shares of Common Stock being registered
underlie Debentures, Series A Warrants and Series B Warrants.
<BR></B><B><SUP>(3)</SUP></B><B>Conversion/exercise price per share of the
underlying Common Stock on the date of the sale of the Securities is calculated
using the fixed conversion/exercise price per share set forth in the
Securities.<BR></B><B><SUP>(4) </SUP></B><B>Total possible shares underlying the
Securities (assuming no interest payments and complete conversion throughout the
term). Note: the number listed does not take into account that each Selling
Security Holder is subject to a 4.99% conversion cap, except for Sphera Global
Healthcare Master Fund and HFR HE Sphera Global Healthcare Master Trust, which
are subject to a 9.99% conversion cap.<BR></B><B><SUP>(5) </SUP></B><B>Combined
market price of the total number of shares underlying the Securities, calculated
by using the Common Stock&#146;s market price per share on the date of the sale of
the Securities multiplied by the total possible shares underlying the
Securities. <BR></B><B><SUP>(6) </SUP></B><B>Total possible shares the Selling
Security Holders may receive and the combined conversion price of the total
number of shares underlying the Securities calculated by using the conversion
price on the date of the sale of the Securities and the total possible number of
shares the Selling Security Holders may receive. Note: the Debentures and
Warrants have fixed conversion prices. <BR></B><B><SUP>(7) </SUP></B><B>Total
possible discount to the market price as of the date of the sale of the
Securities calculated by subtracting the total conversion price on the date of
the sale of the Securities from the combined market price of the total number of
shares underlying the Securities on that date. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>COMMENT 5. </TD>
    <TD align=left width="90%" >Please provide us, with a view
      toward disclosure in the prospectus, with tabular </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" >disclosure of:
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >the total possible profit to be
      realized as a result of any conversion discounts for securities underlying
      any other warrants, options, notes, or other securities of the issuer that
      are held by the selling shareholders or any affiliates of the selling
      shareholders, presented in a table with the following information
      disclosed separately: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="80%" >market price per share of the
      underlying securities on the date of the sale of that other security;
  </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="80%" >the conversion/exercise price per
      share as of the date of the sale of that other security, calculated as
      follows; </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="20%"  >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="75%" >
      <P align=justify>if the conversion/exercise price per share is set at a
      fixed price, use the price per share on the date of the sale of that other
      security; and </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 11 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="20%"  >&nbsp;</TD>
    <TD align=left >
      <P align=justify>- </P></TD>
    <TD align=left width="75%" >
      <P align=justify>if the conversion/exercise price per share is not set at
      a fixed price and, instead, is set at a floating rate in relationship to
      the market price of the underlying security, use the conversion/exercise
      discount rate and the market rate per share on the date of the sale of
      that other security and determine the conversion price per share as of
      that date; </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left >
      <P align=justify>the total possible shares to be received under the
      particular securities (assuming complete conversion/exercise); </P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left >
      <P align=justify>the combined market price of the total number of
      underlying shares, calculated by using the market price per share on the
      date of the sale of that other security and the total possible shares to
      be received; </P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left >
      <P align=justify>the total possible shares to be received and the combined
      conversion price of the total number of shares underlying that other
      security calculated by using the conversion price on the date of the sale
      of that other security and the total possible number of underlying shares;
      and </P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left >
      <P align=justify>the total possible discount to the market price as of the
      date of the sale of that other security, calculated by subtracting the
      total conversion/exercise price on the date of the sale of that other
      security from the combined market price of the total number of underlying
      shares on that date. </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RESPONSE:</B> </TD>
    <TD align=left width="90%" ><B>In response to the Staff&#146;s
      comment above, the Company provides the following</B> <B>table setting
      forth information regarding non-Investment transaction issued</B>
      <B>Company securities held by the Selling Security Holders:**</B>
  </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Selling</B> <BR><B>Security</B> <BR><B>Holder</B>
      <BR><BR></TD>
    <TD align=center width="16%"><B>Total Possible</B>
      <BR><B>Profit</B><B><SUP>(1)</SUP></B> <BR><BR><BR></TD>
    <TD align=center width="16%"><B>Total Possible</B>
      <BR><B>Shares</B><B><SUP>(2)</SUP></B> <BR><BR><BR></TD>
    <TD align=center width="16%"><B>Combined</B> <BR><B>Market
      Price</B><B><SUP>(3)</SUP></B> <BR><BR><BR></TD>
    <TD align=center width="16%"><B>Total</B> <BR><B>Possible</B>
      <BR><B>Shares</B> <BR><B>Receivable</B> <BR><B>(4)</B> </TD>
    <TD align=center width="16%"><B>Total</B> <BR><B>Possible</B>
      <BR><B>Discount To</B> <BR><B>Market</B>
      <BR><B>Price</B><B><SUP>(5)</SUP></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga Global</B> <BR><B>Investors SU,</B> <BR><B>SA</B>
    </TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga</B> <BR><B>Investors-</B> <BR><B>Montserrat</B>
      <BR><B>Global Fund</B> </TD>
    <TD align=center width="16%"><BR><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><BR><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><BR><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><BR><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><BR><B>-</B> <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Hudson Bay</B> <BR><B>Master Fund</B> <BR><B>LTD</B> </TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B> <BR><BR></TD>
    <TD align=center width="16%"><B>-</B>
<BR><BR></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 12 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience LP</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience</B> <B>Market Neutral</B>
      <B>L.P.</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR>
    <TD><B>DAFNA</B> <B>LifeScience</B> <B>Select L.P.</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Joann Mostovoy</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby</B> <B>Healthcare</B> <B>Volatility</B> <B>Master
      Fund,</B> <B>Ltd.</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR>
    <TD><B>Sabby Volatility</B> <B>Warrant Master</B> <B>Fund, Ltd.</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR>
    <TD><B>Sphera Global</B> <B>Healthcare</B> <B>Master Fund</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>HFR HE Sphera</B> <B>Global</B> <B>Healthcare</B>
      <B>Master Trust</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Maxim Partners</B> <B>LLC</B> </TD>
    <TD vAlign=center align=center width="16%"><B>-</B> </TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>- </B></TD>
    <TD vAlign=center align=center width="16%" >- </TD>
    <TD vAlign=center align=center width="16%"><B>-
</B></TD></TR></TABLE></DIV>
<P align=justify><B><SUP>(1) </SUP></B><B>The total possible profit to be
realized as a result of any conversion discounts for securities underlying any
other warrants, options, notes, or other securities of the issuer that are held
by the Selling Security Holders or any affiliates of the Selling Security
Holders. <BR></B><B><SUP>(2)</SUP></B><B> The total possible shares to be
received under the particular securities (assuming complete
conversion/exercise). <BR></B><B><SUP>(3) </SUP></B><B>The combined market price
of the total number of underlying shares, calculated by using the market price
per share on the date of the sale of that other security and the total possible
shares to be received.</B><B><SUP> <BR></SUP></B><B><SUP>(4) </SUP></B><B>The
total possible shares to be received and the combined conversion price of the
total number of shares underlying that other security calculated by using the
conversion price on the date of the sale of that other security and the total
possible number of underlying shares.</B><B><SUP>
<BR></SUP></B><B><SUP>(5)</SUP></B><B> The total possible discount to the market
price as of the date of the sale of that other security, calculated by
subtracting the total conversion/exercise price on the date of the sale of that
other security from the combined market price of the total number of underlying
shares on that date. </B></P>
<P align=justify><B>**To the knowledge of the Company, none of the Selling
Security Holders, nor their affiliates, own of record any securities underlying
any other warrants, options, notes, or other securities of the Company. </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_13"></A>

<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 13 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left nowrap>
COMMENT 6.	</TD>
	<TD width=90% align=left> <div align="justify">Please provide us, with a view toward disclosure in the prospectus, with tabular disclosure of: </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;	</TD>
	<TD width=85% align=left> <div align="justify">the gross proceeds paid or payable to the issuer in the convertible note transaction; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=85% align=left> <div align="justify">all payments that have been made or that may be required to be made by the issuer that are disclosed in response to Comment Three; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;	</TD>
	<TD width=85% align=left>
      <div align="justify">the resulting net proceeds to the issuer; and	</div></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;					</TD>
	<TD width=85% align=left> <div align="justify">the combined total possible profit to be realized as a result of any conversion discounts regarding the securities underlying the convertible notes and any other warrants, options, notes, or other securities of the issuer that are held by the selling shareholders or any affiliates of the selling shareholders that is disclosed in response to Comment Four and Comment Five. </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>&nbsp;							</TD>
	<TD width=90% align=left>
 &nbsp;Further, please provide us, with a view toward disclosure in the prospectus, with
   &nbsp;disclosure &ndash; as a percentage &ndash; of the total amount of all possible payments as
   &nbsp;disclosed in response to Comment Three and the total possible discount to the
   &nbsp;market price of the shares underlying the convertible note as disclosed in
   &nbsp;response to Comment Four divided by the net proceeds to the issuer from the
   &nbsp;sale of the convertible notes, as well as the amount of that resulting percentage
   &nbsp;averaged over the term of the convertible notes. </TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
<B>RESPONSE:</B>	</TD>
	<TD width=90% align=center>
      <div align="left"><B>In response to the Staff&rsquo;s comment above, the Company sets forth the following</B>
        <B>table:</B> </div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border="2" cellpadding="3" cellspacing="0" bordercolor="#000000" style="font-size:10pt;border-color:black;border-collapse:collapse;">
  <TR valign="top">
	<TD align=center nowrap>
<B>Selling</B>
<B>Security</B>
<B>Holder</B>	</TD>
	<TD width=20% align=center nowrap>
<B>Gross Proceeds</B>
<B>Payable to Issuer</B><B><SUP>(1)</SUP></B>		</TD>
	<TD width=20% align=center nowrap>
<B>Payments Made</B>
<B>To Selling Security</B>
<B>Holders</B><B><SUP>(2)</SUP></B>	</TD>
	<TD width=20% align=center nowrap>
<B>Resulting Net</B>
<B>Proceeds</B><B><SUP>(3)</SUP></B>		</TD>
	<TD width=20% align=center nowrap>
<B>Combined Total</B>
<B>Possible Profit</B><B><SUP>(4)</SUP></B>		</TD>
</TR>

<TR valign="top">
	<TD align=left>
<B>Auriga Global Investors SU,</B>	SA</TD>
	<TD width=20% align=center>
<B>&#36;1,000,000.00</B>	</TD>
	<TD width=20% align=center>-	</TD>
	<TD width=20% align=center>
<B>&#36;1,000,000.00</B>	</TD>
	<TD width=20% align=center><B>&#36;1,000,000.04</B></TD>
</TR>
<TR valign="top">
	<TD align=left valign="middle"><B>Auriga</B> <B>Investors-Montserrat Global Fund </B></TD>
	<TD width=20% align=center valign="middle">
<B>&#36;500,000.00</B>	</TD>
	<TD width=20% align=center valign="middle">-	</TD>
	<TD width=20% align=center valign="middle">
<B>&#36;500,000.00</B>	</TD>
	<TD width=20% align=center valign="middle"><B>&#36;500,000.10</B> </TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Hudson BayMaster Fund</B>	<B>LTD</B></TD>
	<TD width=20% align=center>
<B>&#36;1,500,000.00</B>	</TD>
	<TD width=20% align=center>-	</TD>
	<TD width=20% align=center>
<B>&#36;1,500,000.00</B>	</TD>
	<TD width=20% align=center><B>&#36;1,500,000.00</B> </TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>DAFNA</B> <B>LifeScience LP</B> </TD>
	<TD width=20% align=center>
<B>&#36;774,120.00</B>	</TD>
	<TD width=20% align=center><B>-</B> </TD>
	<TD width=20% align=center>
<B>&#36;774,120.00</B>	</TD>
	<TD width=20% align=center><B>&#36;774,120.00</B> </TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_14></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 14 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience</B> <B>Market Neutral</B>
      <B>L.P.</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$138,600.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$138,600.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$138,600.00</B> </TD></TR>
  <TR>
    <TD><B>DAFNA</B> <B>LifeScience</B> <B>Select L.P.</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$587,280.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$587,280.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$587,280.00</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Joann Mostovoy</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$500,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$500,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$500,000.00</B> </TD></TR>
  <TR>
    <TD><B>Sabby</B> <B>Healthcare</B> <B>Volatility</B> <B>Master Fund,</B>
      <B>Ltd.</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$2,000,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$2,000,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$2,000,000.10</B> </TD></TR>
  <TR>
    <TD><B>Sabby Volatility</B> <B>Warrant Master</B> <B>Fund, Ltd.</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,000,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,000,000.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,000,000.04</B> </TD></TR>
  <TR>
    <TD><B>Sphera Global</B> <B>Healthcare</B> <B>Master Fund</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,893,200.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,893,200.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$1,893,198.10</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>HFR HE Sphera</B> <B>Global</B> <B>Healthcare</B>
      <B>Master Trust</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$106,800.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>-</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$106,800.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$106,800.00</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Maxim Partners</B> <B>LLC</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$0.00.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$700,840.00</B> </TD>
    <TD vAlign=center align=center width="20%"><B>($700,840.00)</B> </TD>
    <TD vAlign=center align=center width="20%"><B>$80,000.00</B>
</TD></TR></TABLE></DIV>
<P align=justify><B><SUP>(1) </SUP></B><B>Gross proceeds paid or payable to the
Company in the Investment transaction. <BR></B><B><SUP>(2)</SUP></B><B> All
payments that have been made or that may be required to be made by the Company
in connection with the issuance of Warrants and Debentures to the Selling
Security Holders, any affiliate of a Selling Security Holder, or any person with
whom any Selling Security Holder has a contractual relationship regarding the
Investment transaction (including any interest payments, liquidated damages,
payments made to &#147;finders&#148; or &#147;placement agents,&#148; and any other payments or
potential payments).</B><B><SUP> <BR></SUP></B><B><SUP>(3)
</SUP></B><B>Resulting net proceeds to the Company. Note that these figures do
not include the $4,000 fee paid to the Investment transaction&#146;s escrow agent, or
the $30,000 fee paid to the placement agent&#146;s attorneys. <BR></B><B><SUP>(4)
</SUP></B><B>Combined total possible profit to be realized as a result of any
conversion discounts regarding the Common Stock underlying the Securities,
options, notes, or other securities of the issuer that are held by the Selling
Security Holders or any affiliates of the Selling Security Holders. </B></P>
<P style="MARGIN-LEFT: 10%" align=justify><B>The total amount of all payments as
disclosed in response to Comment Three ($700,840) divided by the net proceeds
from the issuer from the sale of the Debentures ($9,270,130.00) is 7.56%, which
averages over the thirty (30) year term of the Debentures to 0.25% .</B></P>
<P style="MARGIN-LEFT: 10%" align=justify><B>The total possible discount to the
market price of the shares underlying the Debentures as disclosed in response to
Comment Four ($4,666,666.04) divided by the net proceeds from the issuer from
the sale of the Debentures </B>&nbsp;<b>(&#36;9,270,130.00) is 50.34%, which averages over the thirty (30) year term of</b>&nbsp;<b>the Debentures to 1.68%.</b></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_15"></A>

<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 15 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR valign="top">
	<TD align=left nowrap>
COMMENT 7.							</TD>
	<TD width=90% align=left> <div align="justify">Please provide us, with a view toward disclosure in the prospectus, with tabular disclosure of all prior securities transactions between the issuer (or any of its predecessors) and the selling shareholders, any affiliates of the selling shareholders, or any person with whom any selling shareholder has a contractual relationship regarding the transaction (or any predecessors of those persons), with the table including the following information disclosed separately for each transaction: </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;	</TD>
	<TD width=85% align=left>
      <div align="justify">the date of the transaction;	</div></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;	</TD>
	<TD width=85% align=left> <div align="justify">the number of shares of the class of securities subject to the transaction that were outstanding prior to the transaction; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;				</TD>
	<TD width=85% align=left> <div align="justify">the number of shares of the class of securities subject to the transaction that were outstanding prior to the transaction and held by persons other than the selling shareholders, affiliates of the company, or affiliates of the selling shareholders; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=85% align=left> <div align="justify">the number of shares of the class of securities subject to the transaction that were issued or issuable in connection with the transaction; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;							</TD>
	<TD width=85% align=left> <div align="justify">the percentage of total issued and outstanding securities that were issued or issuable in the transaction (assuming full issuance), with the percentage calculated by taking the number of shares issued and outstanding prior to the applicable transaction and held by persons other than the selling shareholders, affiliates of the company, or affiliates of the selling shareholders, and dividing that number by the number of shares issued or issuable in connection with the applicable transaction; </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=85% align=left> <div align="justify">the market price per share of the class of securities subject to the transaction immediately prior to the transaction (reverse split adjusted, if necessary); and </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;		</TD>
	<TD width=85% align=left> <div align="justify">the current market price per share of the class of securities subject to the transaction (reverse split adjusted, if necessary). </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>
<B>RESPONSE:</B>			</TD>
	<TD width=90% align=left>
      <div align="justify"><B>In response to the Staff&rsquo;s comment above, the Company sets forth the</B>          <B>following table that describes all prior securities transactions between the</B>          <B>issuer (or any of its predecessors) and the Selling Security Holders, any</B>          <B>affiliates of the Selling Security Holders, or any person with whom any</B> <b>Selling Security Holder has a
contractual relationship regarding the transaction (or any predecessors of those
persons):*</b></div></TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_16></A>
<P align=justify>Jeffrey P. Riedler <BR>
  U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 16 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><B>Selling </B><BR>
      <B>Security </B><BR><B>Holder
      </B><BR><BR><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B>Date of
      </B><BR>
      <B>Transaction</B><B><SUP>(1)
</SUP></B><BR><BR><BR><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B># of Shares </B><BR>
      <B>Outstanding
      </B><BR><B>Prior To
      </B><BR><B>Transaction</B><B><SUP>(</SUP></B><B><SUP>2)
      </SUP></B><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B># of Shares </B><BR>
      <B>Outstanding
      </B><BR><B>Prior To </B><BR><B>Transaction </B><BR><B>&amp; Held by
      </B><BR><B>Non-Selling </B><BR><B>Security
      </B><BR><B>Holders</B><B><SUP>(3) </SUP></B></TD>
    <TD width="12%" align=center nowrap><B># of Shares
      </B><BR>
      <B>Issued</B><B><SUP>(4) </SUP></B><BR><BR><BR><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B>% Of Total </B><BR>
      <B>Issued &amp;
      </B><BR><B>Outstanding </B><BR><B>(5) </B><BR><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B>Market Price </B><BR>
      <B>Per Share
      </B><BR><B>Prior To </B><BR><B>Transaction</B><B><SUP>(6)
      </SUP></B><BR><BR><BR><BR></TD>
    <TD width="12%" align=center nowrap><B>Current </B><BR>
      <B>Market </B><BR><B>Price
      Per </B><BR><B>Share</B><B><SUP>(7) </SUP></B><BR><BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga </B><B>Global </B><B>Investors SU, </B><B>SA
    </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga </B><B>Investors- </B><B>Montserrat </B><B>Global
      Fund </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Hudson Bay </B><B>Master Fund </B><B>LTD </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA </B><B>LifeScience </B><B>LP </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA </B><B>LifeScience </B><B>Market </B><B>Neutral
      L.P. </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA </B><B>LifeScience </B><B>Select L.P. </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Joann </B><B>Mostovoy </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby </B><B>Healthcare </B><B>Volatility </B><B>Master
      </B><B>Fund, Ltd. </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby </B><B>Volatility </B><B>Warrant </B><B>Master
      </B><B>Fund, Ltd. </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%"><B>- </B></TD></TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 17 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Sphera</B> <B>Global</B> <B>Healthcare</B> <B>Master
      Fund</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>HFR HE</B> <B>Sphera</B> <B>Global</B> <B>Healthcare</B>
      <B>Master Trust</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Maxim</B> <B>Partners</B> <B>LLC</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=center width="12%"><B>- </B></TD>
    <TD align=center width="12%" >- </TD></TR></TABLE></DIV>
<P align=justify><B><SUP>*</SUP></B><B> None of the Selling Security Holders had
any business relationship or entered into any securities related transactions
with the Company prior to the Investment. <BR></B><B><SUP>(1) </SUP></B><B>Date
of the transaction. <BR></B><B><SUP>(2)</SUP></B><B>Number of shares of the
class of securities subject to the transaction that were outstanding prior to
the transaction.<BR></B><B><SUP>(3) </SUP></B><B>Number of shares of the class
of securities subject to the transaction that were outstanding prior to the
transaction and held by persons other than the Selling Security Holders,
affiliates of the Company, or affiliates of the Selling Security
Holders.<BR></B><B><SUP>(4) </SUP></B><B>Number of shares of the class of
securities subject to the transaction that were issued or issuable in connection
with the transaction.<BR></B><B><SUP>(5) </SUP></B><B>Percentage of total issued
and outstanding securities that were issued or issuable in the transaction
(assuming full issuance), with the percentage calculated by taking the number of
shares issued and outstanding prior to the applicable transaction and held by
persons other than the Selling Security Holders, affiliates of the Company, or
affiliates of the Selling Security Holders, and dividing that number by the
number of shares issued or issuable in connection with the applicable
transaction.</B><B><SUP> <BR></SUP></B><B><SUP>(6) </SUP></B><B>Market price per
share of the class of securities subject to the transaction immediately prior to
the Investment transaction (reverse split adjusted, if necessary).
<BR></B><B><SUP>(7)</SUP></B><B> Current market price per share of the class of
securities subject to the transaction (reverse split adjusted, if necessary).
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>
    <P align=justify>COMMENT 8. </P></TD>
    <TD align=left width="90%" >
      <P align=justify>Please provide us, with a view toward disclosure in the
      prospectus, with tabular disclosure comparing:
</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of shares outstanding prior to the convertible
      note transaction that are held by persons other than the selling
      shareholders, affiliates of the company, and affiliates of the selling
      shareholders; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of shares registered for resale by the selling
      shareholders or affiliates of the selling shareholders in prior
      registration statements; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of shares registered for resale by the selling
      shareholders or affiliates of the selling shareholders that continue to be
      held by the selling shareholders or affiliates of the selling
      shareholders; </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 18 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of shares that have been sold in registered
      resale transactions by the selling shareholders or affiliates of the
      selling shareholders; and </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of shares registered for resale on behalf of
      the selling shareholders or affiliates of the selling shareholders in the
      current transaction. </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>In this analysis, the calculation of the number of
      outstanding shares should not include any securities underlying any
      outstanding convertible securities, options, or warrants. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>RESPONSE:</B> </P></TD>
    <TD align=center width="90%" >
      <P align=justify><B>In response to the Staff&#146;s comment above, the Company
      provides the following</B> <B>tabular disclosures:</B>
</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><B>Selling</B> <BR>
      <B>Security</B> <BR><B>Holder</B>
      <BR><BR><BR><BR><BR><BR><BR></TD>
    <TD width="16%" align=center nowrap><B># of Shares</B> <BR>
      <B>Outstanding</B>
      <BR><B>Prior to the</B> <BR><B>Investment</B> <BR><B>Transaction</B>
      <BR><B>Held by Non-</B> <BR><B>Selling</B> <BR><B>Security</B>
      <BR><B>Holders</B> <BR></TD>
    <TD width="16%" align=center nowrap><B># of Shares</B> <BR>
      <B>Registered for      </B><BR><B>Resale by</B> <BR><B>Selling</B> <BR><B>Security</B>
      <BR><B>Holders in</B> <BR><B>Prior</B> <BR><B>Registration</B>
      <BR><B>Statements</B> <BR></TD>
    <TD width="16%" align=center nowrap><B># of Shares</B> <BR>
      <STRONG>Registered
      for</STRONG> <BR><B>Resale by</B> <BR><B>Selling</B> <BR><B>Security</B>
      <BR><B>Holders Still</B> <BR><B>Held by</B> <BR><B>Selling</B>
      <BR><B>Security</B> <BR><B>Holders</B> </TD>
    <TD width="16%" align=center nowrap><B># of Shares</B> <BR>
      <B>Sold by</B>
      <BR><B>Selling</B> <BR><B>Security</B> <BR><B>Holders in</B>
      <BR><B>Registered</B> <BR><B>Resales</B> <BR><BR><BR></TD>
    <TD width="16%" align=center nowrap><B># of Shares</B> <BR>
      <B>Registered for</B>
      <BR><B>Resale on</B> <BR><B>Behalf of</B> <BR><B>Selling</B>
      <BR><B>Security</B> <BR><B>Holders in</B> <BR><B>Current</B>
      <BR><B>Transaction**</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga Global</B> <B>Investors SU,</B> <B>SA</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>10,000,000</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga</B> <B>Investors-</B> <B>Montserrat</B> <B>Global
      Fund</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>5,000,001</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Hudson Bay</B> <B>Master Fund</B> <B>LTD</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>15,000,000</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience LP</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>7,741,200</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience</B> <B>Market</B> <B>Neutral
      L.P.</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>1,386,000</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA</B> <B>LifeScience</B> <B>Select L.P.</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
  <TD align=center width="16%"><B>5,872,800</B></TD></TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 19 <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Joann</B> <B>Mostovoy</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>5,000,001</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby</B> <B>Healthcare</B> <B>Volatility</B> <B>Master
      Fund,</B> <B>Ltd.</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>20,000,001</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby</B> <B>Volatility</B> <B>Warrant</B> <B>Master
      Fund,</B> <B>Ltd.</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>10,000,000</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sphera Global</B> <B>Healthcare</B> <B>Master Fund</B>
    </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>18,932,001</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>HFR HE</B> <B>Sphera Global</B> <B>Healthcare</B>
      <B>Master Trust</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>1,068,000</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Maxim</B> <B>Partners</B> <B>LLC***</B> </TD>
    <TD align=center width="16%"><B>33,034,265*</B> </TD>
    <TD align=center width="16%"><B>-</B> </TD>
    <TD align=center width="16%"><B>- </B></TD>
    <TD align=center width="16%" >- </TD>
    <TD align=center width="16%"><B>1,000,000</B> </TD></TR></TABLE></DIV>
<P align=justify><B>* Prior to the Investment and as of the date hereof, the
Company has 38,260,097 shares of Common Stock issued and outstanding, with
5,225,832 shares directly held by affiliates, and 0 shares held by the Selling
Security Holders.</B></P>
<P align=justify><B>** Such shares of Common Stock underlie the Debentures and
Warrants issued pursuant to the Investment transaction. Note that each of the
Selling Security Holders remains subject to conversion caps imposed by the
Securities that limit the amount of shares of Common Stock that they can
convert/exercise into at 4.99% of the outstanding shares of Common Stock (except
for Sphera Global Healthcare Master Fund and HFR HE Sphera Global Healthcare
Master Trust which have a 9.99% limitation). </B></P>
<P align=justify><B>*** The Company does not intend to submit for registration
any shares underlying the Securities held by Maxim Partners LLC in its amended
Registration Statement.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>
    <P align=justify>COMMENT 9. </P></TD>
    <TD align=left width="90%" >
      <P align=justify>Please provide us, with a view toward disclosure in the
      prospectus, with the following information: </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>whether the issuer has the intention, and a reasonable
      basis to believe that it will have the financial ability, to make all
      payments on the overlying securities; and </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>whether &#150; based on information obtained from the selling
      shareholders &#150; any of the selling shareholders have an existing short
      position in the company&#146;s common stock and, if any of the selling
      shareholders have an existing short position in the company&#146;s stock, the
      following additional information: </P></TD></TR></TABLE><BR>
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<!--$$/page=-->
<A name="page_20"></A>

<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 20 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
  <TD width="20%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>-</TD>
	<TD align=left>
      <div align="justify">the date on which each such selling shareholder entered into that    short position; and </div></TD>
</TR>

<TR>
  <TD width="20%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="20%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>-</TD>
	<TD align=left>
      <div align="justify">the relationship of the date on which each such selling shareholder	entered into that short position to the date of the announcement of       the convertible note transaction and the filing of the registration    statement (<I>e.g.</I>, before or after the announcement of the convertible    note transaction, before the filing or after the filing of the    registration statement, etc.). </div></TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left nowrap>
<B>RESPONSE:</B>									</TD>
	<TD width=90% align=left>
      <div align="justify"><B>The Company has the intention, and believes that it has a reasonable</B>          <B>basis to believe that it will have the ability to make all payments on the</B>          <B>overlying debt instruments, the Debentures, issued in the Investment</B>          <B>transaction. Cash amounts owed under the Debentures are due and</B>          <B>payable in 2044, thirty (30) years after their issuance date, and do not</B>          <B>impose any regularly scheduled interest payments thereon. While the</B>          <B>Company currently is in the process of developing and commercializing</B>          <B>its core product offerings, it believes that by the year 2044 it will have</B>          <B>thriving operations affording it the ability to repay any amounts</B>          <B>remaining outstanding under the Debentures.</B> </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;			</TD>
	<TD width=90% align=left>
      <div align="justify"><B>The Company is not aware of and has not obtained, reviewed or been</B>          <B>presented with any information indicating that any of the Selling Security</B>          <B>Holders have an existing short position in the Common Stock.</B> </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
COMMENT 10.	</TD>
	<TD width=90% align=left>
Please provide us, with a view toward disclosure in the prospectus, with:	</TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;								</TD>
	<TD width=85% align=left> <div align="justify">a materially complete description of the relationships and arrangements that have existed in the past three years or are to be performed in the future between the issuer (or any of its predecessors) and the selling shareholders, any affiliates of the selling shareholders, or any person with whom any selling shareholder has a contractual relationship regarding the transaction
    (or any predecessors of those persons) &ndash; the information provided should include, in reasonable detail, a complete description of the rights and obligations of the parties in connection with the sale of the convertible notes; and </div></TD>
</TR>

<TR>
  <TD width="10%">&nbsp;</TD>
	<TD>&nbsp;	</TD>
<TD width="85%">&nbsp;	</TD>
</TR>
<TR valign="top">
  <TD width="10%" align=left>&nbsp;</TD>
	<TD align=left>
&#149;					</TD>
	<TD width=85% align=left> <div align="justify">copies of all agreements between the issuer (or any of its predecessors) and the selling shareholders, any affiliates of the selling shareholders, or any person with whom any selling shareholder has a contractual relationship regarding the transaction (or any predecessors of those persons) in connection with the sale of the convertible notes. In this regard, we note that the placement agent agreement with Maxim Group does not appear to be	filed as an exhibit to the registration statement. </div></TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_21"></A>

<P align="justify">
Jeffrey P. Riedler <BR>
U.S. Securities and Exchange Commission <BR>
May 22, 2014 <BR>
Page 21 <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR valign="top">
	<TD align=left>&nbsp;					</TD>
	<TD width=90% align=left> <div align="justify">If it is your view that such a description of the relationships and arrangements between and among those parties already is presented in the prospectus and that all agreements between and/or among those parties are included as exhibits to the registration statement, please provide us with confirmation of your view in this regard. </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>RESPONSE:</B>											</TD>
	<TD width=90% align=left>
      <div align="justify"><B>In response to the Staff&rsquo;s comment above, it is the Company&rsquo;s view that</B>          <B>such a description of the relationships and arrangements between and</B>          <B>among those parties already is presented in the prospectus, since prior to</B>          <B>the Investment, the Company and the Selling Security Holders have had</B>          <B>no prior business relationships or arrangements and the Investment is</B>          <B>described in its entirety in the Registration Statement. Similarly, all</B>          <B>agreements between and/or among those parties are included as Exhibits</B>          <B>to the registration statement or the Form 8-K filed with the Commission</B>          <B>on March 19, 2014, with the exception of the Placement Agent Agreement</B>          <B>by and between the Company and Maxim, which the Company shall file</B>          <B>as an Exhibit to the amended Registration Statement.</B> </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
COMMENT 11.						</TD>
	<TD width=90% align=left> <div align="justify">Please provide us, with a view toward disclosure in the prospectus, with a description of the method by which the company determined the number of shares it seeks to register in connection with this registration statement. In this regard, please ensure that the number of shares registered in the fee table
    is consistent with the shares listed in the &ldquo;Selling Shareholders&rdquo; section of the prospectus. </div></TD>
</TR>

<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>RESPONSE:</B>													</TD>
	<TD width=90% align=left>
      <div align="justify"><B>The Company initially submitted for registration all of the shares</B>          <B>underlying the Securities sold in the Investment transaction pursuant to</B>          <B>its obligations to do so under the applicable definitive documents</B>          <B>enforceable by the Selling Security Holders to register a secondary</B>          <B>offering on such Selling Security Holders&rsquo; behalf. In consideration of the</B>          <B>Commission&rsquo;s comments regarding the size of the shares registered, the</B>          <B>Company would seek to register the 1/3 Shares as a transaction that is</B>          <B>eligible to be made under Rule 415(a)(1)(i). In the event that the</B>          <B>Commission affords the Company the ability to proceed with the</B>          <B>Registration Statement as a Rule 415(a)(1)(i) offering, the Company shall</B>          <B>revise and amend the &ldquo;Selling Security Holders&rdquo; section of the</B>          <B>Registration Statement to reflect the offering of the 1/3 Shares in amounts</B>          <B>as applicable to each of the Selling Security Holders.</B> </div></TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_22></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 22 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>COMMENT 12. </TD>
    <TD align=left width="90%" >
      <P align=justify>With respect to the shares to be offered for resale by
      each selling security holder that is a legal entity, please disclose the
      natural person or persons who exercise the sole or shared voting and/or
      dispositive powers with respect to the shares to be offered by that
      shareholder. </P></TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap><B>RESPONSE:</B> </TD>
    <TD align=left width="90%" >
      <P align=justify><B>In response to the Staff&#146;s comment above, the Company
      sets forth below</B> <B>the natural person or persons who exercise the
      sole or shared voting</B> <B>and/or dispositive powers with respect to the
      shares to be offered by the</B> <B>Selling Security Holders that are legal
      entities.</B> </P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Selling Security Holder</B> <BR><B>Entity</B> <BR></TD>
    <TD align=center width="33%"><B>Natural Person(s) Who</B> <BR><B>Exercise
      Sole or Shared</B> <BR><B>Voting Powers</B> </TD>
    <TD align=center width="33%"><B>Natural Person(s) Who</B> <BR><B>Exercise
      Sole or Shared</B> <BR><B>Dispositive Powers</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga Global Investors SU, SA</B> </TD>
    <TD align=left width="33%"><B>Dr. Raj Mehra</B> </TD>
    <TD align=left width="33%"><B>Dr. Raj Mehra</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auriga Investors-Montserrat</B> <B>Global Fund</B> </TD>
    <TD align=left width="33%"><B>Dr. Raj Mehra</B> </TD>
    <TD align=left width="33%"><B>Dr. Raj Mehra</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Hudson Bay Master Fund LTD</B><B><SUP>(1)</SUP></B> </TD>
    <TD align=left width="33%"><B>Sander Gerber</B> </TD>
    <TD align=left width="33%"><B>Sander Gerber</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA LifeScience LP</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA LifeScience Market</B> <B>Neutral L.P.</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DAFNA LifeScience Select L.P.</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD>
    <TD align=left width="33%"><B>Fariba Ghodsian, C.I.O.; Nathan</B>
      <B>Fischel, C.E.O.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby Healthcare Volatility</B> <B>Master Fund, Ltd.
      </B><B><SUP>(2)</SUP></B> </TD>
    <TD align=left width="33%"><B>Hal Mintz</B> </TD>
    <TD align=left width="33%"><B>Hal Mintz</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sabby Volatility Warrant</B> <B>Master Fund, Ltd.
      </B><B><SUP>(2)</SUP></B> </TD>
    <TD align=left width="33%"><B>Hal Mintz</B> </TD>
    <TD align=left width="33%"><B>Hal Mintz</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Sphera Global Healthcare</B> <B>Master Fund
      </B><B><SUP>(3)</SUP></B> </TD>
    <TD align=left width="33%"><B>Doron Breen</B> </TD>
    <TD align=left width="33%"><B>Doron Breen</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>HFR HE Sphera Global</B> <B>Healthcare Master Trust
      </B><B><SUP>(3)</SUP></B> </TD>
    <TD align=left width="33%"><B>Doron Breen</B> </TD>
    <TD align=left width="33%"><B>Doron Breen</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Maxim Partners LLC</B><B><SUP>(4)</SUP></B> </TD>
    <TD align=left width="33%"><B>Michael Rabinowitz</B> </TD>
    <TD align=left width="33%"><B>Michael Rabinowitz</B>
</TD></TR></TABLE></DIV>
<P align=justify><B>(1) Hudson Bay Capital Management LP serves as investment
manager of Hudson Bay Master Fund Ltd., and as such, has voting and dispositive
powers over the Securities. Sander Gerber is the managing member of Hudson Bay
Capital GP LLC, which is the general partner of Hudson Bay Capital Management
LP. Sander Gerber disclaims beneficial ownership over the Securities.</B></P>
<P align=justify><B>(2) Sabby Management, LLC serves as the investment manager
of Sabby Healthcare Volatility Master Fund, Ltd. and Sabby Volatility Warrant
Master Fund, Ltd. Hal Mintz is the manager of Sabby Management, LLC. Each of
Sabby Management, LLC and Hal Mintz disclaims beneficial ownership over the
Securities covered by the Form S-1 except to the extent of its pecuniary
interest therein.</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify>Jeffrey P. Riedler <BR>U.S. Securities and Exchange Commission
<BR>
May 22, 2014 <BR>Page 23 <BR></P>
<P align=justify><B>(3) Sphera Global Healthcare Management L.P. has the sole
voting and dispositive powers over the Securities. Doron Breen is the natural
person exercising such control at such entity.</B></P>
<P align=justify><B>(4) MJR Holdings LLC has the sole voting and dispositive
powers over the Securities. Michael Rabinowitz is the natural person exercising
such control at such entity.</B></P>
<P
align=center><STRONG>*</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>
*</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>*&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>*&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>*&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>*
</STRONG></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we acknowledge that we are responsible for the accuracy and adequacy
of the disclosures made. We formally acknowledge that: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The adequacy and accuracy of the disclosure in
filing is the responsibility of the Company. </P>
<P align=justify>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Staff comments or changes to disclosure in response to Staff comments do not
foreclose the Commission from taking any action with respect to the filing. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may not assert Staff comments
as a defense in any proceeding initiated by the Commission or any person under
the federal securities laws of the United States. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
trust this response satisfactorily responds to your request. Should you require
further information, please contact our legal counsel Clayton E. Parker, Esq. of
K&amp;L Gates LLP at 305.539.3306. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Sincerely, </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ANAVEX LIFE SCIENCES CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><U>/s/ Christopher Missling, PhD.</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Christopher Missling, PhD. </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Executive Officer
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">cc: </TD>
    <TD>
      <P align=justify>Clayton E. Parker, Esq. of K&amp;L Gates LLP</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Austin Stephenson, SEC Division of Corporation
    Finance</P></TD></TR></TABLE><BR>
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