<SEC-DOCUMENT>0001615774-16-006875.txt : 20161004
<SEC-HEADER>0001615774-16-006875.hdr.sgml : 20161004

<ACCEPTANCE-DATETIME>20160818171819

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001615774-16-006875

CONFORMED SUBMISSION TYPE:	S-3/A

PUBLIC DOCUMENT COUNT:		7

FILED AS OF DATE:		20160818

DATE AS OF CHANGE:		20160906


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:		S-3/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-207600

		FILM NUMBER:		161841542



	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>S-3/A
<SEQUENCE>1
<FILENAME>s102059_s3a.htm
<DESCRIPTION>S-3/A
<TEXT>

<HTML>
<HEAD>


<TITLE></TITLE>
</HEAD>
<BODY LANG="EN-US" STYLE=
"text-justify-trim: punctuation; margin: 0 auto; padding: 10pt;">

<DIV CLASS="WordSection1" STYLE=
"width: 600px; margin: 0 auto; page: WordSection1;">
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>As
filed with the Securities and Exchange Commission on August 18, 2016</B> </P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 3.0pt 0in;">
<P CLASS="Textflush" ALIGN="right" STYLE=
"margin-top: 1.0pt; text-align: right; border: none; padding: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Registration
No. 333-207600</B> </P>
</DIV>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">UNITED STATES</FONT><BR>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">SECURITIES AND EXCHANGE
COMMISSION<BR>
Washington, D.C. 20549</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">__________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 6.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 16pt"><B>FORM
S-3/A</B></FONT> </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>(Amendment
No. 1)</B> </P>

<P CLASS="Textflush" STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; margin: 0in 0in 0pt; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; text-autospace: none; color: black"> <B>&nbsp;</B> </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">__________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 7.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">ANAVEX LIFE SCIENCES CORP.</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 2.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">(Exact name of
registrant as specified in its charter)</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Nevada</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>98-0608404</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>(State
or other jurisdiction of</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>(IRS
Employer</B> </P>
</TD>
</TR>
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>incorporation
or organization)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Identification
Number)</B> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">51 West 52<SUP>nd</SUP>
Street, 7<SUP>th</SUP> Floor<BR>
New York, NY 10019-6163<BR>
Telephone: 1-844-689-3939<BR></FONT> <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">(Address and
Telephone Number of Principal Executive Offices)</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 4.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Christopher Missling,
PhD<BR>
Chief Executive Officer<BR>
51 West 52<SUP>nd</SUP> Street, 7<SUP>th</SUP> Floor<BR>
New York, NY 10019-6163<BR>
Telephone: 1-844-689-3939</FONT> <FONT CLASS="BoldUnderline" STYLE=
'mso-style-name: "Bold + Underline"; font-weight: bold; text-decoration: underline;'>
<BR></FONT><FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">(Name, Address and
Telephone Number of Agent for Service)</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">__________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 4.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Copies to:</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 4.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><B>Clayton
E. Parker, Esq.</B><BR>
<B>John D. Owens III, Esq.</B><BR>
<B>Camielle N. Green, Esq.<BR>
</B> <B>K&amp;L Gates LLP</B><BR>
<B>200 South Biscayne Boulevard, Suite 3900</B><BR>
<B>Miami, Florida 33131-2399</B><BR>
<B>Telephone: (305) 539-3300</B><BR>
<B>Facsimile: (305) 358-7095</B></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">__________________</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Approximate Date of
Proposed Sale to the Public:</FONT> From time to time after this
Registration Statement becomes effective</P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please
check the following box. <FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 (&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Securities
Act</FONT>&#8221;), other than securities offered only in
connection with dividend or interest reinvestment plans, check the
following box. <FONT CLASS="xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.2pt;">If this Form is filed to
register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following</FONT>
<FONT STYLE="letter-spacing: -.1pt;">box and list the Securities
Act registration statement number of the earlier effective
registration statement for the same offering.</FONT> <FONT CLASS=
"ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE=
"font-family: Wingdings; letter-spacing: -.1pt;">&#168;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule
462(e) under the Securities Act, check the following box.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">If this Form is a
post-effective amendment to a registration statement filed pursuant
to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule 413(b) under
the Securities Act, check the following box.</FONT> <FONT CLASS=
"ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE=
"font-family: Wingdings; letter-spacing: -.1pt;">&#168;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company. See definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer&#8221; and
&#8220;smaller reporting company&#8221; in Rule 12b-2 of the
Exchange Act.&nbsp;</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto">
<TR>
<TD WIDTH="162" VALIGN="bottom" STYLE=
"width: 121.2pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Large accelerated filer</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="180" VALIGN="bottom" STYLE=
"width: 135.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accelerated filer</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="162" VALIGN="bottom" STYLE=
"width: 121.2pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-accelerated filer</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&#168;</FONT></FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="180" VALIGN="bottom" STYLE=
"width: 135.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Smaller reporting company</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
"margin-bottom: .0001pt; margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">CALCULATION OF
REGISTRATION FEE</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD NOWRAP STYLE="width: 40%; vertical-align: bottom; width: 40.3%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Title
of Each Class of</B> <B>Securities to be Registered</B> </P>
</DIV>
</TD>
<TD NOWRAP STYLE="width: 1%; vertical-align: bottom; width: 1.5%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="4" NOWRAP STYLE="width: 13%; vertical-align: bottom; width: 13.44%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Amount
to<BR>
be</B> <B>Registered<SUP>(1)</SUP></B> </P>
</DIV>
</TD>
<TD NOWRAP STYLE="width: 1%; vertical-align: bottom; width: 1.5%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" NOWRAP STYLE="width: 13%; vertical-align: bottom; width: 13.44%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Proposed
<BR>
Maximum<BR>
</B> <B>Offering Price<BR>
</B> <B>Per Security<SUP>(1)</SUP></B> </P>
</DIV>
</TD>
<TD NOWRAP STYLE="width: 1%; vertical-align: bottom; width: 1.5%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" NOWRAP STYLE="width: 13%; vertical-align: bottom; width: 13.44%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Proposed
<BR>
Maximum<BR>
</B> <B>Aggregate<BR>
</B> <B>Offering<BR>
 Price<SUP>(1)</SUP></B> </P>
</DIV>
</TD>
<TD NOWRAP STYLE="width: 1%; vertical-align: bottom; width: 1.5%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="4" NOWRAP STYLE="width: 13%; vertical-align: bottom; width: 13.44%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Amount
of<BR>
</B> <B>Registration <BR>
Fee<SUP>(2)</SUP></B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Primary
Offering By Anavex Life</B> <B>Sciences, Inc.</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Common
Stock, par value $0.001 per share </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(1)</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(1)</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 2.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.9%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(2)</SUP> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Total
for Primary Offering: </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(1)</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>&nbsp;</SUP> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(1)</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10,070 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Secondary
Offering By Selling</B> <B>Security Holder</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Common
Stock, par value $0.001 per share </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,754,609 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(3)</SUP> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.36 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 22,695,486 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="vertical-align: baseline">$</FONT> </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="vertical-align: baseline">2,286</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Total
for Secondary Offering: </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"margin-left: 1.0pt; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="vertical-align: baseline">6,754,609</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.36 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 22,695,486 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,286 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Total</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 122,695,486 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 10.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,356 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(4)</SUP> </P>
</TD>
</TR>
<TR HEIGHT="0">
<TD WIDTH="301" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="11" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="72" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="8" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="8" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="12" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="11" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="8" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="92" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="11" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="8" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="92" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="11" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="8" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="10" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="70" STYLE="border: none; padding: 0pt"></TD>
<TD WIDTH="11" STYLE="border: none; padding: 0pt"></TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Securities
registered hereunder may be sold separately, together or as units
with other securities registered hereunder. An indeterminate
aggregate initial offering price or number of shares of common
stock of Anavex Life Sciences Corp. is being registered as may from
time to time be issued at currently indeterminable prices with an
aggregate maximum offering price not to exceed $100,000,000.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Calculated in accordance with Rule 457(o) under the Securities Act. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp; </FONT>Up
to 6,754,609 of shares of common stock may be sold from time to time pursuant to this registration statement by the selling
security holder described herein, inclusive of 179,598 shares of common stock, that were issued as an initial commitment fee,
and 89,799 shares of common stock that are issuable as an additional commitment fee. Estimated in accordance with Rule
457(c) under the Securities Act of 1933 solely for the purpose of computing the amount of the registration fee. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The Company previously paid $15,105 in registration fees with the initial filing of this registration statement on Form
S-3 on October 26, 2015. </P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 12.0pt 0in;">
<P CLASS="Textflush" STYLE=
"border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">The registrant hereby
amends this registration statement on such date or dates as may be
necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this
registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until
the registration statement shall become effective on such date as
the Commission, acting pursuant to said Section 8(a), may
determine.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 9.0pt; color: #D80000;">The information in this
prospectus is not complete and may be changed. This prospectus is
included in a registration statement that we filed with the
Securities and Exchange Commission. We may not sell these
securities or accept an offer to buy these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell
these securities, and it is not soliciting offers to buy these
securities in any state where such offer or sale is not
permitted.</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="color: #D80000"><B>SUBJECT
TO COMPLETION, DATED AUGUST 18, 2016</B></FONT> </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 16.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">PROSPECTUS</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">Anavex Life Sciences Corp.</FONT></FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">$100,000,000 of Shares of Common
Stock</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 12.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 16pt"><B>6,754,609
Shares of Common Stock Offered</B></FONT> <BR>
<FONT STYLE="font-size: 16pt"><B>by Selling Security Holder</B></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 14.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Anavex Life Sciences Corp., a Nevada corporation
(&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">us</FONT>&#8221;,
&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">we</FONT>&#8221;,
&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">our</FONT>&#8221;,
&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Anavex</FONT>&#8221;
or the &#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Company</FONT>&#8221;)
may offer and sell from time to time, in one or more series or
issuances and on terms that Anavex will determine at the time of
the offering, shares of our common stock, par value $0.001 per
share (&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Common
Stock</FONT>&#8221;) described in this prospectus, up to an
aggregate amount of $100,000,000.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> This
prospectus also covers the resale by Lincoln Park Capital Fund, LLC (&#8220;<U>Lincoln Park</U>&#8221; or the &#8220;<U>Selling
Security Holder</U>&#8221;), of up to 6,754,609 shares of our Common Stock in one or more transactions in amounts, at prices,
and on terms that will be determined at the time these securities are offered, inclusive of 269,397 shares of Common Stock issued
or issuable to the Selling Security Holder as commitment shares, as described in further detail herein. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not receive any of the proceeds from the sale of shares of
our Common Stock sold by the Selling Security Holder. The Selling
Security Holder may sell the shares of Common Stock described in
this prospectus in a number of different ways and at varying
prices. See &#8220;Plan of Distribution&#8221; for more information
about how the Selling Security Holder may sell the shares of Common
Stock being registered pursuant to this prospectus. The Selling
Security Holder is an &#8220;underwriter&#8221; within the meaning
of Section 2(a)(11) of the Securities Act of 1933, as amended (the
&#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Securities
Act</FONT>&#8221;).</P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This prospectus provides you with a general description of the
securities offered. We will file prospectus supplements and may
provide other offering material at later dates that will contain
specific terms of each offering of securities by us. These
supplements may also add, update or change information contained in
this prospectus.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You should read this prospectus and the applicable prospectus
supplement carefully before you invest in the securities described
in the applicable prospectus supplement. This prospectus may not be
used to consummate sales of securities unless accompanied by a
prospectus supplement.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will sell these securities directly to our stockholders or to
other purchasers or through agents on our behalf or through
underwriters or dealers as designated from time to time. If any
agents or underwriters are involved in the sale of any of these
securities, the applicable prospectus supplement will provide the
names of the agents or underwriters and any applicable fees,
commission or discounts.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
Common Stock is currently quoted on the Nasdaq Capital Market under the symbol &#8220;AVXL&#8221;. On August 15, 2016, the last
reported sale price of our Common Stock was $3.54 per share. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Investing in our
securities involves a high degree of risk. See the section entitled
&#8220;Risk Factors&#8221; on page 9 of this prospectus and in the
documents we filed with the Securities and Exchange Commission that
are incorporated in this prospectus by reference for certain risks
and uncertainties you should consider.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 13.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Neither the Securities
and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the
contrary is a criminal offense.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 13.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>This
prospectus is dated August 18, 2016.</B> </P>
<P CLASS="RRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">TABLE OF
CONTENTS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_001">ABOUT THIS PROSPECTUS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_002">PROSPECTUS SUMMARY</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_003">SELECTED FINANCIAL DATA</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
7</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_004">RISK FACTORS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_005">DOCUMENTS INCORPORATED BY REFERENCE</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_006"><FONT LANG="EN-GB">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_007">USE OF PROCEEDS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_008">PLAN OF DISTRIBUTION</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_009">DESCRIPTION OF OUR CAPITAL STOCK</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_010">LEGAL MATTERS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_011">EXPERTS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#a_012"><FONT LANG="EN-GB">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION</FONT></A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
i</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_001"></A>ABOUT THIS
PROSPECTUS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> This
prospectus of Anavex Life Sciences Corp., a Nevada corporation (collectively with all of its subsidiaries, the &#8220;Company&#8221;,
&#8220;Anavex&#8221;, or &#8220;we&#8221;, &#8220;us&#8221;, or &#8220;our&#8221;) is a part of a registration statement that
we filed with the Securities and Exchange Commission (&#8220;<U>SEC</U>&#8221;) utilizing a &#8220;shelf&#8221; registration process.
Under this shelf registration process, we may, from time to time, sell the securities described in this prospectus in one or more
offerings. In addition, Lincoln Park may, from time to time, offer and sell up to an aggregate of 6,754,609 shares of our Common
Stock in one or more transactions. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The registration statement containing this prospectus, including
the exhibits to the registration statement, provides additional
information about us and the securities offered under this
prospectus. The registration statement, including the exhibits and
the documents incorporated herein by reference, can be read on the
SEC website or at the SEC offices mentioned under the heading
&#8220;Prospectus Summary - Where You Can Find More
Information.&#8221;</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may provide a prospectus supplement containing specific
information about the amounts, prices and terms of the securities
for a particular offering. The prospectus supplement may add,
update or change information in this prospectus. If the information
in the prospectus is inconsistent with a prospectus supplement, you
should rely on the information in that prospectus supplement. You
should read both this prospectus and, if applicable, any prospectus
supplement. See &#8220;Prospectus Summary &#8212; Where You Can
Find More Information&#8221; for more information.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not authorized any dealer, salesman or other person to give
any information or to make any representation other than those
contained or incorporated by reference in this prospectus or any
prospectus supplement. You must not rely upon any information or
representation not contained or incorporated by reference in this
prospectus or any prospectus supplement. This prospectus and any
prospectus supplement do not constitute an offer to sell or the
solicitation of an offer to buy any securities other than the
registered securities to which they relate, nor do this prospectus
and any prospectus supplement constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction to
any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction. You should not assume that the
information contained in this prospectus or any prospectus
supplement is accurate on any date subsequent to the date set forth
on the front of such document or that any information we have
incorporated by reference is correct on any date subsequent to the
date of the document incorporated by reference, even though this
prospectus and any prospectus supplement is delivered or securities
are sold on a later date.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="SumBoxH1" STYLE=
"mso-style-name: Sum_Box_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; text-transform: uppercase; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_002"></A>PROSPECTUS
SUMMARY</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The items in the following summary are described in more detail
later in this prospectus. This summary does not contain all of the
information you should consider. Before investing in our
securities, you should read the entire prospectus carefully,
including the &#8220;Risk Factors&#8221; beginning on page 9 and
the financial statements incorporated by reference.</FONT></P>
<P CLASS="H2" ALIGN="center" STYLE=
"text-align: center; mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Overview</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Current Business</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
are a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics for the treatment of
neurodegenerative and neurodevelopmental diseases including drug candidates to treat Alzheimer&#8217;s disease, other central
nervous system (&#8220;CNS&#8221;) diseases, pain and various types of cancer. The Company&#8217;s lead compound ANAVEX 2-73 is
being developed to treat Alzheimer&#8217;s disease and potentially other central nervous system diseases, including rare diseases,
such as Rett syndrome. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
December 2014 a Phase 2a clinical trial was initiated for ANAVEX 2-73, which is being evaluated for the treatment of Alzheimer&#8217;s
disease. This randomized trial is designed to assess the safety and exploratory efficacy of ANAVEX 2-73 alone as well as in combination
with donepezil (ANAVEX PLUS) in patients with mild to moderate Alzheimer&#8217;s disease. ANAVEX 2-73 targets sigma-1 and muscarinic
receptors, which have been shown in preclinical studies to reduce stress levels in the brain and to reverse the pathological hallmarks
observed in Alzheimer&#8217;s disease. ANAVEX 2-73 showed no serious adverse events in a previously performed Phase 1 study. In
pre-clinical studies, ANAVEX 2-73 demonstrated anti-amnesic and neuroprotective properties in various animal models including
the transgenic mouse model Tg2576. In March, 2016, we received approval from the Ethics Committee in Australia to extend the ongoing
Phase 2a clinical trial, which had been requested by patients and their caregivers. The trial extension allows participants who
complete 52 weeks in PART B to roll-over into a new trial and continue taking ANAVEX 2-73 for an additional 104 weeks, providing
an opportunity to gather extended safety data. The trial is independent of the Company&#8217;s planned larger Phase 2/3 double-blinded,
placebocontrolled study of ANAVEX 2-73 in Alzheimer&#8217;s disease. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We intend to identify and initiate discussions with potential
partners in the next 12 months. Further, we may acquire or develop
new intellectual property and assign, license, or otherwise
transfer our intellectual property to further our goals.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Pipeline</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our pipeline includes one clinical drug candidate and several
compounds in different stages of pre-clinical study.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our proprietary SIGMACEPTOR&#8482; Discovery Platform produced
small molecule drug candidates with unique modes of action, based
on our understanding of sigma receptors. Sigma receptors may be
targets for therapeutics to combat many human diseases, including
Alzheimer&#8217;s disease. When bound by the appropriate ligands,
sigma receptors influence the functioning of multiple biochemical
signals that are involved in the pathogenesis (origin or
development) of disease.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Compounds that have been subjects of our research include the
following:</P>
<P CLASS="H2ind" STYLE=
"mso-style-name: H2_ind; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX 2-73</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ANAVEX 2-73 may offer a disease-modifying approach in
Alzheimer&#8217;s disease (AD) by using ligands that activate
sigma-1 receptors.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In AD animal models, ANAVEX 2-73 has shown pharmacological,
histological and behavioral evidence as a potential
neuroprotective, anti-amnesic, anti-convulsive and anti-depressive
therapeutic agent, due to its potent affinity to sigma-1 receptors
and moderate affinities to M1-4 type muscarinic receptors. In
addition, ANAVEX 2-73 has shown a potential dual mechanism which
may impact both amyloid and tau pathology. In a transgenic AD
animal model Tg2576 ANAVEX 2-73 induced a statistically significant
neuroprotective effect against the development of oxidative stress
in the mouse brain, as well as significantly increased the
expression of functional and synaptic plasticity markers that is
apparently amyloid-beta independent. It also statistically
alleviated the learning and memory deficits developed over time in
the animals, regardless of sex, both in terms of spatial working
memory and long-term spatial reference memory.</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Based on the results of pre-clinical testing, we initiated and
completed a Phase 1 single ascending dose (SAD) clinical trial of
ANAVEX 2-73 in 2011. In this Phase 1 SAD trial, the maximum
tolerated single dose was defined per protocol as 55&#8211;60 mg.
This dose is above the equivalent dose shown to have positive
effects in mouse models of AD. There were no significant changes in
laboratory or electrocardiogram (ECG) parameters. ANAVEX 2-73 was
well tolerated below the 55&#8211;60 mg dose with only mild adverse
events in some subjects. Observed adverse events at doses above the
maximum tolerated single dose included headache and dizziness,
which were moderate in severity and reversible. These side effects
are often seen with drugs that target CNS conditions, including
AD.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The ANAVEX 2-73 Phase 1 SAD trial was conducted as a randomized,
placebo-controlled study. Healthy male volunteers between the ages
of 18 and 55 received single, ascending oral doses over the course
of the trial. Study endpoints included safety and tolerability
together with pharmacokinetic parameters. Pharmacokinetics includes
the absorption and distribution of a drug, the rate at which a drug
enters the blood and the duration of its effect, as well as
chemical changes of the substance in the body. This study was
conducted in Germany in collaboration with ABX-CRO, a clinical
research organization that has conducted several Alzheimer&#8217;s
disease studies, and the Technical University of Dresden.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
December 2014 a Phase 2a clinical trial was initiated for ANAVEX 2-73, which is being evaluated for the treatment of Alzheimer&#8217;s
disease. The randomized trial is designed to assess the safety and exploratory efficacy of ANAVEX 2-73 alone as well as in combination
with donepezil (ANAVEX PLUS) in patients with mild to moderate Alzheimer&#8217;s disease. ANAVEX 2-73 targets sigma-1 and muscarinic
receptors, which have been shown in preclinical studies to reduce stress levels in the brain and to reverse the pathological hallmarks
observed in Alzheimer&#8217;s disease. ANAVEX 2-73 showed no serious adverse events in a previously performed Phase 1 study. In
pre-clinical studies ANAVEX 2-73 demonstrated anti-amnesic and neuroprotective properties in various animal models including the
transgenic mouse model Tg2576. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Phase 2a study met both primary and secondary objectives of the study. The 31-week preliminary exploratory safety and efficacy
data from the ongoing Phase 2a study of ANAVEX 2-73 in Alzheimer&#8217;s patients demonstrated favorable safety, maximum tolerated
dose, positive dose response, sustained efficacy response through 31 weeks for both cognitive and functional measures, as well
as positive unexpected therapeutic response events. ANAVEX 2-73 continues to demonstrate a favorable adverse event (AE) profile
through 31 weeks in a patient population of elderly Alzheimer&#8217;s patients with varying degrees of physical fragility. The
most common side effects across all AE categories tended to be of mild severity grade 1, and were resolved with dose reductions
that were anticipated within the adaptive design of the study protocol. ANAVEX 2-73 data presented is prerequisite information
in order to progress into Phase 2/3 placebo controlled studies. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Recent
preclinical data validates ANAVEX 2-73 as a prospective platform drug for other neurodegenerative diseases beyond Alzheimer&#8217;s
as well as neurodevelopmental diseases, more specifically, epilepsy and Rett syndrome. For epilepsy, data demonstrates both significant
and dose related improvement in the reduction of seizures, as well as significant synergy with each of three generations of epilepsy
drugs currently on the market. In Rett syndrome, a rare neurodevelopmental disease indication, administration of ANAVEX 2-73 resulted
in both significant and dose related improvements in an array of behavioural paradigms in the MECP2 HET Rett syndrome disease
model. </P>
<P CLASS="H2ind" STYLE=
"mso-style-name: H2_ind; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX PLUS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil
(Aricept<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&#174;</FONT>)
is a potential novel combination drug for Alzheimer&#8217;s
disease. Aricept<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&#174;</FONT>
(donepezil) is now generic. ANAVEX 2-73 showed in combination with
donepezil an unexpected and clear synergic effect of memory
improvement by up to 80% in animal models. A patent application was
filed in the US for the combination of donepezil and ANAVEX 2-73
and if granted would give patent protection at least until
2033.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In a humanized calibrated cortical network computer model the
unexpected pre-clinical synergy between ANAVEX 2-73 and donepezil
was confirmed and ANAVEX PLUS showed an anticipated ADAS-Cog
response of 7 points at 12 weeks and 5.5 points at 26 weeks, which
represents more than 2x the ADAS-Cog of donepezil alone.</P>
<P CLASS="H2ind" STYLE=
"mso-style-name: H2_ind; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX 3-71</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ANAVEX 3-71, previously named AF710B is a preclinical drug
candidate with a novel mechanism of action via sigma-1 receptor
activation and M1 muscarinic allosteric modulation, which has shown
to enhance neuroprotection and cognition in Alzheimer&#8217;s
disease. ANAVEX 3-71 is a CNS-penetrable mono-therapy that bridges
treatment of both cognitive impairments with disease modifications.
It is highly effective in very small doses against the major
Alzheimer&#8217;s hallmarks in transgenic (3xTg-AD) mice, including
cognitive deficits, amyloid and tau pathologies, and also has
beneficial effects on inflammation and mitochondrial</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
dysfunctions. ANAVEX 3-71 indicates extensive therapeutic
advantages in Alzheimer&#8217;s and other
protein-aggregation-related diseases given its ability to enhance
neuroprotection and cognition via sigma-1 receptor activation and
M1 muscarinic allosteric modulation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> A
recent preclinical study examined the response of ANAVEX 3-71 in aged transgenic animal models, and showed a significant reduction
in rate of cognitive deficit, amyloid beta pathology and inflammation with the administration of ANAVEX 3-71. In April 2016 the
U.S. Food and Drug Administration (&#8220;FDA&#8221;) granted Orphan Drug Designation (&#8220;ODD&#8221;) to ANAVEX 3-71 for the
treatment of Frontotemporal dementia (&#8220;FTD&#8221;). </P>
<P CLASS="H2ind" STYLE=
"mso-style-name: H2_ind; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX 1-41</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ANAVEX 1-41 is a sigma-1 agonist. Pre-clinical tests revealed
significant neuroprotective benefits (i.e., protects nerve cells
from degeneration or death) through the modulation of endoplasmic
reticulum, mitochondrial and oxidative stress, which damages and
destroys cells and is believed by some scientists to be a primary
cause of AD. In addition, in animal models, ANAVEX 1-41 prevented
the expression of caspase-3, an enzyme that plays a key role in
apoptosis (programmed cell death) and loss of cells in the
hippocampus, the part of the brain that regulates learning, emotion
and memory. These activities involve both muscarinic and sigma-1
receptor systems through a novel mechanism of action.</P>
<P CLASS="H2ind" STYLE=
"mso-style-name: H2_ind; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX 1037</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ANAVEX 1037 is designed for the treatment of prostate cancer. It is
a low molecular weight, synthetic compound exhibiting high affinity
for sigma-1 receptors at nanomolar levels and moderate affinity for
sigma-2 receptors and sodium channels at micromolar levels. In
advanced pre-clinical studies, this compound revealed antitumor
potential with no toxic side effects. It has also been shown to
selectively kill human cancer cells without affecting
normal/healthy cells and also to significantly suppress tumor
growth in immune-deficient mice models. Scientific publications
describe sigma receptor ligands positively, highlighting the
possibility that these ligands may stop tumor growth and induce
selective cell death in various tumor cell lines. Sigma receptors
are highly expressed in different tumor cell types. Binding by
appropriate sigma-1 and/or sigma-2 ligands can induce selective
apoptosis. In addition, through tumor cell membrane reorganization
and interactions with ion channels, our drug candidates may play an
important role in inhibiting the processes of metastasis (spreading
of cancer cells from the original site to other parts of the body),
angiogenesis (the formation of new blood vessels) and tumor cell
proliferation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our compounds are in the pre-clinical and clinical testing stages
of development, and there is no guarantee that the activity
demonstrated in pre-clinical models will be shown in human
testing.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Target Indications</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have developed compounds with potential application to two broad
categories and several specific indications. The two categories are
diseases of the central nervous system, and cancer. Specific
indications include:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Alzheimer&#8217;s disease &#8212; In 2015, an estimated 5.3 million Americans were suffering from Alzheimer&#8217;s disease.
The Alzheimer&#8217;s Association<FONT STYLE="font-size: 6pt !important"><SUP>&#174;</SUP></FONT> reports that by 2025, 7.1 million
Americans will be afflicted by the disease, a 40 percent increase from currently affected patients. Medications on the market
today treat only the symptoms of AD and do not have the ability to stop its onset or its progression. There is an urgent and unmet
need for both a disease modifying cure for Alzheimer&#8217;s disease as well as for better symptomatic treatments. </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Depression &#8212; Depression is a major cause of morbidity
worldwide according to the World Health Organization (WHO).
Pharmaceutical treatment for depression is dominated by blockbuster
brands, with the leading nine brands accounting for approximately
75% of total sales. However, the dominance of the leading brands is
waning, largely due to the effects of patent expiration and generic
competition.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Epilepsy &#8212; Epilepsy is a common chronic neurological disorder characterized by recurrent unprovoked seizures. These
seizures are transient signs and/or symptoms of abnormal, excessive or synchronous neuronal activity in the brain. According to
the Centers for Disease Control and Prevention, epilepsy affects 2.2 million Americans. Today, epilepsy is often controlled, but
not cured, with medication that is categorized as older traditional anti-epileptic drugs and second generation anti epileptic
drugs. Because epilepsy afflicts sufferers in different ways, there is a need for drugs used in combination with both traditional
anti-epileptic drugs and second generation anti-epileptic drugs. GBI Research estimates that the epilepsy market will increase
to $4.5 billion by 2019. </P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Neuropathic Pain &#8212; We define neuralgia, or neuropathic pain,
as pain that is not related to activation of pain receptor cells in
any part of the body. Neuralgia is more difficult to treat than
some other types of pain because it does not respond well to normal
pain medications. Special medications have become more specific to
neuralgia and typically fall under the category of membrane
stabilizing drugs or antidepressants.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Malignant Melanoma &#8212; Predominantly a skin cancer, malignant
melanoma can also occur in melanocytes found in the bowel and the
eye. Malignant melanoma accounts for 75% of all deaths associated
with skin cancer. The treatment includes surgical removal of the
tumor, adjuvant treatment, chemo and immunotherapy, or radiation
therapy. According to IMS Health the worldwide Malignant Melanoma
market is expected to grow to $4.4 billion by 2022.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Prostate Cancer &#8212; Specific to men, prostate cancer is a form
of cancer that develops in the prostate, a gland in the male
reproductive system. The cancer cells may metastasize from the
prostate to other parts of the body, particularly the bones and
lymph nodes. Drug therapeutics for Prostate Cancer are expected to
increase to nearly $18.6 billion in 2017 according to BCC
Research.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pancreatic Cancer &#8212; Pancreatic cancer is a malignant neoplasm of the pancreas. In the United States approximately
45,000 new cases of pancreatic cancer will be diagnosed this year and approximately 38,000 patients will die as a result of their
cancer. Sales predictions by GlobalData forecast that the market for the pharmaceutical treatment of pancreatic cancer in the
five largest European countries and the United States, will increase to $1.63 billion by 2017. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Corporate
Information</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our principal executive office is located at 51 West 52<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">nd</FONT>
Street, 7<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor, New York, NY 10019-6163, and our telephone number is
844.689.3939. Our website address is <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.anavex.com</FONT>.
No information found on our website is part of this prospectus.
Also, this prospectus may include the names of various government
agencies or the trade names of other companies. Unless specifically
stated otherwise, the use or display by us of such other
parties&#8217; names and trade names in this prospectus is not
intended to and does not imply a relationship with, or endorsement
or sponsorship of us by, any of these other parties.</P>
<P CLASS="H2" ALIGN="center" STYLE=
"text-align: center; mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Offerings</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may offer and sell, from time to time, in one or more offerings,
the securities that we describe in this prospectus having a total
initial offering price not exceeding $100,000,000 at prices and on
terms to be determined by market conditions at the time of any
offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
October 21, 2015, the Company entered into a purchase agreement (the &#8220;<U>Purchase Agreement</U>&#8221;) with the Selling
Security Holder (such transaction, the &#8220;<U>Financing</U>&#8221;), pursuant to which the Selling Security Holder agreed to
purchase from us up to $50,000,000 of our Common Stock (subject to certain limitations) from time to time over a 36-month period.
In connection with the Financing, the Company also entered into a registration rights agreement with the Selling Security Holder
(the &#8220;<U>RRA</U>&#8221;) whereby the Company agreed to file a registration statement, of which this prospectus is a part,
with the U.S. Securities and Exchange Commission (&#8220;<U>SEC</U>&#8221;) covering the shares of the Company&#8217;s Common
Stock that may be issued to the Selling Security Holder under the Purchase Agreement. 6,754,609 shares of Common Stock are being
registered under the registration statement of which this prospectus is a part, in connection with the Company&#8217;s obligations
under the Purchase Agreement and the RRA. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> After
the registration statement, of which this prospectus is a part, is declared effective, the Company may, from time to time and
at its sole discretion, direct the Selling Security Holder to purchase up to 50,000 shares of our Common Stock on any such business
day, provided that in no event shall the Selling Security Holder purchase more than $2,000,000 worth of our Common Stock on any
single business day, plus an additional &#8220;accelerated amount&#8221; under certain circumstances. Except as described in this
prospectus, there are no trading volume requirements or restrictions under the Purchase Agreement, and we will control the timing
and amount of any sales of our Common Stock to the Selling Security Holder. The purchase price of the up to 50,000 shares that
may be sold to the Selling Security Holder under the Purchase Agreement on any business day will be based on the market price
of our Common Stock immediately preceding the time of sale as computed under the Purchase Agreement without any fixed discount.
The purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, forward or
reverse stock split, or other similar transaction occurring during the business days used to compute such price. We may at any
time in our sole discretion terminate the Purchase Agreement without fee, penalty or cost upon one business day&#8217;s notice. </P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification and termination
provisions by, among and for the benefit of the parties. The Selling Security Holder has covenanted not to cause or engage in
any manner whatsoever, any direct or indirect short selling or hedging of the Company&#8217;s Common Stock. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In consideration for entering into the Purchase Agreement, the
Company issued to the Selling Security Holder, 179,598 shares of
Common Stock as a commitment fee and shall issue up to 89,799
shares pro rata, which commitment fee shares are also being
registered hereunder, when and if, the Selling Security Holder
purchases at the Company&#8217;s discretion the $50,000,000
aggregate commitment. The Purchase Agreement may be terminated by
the Company at any time at its discretion without any cost to the
Company.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> This
prospectus provides you with a general description of the securities we and the Selling Security Holder may offer. Each time we
offer a type or series of securities under this prospectus, we will provide a prospectus supplement that will describe the specific
amounts, prices and other important terms of the securities. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The prospectus supplement also may add, update or change
information contained in this prospectus or in documents we have
incorporated by reference into this prospectus. However, no
prospectus supplement will fundamentally change the terms that are
set forth in this prospectus or offer a security that is not
registered and described in this prospectus at the time of its
effectiveness.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Where You Can Find More
Information</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are subject to the information requirements of the Securities
Exchange Act of 1934 (the &#8220;<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Exchange</FONT>
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Act</FONT>&#8221;).
Accordingly, we file annual, quarterly and current reports, proxy
statements as may be required and other information with the SEC
and filed a registration statement on Form S-3 under the Securities
Act relating to the securities offered by this prospectus. This
prospectus, which forms part of the registration statement, does
not contain all of the information included in the registration
statement. For further information, you should refer to the
registration statement and its exhibits.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You may read and copy the registration statement and any document
we file with the SEC at the SEC&#8217;s Public Reference Room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of the
Public Reference Room. You can also review our filings by accessing
the website maintained by the SEC at <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">http://www.sec.gov</FONT>.
The site contains reports, proxy and information statements and
other information regarding issuers that file electronically with
the SEC. In addition to the foregoing, we maintain a website at
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">http://www.anavex.com</FONT>.
Our website content is made available for informational purposes
only. It should neither be relied upon for investment purposes nor
is it incorporated by reference into this prospectus. We make
available at <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">http://www.anavex.com/investors/share-data/</FONT>
copies of our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K and any amendments to
such document as soon as practicable after we electronically file
such material with or furnish such documents to the SEC.</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
6</P>
<DIV STYLE="border: windowtext 1pt solid; padding: 0pt 4pt">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_003"></A>SELECTED FINANCIAL
DATA</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.1pt">The
following selected financial data should be read in conjunction with our financial statements and the related notes contained
in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015 and our interim consolidated
financial statements and the related notes contained in Item 1 of Part I of our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016, which are incorporated by reference into this prospectus, except that share and per share information for
the years ended September 30, 2015 and 2014 and for the nine months ended June 30, 2016 and 2015 have been revised to reflect
the reverse stock split of our issued and outstanding shares of Common Stock effective on October 7, 2015, at a ratio of 1 to
4. The selected data in this section is not intended to replace such financial statements, except that share and per share information
has been revised for the periods presented to reflect the reverse stock split at a ratio of 1 to 4.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
have derived the statements of operations data for each of the years ended September 30, 2015 and 2014 and the balance sheet data
as of September 30, 2015 and 2014 from the audited consolidated financial statements contained in Item 8 of Part II of our Annual
Report on Form 10-K for the year ended September 30, 2015. The consolidated statement of operations data set forth below for the
nine months ended June 30, 2016 and 2015 and the consolidated balance sheet data as of June 30, 2016 has been derived from our
consolidated financial statements included in Item 1 of Part I of our Quarterly Report on Form 10-Q for the quarter ended June
30, 2016, which is incorporated by reference into this prospectus. </P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
historical financial information set forth below may not be indicative of our future performance and should be read together with
&#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our historical consolidated
financial statements and notes to those statements included in Item 7 of Part II and Item 8 of Part II, respectively, of our Annual
Report on Form 10-K for the year ended September 30, 2015, &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations&#8221; and our historical financial statements and notes to those statements included in Item 2 of Part
I and Item 1 of Part I, respectively, of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, and updates thereto
reflected in subsequent filings with the SEC, and all other annual, quarterly and other reports that we file with the SEC after
the date of this prospectus and that also are incorporated herein by reference. </P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="7" NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Nine
months ended June 30,</B> </P>
</TD>
</TR>
<TR>
<TD NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="3" NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>2016</B><BR>
<B>(unaudited)</B> </P>
</DIV>
</TD>
<TD NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="3" NOWRAP STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>2015
(unaudited)</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="width: 69%; vertical-align: bottom; width: 69.24%; background-color: white; padding: 0in"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Research
and development expenses </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="width: 11%; vertical-align: bottom; width: 11.54%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,915,432 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="width: 11%; vertical-align: bottom; width: 11.54%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,525,233 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> General
and administrative expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,090,835 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,616,744 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (8,225,666 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (6,751,821 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss per share, basic and diluted </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.24 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.44 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Weighted
average number of common shares, basic and diluted </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 34,961,838 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,438,000 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE="text-align: left; margin: 0pt 0in; text-align: left; mso-style-name: Text_flush; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="7" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Year
ended September 30,</B> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="3" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>2015</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="3" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>2014</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="width: 69%; vertical-align: bottom; width: 69.24%; background-color: white; padding: 0in"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Research
and development expenses </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="width: 11%; vertical-align: bottom; width: 11.54%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,271,736 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="width: 11%; vertical-align: bottom; width: 11.54%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 732,395 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.16%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> General
and administrative expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,836,978 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,236,580 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (12,108,130 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (9,968,353 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss per share </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Basic </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.65 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1.02 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Diluted </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.65 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1.02 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Weighted
average number of common shares, basic and diluted </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 18,584,820 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9,804,539 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
7</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H2" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Selected Balance Sheet
Data</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>At
June 30, 2016</B> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="5" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>At
September 30,</B> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>(unaudited)</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> 2015 </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>2014</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Cash </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $9,727,040 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $15,290,976 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $7,262,138 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Working
Capital </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7,670,925 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,808,083 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,910,106 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
Assets </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9,843,973 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,469,913 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7,353,502 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Long-term
debt </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 345 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 332 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 263,727 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 52.5%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
Stockholders&#8217; Equity </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.14%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 12.5%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7,671,086 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.14%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 12.5%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,809,003 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.52%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.14%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 14.54%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 192,626 </P>
</TD>
</TR>
<TR HEIGHT="0">
<TD STYLE="width: 386px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 8px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 92px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 8px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 92px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 8px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 107px; border-style: none; padding: 0pt"></TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
8</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">R</FONT>ISK <FONT CLASS=
"Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_004"></A>FACTORS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> An
investment in our securities which may be offered hereby is subject to numerous risks, including the risks described under the
caption &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K for the year ended September 30, 2015, which is incorporated
by reference herein. You should carefully consider these risks, along with the information provided elsewhere in this prospectus
and the documents we incorporate by reference in this prospectus before investing in our securities. You could lose all or part
of your investment in the securities. You should consider these matters in conjunction with the other information included or
incorporated by reference in this prospectus. The risks and uncertainties described in this prospectus, any applicable prospectus
supplement and the documents incorporated by reference herein are not the only ones facing us. Additional risks and uncertainties
that we do not presently know about or that we currently believe are not material may also adversely affect our business. Our
business, results of operations or financial condition could be seriously harmed, and the trading price of our Common Stock may
decline due to any of these or other risks. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">This prospectus
contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements appear in a number of places in this
prospectus and include statements regarding the intent, belief or
current expectations of our management, directors or officers
primarily with respect to our future operating performance.
Prospective purchasers of our securities are cautioned that these
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements due to
various factors. The accompanying information contained in this
prospectus, including the information set forth below, identifies
important factors that could cause these differences. See
&#8220;Forward-Looking Statements&#8221; below.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Risks Relating to the
Purchase Agreement with the Selling Security Holder</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B><I>The
sale or issuance of our Common Stock to the Selling Security Holder may cause dilution and the sale of the shares of Common Stock
acquired by the Selling Security Holder, or the perception that such sales may occur, could cause the price of our Common Stock
to fall.</I></B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
October 21, 2015, we entered into the Purchase Agreement with the Selling Security Holder, pursuant to which the Selling
Security Holder has committed to purchase up to $50,000,000 of shares of our Common Stock. Concurrently with the execution of
the Purchase Agreement on October 21, 2015, we issued 179,598 shares of our Common Stock to the Selling Security Holder as a
fee for its commitment to purchase additional shares of our Common Stock under the Purchase Agreement. We have not issued
additional shares of Common Stock to the Selling Security Holder since the execution of the Purchase Agreement. Additional
purchase shares that may be sold pursuant to the Purchase Agreement may be sold by us to Lincoln Park at our discretion from
time to time for a 36-month period, commencing after the SEC declares the registration statement that this prospectus forms a
part effective. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
purchase price for the shares that we may sell to the Selling Security Holder under the Purchase Agreement will fluctuate based
on the price of our Common Stock. Depending on market liquidity at the time, sales of such shares may cause the trading price
of our Common Stock to fall. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We generally have the right to control the timing and amount of any
sales of our shares to the Selling Security Holder. Sales of our
Common Stock, if any, to the Selling Security Holder will depend
upon market conditions and other factors to be determined by us.
Therefore, the Selling Security Holder may ultimately purchase all,
some or none of the shares of our Common Stock that may be sold
pursuant to the Purchase Agreement and, after it has acquired
shares, the Selling Security Holder may sell all, some or none of
those shares. Sales to the Selling Security Holder by us could
result in substantial dilution to the interests of other holders of
our Common Stock. Additionally, the sale of a substantial number of
shares of our Common Stock to the Selling Security Holder, or the
anticipation of such sales, could make it more difficult for us to
sell equity or equity-related securities in the future at a time
and at a price that we might otherwise wish to effect sales.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;"> We
may not be able to access sufficient funds under the Purchase Agreement with Lincoln Park when needed. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
ability to sell shares to Lincoln Park and obtain funds under the Purchase Agreement is limited by the terms and conditions in
the Purchase Agreement, including restrictions on when we may sell shares to Lincoln Park, restrictions on the amounts we may
sell to Lincoln Park at any one time, and a limitation on our ability to sell shares to Lincoln Park to the extent that it would
cause Lincoln Park to beneficially own more than 9.99% of our outstanding Common Stock. Therefore, we might not have access to
the full amount available to us under the Purchase Agreement. In addition, any amounts we sell under the Purchase </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Agreement
may not satisfy all of our funding needs, even if we are able and choose to sell all $50,000,000 of our Common Stock under the
Purchase Agreement. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
elected to enter into the Purchase Agreement with Lincoln Park as we expect that amount of capital over the next three years
will be required for us to fully implement our business, operating and development plans. The extent we rely on Lincoln Park
as a source of funding will depend on a number of factors including, the prevailing market price of our Common Stock and the
extent to which we are able to secure working capital from other sources. If obtaining sufficient funding from Lincoln Park
were to prove unavailable or prohibitively dilutive, we will need to secure another source of funding in order to satisfy our
working capital needs. Even if we sell all $50,000,000 of shares of our Common Stock under the Purchase Agreement, we may
still need additional capital to fully implement our business, operating and development plans. Should the financing we
require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the consequences
could be a material adverse effect on our business, operating results, financial condition and prospects. </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_005"></A>DOCUMENTS INCORPORATED
BY REFERENCE</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The SEC allows us to &#8220;incorporate by reference&#8221; into
this prospectus certain information that we file with the SEC,
which means that we can disclose important information to you by
referring you to other documents separately filed by us with the
SEC that contain such information. The information we incorporate
by reference is considered to be part of this prospectus and
information we later file with the SEC will automatically update
and supersede the information in this prospectus. The following
documents filed by us with the SEC pursuant to Section 13(a) of the
Exchange Act and any of our future filings under Sections 13(a),
13(c), 14 or 15 (d) of the Exchange Act, except for information
furnished under Item 2.02 or 7.01 of Current Report on Form 8-K, or
exhibits related thereto, made before the termination of the
offering are incorporated by reference herein:</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, filed with the SEC on December 29, 2015; </P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>our Quarterly Reports on Form 10-Q for the fiscal periods ended: (i) December 31, 2015, as filed with the SEC on February
8, 2016; (ii) March 31, 2016, as filed with the SEC on May 11, 2016; and (iii) June 30, 2016, as filed with the SEC on August
11, 2016; </P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>our Current Reports on Form 8-K, as filed with the SEC on September 28, 2015, October 6, 2015, October 7, 2015, October
26, 2015, May 6, 2016, May 11, 2016, June 23, 2016, July 7, 2016 and July 22, 2016; </P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> all other
reports filed pursuant to Section 13(a) or 15(d) of the Exchange
Act and all proxy or information statements filed pursuant to
Section 14 of the Exchange Act since the end of the fiscal year
covered by the Annual Report referenced in (1) above; and</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (5)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The description of our Common Stock contained in the Registration Statement on Form 8-A filed with the SEC on December
6, 2005. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, all documents subsequently filed by us pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act before the
date our offering is terminated or complete are deemed to be
incorporated by reference into, and to be a part of, this
prospectus.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will provide to each person, including any beneficial owner, to
whom a prospectus is delivered, a copy of any or all of the reports
or documents that have been incorporated by reference in the
prospectus contained in the registration statement but not
delivered with the prospectus, other than an exhibit to these
filings unless we have specifically incorporated that exhibit by
reference into the filing, upon written or oral request and at no
cost to the requester. Requests should be made by writing or
telephoning us at the following address:</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Anavex Life Sciences Corp.<BR>
51 West 52<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">nd</FONT>
Street, 7<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor<BR>
New York, NY 10019-6163<BR>
(844) 689-3939</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_006"></A>CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This prospectus contains forward-looking statements within the
meaning of Section 27A of the Securities Act regarding our
business, financial condition, results of operations and prospects.
Words such as &#8220;expects&#8221;, &#8220;anticipates&#8221;,
&#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;believes&#8221;,
&#8220;seeks&#8221;, &#8220;estimates&#8221; and similar
expressions or variations of such words are intended to identify
forward-looking statements. However, these are not the exclusive
means of identifying forward-looking statements. Although
forward-looking statements contained in this prospectus reflect our
good faith judgment, such statements can only be based on facts and
factors currently known to us. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and
actual outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Further information
about the risks and uncertainties that may impact us are described
or incorporated by reference in &#8220;Risk Factors&#8221;
beginning on page 9. You should read that section carefully. You
should not place undue reliance on forward-looking statements,
which speak only as of the date of this prospectus. We undertake no
obligation to update publicly any forward-looking statements in
order to reflect any event or circumstance occurring after the date
of this prospectus or currently unknown facts or conditions or the
occurrence of unanticipated events.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_007"></A>USE OF
PROCEEDS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless otherwise specified in the applicable prospectus supplement,
we intend to use the net proceeds from the sale of the securities
described in this prospectus in connection with the primary
offering for general corporate and operations purposes and to fund
our anticipated growth. The applicable prospectus supplement will
provide more details on the use of proceeds of any specific
offering. We retain broad discretion in determining how we allocate
the net proceeds received in connection with the primary offering.
However, we expect that such cash will be used to further our
business plan of advancing human clinical trials of AVAVEX 2-73 and
for general corporate and administrative purposes.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not receive any proceeds from the sale of shares of our
Common Stock by the Selling Security Holder named in such
prospectus supplement.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_008"></A>PLAN OF
DISTRIBUTION</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Primary
Offering</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may sell the securities described in this prospectus on a
continuous or delayed basis directly to purchasers, through
underwriters, broker-dealers or agents that may receive
compensation in the form of discounts, concessions or commissions
from us or the purchasers of the securities, in &#8220;at the
market offerings&#8221; within the meaning of Rule 415(a)(4) of the
Securities Act, to or through a market maker or into an existing
trading market, on an exchange, or otherwise or through a
combination of any such methods of sale. Discounts, concessions or
commissions as to any particular underwriter, broker-dealer or
agent may be in excess of those customary in the types of
transactions involved.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The securities may be sold from time to time in one or more
transactions at fixed prices, which may be changed from time to
time, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale or at negotiated prices.
These sales may be effected in transactions, which may involve
crosses or block transactions:</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> on
any national securities exchange or quotation service on which the
securities may be listed or quoted at the time of sale;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
the over-the-counter market;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
transactions otherwise than on these exchanges or services or in
the over-the-counter market; or</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
through the writing of options, whether the options are listed on
an options exchange or otherwise.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each time that we use this prospectus to sell our securities, we
shall also provide a prospectus supplement. For each series of
securities, the applicable prospectus supplement will set forth the
terms of the offering including:</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the public offering price;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the name or names of any underwriters, dealers or agents;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchase price of the securities;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the proceeds from the sale of the securities to us;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any underwriting discounts, agency fees, or other compensation
payable to underwriters or agents;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any discounts or concessions allowed or reallowed or repaid to
dealers; and</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the securities exchanges on which the securities will be listed, if
any.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we use underwriters in the sale of securities, the securities
will be acquired by the underwriters for their own account. The
underwriters may then resell the securities in one or more
transactions at a fixed public offering price or at varying prices
determined at the time of sale or thereafter. The securities may be
either offered to the public through underwriting syndicates
represented by managing underwriters, or directly by underwriters.
The obligations of the underwriters to purchase the securities will
be subject to certain conditions. The underwriters will be
obligated to purchase all the securities offered if they purchase
any securities. The public offering price and any discounts or
concessions allowed or re-allowed or paid to dealers may be changed
from time to time.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we use dealers in the sale of securities, we will sell
securities to such dealers as principals. The dealers may then
resell the securities to the public at varying prices to be
determined by such dealers at the time of resale. We may solicit
offers to purchase the securities directly, and we may sell the
securities directly to institutional or other investors, who may be
deemed underwriters within the meaning of the Securities Act with
respect to any resales of those securities. The terms of these
sales will be described in the applicable prospectus supplement. If
we use agents in the sale of securities, unless otherwise indicated
in the prospectus supplement, they will use their reasonable best
efforts to solicit purchases for the period of their appointment.
Unless otherwise indicated in a prospectus supplement, if we sell
directly, no underwriters, dealers or agents would be involved. We
will not make an offer of securities in any jurisdiction that does
not permit such an offer.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
may grant underwriters who participate in the distribution of securities an option to purchase additional securities to cover
overallotments, if any, in connection with the distribution. Any underwriter may engage in overallotment, stabilizing </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> transactions,
short covering transactions and penalty bids in accordance with SEC orders, rules and regulations and applicable law. To the extent
permitted by applicable law and SEC orders, rules and regulations, an overallotment involves sales in excess of the offering size,
which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing
bids do not exceed a specified maximum. To the extent permitted by applicable law and SEC orders, rules and regulations, short
covering transactions involve purchases of the Common Stock in the open market after the distribution is completed to cover short
positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the Common Stock originally
sold by the dealer is purchased in a covering transaction to cover short positions. Those activities may cause the price of the
Common Stock to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at
any time. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Any
underwriters who are qualified market makers on the NASDAQ Stock Market may engage in passive market making transactions in the
Common Stock on the NASDAQ Stock Market in accordance with Rule 103 of Regulation M, during the business day prior to the pricing
of the offering, before the commencement of offers or sales of the Common Stock. Passive market makers must comply with applicable
volume and price limitations and must be identified as passive market makers. In general a passive market maker must display its
bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive
market maker&#8217;s bid, however, the passive market maker&#8217;s bid must then be lowered when certain purchase limits are
exceeded. The anti-manipulation rules under the Exchange Act may apply to sales of shares in the market. Furthermore, Regulation
M may restrict the ability of any person engaged in the distribution of the shares to engage in market-making activities for the
particular securities being distributed for a period of up to five business days before the distribution. The restrictions may
affect the marketability of the shares and the ability of any person or entity to engage in market-making activities for the shares. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Underwriters, dealers and agents that participate in any
distribution of securities may be deemed to be underwriters as
defined in the Securities Act. Any discounts, commissions or profit
they receive when they resell the securities may be treated as
underwriting discounts and commissions under the Securities Act.
Only underwriters named in the prospectus supplement are
underwriters of the securities offered in the prospectus
supplement. We may have agreements with underwriters, dealers and
agents to indemnify them against certain civil liabilities,
including certain liabilities under the Securities Act, or to
contribute with respect to payments that they may be required to
make.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may authorize underwriters, dealers or agents to solicit offers
from certain institutions whereby the institution contractually
agrees to purchase the securities from us on a future date at a
specific price. This type of contract may be made only with
institutions that we specifically approve. Such institutions could
include banks, insurance companies, pension funds, investment
companies and educational and charitable institutions. The
underwriters, dealers or agents will not be responsible for the
validity or performance of these contracts.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Each
series of securities will be a new issue of securities. Our Common Stock is quoted on the Nasdaq Capital Market. Unless otherwise
specified in the applicable prospectus supplement, our securities (other than our Common Stock) will not be listed on any exchange.
It has not presently been established whether the underwriters, if any, of the securities will make a market in the securities.
If the underwriters make a market in the securities, such market making may be discontinued at any time without notice.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Agents, dealers and underwriters may be entitled to indemnification
by us against certain civil liabilities, including liabilities
under the Securities Act, or to contribution with respect to
payments which the agents, dealers or underwriters may be required
to make in respect thereof. Agents, dealers or underwriters may be
customers of, engage in transactions with, or perform services for
us and our subsidiaries in the ordinary course of business.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Secondary
Offering</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Common Stock offered by this prospectus is being offered by the Selling Security Holder. The Common Stock may be sold or distributed
from time to time by the selling stockholder directly to one or more purchasers or through brokers, dealers, or underwriters who
may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at
negotiated prices, or at fixed prices, which may be changed. The sale of the Common Stock offered by this prospectus could be
affected in one or more of the following methods: </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
ordinary brokers&#8217; transactions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
transactions involving cross or block trades;</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
through brokers, dealers, or underwriters who may act solely as
agents;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;at the market&#8221; into an existing market for the Common Stock; </P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
other ways not involving market makers or established business
markets, including direct sales to purchasers or sales effected
through agents;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
privately negotiated transactions; or</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any combination of the foregoing.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In order to comply with the securities laws of certain states, if
applicable, the shares may be sold only through registered or
licensed brokers or dealers. In addition, in certain states, the
shares may not be sold unless they have been registered or
qualified for sale in the state or an exemption from the
state&#8217;s registration or qualification requirement is
available and complied with.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Selling Security Holder is an &#8220;underwriter&#8221; within
the meaning of Section 2(a)(11) of the Securities Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Selling Security Holder has informed us that it intends to use an unaffiliated broker-dealer to effectuate all sales, if any,
of the Common Stock that it may purchase from us pursuant to the Purchase Agreement. Such sales will be made at prices and at
terms then prevailing or at prices related to the then current market price. Each such unaffiliated broker-dealer will be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act. The Selling Security Holder has informed us that each such broker-dealer
will receive commissions from the Selling Security Holder that will not exceed customary brokerage commissions. In compliance
with the guidelines of the Financial Industry Regulatory Authority, Inc., or FINRA, the maximum consideration or discount to be
received by any FINRA member or independent broker dealer may not exceed 8% of the aggregate amount of the securities offered
pursuant to this prospectus. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Brokers,
dealers, underwriters or agents participating in the distribution of the shares as agents may receive compensation in the form
of commissions, discounts, or concessions from the selling stockholder and/or purchasers of the Common Stock for whom the broker-dealers
may act as agent. The compensation paid to a particular broker-dealer may be less than or in excess of customary commissions.
Neither we nor the Selling Security Holder can presently estimate the amount of compensation that any agent will receive. We know
of no existing arrangements between the Selling Security Holder or any other stockholder, broker, dealer, underwriter or agent
relating to the sale or distribution of the shares offered by this prospectus. At the time a particular offer of shares is made,
a prospectus supplement, if required, will be distributed that will set forth the names of any agents, underwriters or dealers
and any compensation from the selling stockholder, and any other required information. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will pay the expenses incident to the registration, offering, and sale of the shares to the Selling Security Holder. We have
agreed to indemnify and certain other persons against certain liabilities in connection with the offering of shares of Common
Stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to
contribute amounts required to be paid in respect of such liabilities. Lincoln Park has agreed to indemnify us against
liabilities under the Securities Act that may arise from certain written information furnished to us by specifically for use
in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such
liabilities. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Lincoln
Park has represented to us that at no time prior to the Purchase Agreement has or its agents, representatives or affiliates engaged
in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule 200 of Regulation
SHO of the Exchange Act) of our Common Stock or any hedging transaction, which establishes a net short position with respect to
our Common Stock. Lincoln Park has agreed that during the term of the Purchase Agreement, it, its agents, representatives or affiliates
will not enter into or effect, directly or indirectly, any of the foregoing transactions. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have advised the Selling Security Holder that it is required to
comply with Regulation M promulgated under the Exchange Act. With
certain exceptions, Regulation M precludes the selling stockholder,
any affiliated purchasers, and any broker-dealer or other person
who participates in the distribution from bidding for or
purchasing, or attempting to induce any person to bid for or
purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also
prohibits any bids or purchases made in order to stabilize the
price of a security in connection with the distribution of that
security. All of the foregoing may affect the marketability of the
securities offered by this prospectus.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
Common Stock is quoted on the Nasdaq Capital Market under the symbol &#8220;AVXL.&#8221; </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> When
we refer to &#8220;Selling Security Holder&#8221; in this prospectus, we mean the entity listed in the table below. </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
16</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">SELLING SECURITY
HOLDER</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> An
aggregate of up to 6,754,609 shares of Common Stock and up to 269,397 shares of Common Stock may be offered for sale and sold
from time to time pursuant to this prospectus by the Selling Security Holder. Except as may be set forth in any accompanying prospectus
supplement, we will pay all of the expenses in connection with the registration and the sale of the shares, other than selling
commissions and the fees and expenses of counsel and other advisors to the Selling Security Holder. We will not receive any proceeds
from the sale of shares by the Selling Security Holder. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On October 21, 2015, the Company entered into the Purchase
Agreement with the Selling Security Holder. In connection with the
Financing, the Company also entered into the RRA whereby the
Company agreed to file a registration statement with the SEC
covering the shares of the Company&#8217;s Common Stock that may be
issued to the Selling Security Holder under the Purchase Agreement.
The shares being registered hereunder are being registered pursuant
to the terms of the RRA.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> After
the SEC has declared effective this registration statement related to the Financing, the Company has the right, in its sole discretion
over a 36-month period, to sell to the Selling Security Holder up to an aggregate commitment of $50,000,000 of shares of Common
Stock. The Company controls the timing and amount of any future sales, if any, of shares of Common Stock to the Selling Security
Holder. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Purchase Agreement contains customary representations,
warranties, covenants, closing conditions and indemnification and
termination provisions by, among and for the benefit of the
parties. The Selling Security Holder has covenanted not to cause or
engage in any manner whatsoever, any direct or indirect short
selling or hedging of the Company&#8217;s Common Stock.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In consideration for entering into the Purchase Agreement, the
Company issued to the Selling Security Holder, 179,598 shares of
Common Stock as a commitment fee and shall issue up to 89,799
shares pro rata, when and if the Selling Security Holder purchases
at the Company&#8217;s discretion the $50,000,000 aggregate
commitment. For example, if we elect, at our sole discretion, to
require the Selling Security Holder to purchase $100,000 of our
stock then we would issue 180 shares of the pro rata commitment fee
which is the product of $100,000 (the amount we have elected to
sell) divided by $50,000,000 (the amount we can sell the Selling
Security Holder under the Purchase Agreement multiplied by 89,799
(the total number of pro rata commitment shares). The pro rata
commitment shares will only be issued pursuant to this formula as
and when we elect at our discretion to sell stock to the Selling
Security Holder. The Selling Security Holder may not assign or
transfer its rights and obligations under the Purchase Agreement.
The Purchase Agreement may be terminated by the Company at any time
at its discretion without any cost to the Company.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the Registration Rights Agreement, dated as of October
21, 2015, among the Selling Security Holder and the Company, the
Selling Security Holder has the right to request that the Company
include their shares on the registration statement of which this
prospectus forms a part under the Securities Act. Under the
Registration Rights Agreement, the Selling Security Holder has
registration rights with respect to the shares of Common Stock set
forth in the table below.</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
of August 15, 2016, the Selling Security Holder beneficially owned, in the aggregate, 179,598 shares of Common Stock, or 0.50%
of our outstanding Common Stock. We cannot provide an estimate as to the number of shares of Common Stock that will be held by
the Selling Security Holder upon consummation of any offering or offerings covered by this prospectus because the Selling Security
Holder may offer some, all or none of their shares of Common Stock in any such offering or offerings. The Selling Security Holder
does not and has not within the past three years had, any position, office or material relationship with us or any of our predecessors
or affiliates. </P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 40.3%; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Selling
Shareholder</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Shares
Beneficially Owned Before this Offering</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Percentage
of Outstanding Shares Beneficially Owned Before this Offering</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>No.
of Shares to be Registered in this Offering</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 13.44%; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Percentage
of Outstanding Shares Beneficially Owned After this Offering</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 40.3%; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Lincoln
Park Capital Fund, LLC<SUP>(1)</SUP> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 11.88%; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 179,598 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.54%; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(2)</SUP> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 11.64%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.50 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.8%; background-color: white"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 11.88%; background-color: white"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,754,609 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.54%; background-color: white"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <SUP>(4)</SUP> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.5%; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 13.44%; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
</TR>
<TR HEIGHT="0">
<TD STYLE="width: 302px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 89px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 12px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 87px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 13px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 89px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 12px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 11px; border-style: none; padding: 0pt"></TD>
<TD STYLE="width: 100px; border-style: none; padding: 0pt"></TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Less than
1%</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, are deemed to be beneficial owners
of all of the shares of Common Stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and
investment power over the shares being offered under the prospectus filed with the SEC in connection </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17</P>
<P CLASS="Tablefootnotem" STYLE=
"text-indent: 0in; mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
with the transactions contemplated under the Purchase Agreement.
Lincoln Park Capital, LLC is not a licensed broker dealer or an
affiliate of a licensed broker dealer.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Represents 179,598 shares of our Common Stock issued to the Selling Security Holder on or about October 21, 2015 as a fee
for its commitment to purchase additional shares of our Common Stock under the Purchase Agreement, all of which shares are covered
by the registration statement that includes this prospectus. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Based on 35,710,862 outstanding shares of our Common Stock as of August 15, 2016, with the above mentioned commitment shares
deemed issued as of that date. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Although the Purchase Agreement provides that we may sell up to $50,000,000 of shares of our Common Stock to Lincoln Park,
we have initially reserved approximately 6,754,609 shares for sale to Lincoln Park under the Purchase Agreement and RRA. The amount
of shares of Common Stock we may sell to Lincoln Park is subject to cap on issuable shares as described in the Purchase Agreement. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Lincoln Park
Transaction</FONT></P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">General</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
October 21, 2015, we entered into the Purchase Agreement and the Registration Rights Agreement with Lincoln Park. Pursuant to
the terms of the Purchase Agreement, Lincoln Park has agreed to purchase from us up to $50,000,000 of shares of our Common Stock
(subject to certain limitations). Pursuant to the terms of the Registration Rights Agreement, we have filed with the SEC the registration
statement that includes this prospectus to register for resale under the Securities Act the shares that have been or may be issued
to Lincoln Park under the Purchase Agreement. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> After
the SEC has declared the registration statement effective, we may, from time to time over a 36-month period and at our sole discretion,
but no more frequently than every other business day, direct Lincoln Park to purchase 50,000 shares of our Common Stock on any
such business day, which amounts may be increased under certain circumstances, provided that in no event shall Lincoln Park purchase
more than $2,000,000 worth of our Common Stock on any single business day, plus an additional &#8220;accelerated amount&#8221;
under certain circumstances, at a purchase price per share based on the market price of our Common Stock immediately preceding
the time of sale as computed under the Purchase Agreement without any fixed discount. The amount of shares of our Common Stock
that we direct Lincoln Park to purchase depends on the closing price of our Common Stock. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company has previously entered into transactions with Lincoln Park. On July 5, 2013, the Company entered into a purchase agreement
with Lincoln Park (the &ldquo;2013 <U>Purchase Agreement</U>&rdquo;) to purchase $10,000,000 shares, pursuant to which 2013 Purchase
Agreement the Company could sell and issue to Lincoln Park, and Lincoln Park was obligated to purchase, up to $10,000,000 in value
of its shares of common stock from time to time over a 25 month period. In connection therewith, the Company also entered into
a registration rights agreement with Lincoln Park whereby the Company agreed to file a registration statement with the Commission
covering the shares of the Company&rsquo;s common stock that may be issued to Lincoln Park under the 2013 Purchase Agreement.&nbsp; </P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> Under the 2013 Purchase Agreement, the Company determined, at its own discretion, the timing and amount of its sales of common
stock, subject to certain conditions and limitations. The purchase price of the shares that were sold to Lincoln Park under
the 2013 Purchase Agreement was based on the market price of the Company&rsquo;s shares of common stock immediately preceding
the time of sale without any fixed discount, provided that in no event could such shares be sold to Lincoln Park when the
closing sale price was less than $0.50 per share.&nbsp; </P>

<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant to the 2013 Purchase Agreement, Lincoln Park initially purchased 62,500 shares of the Company&rsquo;s common stock
for $100,000. In consideration for entering into the 2013 Purchase Agreement, the Company issued to Lincoln Park 85,465 shares
of common stock as a commitment fee and issued up to 33,353 shares pro rata, when Lincoln Park purchased the remaining $10,000,000
aggregate commitment.&nbsp; </P>

<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Purchase
of Shares Under the Purchase Agreement</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Under
the Purchase Agreement, on any business day selected by us, we may direct Lincoln Park to purchase 50,000 shares of our Common
Stock on any such business day. On any day that the closing sale price of our Common Stock is not below $7.00 the purchase amount
may be increased, at our sole discretion, to up to 75,000 shares of our Common Stock per purchase; on any day that the closing
sale price of our Common Stock is not below $9.00 the purchase amount may be increased, at our </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
18</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> sole
discretion, to up to 100,000 shares of our Common Stock per purchase; and on any day that the closing sale price of our Common
Stock is not below $11.00 the purchase amount may be increased, at our sole discretion, to up to 125,000 shares of our Common
Stock per purchase and on any day that the closing sale price of our Common Stock is not below $13.00 the purchase amount may
be increased, at our sole discretion, to up to 150,000 shares of our Common Stock per purchase. Such purchases are hereinafter
referred to as &#8220;Regular Purchases&#8221;. In no event shall Lincoln Park purchase more than $2,000,000 worth of our Common
Stock pursuant to a Regular Purchase on any single business day. The purchase price per share for each such Regular Purchase will
be equal to the lower of: </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the lowest sale price for our Common Stock on the purchase date of such shares; or </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the arithmetic average of the three lowest closing sale prices for our Common Stock during the 10 consecutive business
days ending on the business day immediately preceding the purchase date of such shares. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition to Regular Purchases described above, we may also
direct Lincoln Park, on any business day on which we have properly
submitted a Regular Purchase notice, to purchase an additional
amount of our Common Stock, which we refer to as an Accelerated
Purchase, not to exceed the lesser of:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>30% of the aggregate shares of our Common Stock traded during normal trading hours on the purchase date; and </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
200% of the number of purchase shares purchased pursuant to the
corresponding Regular Purchase.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The purchase price per share for each such Accelerated Purchase
will be equal to the lower of:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>96% of the volume weighted average price during (i) the entire trading day on the purchase date, if the volume of shares
of our Common Stock traded on the purchase date has not exceeded a volume maximum calculated in accordance with the Purchase Agreement,
or (ii) the portion of the trading day of the purchase date (calculated starting at the beginning of normal trading hours) until
such time at which the volume of shares of our Common Stock traded has exceeded such volume maximum; or </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the closing sale price of our Common Stock on the purchase date. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the case of both Regular Purchases and Accelerated Purchases,
the purchase price per share will be equitably adjusted for any
reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction occurring during
the business days used to compute the purchase price.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Purchase Agreement limits our sales of shares of Common Stock to Lincoln Park to the maximum number of shares of our Common Stock
that we may issue without breaching our obligations under applicable rules of the NASDAQ Stock Market (approximately 6,754,609
shares, or 19.99% of our total outstanding Common Stock upon entering into the Purchase Agreement) or obtaining stockholder approval
under such rules. </P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> Other
than as set forth above, there are no trading volume requirements or restrictions under the Purchase Agreement, and we will control
the timing and amount of any sales of our Common Stock to Lincoln Park. </P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Events of
Default</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Events of default under the Purchase Agreement include the
following:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the effectiveness of the registration statement of which this prospectus forms a part lapses for any reason (including,
without limitation, the issuance of a stop order), or any required prospectus supplement and accompanying prospectus are unavailable
for the resale by Lincoln Park of our Common Stock offered hereby, and such lapse or unavailability continues for a period of
10 consecutive business days or for more than an aggregate of 30 business days in any 365-day period; </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>suspension by our principal market of our Common Stock from trading for a period of three consecutive business days; </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the delisting of the Common Stock from the OTCQB operated by the
OTC Markets Group, Inc., provided, however, that the Common Stock
is not immediately thereafter trading on the New York Stock
Exchange, The NASDAQ Capital Market, The NASDAQ Global Market, The
NASDAQ Global Select Market, the NYSE MKT, the NYSE</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19</P>
<P CLASS="BLm" STYLE=
"text-indent: 0in; mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Arca,
the OTC Bulletin Board or the OTCQX operated by the OTC Markets Group, Inc. (or nationally recognized successor to any of the
foregoing). If at any time after the Commencement Date, the Exchange Cap (as defined in the Purchase Agreement) is reached unless
and until stockholder approval is obtained pursuant to Section 2(e) of the Purchase Agreement. The Exchange Cap shall be deemed
to be reached at such time if, upon submission of a Regular Purchase Notice or Accelerated Purchase Notice under this Agreement,
the issuance of such shares of Common Stock would exceed that number of shares of Common Stock which the Company may issue under
this Agreement without breaching the Company&#8217;s obligations under the rules or regulations of the Principal Market (as defined
in the Purchase Agreement); </P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the transfer agent&#8217;s failure for three business days to issue
to Lincoln Park shares of our Common Stock which Lincoln Park is
entitled to receive under the Purchase Agreement;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any breach of the representations or warranties or covenants contained in the Purchase Agreement or any related agreement
which has or which could have a material adverse effect on us subject to a cure period of five business days; and </P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&#8226;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any voluntary or involuntary participation or threatened
participation in insolvency or bankruptcy proceedings by or against
us; and</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8226;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if at any time we are not eligible to transfer our Common Stock electronically or a material adverse change in our business,
financial condition, operations or prospects has occurred. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Lincoln
Park does not have the right to terminate the Purchase Agreement upon any of the events of default set forth above. During an
event of default, all of which are outside of Lincoln Park&#8217;s control, shares of our Common Stock cannot be sold by us or
purchased by Lincoln Park under the Purchase Agreement. </P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">Our
Termination Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have the unconditional right, at any time, for any reason and
without any payment or liability to us, to give notice to Lincoln
Park to terminate the Purchase Agreement. In the event of
bankruptcy proceedings by or against us, the Purchase Agreement
will automatically terminate without action of any party.</P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Underline" STYLE=
"mso-style-name: Underline; text-decoration: underline;">No
Short-Selling or Hedging by Lincoln Park</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Lincoln
Park has agreed that neither it nor any of its affiliates shall engage in any direct or indirect short-selling or hedging of our
Common Stock during any time prior to the termination of the Purchase Agreement. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Effect of Performance of
the Purchase Agreement on Our Stockholders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> All
the shares of our Common Stock registered in this offering which may be sold by us to Lincoln Park under the Purchase Agreement
are expected to be freely tradable. It is anticipated that shares registered in this offering will be sold over a period of up
to 36 months commencing on the date that the registration statement including this prospectus becomes effective. The sale by Lincoln
Park of a significant amount of shares registered in this offering at any given time could cause the market price of our Common
Stock to decline and to be highly volatile. Lincoln Park may ultimately purchase all, some or none of the shares of Common Stock
registered in this offering that Lincoln Park has not previously purchased. Lincoln Park may sell all, some or none of the shares
it has purchased or will purchase under the Purchase Agreement. Therefore, sales to Lincoln Park by us under the Purchase Agreement
may result in substantial dilution to the interests of other holders of our Common Stock. In addition, if we sell a substantial
number of shares to Lincoln Park under the Purchase Agreement, or if investors expect that we will do so, the actual sales of
shares or the mere existence of our arrangement with Lincoln Park may make it more difficult for us to sell equity or equity-related
securities in the future at a time and at a price that we might otherwise wish to effect such sales. However, we have the right
to control the timing and amount of any sales of our shares to Lincoln Park and the Purchase Agreement may be terminated by us
at any time at our discretion without any cost to us. </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the terms of the Purchase Agreement, we have the right, but not the obligation, to direct Lincoln Park to purchase up to $50,000,000
of our Common Stock, exclusive of the 179,598 shares issued to Lincoln Park as a commitment fee. Depending on the price per share
at which we sell our Common Stock to Lincoln Park, we may be authorized to issue and sell to Lincoln Park under the Purchase Agreement
more shares of our Common Stock than are offered under this prospectus. If we choose to do so, we must first register for resale
under the Securities Act any such additional shares, which could cause additional substantial dilution to our stockholders. The
number of shares ultimately offered for resale by Lincoln Park under this prospectus is dependent upon the number of shares we
direct Lincoln Park to purchase under the Purchase Agreement. </P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table sets forth the amount of gross proceeds we
would receive from Lincoln Park from our sale of shares to Lincoln
Park under the Purchase Agreement registered in this offering at
varying purchase prices:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Assumed
Average</B> <B>Purchase Price</B> <B>Per Share</B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Number
of Registered</B> <B>Shares to be Issued</B> <B>if Full Purchase<SUP>(1)(2)</SUP></B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Percentage
of</B> <B>Outstanding Shares</B> <B>After Giving Effect to</B> <B>the Issuance to</B> <B>Lincoln Park<SUP>(3)(5)</SUP></B> </P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Proceeds
from the Sale</B> <B>of Shares to Lincoln</B> <B>Park Under the</B> <B>$50,000,000</B> <B>Purchase Agreement</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="width: 22%; vertical-align: bottom; width: 22.3%; background-color: white; padding: 0in"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $1.00 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.58%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.52%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 23%; vertical-align: bottom; width: 23.86%; background-color: white; padding: 0in"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,485,212 </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.52%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 22%; vertical-align: bottom; width: 22.04%; background-color: white; padding: 0in"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15.34% </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.82%; background-color: white; padding: 0in"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.52%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 23%; vertical-align: bottom; width: 23.86%; background-color: white; padding: 0in"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $6,485,212 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $3.54<SUP>(4)</SUP> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,485,212 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15.34% </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $22,957,650 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $5.00 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,485,212 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15.34% </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $32,426,060 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $10.00 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,000 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12.25% </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $50,000,000 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $20.00 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,500,000 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6.53% </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodycenteralign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $50,000,000 </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Although the Purchase Agreement provides that we may sell up to $50,000,000 of our Common Stock to Lincoln Park, we are
initially registering 6,754,609 shares (inclusive of the 179,598 initial commitment shares issued to Lincoln Park and the 89,799
additional commitment shares that may be issued to Lincoln Park as a commitment fee), which may or may not cover all the shares
we ultimately sell to Lincoln Park under the Purchase Agreement, depending on the purchase price per share. As a result, we have
included in this column only those shares that we have initially reserved. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The number of registered shares to be issued excludes the 179,598 initial commitment shares that have been issued and 89,799
additional commitment shares that may be issued to Lincoln Park because no proceeds will be attributable to such commitment shares. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The denominator is based on 35,710,862 shares outstanding as of August 15, 2016, adjusted to include the 179,598 shares
issued and to be issued to Lincoln Park as initial commitment shares in connection with this offering and the number of shares
set forth in the adjacent column which we would have sold to Lincoln Park at the applicable assumed average purchase price per
share. The numerator does not include the 179,598 shares issued to Lincoln Park as initial commitment shares in connection with
this offering, or the 89,799 additional commitment shares that may be issued to Lincoln Park pro rata, and is based on the number
of shares registered in this offering to be issued under the Purchase Agreement at the applicable assumed purchase price per share
set forth in the adjacent column. The number of shares in such column does not include shares that may be issued to Lincoln Park
under the Purchase Agreement which are not registered in this offering. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The closing price of our Common Stock on August 15, 2016. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (5)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>If we seek to issue shares, including shares from other transactions but not included in this offering that may be aggregated
with this transaction under the applicable rules of the NASDAQ Stock Market, in excess of 6,754,609, or 19.99% of the total Common
Stock outstanding as of the date of the Purchase Agreement, we may be required to seek stockholder approval in order to be in
compliance with the rules of the NASDAQ Stock Market. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_009"></A>DESCRIPTION OF OUR
CAPITAL STOCK</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Common Stock</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
are authorized to issue 100,000,000 shares of Common Stock with a par value of $0.001. As at August 15, 2016 we had 35,710,862
common shares outstanding. Upon liquidation, dissolution or winding up of the corporation, the holders of Common Stock are entitled
to share ratably in all net assets available for distribution to stockholders after payment to creditors. The Common Stock is
not convertible or redeemable and has no preemptive, subscription or conversion rights. There are no conversion, redemption, sinking
fund or similar provisions regarding the Common Stock. Each outstanding share of Common Stock is entitled to one vote on all matters
submitted to a vote of stockholders. There are no cumulative voting rights. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each stockholder is entitled to receive the dividends as may be
declared by our board of directors out of funds legally available
for dividends and, in the event of liquidation, to share pro rata
in any distribution of our assets after payment of liabilities. Our
board of directors is not obligated to declare a dividend. Any
future dividends will be subject to the discretion of our board of
directors and will depend upon, among other things, future
earnings, the operating and financial condition of our Company, its
capital requirements, general business conditions and other
pertinent factors. It is not anticipated that dividends will be
paid in the foreseeable future.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
October 7, 2015, the Company effected a reverse stock split at a ratio of 1 for 4, whereby every 4 shares of Common Stock became
1 share of Common Stock. The authorized shares of Common Stock of the Company were therefore proportionally reduced from 400,000,000
to 100,000,000. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
Common Stock is quoted on the Nasdaq Capital Market under the trading symbol &#8220;AVXL&#8221;. On August 15, 2016, the last
reported sale price of our Common Stock was $3.54 per share. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Nevada Anti-Takeover Law
and Charter and Bylaws Provisions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Nevada Revised Statutes sections 78.378 to 78.3793 provide state
regulation over the acquisition of a controlling interest in
certain Nevada corporations unless the articles of incorporation or
bylaws of the corporation provide that the provisions of these
sections do not apply. The statute creates a number of restrictions
on the ability of a person or entity to acquire control of a Nevada
company by setting down certain rules of conduct and voting
restrictions in any acquisition attempt, among other things. The
statute is limited to corporations that are organized in the state
of Nevada and that have 200 or more shareholders, at least 100 of
whom are shareholders of record and residents of the State of
Nevada; and do business in the State of Nevada directly or through
an affiliated corporation. Because of these conditions, the statute
does not apply to our Company.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There are no provisions in our articles of incorporation or our
bylaws that would delay, defer or prevent a change in control of
our Company.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><A NAME="a_010"></A>LEGAL MATTERS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The validity of the securities offered by this prospectus has been
passed upon for us by Snell &amp; Wilmer, L.L.P., Reno, Nevada. If
legal matters in connection with offerings made pursuant to this
prospectus are passed upon by counsel for the underwriters, dealers
or agents, if any, such counsel will be named in the prospectus
supplement relating to such offering.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><A NAME="a_011"></A>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">EXPERTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
financial statements as of September 30, 2015 and 2014 and for each of the two years in the period ended September 30, 2015 incorporated
by reference in this prospectus have been so incorporated in reliance on the report of BDO USA, LLP, an independent registered
public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting. </P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><A NAME="a_012"></A>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DISCLOSURE OF COMMISSION
POSITION ON INDEMNIFICATION</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Insofar as indemnification for liabilities arising under the
Securities Act, as amended, may be permitted to directors,
officers, and controlling persons of the registrant pursuant to the
Company&#8217;s constituent documents, or otherwise, the registrant
has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a
director, officer, or controlling person in the successful defense
of any action, suit, or proceeding) is asserted by such director,
officer, or controlling person connected with the securities being
registered, we will, unless in the opinion of our counsel the
matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of
such issue.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
<DIV STYLE=
"border: none; border-top: double windowtext 6.0pt; padding: 31.0pt 0in 0in 0in;">
<P CLASS="H1" STYLE=
"border: none; padding: 0in; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">ANAVEX LIFE SCIENCES CORP.</FONT></FONT></P>
</DIV>
<P CLASS="H1" STYLE=
"margin-top: .5in; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">$100,000,000 of</FONT></FONT> <FONT STYLE=
"font-size: 16.0pt;">S<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">hares of Common
Stock</FONT></FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <FONT STYLE="font-size: 16pt"><B>6,754,609
</B>S<B>hares of Common Stock Offered by the</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>Selling Security Holder</B></FONT> </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: .5in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold;">_______________</FONT></B></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 8.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold;">PROSPECTUS</FONT></B></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 60.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold;">_______________</FONT></B></P>

<P STYLE="border-top: windowtext 6pt double; padding: 0in; border-right-style: none; border-bottom-style: none; border-left-style: none; border-top-style: double"></P>
<P CLASS="LRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">PART II</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">INFORMATION NOT REQUIRED
IN PROSPECTUS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Item 14. Other Expenses
of Issuance and Distribution.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table sets forth the various expenses (other than
underwriting discounts and commissions) in connection with the
issuance and distribution of the securities registered hereby. The
Company will bear all of these expenses. All amounts are estimated
except for the SEC registration fee:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="width: 84%; vertical-align: bottom; width: 84.38%; background-color: white; padding: 0in"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> SEC
registration fee </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.18%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="width: 12%; vertical-align: bottom; width: 12.9%; background-color: white; padding: 0in"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,286 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Legal
fees and expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,500 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Accounting
fees and expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10,000 </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Miscellaneous
fees and expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8212; </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &#8212; </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Total
expenses </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 25,786 </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Estimated
expenses are not presently known.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Item 15. Indemnification
of Directors and Officers.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Under the Nevada Revised Statutes, director immunity from liability
to a company or its shareholders for monetary liabilities applies
automatically unless it is specifically limited by a
company&#8217;s Articles of Incorporation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our Bylaws provide we have the power to indemnify, to the greatest
allowable extent permitted under the Nevada Revised Statutes,
directors or officers of our Company for any duties or obligations
arising out of any acts or conduct of the officer or director
performed for or on behalf of our Company. We will reimburse each
such person for all legal and other expenses reasonably incurred by
him in connection with any such claim or liability, including power
to defend such persons from all suits or claims as provided for
under the provisions of the Nevada Revised Statutes.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of our Company under Nevada law or otherwise,
our Company has been advised that the opinion of the Securities and
Exchange Commission is that such indemnification is against public
policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
At present, there is no pending litigation or proceeding involving
any of our directors, officers or employees in which
indemnification is sought, nor are we aware of any threatened
litigation that may result in claims for indemnification.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Item 16.
Exhibits.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The exhibits to this registration statement are listed on the
exhibit index, which appears elsewhere herein and is incorporated
herein by reference.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Item 17.
Undertakings.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The undersigned registrant hereby undertakes:</P>
<P CLASS="NLm" STYLE=
"margin-left: 48.0pt; text-indent: -28.0pt; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a) (1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration
statement:</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> to
include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, as amended;</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(ii)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> to
reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-1</P>
<P CLASS="NLm2" STYLE=
"text-indent: 0in; mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
offering range may be reflected in the form of prospectus filed
with the SEC pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20 percent
change in the maximum aggregate offering price set forth in the
&#8220;Calculation of Registration Fee&#8221; table in the
effective registration statement; and</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(iii)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> to include any
material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material
change to such information in the registration statement;</P>
<P CLASS="NLm2" STYLE=
"text-indent: 0in; mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"letter-spacing: .05pt;">Provided, however,</FONT></FONT>
<FONT STYLE="letter-spacing: .05pt;">that paragraphs (1)(i),
(1)(ii) and (1)(iii) above do not apply if the registration
statement is on Form S-3 or Form F-3 and the information required
to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the SEC by the
registrant pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the
registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) that is part of the registration
statement.</FONT></P>
<P CLASS="NLm" STYLE=
"margin-left: 48.0pt; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That, for
the purpose of determining any liability under the Securities Act
of 1933, as amended, each such po<FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">st-e</FONT>ffective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof.</P>
<P CLASS="NLm" STYLE=
"margin-left: 48.0pt; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> To remove
from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination
of the offering.</P>
<P CLASS="NLm" STYLE=
"margin-left: 48.0pt; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That, for
the purpose of determining liability under the Securities Act of
1933, as amended, to any purchaser:</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the
registration statement; and</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(ii)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5),
or (b)(7) as part of a registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to
be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after
effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided
in Rule 430B, for liability purposes of the issuer and any person
that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to
the securities in the registration statement to which the
prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">bona fide</FONT>
offering thereof. <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Provided,
however,</FONT> that no statement made in a registration statement
or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of
contract of sale prior to such effective date, supersede or modify
any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date.</P>
<P CLASS="NLm" STYLE=
"margin-left: 48.0pt; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That, for
the purpose of determining liability of the registrant under the
Securities Act of 1933, as amended, to any purchaser in the initial
distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such
purchaser:</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Any
preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule
424;</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(ii)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Any free
writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-2</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(iii)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The portion of
any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned
registrant; and</P>
<P CLASS="NLm2" STYLE=
"mso-style-name: NL_m2; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 1.0in; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(iv)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Any other communication that is an offer in the offering made by
the undersigned registrant to the purchaser.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That, for
purposes of determining any liability under the Securities Act of
1933, as amended, each filing of the registrant&#8217;s annual
report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934, as amended, (and, where applicable, each
filing of an employee benefit plan&#8217;s annual report pursuant
to Section 15(d) of the Securities Exchange Act of 1934, as
amended) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona
fide offering thereof.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(c)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Insofar as
indemnification for liabilities arising under the Securities Act of
1933, as amended, may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions
described in Item 15 above, or otherwise, the registrant has been
advised that in the opinion of the SEC such indemnification is
against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, that the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933, as amended, and
will be governed by the final adjudication of such issue.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-3</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">SIGNATURES</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on August 18, 2016. </P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ANAVEX LIFE SCIENCES
CORP.</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="width: 50%; vertical-align: bottom; width: 50.02%; background-color: white; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 8%; vertical-align: bottom; width: 8.32%; background-color: white; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 38%; vertical-align: bottom; width: 38.58%; background-color: white; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
By:</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white">
<P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT LANG=
"EN-GB">/s/ Christopher Missling, PhD</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Name:</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Christopher Missling, PhD</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Title:</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chief Executive Officer, Principal</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Executive Officer and Chairman of</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
the Board of Directors</P>
</TD>
</TR>
</TABLE>

<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in
the capacities and on the dates indicated below:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="width: 32%; vertical-align: bottom; width: 32.3%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Signatures</B> </P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 44%; vertical-align: bottom; width: 44.54%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Title(s)</B> </P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.54%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 20%; vertical-align: bottom; width: 20.08%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Date</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>/s/
                                         Christopher Missling, PhD</I> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Chief
                                         Executive Officer, Principal Executive Officer, </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Christopher
                                         Missling, PhD </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>/s/
                                         Sandra Boenisch, CPA, CGA</I> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Principal
                                         Financial Officer, Principal Accounting </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Sandra
                                         Boenisch, CPA, CGA </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Officer. </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Athanasios
                                         Skarpelos </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>*</I> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Bernd
                                         Metzner, PhD </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>*</I> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Elliot
                                         Favus, MD </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding: 0in; border-top-style: none; border-right-style: none; border-left-style: none; background-color: white"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>*</I> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> August
                                         18, 2016 </P>
</TD>
</TR>
<TR>
<TD STYLE="border-style: none; vertical-align: bottom; padding: 0in; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Steffen
                                         Thomas, PhD </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P STYLE="margin: 10pt 0in 0; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"> * By:<I> /s/ Christopher Missling, PhD</I> </td><TD STYLE="width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher Missling, PhD, as attorney-in-fact </TD></TR>
</TABLE>


<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-4</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">EXHIBIT INDEX</FONT></P>
<P CLASS="H2" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 16.
EXHIBITS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin-right: auto; margin-left: auto">
<TR>
<TD STYLE="width: 12%; vertical-align: bottom; width: 12.18%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Exhibit
</B>No. </P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="width: 86%; vertical-align: bottom; width: 86.26%; background-color: white; padding: 0in"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Description
of Exhibit</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.1 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Specimen
Stock Certificate (incorporated by reference to an exhibit to our Registration Statement on Form SB-2 filed on January 13, 2005) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.2 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Convertible Loan Agreement (incorporated by reference to an exhibit to our Form 8-K filed on April 3, 2009) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 8%
Convertible Loan Agreement dated June 3, 2009 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed
on June 23, 2009) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.4 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 8%
Convertible Loan Agreement dated June 19, 2009 (incorporated by reference to an exhibit to our Current Report on Form 8-K filed
on June 26, 2009) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5.1 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Opinion
of Snell &amp; Wilmer, L.L.P.* </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.1 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Purchase
                                                                       Agreement, dated as of October 21, 2015 by and between Anavex Life Sciences Corp. and Lincoln Park Capital Fund,
                                                                       LLC.* </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.2 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Registration
Rights Agreement, dated as of October 21, 2015, by and between Anavex Life Sciences Corp. and Lincoln Park Capital Fund, LLC.* </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23.1 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Consent
of BDO USA, LLP* </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23.2 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Consent
of Snell &amp; Wilmer, L.L.P. (incorporated from Exhibit 5.1) </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 24.1 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Power
of Attorney </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Filed
herewith.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-5</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>s102059_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">&nbsp;</FONT><IMG SRC="tlogo.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">LAW
        OFFICES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">50
        West Liberty Street</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">Suite
        510</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">Reno,
        Nevada 89501</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">775.785.5440
        </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">775.785.5441
        (Fax)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">www.swlaw.com</FONT></P></TD>
    <TD STYLE="width: 40%; padding-right: 5pt; padding-left: 8pt; text-align: right; background-color: white; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">DENVER</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">LAS
        VEGAS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">LOS
        ANGELES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">LOS
        CABOS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">ORANGE
        COUNTY</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">PHOENIX</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">RENO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">SALT
        LAKE CITY</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><FONT STYLE="background-color: white">TUCSON</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 28%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">C. Thomas Burton, Jr.</FONT></TD>
    <TD STYLE="width: 72%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">775.785,5433</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">tburton@swlaw.com</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">August 18,
2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">Anavex Life Sciences
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">51 West 52<SUP>nd</SUP>
Street, 7<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">New York, New York 10019-6163</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Registration Statement on Form S-3</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; background-color: transparent">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 0.5in; background-color: transparent">We
have acted as your counsel in connection with the registration statement on Form S-3 (together with Amendment No. 1 on Form S-3/A,
the &ldquo;Registration Statement&rdquo;) relating to the registration of (i) up to $100,000,000 of shares of the Company&rsquo;s
common stock, par value $0.001 per share to be offered by the Company, and (ii) up to 6,754,609 shares of the Company&rsquo;s common
stock, par value $0.001 per share to be sold by the selling security holder described in the Registration Statement, inclusive
of 269,397 shares of common stock issued or issuable to the selling security holder as commitment shares (all collectively, the
&ldquo;Shares&rdquo;). Capitalized terms used in this letter which are not otherwise defined shall have the meanings given to such
terms in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 0.5in; background-color: transparent">You
have requested our opinion as to the matters set forth below in connection with the Registration Statement. For purposes of rendering
this opinion, we have examined the Registration Statement, the Company&rsquo;s articles of incorporation, as amended, and bylaws,
as amended, and the corporate action of the Company that provides for the issuance of the Shares, and we have made such other investigation
as we have deemed appropriate. We have examined and relied upon certificates of public officials and, as to certain matters of
fact that are material to our opinion, we have also relied on certificates made by officers of the Company. In rendering our opinion,
in addition to the assumptions that are customary in opinion letters of this kind, we have assumed the genuineness of signatures
on the documents we have examined, the conformity to authentic original documents of all documents submitted to us as copies, and
that the Company will have sufficient authorized and unissued shares of common stock available with respect to any Shares issued
after the date of this letter. We have not verified any of these assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="background-color: white">Snell
&amp; Wilmer is a member of LEX MUNDI, The Leading Association of Independent Law Firms</FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: transparent"><IMG SRC="tlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; background-color: transparent">Anavex Life Sciences
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; background-color: transparent">August 18, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in; background-color: transparent">This
opinion is rendered as of the date of this letter and is limited to matters of Nevada corporate law, including applicable provisions
of the Nevada Constitution and reported judicial decisions interpreting those laws. We express no opinion as to the laws of any
other state, the federal law of the United States, or the effect of any applicable federal or state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in; background-color: transparent">Based
upon and subject to the foregoing, it is our opinion that the Shares are duly authorized for issuance by the Company and, when
issued and paid for as described in the Registration Statement, will be validly issued, fully paid, and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in; background-color: transparent">We
consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm in the related
Prospectus under the caption &ldquo;Legal Matters&rdquo;. In giving our consent we do not admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations under such act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247pt; background-color: transparent">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">C. Thomas Burton, Jr.</FONT> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Snell &amp; Wilmer L.L.P.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>s102059_exhibit10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Anavex Life Sciences Corp.: Exhibit 10.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P STYLE="text-align: right"><B>Exhibit 10.1&nbsp;</B></P>

<P STYLE="text-align: center"><B>PURCHASE AGREEMENT </B></P>
<P align=justify style="text-indent:5%"><B>THIS PURCHASE AGREEMENT</B> (the &#147;<U>Agreement</U>&#148;), dated
as of October 21, 2015, by and between <B>ANAVEX LIFE SCIENCES CORP.</B>, a
Nevada corporation (the &#147;<U>Company</U>&#148;), and <B>LINCOLN PARK CAPITAL
FUND</B>,<B> LLC</B>, an Illinois limited liability company (the
&#147;<U>Investor</U>&#148;).</P>
<P align=center><B>WHEREAS:</B></P>
<P align=justify style="text-indent:5%">Subject to the terms and conditions set forth in this
Agreement, the Company wishes to sell to the Investor, and the Investor wishes
to buy from the Company, up to Fifty Million Dollars ($50,000,000) of the
Company&#146;s common stock, $0.001 par value per share (the &#147;<U>Common Stock</U>&#148;).
The shares of Common Stock to be purchased hereunder are referred to herein as
the &#147;<U>Purchase Shares</U>.&#148; </P>
<P align=justify style="text-indent:5%">NOW THEREFORE, in consideration of the mutual covenants
contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and the
Investor hereby agree as follows: </P>
<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%" ><B>1.</B> </TD>
    <TD>
      <P align=justify><B>CERTAIN DEFINITIONS.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">For purposes of this Agreement, the following terms shall have
the following meanings: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Share
Amount</U>&#148; means, with respect to any Accelerated Purchase made pursuant to
<U>Section 2</U>(<U>b</U>) hereof, the number of Purchase Shares directed by the
Company to be purchased by the Investor on an Accelerated Purchase Notice, which
number of Purchase Shares shall not exceed the lesser of (i) 200% of the number
of Purchase Shares to be purchased by the Investor pursuant to the corresponding
Regular Purchase Notice for the corresponding Regular Purchase referred to in
<U>Section 2</U>(<U>b</U>) hereof (subject to the Purchase Share limitations
contained in <U>Section 2</U>(<U>a</U>) hereof) and (ii) the Accelerated
Purchase Share Percentage multiplied by the trading volume of the Common Stock
on the Principal Market during normal trading hours on the Accelerated Purchase
Date. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Date</U>&#148;
means, with respect to any Accelerated Purchase made pursuant to <U>Section
2</U>(<U>b</U>) hereof, the Business Day immediately following the applicable
Purchase Date with respect to the corresponding Regular Purchase referred to in
<U>Section 2</U>(<U>b</U>) hereof. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Notice</U>&#148;
means, with respect to any Accelerated Purchase made pursuant to <U>Section
2</U>(<U>b</U>) hereof, an irrevocable written notice from the Company to the
Investor directing the Investor to buy a specified Accelerated Purchase Share
Amount on the applicable Accelerated Purchase Date pursuant to <U>Section
2</U>(<U>b</U>) hereof at the applicable Accelerated Purchase Price. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Share
Percentage</U>&#148; means, with respect to any Accelerated Purchase made pursuant to
<U>Section 2</U>(<U>b</U>) hereof, thirty percent (30%). </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Price</U>&#148;
means, with respect to any particular Accelerated Purchase made pursuant to<U>
Section 2</U>(<U>b</U>) hereof, the lower of (i) ninety-six percent (96%) of the
VWAP during (A) the entire trading day on the Accelerated Purchase Date, if the
volume of shares of Common Stock traded on the Principal Market on the
Accelerated Purchase Date has not exceeded the Accelerated Purchase Share Volume
Maximum, or (B) the portion of the trading day of the Accelerated Purchase Date
(calculated starting at the beginning of normal trading hours) until such time
at which the volume of shares of Common Stock traded on the Principal Market has
exceeded the Accelerated Purchase Share Volume Maximum or (ii) the Closing Sale
Price on the Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split, reverse stock split or other similar transaction). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Accelerated Purchase Share Volume
Maximum</U>&#148; means a certain number of shares of Common Stock traded on the
Principal Market during normal trading hours on the Accelerated Purchase Date
equal to (i) the amount of shares of Common Stock properly directed by the
Company to be purchased on the Accelerated Purchase Notice, divided by (ii) the
Accelerated Purchase Share Percentage (to be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split, reverse stock
split or other similar transaction). </P>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Available Amount</U>&#148; means,
initially, Fifty Million Dollars ($50,000,000) in the aggregate, which amount
shall be reduced by the Purchase Amount each time the Investor purchases shares
of Common Stock pursuant to <U>Section 2</U> hereof. </P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Bankruptcy Law</U>&#148; means Title 11,
U.S. Code, or any similar federal or state law for the relief of debtors. </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Business Day</U>&#148; means any day on
which the Principal Market is open for trading, including any day on which the
Principal Market is open for trading for a period of time less than the
customary time.</P>
<P align=justify style="text-indent:5%">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Closing Sale Price</U>&#148; means, for
any security as of any date, the last closing sale price for such security on
the Principal Market as reported by the Principal Market.</P>
<P align=justify style="text-indent:5%">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Confidential Information</U>&#148; means
any information disclosed by either party to the other party, either directly or
indirectly, in writing, orally or by inspection of tangible objects (including,
without limitation, documents, prototypes, samples, plant and equipment), which
is designated as &#147;Confidential,&#148; &#147;Proprietary&#148; or some similar designation.
Information communicated orally shall be considered Confidential Information if
such information is confirmed in writing as being Confidential Information
within ten (10) Business Days after the initial disclosure. Confidential
Information may also include information disclosed to a disclosing party by
third parties. Confidential Information shall not, however, include any
information which (i) was publicly known and made generally available in the
public domain prior to the time of disclosure by the disclosing party; (ii)
becomes publicly known and made generally available after disclosure by the
disclosing party to the receiving party through no action or inaction of the
receiving party; (iii) is already in the possession of the receiving party at
the time of disclosure by the disclosing party as shown by the receiving party&#146;s
files and records immediately prior to the time of disclosure; (iv) is obtained
by the receiving party from a third party without a breach of such third party&#146;s
obligations of confidentiality; (v) is independently developed by the receiving
party without use of or reference to the disclosing party&#146;s Confidential
Information, as shown by documents and other competent evidence in the receiving
party&#146;s possession; or (vi) is required by law to be disclosed by the receiving
party, provided that the receiving party gives the disclosing party prompt
written notice of such requirement prior to such disclosure and assistance in
obtaining an order protecting the information from public disclosure.</P>
<P align=justify style="text-indent:5%">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Custodian</U>&#148; means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.</P>
<P align=justify style="text-indent:5%">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>DTC</U>&#148; means The Depository Trust
Company, or any successor performing substantially the same function for the
Company. </P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify style="text-indent:5%">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>DWAC Shares</U>&#148; means shares of
Common Stock that are (i) issued in electronic form, (ii) freely tradable and
transferable and without restriction on resale and (iii) timely credited by the
Company to the Investor&#146;s or its designee&#146;s specified Deposit/Withdrawal at
Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer
(FAST) Program, or any similar program hereafter adopted by DTC performing
substantially the same function.</P>
<P align=justify style="text-indent:5%">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Exchange Act</U>&#148; means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. </P>
<P align=justify style="text-indent:5%">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Material Adverse Effect</U>&#148; means
any material adverse effect on (i) the enforceability of any Transaction
Document, (ii) the results of operations, assets, business or financial
condition of the Company and its Subsidiaries, taken as a whole, other than any
material adverse effect that resulted exclusively from (A) any change in the
United States or foreign economies or securities or financial markets in general
that does not have a disproportionate effect on the Company and its
Subsidiaries, taken as a whole, (B) any change that generally affects the
industry in which the Company and its Subsidiaries operate that does not have a
disproportionate effect on the Company and its Subsidiaries, taken as a whole,
(C) any change arising in connection with earthquakes, hostilities, acts of war,
sabotage or terrorism or military actions or any escalation or material
worsening of any such hostilities, acts of war, sabotage or terrorism or
military actions existing as of the date hereof, (D) any action taken by the
Investor, its affiliates or its or their successors and assigns with respect to
the transactions contemplated by this Agreement, (E) the effect of any change in
applicable laws or accounting rules that does not have a disproportionate effect
on the Company and its Subsidiaries, taken as a whole, or (F) any change
resulting from compliance with terms of this Agreement or the consummation of
the transactions contemplated by this Agreement, or (iii) the Company&#146;s ability
to perform in any material respect on a timely basis its obligations under any
Transaction Document to be performed as of the date of determination. </P>
<P align=justify style="text-indent:5%">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Maturity Date</U>&#148; means the first
day of the month immediately following the thirty-six (36) month anniversary of
the Commencement Date. </P>
<P align=justify style="text-indent:5%">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>PEA Period</U>&#148; means the period
commencing at 9:30 a.m., Eastern time, on the twentieth (20th) Business Day
immediately prior to the filing of any post-effective amendment to the
Registration Statement (as defined herein) or New Registration Statement (as
such term is defined in the Registration Rights Agreement), and ending at 9:30
a.m., Eastern time, on the Business Day immediately following, the effective
date of any post-effective amendment to the Registration Statement (as defined
herein) or New Registration Statement (as such term is defined in the
Registration Rights Agreement). </P>
<P align=justify style="text-indent:5%">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Person</U>&#148; means an individual or
entity including but not limited to any limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated
organization and a government or any department or agency thereof.</P>
<P align=justify style="text-indent:5%">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Principal Market</U>&#148; means the
OTCQB operated by the OTC Markets Group, Inc. (or any nationally recognized
successor thereto); provided, however, that in the event the Company&#146;s Common
Stock is ever listed or traded on The NASDAQ Capital Market, The NASDAQ Global
Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE
MKT, the NYSE Arca, the OTC Bulletin Board or the OTCQX operated by the OTC
Markets Group, Inc. (or any nationally recognized successor to any of the
foregoing), then the &#147;Principal Market&#148; shall mean such other market or exchange
on which the Company&#146;s Common Stock is then listed or traded. </P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<P align=justify style="text-indent:5%">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Purchase Amount</U>&#148; means, with
respect to any Regular Purchase or any Accelerated Purchase made hereunder, the
portion of the Available Amount to be purchased by the Investor pursuant to
<U>Section 2</U> hereof.</P>
<P align=justify style="text-indent:5%">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Purchase Date</U>&#148; means, with
respect to any Regular Purchase made pursuant to <U>Section</U>
<U>2</U>(<U>a</U>) hereof, the Business Day on which the Investor receives by
7:00 p.m., Eastern time, of such Business Day a valid Regular Purchase Notice
that the Investor is to buy Purchase Shares pursuant to <U>Section
2</U>(<U>a</U>) hereof.</P>
<P align=justify style="text-indent:5%">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Purchase Price</U>&#148; means, with
respect to any Regular Purchase made pursuant to <U>Section</U>
<U>2</U>(<U>a</U>)<U> hereof</U>, the lower of: (i) the lowest Sale Price on the
applicable Purchase Date and (ii) the arithmetic average of the three (3) lowest
Closing Sale Prices for the Common Stock during the ten (10) consecutive
Business Days ending on the Business Day immediately preceding such Purchase
Date (in each case, to be appropriately adjusted for any reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction
that occurs on or after the date of this Agreement).</P>
<P align=justify style="text-indent:5%">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Regular Purchase Notice</U>&#148; means,
with respect to any Regular Purchase pursuant to <U>Section 2</U>(<U>a</U>)
hereof, an irrevocable written notice from the Company to the Investor directing
the Investor to buy such applicable amount of Purchase Shares at the applicable
Purchase Price as specified by the Company therein on the Purchase Date.</P>
<P align=justify style="text-indent:5%">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Sale Price</U>&#148; means any trade
price for the shares of Common Stock on the Principal Market as reported by the
Principal Market.</P>
<P align=justify style="text-indent:5%">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>SEC</U>&#148; means the U.S. Securities
and Exchange Commission.</P>
<P align=justify style="text-indent:5%">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Securities</U>&#148; means,
collectively, the Purchase Shares and the Commitment Shares. </P>
<P align=justify style="text-indent:5%">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Securities Act</U>&#148; means the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. </P>
<P align=justify style="text-indent:5%">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Subsidiary</U>&#148; means any Person
the Company wholly-owns or controls, or in which the Company, directly or
indirectly, owns a majority of the voting stock or similar voting interest, in
each case that would be disclosable pursuant to Item 601(b)(21) of Regulation
S-K promulgated under the Securities Act. </P>
<P align=justify style="text-indent:5%">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Transaction Documents</U>&#148; means,
collectively, this Agreement and the schedules and exhibits hereto, the
Registration Rights Agreement and the schedules and exhibits thereto, and each
of the other agreements, documents, certificates and instruments entered into or
furnished by the parties hereto in connection with the transactions contemplated
hereby and thereby. </P>
<P align=justify style="text-indent:5%">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>Transfer Agent</U>&#148; means Nevada
Agency and Transfer Company, or such other Person who is then serving as the
transfer agent for the Company in respect of the Common Stock. </P>
<P align=justify style="text-indent:5%">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;<U>VWAP</U>&#148; means in respect of an
applicable Accelerated Purchase Date, the volume weighted average price of the
Common Stock on the Principal Market, as reported on the Principal Market. </P>
<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%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>PURCHASE OF COMMON STOCK.</B></P></TD></TR></TABLE>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify style="text-indent:5%">Subject to the terms and conditions set forth in this
Agreement, the Company has the right to sell to the Investor, and the Investor
has the obligation to purchase from the Company, Purchase Shares as follows:
</P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Commencement of Regular Sales of
Common Stock</U>. Upon the satisfaction of the conditions set forth in
<U>Sections 7</U> and <U>8</U> hereof (the &#147;<U>Commencement</U>&#148; and the date of
satisfaction of such conditions the &#147;<U>Commencement Date</U>&#148;) and thereafter,
the Company shall have the right, but not the obligation, to direct the
Investor, by its delivery to the Investor of a Regular Purchase Notice from time
to time, to purchase up to Fifty Thousand (50,000) Purchase Shares (each such
purchase a &#147;<U>Regular</U> <U>Purchase</U>&#148;), at the Purchase Price on the
Purchase Date; <U>provided</U>, <U>however</U>, that (i) the Regular Purchase
may be increased to up to Seventy-Five Thousand (75,000) Purchase Shares,
provided that the Closing Sale Price of the Common Stock is not below $7.00 on
the Purchase Date, (ii) the Regular Purchase may be increased to up to One
Hundred Thousand (100,000) Purchase Shares, provided that the Closing Sale Price
of the Common Stock is not below $9.00 on the Purchase Date, (iii) the Regular
Purchase may be increased to up to One Hundred Twenty-Five Thousand (125,000)
Purchase Shares, provided that the Closing Sale Price of the Common Stock is not
below $11.00 on the Purchase Date, and (iv) the Regular Purchase may be
increased to up to One Hundred Fifty Thousand (150,000) Purchase Shares,
provided that the Closing Sale Price of the Common Stock is not below $13.00 on
the Purchase Date (all of which share and dollar amounts shall be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock
split or other similar transaction); <U>provided</U>, <U>further</U>,
<U>however</U>, that the Investor&#146;s committed obligation under any single
Regular Purchase shall not exceed Two Million Dollars ($2,000,000). If the
Company delivers any Regular Purchase Notice for a Purchase Amount in excess of
the limitations contained in the immediately preceding sentence, such Regular
Purchase Notice shall be void <I>ab initio</I> to the extent of the amount by
which the amount of Purchase Shares set forth in such Regular Purchase Notice
exceeds the amount of Purchase Shares which the Company is permitted to include
in such Purchase Notice in accordance herewith, and the Investor shall have no
obligation to purchase such excess Purchase Shares in respect of such Regular
Purchase Notice; provided that the Investor shall remain obligated to purchase
the amount of Purchase Shares which the Company is permitted to include in such
Regular Purchase Notice. The Company may deliver multiple Regular Purchase
Notices to the Investor so long as at least one (1) Business Day has passed
since the most recent Regular Purchase was completed. Notwithstanding the
foregoing, the Company shall not deliver any Regular Purchase Notices during the
PEA Period.</P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Accelerated Purchases</U>. Subject to
the terms and conditions of this Agreement, in addition to purchases of Purchase
Shares as described in <U>Section 2</U>(<U>a</U>) above, the Company shall also
have the right, but not the obligation, to direct the Investor by the Company&#146;s
delivery to the Investor of an Accelerated Purchase Notice from time to time,
and the Investor thereupon shall have the obligation, to buy Purchase Shares at
the Accelerated Purchase Price on the Accelerated Purchase Date in an amount
equal to the Accelerated Purchase Share Amount (each such purchase, an
&#147;<U>Accelerated Purchase</U>&#148;). The Company may deliver an Accelerated Purchase
Notice to the Investor only on a Purchase Date on which the Company also
properly submitted a Regular Purchase Notice for a Regular Purchase and the
Closing Sale Price is not below $3.00 (to be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split or other
similar transaction). If the Company delivers any Accelerated Purchase Notice
for an Accelerated Purchase Share Amount in excess of the limitations contained
in the definition of Accelerated Purchase Share Amount, such Accelerated
Purchase Notice shall be void <I>ab initio</I> to the extent of the amount by
which the number of Purchase Shares set forth in such Accelerated Purchase
Notice exceeds the Accelerated Purchase Share Amount which the Company is
permitted to include in such Accelerated Purchase Notice in accordance herewith
(which shall be confirmed in an Accelerated Purchase Confirmation (defined
below)), and the Investor shall have no obligation to purchase such excess
Purchase Shares in respect of such Accelerated Purchase Notice; provided that
the Investor shall remain obligated to purchase the Accelerated Purchase Share
Amount which the Company is permitted to include in such Accelerated Purchase Notice. Upon completion of
each Accelerated Purchase Date, the Accelerated Purchase Share Amount and the
applicable Accelerated Purchase Price shall be set forth on a confirmation of
the Accelerated Purchase to be provided to the Company by the Investor (an
&#147;<u>Accelerated</u> <u>Purchase Confirmation</u>&#148;). </P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Payment for Purchase Shares</U>. For
each Regular Purchase, the Investor shall pay to the Company an amount equal to
the Purchase Amount with respect to such Regular Purchase as full payment for
such Purchase Shares via wire transfer of immediately available funds on the
same Business Day that the Investor receives such Purchase Shares, if such
Purchase Shares are received by the Investor before 1:00 p.m., Eastern time, or,
if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern
time, the next Business Day. For each Accelerated Purchase, the Investor shall
pay to the Company an amount equal to the Purchase Amount with respect to such
Accelerated Purchase as full payment for such Purchase Shares via wire transfer
of immediately available funds on the third Business Day following the date that
the Investor receives such Purchase Shares. The Company shall not issue any
fraction of a share of Common Stock upon any Regular Purchase or Accelerated
Purchase. If the issuance would result in the issuance of a fraction of a share
of Common Stock, the Company shall round such fraction of a share of Common
Stock up or down to the nearest whole share. All payments made under this
Agreement shall be made in lawful money of the United States of America or wire
transfer of immediately available funds to such account as the Company may from
time to time designate by written notice in accordance with the provisions of
this Agreement. Whenever any amount expressed to be due by the terms of this
Agreement is due on any day that is not a Business Day, the same shall instead
be due on the next succeeding day that is a Business Day.</P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Beneficial Ownership Limitation</U>.
Notwithstanding anything to the contrary contained in this Agreement, the
Company shall not issue or sell, and the Investor shall not purchase or acquire,
any shares of Common Stock under this Agreement which, when aggregated with all
other shares of Common Stock then beneficially owned by the Investor and its
affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule
13d-3 promulgated thereunder), would result in the beneficial ownership by the
Investor and its affiliates of more than 9.99% of the then issued and
outstanding shares of Common Stock (the &#147;<U>Beneficial Ownership
Limitation</U>&#148;). Upon the written or oral request of the Investor, the Company
shall promptly (but not later than 24 hours) confirm orally or in writing to the
Investor the number of shares of Common Stock then outstanding. The Investor and
the Company shall each cooperate in good faith in the determinations required
hereby and the application hereof. The Investor&#146;s written certification to the
Company of the applicability of the Beneficial Ownership Limitation, and the
resulting effect thereof hereunder at any time, shall be conclusive with respect
to the applicability thereof and such result absent manifest error. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Compliance with Principal Market
Rules</U>. Notwithstanding anything in this Agreement to the contrary, the total
number of shares of Common Stock that may be issued under this Agreement,
including the Commitment Shares (as defined in Section 5(e) hereof), shall be
limited to 6,754,609 shares of Common Stock (the &#147;<B>Exchange Cap</B>&#148;), which
equals 19.99% of the Company&#146;s outstanding shares of Common Stock as of the date
hereof, unless stockholder approval is obtained to issue more than such 19.99% .
The Exchange Cap shall be appropriately adjusted for any stock dividend, stock
split, reverse stock split or similar transaction. The foregoing limitation
shall not apply if stockholder approval has not been obtained and at any time
the Exchange Cap is reached and at all times thereafter the average price paid
for all shares of Common Stock issued under this Agreement is equal to or
greater than $8.94 (the &#147;<B>Minimum Price</B>&#148;), a price equal to the Closing
Sale Price on the date hereof (in such circumstance, for purposes of the
Principal Market (as such market is defined in Section 1(t) of this Agreement),
the transaction contemplated hereby would not be &#147;below market&#148; and the Exchange
Cap would not apply). Notwithstanding the foregoing, the Company shall not be
required or permitted to issue, and the Investor shall not be required to
purchase, any shares of Common Stock under this Agreement if such issuance would violate the rules or regulations of the Principal Market
(as such market is defined in Section 1(t) of this Agreement). </P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><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%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>INVESTOR&#146;S REPRESENTATIONS AND
  WARRANTIES.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Investor represents and warrants to the Company that as of
the date hereof and as of the Commencement Date: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Investment Purpose</U>. The Investor
is acquiring the Securities as principal for its own account and not with a view
to or for distributing or reselling such Securities or any part thereof in
violation of the Securities Act or any applicable state securities law, has no
present intention of distributing any of such Securities in violation of the
Securities Act or any applicable state securities law and has no direct or
indirect arrangement or understandings with any other Persons to distribute or
regarding the distribution of such Securities in violation of the Securities Act
or any applicable state securities law (this representation and warranty not
limiting the Investor&#146;s right to sell the Securities at any time pursuant to the
Registration Statement described herein or otherwise in compliance with
applicable federal and state securities laws). The Investor is acquiring the
Securities hereunder in the ordinary course of its business. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Accredited Investor Status</U>. The
Investor is an &#147;accredited investor&#148; as that term is defined in Rule 501(a)(3)
of Regulation D promulgated under the Securities Act. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Reliance on Exemptions</U>. The
Investor understands that the Securities may be offered and sold to it in
reliance on specific exemptions from the registration requirements of United
States federal and state securities laws and that the Company is relying in part
upon the truth and accuracy of, and the Investor&#146;s compliance with, the
representations, warranties, agreements, acknowledgments and understandings of
the Investor set forth herein in order to determine the availability of such
exemptions and the eligibility of the Investor to acquire the Securities. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Information</U>. The Investor
understands that its investment in the Securities involves a high degree of
risk. The Investor (i) is able to bear the economic risk of an investment in the
Securities including a total loss thereof, (ii) has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of the proposed investment in the Securities and (iii) has
had an opportunity to ask questions of and receive answers from the officers of
the Company concerning the financial condition and business of the Company and
others matters related to an investment in the Securities. Neither such
inquiries nor any other due diligence investigations conducted by the Investor
or its representatives shall modify, amend or affect the Investor&#146;s right to
rely on the Company&#146;s representations and warranties contained in <U>Section
4</U> below. The Investor has sought such accounting, legal and tax advice as it
has considered necessary to make an informed investment decision with respect to
its acquisition of the Securities. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>No Governmental Review</U>. The
Investor understands that no U.S. federal or state agency or any other
government or governmental agency has passed on or made any recommendation or
endorsement of the Securities or the fairness or suitability of an investment in
the Securities nor have such authorities passed upon or endorsed the merits of
the offering of the Securities. </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Transfer or Sale</U>. The Investor
understands that (i) the Securities may not be offered for sale, sold, assigned
or transferred unless (A) registered pursuant to the Securities Act or (B) an
exemption exists permitting such Securities to be sold, assigned or transferred
without such registration; (ii) any sale of the Securities made in reliance on
Rule 144 may be made only in accordance with the terms of Rule 144 and further,
if Rule 144 is not applicable, any resale of the Securities under circumstances
in which the seller (or the Person through whom the sale is made) may be
deemed to be an underwriter (as that term is defined in the Securities Act) may
require compliance with some other exemption under the Securities Act or the
rules and regulations of the SEC thereunder. </P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Validity; Enforcement</U>. This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Investor and is a valid and binding agreement of the Investor enforceable
against the Investor in accordance with its terms, subject as to enforceability
to general principles of equity and to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and
remedies.</P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Residency</U>. The Investor is a
resident of the State of Illinois. </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>No Short Selling</U>. The Investor
represents and warrants to the Company that at no time prior to the date of this
Agreement has any of the Investor, its agents, representatives or affiliates
engaged in or effected, in any manner whatsoever, directly or indirectly, any
(i) &#147;short sale&#148; (as such term is defined in Rule 200 of Regulation SHO of the
Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes
a net short position with respect to the Common Stock. </P>
<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%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>REPRESENTATIONS AND WARRANTIES OF THE
    COMPANY.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company represents and warrants to the Investor that as of
the date hereof and as of the Commencement Date: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Organization and Qualification</U>.
The Company and each of its Subsidiaries is an entity duly incorporated or
otherwise organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization, with the requisite corporate
power and authority to own and use its properties and assets and to carry on its
business as currently conducted. Neither the Company nor any of its Subsidiaries
is in violation or default of any of the provisions of its respective
certificate or Articles of Incorporation, bylaws or other organizational or
charter documents. Each of the Company and its Subsidiaries is duly qualified to
conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except where the
failure to be so qualified or in good standing, as the case may be, could not
have or reasonably be expected to result in a Material Adverse Effect and no
proceeding has been instituted in any such jurisdiction revoking, limiting or
curtailing or seeking to revoke, limit or curtail such power and authority or
qualification. The Company has no Subsidiaries except as set forth in
<U>Schedule 4</U>(<U>a</U>) hereof. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Authorization; Enforcement;
Validity</U>. (i) The Company has the requisite corporate power and authority to
enter into and perform its obligations under this Agreement and each of the
other Transaction Documents, and to issue the Securities in accordance with the
terms hereof and thereof, (ii) the execution and delivery of the Transaction
Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby, including without limitation, the issuance of
the Commitment Shares (as defined below in <U>Section 5</U>(<U>e</U>)) and the
reservation for issuance and the issuance of the Purchase Shares issuable under
this Agreement, have been duly authorized by the Company&#146;s Board of Directors
and no further consent or authorization is required by the Company, its Board of
Directors or its stockholders, (iii) this Agreement has been, and each other
Transaction Document shall be on the Commencement Date, duly executed and
delivered by the Company and (iv) this Agreement constitutes, and each other
Transaction Document upon its execution on behalf of the Company, shall
constitute, the valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors&#146; rights
and remedies. The Board of Directors of the Company has approved the resolutions
(the &#147;<u>Signing Resolutions</u>&#148;) substantially in the form as set forth as <u>Exhibit C</u> attached hereto to authorize this Agreement and the
transactions contemplated hereby. The Signing Resolutions are valid, in full
force and effect and have not been modified or supplemented in any respect. The
Company has delivered to the Investor a true and correct copy of a unanimous
written consent adopting the Signing Resolutions executed by all of the members
of the Board of Directors of the Company. Except as set forth in this Agreement,
no other approvals or consents of the Company&#146;s Board of Directors, any
authorized committee thereof, and/or stockholders is necessary under applicable
laws and the Company&#146;s Certificate of Incorporation and/or Bylaws to authorize
the execution and delivery of this Agreement or any of the transactions
contemplated hereby, including, but not limited to, the issuance of the
Commitment Shares and the issuance of the Purchase Shares. </P>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Capitalization</U>. As of the date
hereof, the authorized capital stock of the Company is set forth in <U>Schedule
4</U>(<U>c</U>) hereof. Except as disclosed in the SEC Documents (as defined
below), (i) no shares of the Company&#146;s capital stock are subject to preemptive
rights or any other similar rights or any liens or encumbrances suffered or
permitted by the Company, (ii) there are no outstanding debt securities, (iii)
there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company or any of its
Subsidiaries, or contracts, commitments, understandings or arrangements by which
the Company or any of its Subsidiaries is or may become bound to issue
additional shares of capital stock of the Company or any of its Subsidiaries or
options, warrants, scrip, rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into, any
shares of capital stock of the Company or any of its Subsidiaries, (iv) there
are no agreements or arrangements under which the Company or any of its
Subsidiaries is obligated to register the sale of any of their securities under
the Securities Act (except the Registration Rights Agreement), (v) there are no
outstanding securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any of its
Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries, (vi) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of
the Securities as described in this Agreement and (vii) the Company does not
have any stock appreciation rights or &#147;phantom stock&#148; plans or agreements or any
similar plan or agreement. The Company has furnished to the Investor true and
correct copies of the Company&#146;s Articles of Incorporation, as amended and as in
effect on the date hereof (the &#147;<U>Articles of Incorporation</U>&#148;), and the
Company&#146;s Bylaws, as amended and as in effect on the date hereof (the
&#147;<U>Bylaws</U>&#148;), and summaries of the terms of all securities convertible into
or exercisable for Common Stock, if any, and copies of any documents containing
the material rights of the holders thereof in respect thereto. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Issuance of Securities</U>. Upon
issuance and payment therefor in accordance with the terms and conditions of
this Agreement, the Purchase Shares shall be validly issued, fully paid and
nonassessable and free from all taxes, liens, charges, restrictions, rights of
first refusal and preemptive rights with respect to the issue thereof, with the
holders being entitled to all rights accorded to a holder of Common Stock.
10,000,000 shares of Common Stock have been duly authorized and reserved for
issuance upon purchase under this Agreement as Purchase Shares. 179,598 shares
of Common Stock (subject to equitable adjustment for any reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction)
have been duly authorized and reserved for issuance as Initial Commitment Shares
(as defined below in <U>Section 5(e)</U>) in accordance with this Agreement. The
Initial Commitment Shares shall be validly issued, fully paid and nonassessable
and free from all taxes, liens, charges, restrictions, rights of first refusal
and preemptive rights with respect to the issue thereof, with the holders being
entitled to all rights accorded to a holder of Common Stock. 89,799 shares of
Common Stock (subject to equitable adjustment for any reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction) have been duly authorized and
reserved for issuance as Additional Commitment Shares (as defined below in
<u>Section 5(e)</u>) in accordance with this Agreement. When issued in
accordance with this Agreement, the Additional Commitment Shares shall be
validly issued, fully paid and nonassessable and free from all taxes, liens,
charges, restrictions, rights of first refusal and preemptive rights with
respect to the issue thereof, with the holders being entitled to all rights
accorded to a holder of Common Stock.<b> </b></P>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>No Conflicts</U>. The execution,
delivery and performance of the Transaction Documents by the Company and the
consummation by the Company of the transactions contemplated hereby and thereby
(including, without limitation, the reservation for issuance and issuance of the
Purchase Shares and the Commitment Shares) will not (i) result in a violation of
the <U>Articles of Incorporation</U>, any Certificate of Designations,
Preferences and Rights of any outstanding series of preferred stock of the
Company or the Bylaws or (ii) conflict with, or constitute a default (or an
event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Company or
any of its Subsidiaries is a party, or result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities
laws and regulations and the rules and regulations of the Principal Market
applicable to the Company or any of its Subsidiaries) or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected, except
in the case of conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations under clause (ii), which could not reasonably be
expected to result in a Material Adverse Effect. Neither the Company nor its
Subsidiaries is in violation of any term of or in default under its <U>Articles
of Incorporation</U>, any Certificate of Designation, preferences and rights of
any outstanding series of preferred stock of the Company or Bylaws or their
organizational charter or bylaws, respectively. Neither the Company nor any of
its Subsidiaries is in violation of any term of or is in default under any
material contract, agreement, mortgage, indebtedness, indenture, instrument,
judgment, decree or order or any statute, rule or regulation applicable to the
Company or its Subsidiaries, except for possible conflicts, defaults,
terminations or amendments that could not reasonably be expected to have a
Material Adverse Effect. The business of the Company and its Subsidiaries is not
being conducted, and shall not be conducted, in violation of any law, ordinance,
regulation of any governmental entity, except for possible violations, the
sanctions for which either individually or in the aggregate could not reasonably
be expected to have a Material Adverse Effect. Except as specifically
contemplated by this Agreement and as required under the Securities Act or
applicable state securities laws and the rules and regulations of the Principal
Market, the Company is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court or governmental
agency or any regulatory or self-regulatory agency in order for it to execute,
deliver or perform any of its obligations under or contemplated by the
Transaction Documents in accordance with the terms hereof or thereof. Except as
set forth elsewhere in this Agreement, all consents, authorizations, orders,
filings and registrations which the Company is required to obtain pursuant to
the preceding sentence shall be obtained or effected on or prior to the
Commencement Date. Since one year prior to the date hereof, the Company has not
received nor delivered any notices or correspondence from or to the Principal
Market. The Principal Market has not commenced any delisting proceedings against
the Company. </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>SEC Documents; Financial
Statements</U>. The Company has filed all reports, schedules, forms, statements
and other documents required to be filed by the Company under the Securities Act
and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for
the 24 months preceding the date hereof (or such shorter period as the Company
was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by
reference therein, being collectively referred to herein as the &#147;<U>SEC
Documents</U>&#148;) on a timely basis or has received a valid extension of such time
of filing and has filed any such SEC Documents prior to the expiration of any
such extension. As of their respective dates, the SEC Documents complied in all
material respects with the requirements of the Securities Act and the Exchange
Act, as applicable. None of the SEC Documents, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The
financial statements of the Company included in the SEC Documents comply in all
material respects with applicable accounting requirements and the rules and
regulations of the SEC with respect thereto as in effect at the time of filing.
Such financial statements have been prepared in accordance with United States
generally accepted accounting principles applied on a consistent basis during
the periods involved (&#147;<u>GAAP</u>&#148;), except as may be otherwise specified in
such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company and its
consolidated Subsidiaries as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments. Except
as set forth in the SEC Documents, the Company has received no notices or
correspondence from the SEC for the one year preceding the date hereof. The SEC
has not commenced any enforcement proceedings against the Company or any of its
Subsidiaries. </P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Absence of Certain Changes</U>.
Except as disclosed in the SEC Documents, since December 31, 2014, there has
been no material adverse change in the business, properties, operations,
financial condition or results of operations of the Company or its Subsidiaries.
The Company has not taken any steps, and does not currently expect to take any
steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or
any of its Subsidiaries have any knowledge or reason to believe that its
creditors intend to initiate involuntary bankruptcy<B> </B>or insolvency
proceedings.</P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Absence of Litigation</U>. There is
no action, suit, proceeding, inquiry or investigation before or by any court,
public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the Company or any of its Subsidiaries, threatened
against or affecting the Company, the Common Stock or any of the Company&#146;s or
its Subsidiaries&#146; officers or directors in their capacities as such, which could
reasonably be expected to have a Material Adverse Effect. </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Acknowledgment Regarding
Investor</U>&#146;<U>s Status</U>. The Company acknowledges and agrees that the
Investor is acting solely in the capacity of arm&#146;s length purchaser with respect
to the Transaction Documents and the transactions contemplated hereby and
thereby. The Company further acknowledges that the Investor is not acting as a
financial advisor or fiduciary of the Company (or in any similar capacity) with
respect to the Transaction Documents and the transactions contemplated hereby
and thereby and any advice given by the Investor or any of its representatives
or agents in connection with the Transaction Documents and the transactions
contemplated hereby and thereby is merely incidental to the Investor&#146;s purchase
of the Securities. The Company further represents to the Investor that the
Company&#146;s decision to enter into the Transaction Documents has been based solely
on the independent evaluation by the Company and its representatives and
advisors. </P>
<P align=justify style="text-indent:5%">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>No General Solicitation; No
Integrated Offering</U>. Neither the Company, nor any of its affiliates, nor any
Person acting on its or their behalf, has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D under
the Securities Act) in connection with the offer or sale of the Securities.
Neither the Company, nor or any of its affiliates, nor any Person acting on
their behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any security, under circumstances that
would require registration of the offer and sale of any of the Securities under
the Securities Act, whether through integration with prior offerings or
otherwise, or cause this offering of the Securities to be integrated with prior
offerings by the Company in a manner that would require stockholder approval
pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated. The
issuance and sale of the Securities hereunder does not contravene the rules and
regulations of the Principal Market. </P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify style="text-indent:5%">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Intellectual Property Rights</U>. The
Company and its Subsidiaries own or possess adequate rights or licenses to use
all material trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and rights necessary to
conduct their respective businesses as now conducted. None of the Company&#146;s
material trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses,
approvals, government authorizations, trade secrets or other intellectual
property rights have expired or terminated, or, by the terms and conditions
thereof, could expire or terminate within two years from the date of this
Agreement. The Company and its Subsidiaries do not have any knowledge of any
infringement by the Company or its Subsidiaries of any material trademark, trade
name rights, patents, patent rights, copyrights, inventions, licenses, service
names, service marks, service mark registrations, trade secret or other similar
rights of others, or of any such development of similar or identical trade
secrets or technical information by others, and there is no claim, action or
proceeding being made or brought against, or to the Company&#146;s knowledge, being
threatened against, the Company or its Subsidiaries regarding trademark, trade
name, patents, patent rights, invention, copyright, license, service names,
service marks, service mark registrations, trade secret or other infringement,
which could reasonably be expected to have a Material Adverse Effect. </P>
<P align=justify style="text-indent:5%">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Environmental Laws</U>. To the
Company&#146;s knowledge, the Company and its Subsidiaries (i) are in compliance with
any and all applicable foreign, federal, state and local laws and regulations
relating to the protection of human health and safety, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants
(&#147;<U>Environmental Laws</U>&#148;), (ii) have received all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their
respective businesses and (iii) are in compliance with all terms and conditions
of any such permit, license or approval, except where, in each of the three
foregoing clauses, the failure to so comply could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. </P>
<P align=justify style="text-indent:5%">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Title</U>. Except as disclosed in the
SEC Documents, the Company and its Subsidiaries have good and marketable title
in fee simple to all real property owned by them and good and marketable title
in all personal property owned by them that is material to the business of the
Company and its Subsidiaries, in each case free and clear of all liens,
encumbrances and defects (&#147;<U>Liens</U>&#148;) and, except for Liens as do not
materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and
its Subsidiaries and Liens for the payment of federal, state or other taxes, the
payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with which the
Company and its Subsidiaries are in compliance with such exceptions as are not
material and do not interfere with the use made and proposed to be made of such
property and buildings by the Company and its Subsidiaries. </P>
<P align=justify style="text-indent:5%">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <U>Insurance</U>. The Company and each
of its Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as management
of the Company believes to be prudent and customary in the businesses in which
the Company and its Subsidiaries are engaged. Neither the Company nor any such
Subsidiary has been refused any insurance coverage sought or applied for and
neither the Company nor any such Subsidiary has any reason to believe that it
will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not materially and
adversely affect the condition, financial or otherwise, or the earnings,
business or operations of the Company and its Subsidiaries, taken as a whole.
</P>
<P align=center>12 </P>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_13></A>
<P align=justify style="text-indent:5%">(o)&nbsp;&nbsp;&nbsp; &nbsp;<U>Regulatory Permits</U>. The
Company and its Subsidiaries possess all material certificates, authorizations
and permits issued by the appropriate federal, state or foreign regulatory
authorities necessary to conduct their respective businesses, and neither the
Company nor any such Subsidiary has received any notice of proceedings relating
to the revocation or modification of any such certificate, authorization or
permit. </P>
<P align=justify style="text-indent:5%">(p)&nbsp;&nbsp;&nbsp;&nbsp; <U>Tax Status</U>. The Company and
each of its Subsidiaries has made or filed all federal and state income and all
other material tax returns, reports and declarations required by any
jurisdiction to which it is subject (unless and only to the extent that the
Company and each of its Subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes) and has
paid all taxes and other governmental assessments and charges that are material
in amount, shown or determined to be due on such returns, reports and
declarations, except those being contested in good faith and has set aside on
its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company know of no basis
for any such claim. </P>
<P align=justify style="text-indent:5%">(q)&nbsp;&nbsp;&nbsp;&nbsp; <U>Transactions With
Affiliates</U>. Except as set forth in the SEC Documents, none of the officers
or directors of the Company and, to the knowledge of the Company, none of the
employees of the Company is presently a party to any transaction with the
Company or any Subsidiary (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for
the furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in
which any officer, director, or any such employee has a substantial interest or
is an officer, director, trustee or partner, in each case in excess of $120,000
other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii)
other employee benefits, including stock option agreements under any stock
option plan of the Company. </P>
<P align=justify style="text-indent:5%">(r)&nbsp;&nbsp;&nbsp;&nbsp; <U>Application of Takeover
Protections</U>. The Company and its Board of Directors have taken or will take
prior to the Commencement Date all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or other similar
anti-takeover provision under the <U>Articles of Incorporation</U> or the laws
of the state of its incorporation which is or could become applicable to the
Investor as a result of the transactions contemplated by this Agreement,
including, without limitation, the Company&#146;s issuance of the Securities and the
Investor&#146;s ownership of the Securities. </P>
<P align=justify style="text-indent:5%">(s)&nbsp;&nbsp;&nbsp;&nbsp; <U>Disclosure</U>. Except with
respect to the material terms and conditions of the transactions contemplated by
the Transaction Documents that will be timely publicly disclosed by the Company,
the Company confirms that neither it nor any other Person acting on its behalf
has provided the Investor or its agents or counsel with any information that it
believes constitutes or might constitute material, non-public information which

is not otherwise disclosed in the Registration Statement or the SEC Documents.
The Company understands and confirms that the Investor will rely on the
foregoing representation in effecting purchases and sales of securities of the
Company. All of the disclosure furnished by or on behalf of the Company to the
Investor regarding the Company, its business and the transactions contemplated
hereby, including the disclosure schedules to this Agreement, is true and
correct and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading. The
press releases disseminated by the Company during the 12 months preceding the
date of this Agreement taken as a whole do not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances
under which they were made and when made, not misleading. The
Company acknowledges and agrees that the Investor neither makes nor has made any
representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3 hereof. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>

<P align=justify style="text-indent:5%">(t)&nbsp;&nbsp;&nbsp; &nbsp;<U>Foreign Corrupt Practices</U>.
Neither the Company, nor to the knowledge of the Company, any agent or other
Person acting on behalf of the Company, has (i) directly or indirectly, used any
funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to
any foreign or domestic political parties or campaigns from corporate funds,
(iii) failed to disclose fully any contribution made by the Company (or made by
any Person acting on its behalf of which the Company is aware) which is in
violation of law, or (iv) violated in any material respect any provision of the
Foreign Corrupt Practices Act of 1977, as amended. </P>
<P align=justify style="text-indent:5%">(u)&nbsp;&nbsp;&nbsp; &nbsp;<U>DTC Eligibility</U>. The
Company, through the Transfer Agent, currently participates in the DTC Fast
Automated Securities Transfer (FAST) Program and the Common Stock can be
transferred electronically to third parties via the DTC Fast Automated
Securities Transfer (FAST) Program.</P>
<P align=justify style="text-indent:5%">(v)&nbsp;&nbsp;&nbsp;&nbsp; <U>Sarbanes-Oxley</U>. The Company
is in compliance with all provisions of the Sarbanes-Oxley Act of 2002, as
amended, which are applicable to it as of the date hereof. </P>
<P align=justify style="text-indent:5%">(w)&nbsp;&nbsp;&nbsp;&nbsp; <U>Certain Fees</U>. No brokerage
or finder&#146;s fees or commissions are or will be payable by the Company to any
broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by
the Transaction Documents. The Investor shall have no obligation with respect to
any fees or with respect to any claims made by or on behalf of other Persons for
fees that may be due in connection with the transactions contemplated by the
Transaction Documents. </P>
<P align=justify style="text-indent:5%">(x)&nbsp;&nbsp;&nbsp;&nbsp; <U>Investment Company</U>. The
Company is not, and immediately after receipt of payment for the Securities will
not be, an &#147;investment company&#148; within the meaning of the Investment Company Act
of 1940, as amended. </P>
<P align=justify style="text-indent:5%">(y)&nbsp;&nbsp;&nbsp;&nbsp; <U>Listing and Maintenance
Requirements</U>. The Common Stock is registered pursuant to Section 12(b) or
12(g) of the Exchange Act, and the Company has taken no action designed to, or
which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock pursuant to the Exchange Act nor has the
Company received any notification that the SEC is currently contemplating
terminating such registration. The Company has not, in the twelve (12) months
preceding the date hereof, received any notice from any Person to the effect
that the Company is not in compliance with the listing or maintenance
requirements of the Principal Market. The Company is, and has no reason to
believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. </P>
<P align=justify style="text-indent:5%">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Accountants</U>. The
Company&#146;s accountants are set forth in the SEC Documents and, to the knowledge
of the Company, such accountants are an independent registered public accounting
firm as required by the Securities Act. </P>
<P align=justify style="text-indent:5%">(aa)&nbsp;&nbsp;&nbsp; <U>No Market Manipulation</U>. The
Company has not, and to its knowledge no Person acting on its behalf has, (i)
taken, directly or indirectly, any action designed to cause or to result in the
stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of any of the Securities, (ii) sold, bid for,
purchased, or, paid any compensation for soliciting purchases of, any of the
Securities, or (iii) paid or agreed to pay to any Person any compensation for
soliciting another to purchase any other securities of the Company. </P>
<P align=center>14 </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 style="text-indent:5%">(bb)&nbsp;&nbsp;&nbsp; <U>Shell Company Status</U>. The Company
is not currently, and has never been, an issuer identified in Rule 144(i)(1)
under the Securities Act. </P>
<P align=justify style="text-indent:5%">(cc)&nbsp;&nbsp;&nbsp; <U>No Disqualification Events</U>. None
of the Company, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Company participating in the offering
contemplated hereby, any beneficial owner of 20% or more of the Company&#146;s
outstanding voting equity securities, calculated on the basis of voting power,
nor any promoter (as that term is defined in Rule 405 under the Securities Act)
connected with the Company in any capacity at the time of sale (each, an
&#147;<U>Issuer</U> <U>Covered Person</U>&#148;) is subject to any of the &#147;Bad Actor&#148;
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (a &#147;<U>Disqualification Event</U>&#148;), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has
exercised reasonable care to determine whether any Issuer Covered Person is
subject to a Disqualification Event. </P>
<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%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>COVENANTS.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp; <U>Filing of Current Report and
Registration Statement</U>. The Company agrees that it shall, within the time
required under the Exchange Act, file with the SEC a report on Form 8-K relating
to the transactions contemplated by, and describing the material terms and
conditions of, the Transaction Documents (the &#147;<U>Current Report</U>&#148;). The
Company shall also file with the SEC, by the twentieth (20th) day following the
date hereof, a new registration statement (the &#147;Registration Statement&#148;)
covering the resale of the Purchase Shares and the Commitment Shares in

accordance with the terms of the Registration Rights Agreement between the
Company and the Investor, dated as of the date hereof (the &#147;<U>Registration
Rights Agreement</U>&#148;). The Company shall permit the Investor to review and
comment upon the final pre-filing draft version of the Current Report at least
two (2) Business Days prior to its filing with the SEC, and the Company shall
give due consideration to all such comments. The Investor shall use its
reasonable best efforts to comment upon the final pre-filing draft version of
the Current Report within one (1) Business Day from the date the Investor
receives it from the Company. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; <U>Blue Sky</U>. The Company shall
take all such action, if any, as is reasonably necessary in order to obtain an
exemption for or to register or qualify (i) the issuance of the Commitment
Shares and the sale of the Purchase Shares to the Investor under this Agreement
and (ii) any subsequent resale of all Commitment Shares and all Purchase Shares
by the Investor, in each case, under applicable securities or &#147;Blue Sky&#148; laws of
the states of the United States in such states as is reasonably requested by the
Investor from time to time, and shall provide evidence of any such action so
taken to the Investor </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp; <U>Listing/DTC</U>. The Company
shall promptly secure the listing of all of the Purchase Shares and Commitment
Shares to be issued to the Investor hereunder on the Principal Market (subject
to official notice of issuance) and upon each other national securities exchange
or automated quotation system, if any, upon which the Common Stock is then
listed, and shall maintain, so long as any shares of Common Stock shall be so
listed, such listing of all such Securities from time to time issuable
hereunder. The Company shall maintain the listing of the Common Stock on the
Principal Market and shall comply in all respects with the Company&#146;s reporting,
filing and other obligations under the bylaws or rules and regulations of the
Principal Market. Neither the Company nor any of its Subsidiaries shall take any
action that would reasonably be expected to result in the delisting or
suspension of the Common Stock on the Principal Market. The Company shall
promptly, and in no event later than the following Business Day, provide to the
Investor copies of any notices it receives from any Person regarding the
continued eligibility of the Common Stock for listing on the Principal Market.
The Company shall pay all fees and expenses in connection with satisfying its
obligations under this <U>Section 5</U>(<U>c</U>). The Company shall take all
action necessary to ensure that its Common Stock can be transferred
electronically as DWAC Shares. </P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp; <U>Prohibition of Short Sales and
Hedging Transactions</U>. The Investor agrees that beginning on the date of this
Agreement and ending on the date of termination of this Agreement as provided in
<U>Section 11</U>, the Investor and its agents, representatives and affiliates
shall not in any manner whatsoever enter into or effect, directly or indirectly,
any (i) &#147;short sale&#148; (as such term is defined in Rule 200 of Regulation SHO of
the Exchange Act) of the Common Stock or (ii) hedging transaction, which
establishes a net short position with respect to the Common Stock.</P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; <U>Issuance of Commitment
Shares</U>. In consideration for the Investor&#146;s execution and delivery of this
Agreement, the Company shall cause the Transfer Agent to issue on the date of
this Agreement 179,598 shares of Common Stock (the &#147;<U>Initial Commitment
Shares</U>&#148;) directly to the Investor and shall deliver to the Transfer Agent
the Irrevocable Transfer Agent Instructions in the form as set forth in
<U>Exhibit E</U> attached hereto. For the avoidance of doubt, all of the Initial
Commitment Shares shall be fully earned as of the date of this Agreement,
whether or not the Commencement shall occur or any Purchase Shares are purchased
by the Investor under this Agreement and irrespective of any termination of this
Agreement. In connection with each Regular Purchase and each Accelerated
Purchase of Purchase Shares hereunder, the Company shall issue to the Investor a
number of shares of Common Stock (the &#147;<U>Additional Commitment Shares</U>&#148; and,
together with the Initial Commitment Shares, the &#147;<U>Commitment</U>
<U>Shares</U>&#148;) equal to the product of (x) 89,799 and (y) the Purchase Amount
Fraction. The &#147;<U>Purchase</U> <U>Amount Fraction</U>&#148; shall mean a fraction,
the numerator of which is the Purchase Amount purchased by the Investor with
respect to such Regular Purchase and Accelerated Purchase (as applicable) of
Purchase Shares and the denominator of which is Fifty Million Dollars
($50,000,000). The Additional Commitment Shares shall be issued to the Investor
on the same Business Day as Purchase Shares are issued to the Investor in
connection with the applicable Regular Purchase and Accelerated Purchase (as
applicable) in accordance with <U>Section 2(c)</U>. In no event shall the amount
of the Additional Commitment Shares to be issued under this Agreement exceed
89,799 shares of Common Stock, provided that such Additional Commitment Shares
shall be equitably adjusted for any reorganization, recapitalization, non-cash
dividend, stock split or other similar transaction. </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp; <U>Due Diligence; Non-Public
Information</U>. The Investor shall have the right, from time to time as the
Investor may reasonably deem appropriate, to perform reasonable due diligence on
the Company during normal business hours. The Company and its officers and
employees shall provide information and reasonably cooperate with the Investor
in connection with any reasonable request by the Investor related to the
Investor&#146;s due diligence of the Company. Each party hereto agrees not to
disclose any Confidential Information of the other party to any third party and
shall not use the Confidential Information for any purpose other than in
connection with, or in furtherance of, the transactions contemplated hereby.
Each party hereto acknowledges that the Confidential Information shall remain
the property of the disclosing party and agrees that it shall take all
reasonable measures to protect the secrecy of any Confidential Information
disclosed by the other party. The Company confirms that neither it nor any other
Person acting on its behalf shall provide the Investor or its agents or counsel
with any information that constitutes or might constitute material, non-public
information, unless a simultaneous public announcement thereof is made by the
Company in the manner contemplated by Regulation FD. In the event of a breach of
the foregoing covenant by the Company or any Person acting on its behalf (as
determined in the reasonable good faith judgment of the Investor), in addition
to any other remedy provided herein or in the other Transaction Documents, the
Investor shall have the right to make a public disclosure, in the form of a
press release, public advertisement or otherwise, of such material, non-public
information without the prior approval by the Company; provided the Investor
shall have first provided notice to the Company that it believes it has received
information that constitutes material, non-public information, the Company shall
have at least 24 hours to publicly disclose such material, non-public
information prior to any such disclosure by the Investor, and the Company shall
have failed to publicly disclose such material, non-public information within
such time period. The Investor shall not have any liability to the Company, any
of its Subsidiaries, or any of their respective directors, officers, employees,
stockholders or agents, for any such disclosure. The Company
understands and confirms that the Investor shall be relying on the foregoing
covenants in effecting transactions in securities of the Company. </P>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>

<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp; &nbsp;<U>Purchase Records</U>. The
Investor and the Company shall each maintain records showing the remaining
Available Amount at any given time and the dates and Purchase Amounts for each
Regular Purchase and Accelerated Purchase or shall use such other method,
reasonably satisfactory to the Investor and the Company.</P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp; <U>Taxes</U>. The Company shall pay
any and all transfer, stamp or similar taxes that may be payable with respect to
the issuance and delivery of any shares of Common Stock to the Investor made
under this Agreement.</P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp; <U>Use of Proceeds</U>. The Company
will use the net proceeds from the offering as described in the Registration
Statement or the SEC Documents. </P>
<P align=justify style="text-indent:5%">(j)&nbsp;&nbsp;&nbsp;&nbsp; <U>Other Transactions</U>. The
Company shall not enter into, announce or recommend to its stockholders any
agreement, plan, arrangement or transaction in or of which the terms thereof
would restrict, materially delay, conflict with or impair the ability or right
of the Company to perform its obligations under the Transaction Documents,
including, without limitation, the obligation of the Company to deliver the
Purchase Shares and the Commitment Shares to the Investor in accordance with the
terms of the Transaction Documents. </P>
<P align=justify style="text-indent:5%">(k)&nbsp;&nbsp;&nbsp;&nbsp; <U>Integration</U>. From and after
the date of this Agreement, neither the Company, nor or any of its affiliates
will, and the Company shall use its reasonable best efforts to ensure that no
Person acting on their behalf will, directly or indirectly, make any offers or
sales of any security or solicit any offers to buy any security, under
circumstances that would require registration of the offer and sale of any of
the Securities under the Securities Act. </P>
<P align=justify style="text-indent:5%">(l)&nbsp;&nbsp;&nbsp;&nbsp; <U>Limitation on Variable Rate
Transactions</U>. From and after the date of this Agreement until the 36-month
anniversary of the date of this Agreement (irrespective of any earlier
termination of this Agreement), the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of
its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination
of units thereof) involving a Variable Rate Transaction, other than in
connection with an Exempt Issuance. &#147;<U>Common Stock Equivalents</U>&#148; means any
securities of the Company or its Subsidiaries which entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt,
preferred stock, rights, options, warrants or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock. &#147;<U>Variable Rate Transaction</U>&#148;
means a transaction in which the Company (i) issues or sells any debt or equity
securities that are convertible into, exchangeable or exercisable for, or
include the right to receive additional shares of Common Stock or Common Stock
Equivalents either (A) at a conversion price, exercise price or exchange rate or
other price that is based upon and/or varies with the trading prices of or
quotations for the Common Stock at any time after the initial issuance of such
debt or equity securities, or (B) with a conversion, exercise or exchange price
that is subject to being reset at some future date after the initial issuance of
such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the
market for the Common Stock (including, without limitation, any &#147;full ratchet&#148;
or &#147;weighted average&#148; anti-dilution provisions) or (ii) enters into any
agreement, including, but not limited to, an &#147;equity line of credit&#148;,
&#147;at-the-market offering&#148; or other continuous offering or similar offering of
Common Stock or Common Stock Equivalents, whereby the Company may sell Common
Stock or Common Stock Equivalents at a future determined price. &#147;<U>Exempt
Issuance</U>&#148; means the issuance of (a) Common Stock or options to employees,
officers, directors or vendors of the Company pursuant to any stock or option
plan duly adopted for such purpose, by the Board of Directors or a majority of the members
of a committee of directors established for such purpose, (b) securities upon
the exercise or exchange of or conversion of any Securities issued hereunder or
under the Warrant and/or other securities exercisable or exchangeable for or
convertible into Common Stock issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of
this Agreement to increase the number of such securities or to decrease the
exercise price, exchange price or conversion price of such securities, (c)
securities in any &#147;at-the-market offering&#148; with or conducted by a registered
broker dealer, and (d) securities issued pursuant to acquisitions or strategic
transactions approved by the Board of Directors or a majority of the members of
a committee of directors established for such purpose, which acquisitions or
strategic transactions can have a Variable Rate Transaction component, provided
that any such issuance shall only be to a Person (or to the equity holders of a
Person) which is, itself or through its subsidiaries, an operating company or an
asset in a business synergistic with the business of the Company and shall
provide to the Company additional benefits in addition to the investment of
funds, but shall not include a transaction in which the Company is issuing
securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities. </P>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<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%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>TRANSFER AGENT
INSTRUCTIONS.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp; On the date of this Agreement, the
Company shall issue irrevocable instructions to the Transfer Agent substantially
in the form attached hereto as <B><U>Exhibit E</U></B> to issue the Initial
Commitment Shares in accordance with the terms of this Agreement (the
&#147;<U>Irrevocable Transfer Agent Instructions</U>&#148;). The certificate(s)
representing the Commitment Shares, except as set forth below, shall bear the
following restrictive legend (the &#147;<U>Restrictive Legend</U>&#148;): </P>
<P align=justify style="text-indent:5%"><B>THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933</B>,<B> AS AMENDED</B>,<B> OR
APPLICABLE STATE SECURITIES LAWS</B>.<B> THE SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE OFFERED FOR SALE</B>,<B> SOLD</B>,<B> TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933</B>,<B> AS AMENDED</B>,<B> OR
APPLICABLE STATE SECURITIES LAWS</B>,<B> UNLESS SOLD PURSUANT TO:
</B>(<B>1</B>)<B> RULE 144 UNDER THE SECURITIES ACT OF 1933</B>,<B> AS
AMENDED</B>,<B> OR </B>(<B>2</B>)<B> AN OPINION OF HOLDER</B>&#146;<B>S
COUNSEL</B>,<B> IN A CUSTOMARY FORM</B>,<B> THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS</B>.<B> </B></P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; On the earlier of (i) the
Commencement Date and (ii) such time that the Investor shall request, provided
all conditions of Rule 144 under the Securities Act are met, the Company shall,
no later than one (1) Business Day following the delivery by the Investor to the
Company or the Transfer Agent of one or more legended certificates representing
the Initial Commitment Shares and/or Additional Commitment Shares (which
certificates the Investor shall promptly deliver on or prior to the first to
occur of the events described in clauses (i) and (ii) of this sentence), as
directed by the Investor, issue and deliver (or cause to be issued and
delivered) to the Investor, as requested by the Investor, either: (A) a
certificate representing such Initial Commitment Shares and/or Additional
Commitment Shares that is free from all restrictive and other legends or (B) a
number of shares of Common Stock equal to the number of Initial Commitment
Shares and/or Additional Commitment Shares represented by the certificate(s) so
delivered by the Investor as DWAC Shares. The Company shall take all actions to
carry out the intent and accomplish the purposes of the immediately preceding
sentence, including, without limitation, delivering all such legal opinions,
consents, certificates, resolutions and instructions to the Transfer Agent, and
any successor transfer agent of the Company, as may be requested from time to
time by the Investor or necessary or desirable to carry out the intent and
accomplish the purposes of the immediately preceding sentence. On the
Commencement Date, the Company shall issue to the Transfer Agent, and any subsequent transfer agent, (i) irrevocable
instructions in the form substantially similar to those used by the Investor in
substantially similar transactions (the &#147;<U>Commencement Irrevocable
Transfer</U> <U>Agent Instructions</U>&#148;) and (ii) the notice of effectiveness of
the Registration Statement in the form attached as an exhibit to the
Registration Rights Agreement (the &#147;<U>Notice of Effectiveness of
Registration</U> <U>Statement</U>&#148;), in each case to issue the Initial
Commitment Shares, the Additional Commitment Shares and the Purchase Shares in
accordance with the terms of this Agreement and the Registration Rights
Agreement. All Purchase Shares to be issued from and after Commencement to or
for the benefit of the Investor pursuant to this Agreement shall be issued only
as DWAC Shares. The Company represents and warrants to the Investor that, while
this Agreement is effective, no instruction other than the Commencement
Irrevocable Transfer Agent Instructions and the Notice of Effectiveness of
Registration Statement referred to in this <U>Section 6</U>(<U>b</U>) will be
given by the Company to the Transfer Agent with respect to the Initial
Commitment Shares, the Additional Commitment Shares or the Purchase Shares from
and after Commencement, and the Initial Commitment Shares, the Additional
Commitment Shares and the Purchase Shares covered by the Registration Statement
shall otherwise be freely transferable on the books and records of the Company.
The Company agrees that if the Company fails to fully comply with the provisions
of this <U>Section 6</U>(<U>b</U>) within five (5) Business Days of the Investor
providing the deliveries referred to above, the Company shall, at the Investor&#146;s
written instruction, purchase such shares of Common Stock containing the
Restrictive Legend from the Investor at the greater of the (i) Purchase Price or
Accelerated Purchase Price paid for such shares of Common Stock (as applicable)
and (ii) the Closing Sale Price of the Common Stock on the date of the
Investor&#146;s written instruction.</P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<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%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>CONDITIONS TO THE COMPANY&#146;S RIGHT TO
    COMMENCE</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%"><B>SALES OF SHARES OF COMMON STOCK</B>.<B> </B></P>
<P align=justify style="text-indent:5%">The right of the Company hereunder to commence sales of the
Purchase Shares on the Commencement Date is subject to the satisfaction of each
of the following conditions: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp; The Investor shall have executed
each of the Transaction Documents and delivered the same to the Company; </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp; &nbsp;The Registration Statement covering
the resale of the Commitment Shares<B> </B>and Purchase Shares shall have been
declared effective under the Securities Act by the SEC and no stop order with
respect to the Registration Statement shall be pending or threatened by the SEC;
and </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties
of the Investor shall be true and correct in all material respects as of the
date hereof and as of the Commencement Date as though made at that time. </P>
<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%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B>CONDITIONS TO THE INVESTOR&#146;S OBLIGATION TO PURCHASE
      SHARES OF COMMON STOCK.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The obligation of the Investor to buy Purchase Shares under
this Agreement is subject to the satisfaction of each of the following
conditions on or prior to the Commencement Date and, once such conditions have
been initially satisfied, there shall not be any ongoing obligation to satisfy
such conditions after the Commencement has occurred: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have executed
each of the Transaction Documents and delivered the same to the Investor; </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have issued or
caused to be issued to the Investor (i) one or more certificates representing
the Initial Commitment Shares and Additional Commitment Shares (as applicable) free from all restrictive and other legends or (ii)
a number of shares of Common Stock equal to the number of Initial Commitment
Shares and Additional Commitment Shares (as applicable) as DWAC Shares, in each
case in accordance with <U>Section 6</U>(<U>b</U>); </P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>

<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp; The Common Stock shall be listed or
quoted on the Principal Market, trading in the Common Stock shall not have been
within the last 365 days suspended by the SEC or the Principal Market, and all
Securities to be issued by the Company to the Investor pursuant to this
Agreement shall have been approved for listing or quotation on the Principal
Market in accordance with the applicable rules and regulations of the Principal
Market, subject only to official notice of issuance; </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp; The Investor shall have received
the opinions of the Company&#146;s legal counsel dated as of the Commencement Date
substantially in the form of <B><U>Exhibit A</U></B> attached hereto; </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties
of the Company shall be true and correct in all material respects (except to the
extent that any of such representations and warranties is already qualified as
to materiality in <U>Section 4</U> above, in which case, such representations
and warranties shall be true and correct without further qualification) as of
the date hereof and as of the Commencement Date as though made at that time
(except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such date) and the Company shall have
performed, satisfied and complied with the covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied
with by the Company at or prior to the Commencement Date. The Investor shall
have received a certificate, executed by the CEO, President or CFO of the
Company, dated as of the Commencement Date, to the foregoing effect in the form
attached hereto as <B><U>Exhibit B</U></B>; </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors of the
Company shall have adopted resolutions in the form attached hereto as
<B><U>Exhibit C</U></B> which shall be in full force and effect without any
amendment or supplement thereto as of the Commencement Date; </P>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp; As of the Commencement Date, the
Company shall have reserved out of its authorized and unissued Common Stock, (i)
solely for the purpose of effecting purchases of Purchase Shares hereunder,
10,000,000 shares of Common Stock; and (ii) solely for the purpose of effecting
the issuance of Additional Commitment Shares hereunder 89,799 shares of Common
Stock; </P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp; &nbsp;The Commencement Irrevocable
Transfer Agent Instructions and the Notice of Effectiveness of Registration
Statement each shall have been delivered to and acknowledged in writing by the
Company and the Company&#146;s Transfer Agent (or any successor transfer agent); </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have delivered to
the Investor a certificate evidencing the incorporation and good standing of the
Company in the State of Nevada issued by the Secretary of State of the State of
Nevada as of a date within ten (10) Business Days of the Commencement Date; </P>
<P align=justify style="text-indent:5%">(j)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have delivered to
the Investor a certified copy of the <U>Articles of</U> <U>Incorporation</U> as
certified by the Secretary of State of the State of Nevada within ten (10)
Business Days of the Commencement Date; </P>
<P align=justify style="text-indent:5%">(k)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have delivered to
the Investor a secretary&#146;s certificate executed by the Secretary of the Company,
dated as of the Commencement Date, in the form attached hereto as <B><U>Exhibit
D</U></B>; </P>
<P align=justify style="text-indent:5%">(l)&nbsp;&nbsp;&nbsp;&nbsp; The Registration Statement covering
the resale of the Commitment Shares<B> </B>and Purchase Shares shall have been
declared effective under the Securities Act by the SEC and no stop order with
respect to the Registration Statement shall be pending or
threatened by the SEC. The Company shall have prepared and filed with the SEC,
not later than one (1) Business Day after the effective date of the Registration
Statement, a final and complete prospectus (the preliminary form of which shall
be included in the Registration Statement) and shall have delivered to the
Investor a true and complete copy thereof. Such prospectus shall be current and
available for the resale by the Investor of all of the Securities covered
thereby. The Current Report shall have been filed with the SEC, as required
pursuant to <U>Section</U> <U>5</U>(<U>a</U>). All reports, schedules,
registrations, forms, statements, information and other documents required to
have been filed by the Company with the SEC at or prior to the Commencement Date
pursuant to the reporting requirements of the Exchange Act shall have been filed
with the SEC within the applicable time periods prescribed for such filings
under the Exchange Act; </P>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>

<P align=justify style="text-indent:5%">(m)&nbsp;&nbsp;&nbsp;&nbsp; No Event of Default has occurred,
or any event which, after notice and/or lapse of time, would become an Event of
Default has occurred; </P>
<P align=justify style="text-indent:5%">(n)&nbsp;&nbsp;&nbsp;&nbsp; All federal, state and local
governmental laws, rules and regulations applicable to the transactions
contemplated by the Transaction Documents and necessary for the execution,
delivery and performance of the Transaction Documents and the consummation of
the transactions contemplated thereby in accordance with the terms thereof shall
have been complied with, and all consents, authorizations and orders of, and all
filings and registrations with, all federal, state and local courts or
governmental agencies and all federal, state and local regulatory or
self-regulatory agencies necessary for the execution, delivery and performance
of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been
obtained or made, including, without limitation, in each case those required
under the Securities Act, the Exchange Act, applicable state securities or &#147;Blue
Sky&#148; laws or applicable rules and regulations of the Principal Market, or
otherwise required by the SEC, the Principal Market or any state securities
regulators; </P>
<P align=justify style="text-indent:5%">(o)&nbsp;&nbsp;&nbsp;&nbsp; No statute, regulation, order,
decree, writ, ruling or injunction shall have been enacted, entered,
promulgated, threatened or endorsed by any federal, state, local or foreign
court or governmental authority of competent jurisdiction which prohibits the
consummation of or which would materially modify or delay any of the
transactions contemplated by the Transaction Documents; and </P>
<P align=justify style="text-indent:5%">(p)&nbsp;&nbsp;&nbsp;&nbsp; No action, suit or proceeding
before any federal, state, local or foreign arbitrator or any court or
governmental authority of competent jurisdiction shall have been commenced or
threatened, and no inquiry or investigation by any federal, state, local or
foreign governmental authority of competent jurisdiction shall have been
commenced or threatened, against the Company, or any of the officers, directors
or affiliates of the Company, seeking to restrain, prevent or change the
transactions contemplated by the Transaction Documents, or seeking material
damages in connection with such transactions. </P>
<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%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>INDEMNIFICATION.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In consideration of the Investor&#146;s execution and delivery of
the Transaction Documents and acquiring the Securities hereunder and in addition
to all of the Company&#146;s other obligations under the Transaction Documents, the
Company shall defend, protect, indemnify and hold harmless the Investor and all
of its affiliates, stockholders, officers, directors, employees and direct or
indirect investors and any of the foregoing Person&#146;s agents or other
representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) (collectively, the
&#147;<U>Indemnitees</U>&#148;) from and against any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, liabilities and damages, and
expenses in connection therewith (irrespective of whether any such Indemnitee is
a party to the action for which indemnification hereunder is sought), and
including reasonable attorneys&#146; fees and disbursements (the &#147;<U>Indemnified
Liabilities</U>&#148;), incurred by any Indemnitee as a result of, or arising out of,
or relating to (a) any misrepresentation or breach of any
representation or warranty made by the Company in the Transaction Documents or
any other certificate, instrument or document contemplated hereby or thereby,
(b) any breach of any covenant, agreement or obligation of the Company contained
in the Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby, or (c) any cause of action, suit or claim
brought or made against such Indemnitee and arising out of or resulting from the
execution, delivery, performance or enforcement of the Transaction Documents or
any other certificate, instrument or document contemplated hereby or thereby,
other than, in the case of clause (c), with respect to Indemnified Liabilities
which directly and primarily result from the fraud, gross negligence or willful
misconduct of an Indemnitee. The indemnity in this <U>Section 9</U> shall not
apply to amounts paid in settlement of any claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be
unreasonably withheld, conditioned or delayed. To the extent that the foregoing
undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law. Payment
under this indemnification shall be made within thirty (30) days from the date
Investor makes written request for it. A certificate containing reasonable
detail as to the amount of such indemnification submitted to the Company by
Investor shall be conclusive evidence, absent manifest error, of the amount due
from the Company to Investor. If any action shall be brought against any
Indemnitee in respect of which indemnity may be sought pursuant to this
Agreement, such Indemnitee shall promptly notify the Company in writing, and the
Company shall have the right to assume the defense thereof with counsel of its
own choosing reasonably acceptable to the Indemnitee. Any Indemnitee shall have
the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Indemnitee, except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has
failed after a reasonable period of time to assume such defense and to employ
counsel or (iii) in such action there is, in the reasonable opinion of such
separate counsel, a material conflict on any material issue between the position
of the Company and the position of such Indemnitee, in which case the Company
shall be responsible for the reasonable fees and expenses of no more than one
such separate counsel. </P>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<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%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>EVENTS OF DEFAULT.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">An &#147;<U>Event of Default</U>&#148; shall be deemed to have occurred
at any time as any of the following events occurs: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp; &nbsp;the effectiveness of a registration
statement registering the resale of the Securities lapses for any reason
(including, without limitation, the issuance of a stop order or similar order)
or such registration statement (or the prospectus forming a part thereof) is
unavailable to the Investor for resale of any or all of the Securities to be
issued to the Investor under the Transaction Documents, and such lapse or
unavailability continues for a period of ten (10) consecutive Business Days or
for more than an aggregate of thirty (30) Business Days in any 365-day period,
but excluding a lapse or unavailability where (i) the Company terminates a
registration statement after the Investor has confirmed in writing that all of
the Securities covered thereby have been resold or (ii) the Company supersedes
one registration statement with another registration statement, including
(without limitation) by terminating a prior registration statement when it is
effectively replaced with a new registration statement covering Securities
(provided in the case of this clause (ii) that all of the Securities covered by
the superseded (or terminated) registration statement that have not theretofore
been resold are included in the superseding (or new) registration statement);
</P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; the suspension of the Common Stock
from trading on the Principal Market for a period of three (3) consecutive
Business Days, provided that the Company may not direct the Investor to purchase
any shares of Common Stock during any such suspension; </P>
<P align=center>22 </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 style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp; &nbsp;the delisting of the Common Stock
from the OTCQB operated by the OTC Markets Group, Inc., provided, however, that
the Common Stock is not immediately thereafter trading on the New York Stock
Exchange, The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global
Select Market, the NYSE MKT, the NYSE Arca, the OTC Bulletin Board or the OTCQX
operated by the OTC Markets Group, Inc. (or nationally recognized successor to
any of the foregoing). If at any time after the Commencement Date, the Exchange
Cap is reached unless and until stockholder approval is obtained pursuant to
Section 2(e) hereof. The Exchange Cap shall be deemed to be reached at such time
if, upon submission of a Regular Purchase Notice or Accelerated Purchase Notice
under this Agreement, the issuance of such shares of Common Stock would exceed
that number of shares of Common Stock which the Company may issue under this
Agreement without breaching the Company&#146;s obligations under the rules or
regulations of the Principal Market; </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp; &nbsp;the failure for any reason by the
Transfer Agent to issue (i) the Additional Commitment Shares to the Investor
within three (3) Business Days after the date on which the Investor is entitled
to receive such Additional Commitment Shares pursuant to Section 5(<U>e</U>)
hereof and (ii) Purchase Shares to the Investor within three (3) Business Days
after the applicable Purchase Date or Accelerated Purchase Date (as applicable)
on which the Investor is entitled to receive such Purchase Shares; </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; the Company breaches any
representation, warranty, covenant or other term or condition under any
Transaction Document if such breach could have a Material Adverse Effect and
except, in the case of a breach of a covenant which is reasonably curable, only
if such breach continues for a period of at least five (5) Business Days; </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;if any Person commences a
proceeding against the Company pursuant to or within the meaning of any
Bankruptcy Law; </P>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp; &nbsp;if the Company, pursuant to or
within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii)
consents to the entry of an order for relief against it in an involuntary case,
(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property, or (iv) makes a general assignment for the
benefit of its creditors or is generally unable to pay its debts as the same
become due; </P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp; a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (i) is for relief
against the Company in an involuntary case, (ii) appoints a Custodian of the
Company or for all or substantially all of its property, or (iii) orders the
liquidation of the Company or any Subsidiary; or </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp; &nbsp;if at any time the Company is not
eligible to transfer its Common Stock electronically as DWAC Shares. </P>
<P align=justify style="text-indent:5%">In addition to any other rights and remedies under applicable
law and this Agreement, so long as an Event of Default has occurred and is
continuing, or if any event which, after notice and/or lapse of time, would
become an Event of Default, has occurred and is continuing, the Company shall
not deliver to the Investor any Regular Purchase Notice or Accelerated Purchase
Notice. </P>
<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%"><B>11.</B> </TD>
    <TD>
      <P align=justify><B>TERMINATION</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Agreement may be terminated only as follows:</P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp; &nbsp;If pursuant to or within the
meaning of any Bankruptcy Law, the Company commences a voluntary case or any
Person commences a proceeding against the Company, a Custodian is appointed for
the Company or for all or substantially all of its property, or
the Company makes a general assignment for the benefit of its creditors (any of
which would be an Event of Default as described in <U>Sections 10</U>(<U>f</U>), <U>10</U>(<U>g</U>) and <U>10</U>(<U>h</U>) hereof), this Agreement shall
automatically terminate without any liability or payment to the Company (except
as set forth below) without further action or notice by any Person.</P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>

<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; In the event that the Commencement
shall not have occurred on or before December 31, 2015, due to the failure to
satisfy the conditions set forth in <U>Sections 7</U> and <U>8</U> above with
respect to the Commencement, either the Company or the Investor shall have the
option to terminate this Agreement at the close of business on such date or
thereafter without liability of any party to any other party (except as set
forth below); provided, however, that the right to terminate this Agreement
under this <U>Section 11</U>(<U>b</U>) shall not be available to any party if
such party is then in breach of any covenant or agreement contained in this
Agreement or any representation or warranty of such party contained in this
Agreement fails to be true and correct such that the conditions set forth in
<U>Section 7</U>(<U>c</U>) or <U>Section 8</U>(<U>e</U>), as applicable, could
not then be satisfied. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp; &nbsp;At any time after the Commencement
Date, the Company shall have the option to terminate this Agreement for any
reason or for no reason by delivering notice (a &#147;<U>Company Termination</U>
<U>Notice</U>&#148;) to the Investor electing to terminate this Agreement without any
liability whatsoever of any party to any other party under this Agreement
(except as set forth below). The Company Termination Notice shall not be
effective until one (1) Business Day after it has been received by the
Investor.</P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp; &nbsp;This Agreement shall automatically
terminate on the date that the Company sells and the Investor purchases the full
Available Amount as provided herein, without any action or notice on the part of
any party and without any liability whatsoever of any party to any other party
under this Agreement (except as set forth below). </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; If, for any reason or for no
reason, the full Available Amount has not been purchased in accordance with
<U>Section 2</U> of this Agreement by the Maturity Date, this Agreement shall
automatically terminate on the Maturity Date, without any action or notice on
the part of any party and without any liability whatsoever of any party to any
other party under this Agreement (except as set forth below). </P>
<P align=justify style="text-indent:5%">Except as set forth in <U>Sections 11</U>(<U>a</U>) (in respect
of an Event of Default under <U>Sections 10</U>(<U>f</U>), <U>10</U>(<U>g</U>)
and 10(h)), <U>11</U>(<U>d</U>) and <U>11</U>(<U>e</U>), any termination of this
Agreement pursuant to this <U>Section 11</U> shall be effected by written notice
from the Company to the Investor, or the Investor to the Company, as the case
may be, setting forth the basis for the termination hereof. The representations
and warranties and covenants of the Company and the Investor contained in
<U>Sections 3</U>, <U>4</U>, <U>5</U>, and <U>6</U> hereof, the indemnification
provisions set forth in <U>Section 9</U> hereof and the agreements and covenants
set forth in <U>Sections</U><B><U> </U></B><U>10</U>, <U>11</U> and <U>12</U>
shall survive the Commencement and any termination of this Agreement. No
termination of this Agreement shall (i) affect the Company&#146;s or the Investor&#146;s
rights or obligations under (A) this Agreement with respect to pending Regular
Purchases and Accelerated Purchases and the Company and the Investor shall
complete their respective obligations with respect to any pending Regular
Purchases and Accelerated Purchases under this Agreement and (B) the
Registration Rights Agreement, which shall survive any such termination, or (ii)
be deemed to release the Company or the Investor from any liability for
intentional misrepresentation or willful breach of any of the Transaction
Documents. </P>
<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%"><B>12.</B> </TD>
    <TD>
      <P align=justify><B>MISCELLANEOUS.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp; &nbsp;<U>Governing Law; Jurisdiction;
Jury Trial</U>. The corporate laws of the State of Nevada shall govern all
issues concerning the relative rights of the Company and its stockholders. All
other questions concerning the construction, validity, enforcement and
interpretation of this Agreement and the other Transaction Documents shall be
governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or
rule (whether of the State of Illinois or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of
Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the State of Illinois, County of Cook,
for the adjudication of any dispute hereunder or under the other Transaction
Documents or in connection herewith or therewith, or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. <b>EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE</b>,<b> AND AGREES NOT TO REQUEST</b>,<b> A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING
OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY</b>. </P>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>

<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; <U>Counterparts</U>. This Agreement
may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature or signature delivered by e-mail in a &#147;.pdf&#148;
format data file shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an
original signature. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp; <U>Headings</U>. The headings of
this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp; &nbsp;<U>Severability</U>. If any
provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other
jurisdiction. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; <U>Entire Agreement</U>. The
Transaction Documents supersede all other prior oral or written agreements
between the Investor, the Company, their affiliates and Persons acting on their
behalf with respect to the subject matter thereof, and this Agreement, the other
Transaction Documents and the instruments referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and
therein and, except as specifically set forth herein or therein, neither the
Company nor the Investor makes any representation, warranty, covenant or
undertaking with respect to such matters. The Company acknowledges and agrees
that is has not relied on, in any manner whatsoever, any representations or
statements, written or oral, other than as expressly set forth in the
Transaction Documents. </P>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp; &nbsp;<U>Notices</U>. Any notices,
consents or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been
delivered: (i) upon receipt when delivered personally; (ii) upon receipt when
sent by facsimile or email (provided confirmation of transmission is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the
same. The addresses for such communications shall be: </P>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Company: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Anavex Life Sciences Corp. <BR>51 West
52nd Street, 7th Floor <BR>New York, New York 10019 <BR>Telephone:&nbsp;(844)
689-3939 <BR>Facsimile:&nbsp;(___) _____-________<BR>E-mail:&nbsp;
cmissling@anavexcorp.com</A> <BR>Attention:&nbsp;Christopher Missling,
PhD., CEO </P>
<P style="MARGIN-LEFT: 10%" align=justify>With a copy to (which shall not
constitute notice or service of process): </P>
<P style="MARGIN-LEFT: 10%" align=justify>K&amp;L Gates, LLP <BR>200 S. Biscayne
Blvd., Ste. 3900 <BR>Miami, Florida 33131 <BR>Telephone:&nbsp;305.539.3306
<BR>Facsimile:&nbsp;305.358.7095 <BR>E-mail:&nbsp;
clayton.parker@klgates.com</A> <BR>Attention:&nbsp;Clayton E. Parker,
Esq. </P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Investor: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Lincoln Park Capital Fund, LLC <BR>440
North Wells, Suite 410 <BR>Chicago, IL 60654 <BR>Telephone: 312.822.9300
<BR>Facsimile: 312.822.9301 <BR>E-mail:
jscheinfeld@lpcfunds.com/jcope@lpcfunds.com <BR>Attention: Josh
Scheinfeld/Jonathan Cope <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Transfer Agent: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Nevada Agency and Transfer Company
<BR>50 West Liberty Street, Suite 880 <BR>Reno NV 89501<BR>Tel: 775-322-0626
<BR>Fax: 775-322-5623 <BR>E-mail: tiffany@natco.org <BR>Attention: Tiffany
Baxter </P>
<P align=justify style="text-indent:5%">or at such other address and/or facsimile number and/or to the
attention of such other Person as the recipient party has specified by written
notice given to each other party three (3) Business Days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent or other communication, (B) mechanically or
electronically generated by the sender&#146;s facsimile machine or email account
containing the time, date, and recipient facsimile number or email address, as
applicable, and an image of the first page of such transmission or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively. </P>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp; &nbsp;<U>Successors and Assigns</U>. This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and assigns. The Company shall not assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the Investor, including by merger or consolidation. The Investor may
not assign its rights or obligations under this Agreement. </P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp; <U>No Third Party
Beneficiaries</U>. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person. </P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp; <U>Publicity</U>. The Company shall
afford the Investor and its counsel with the opportunity to review and comment
upon, shall consult with the Investor and its counsel on the form and substance
of, and shall give due consideration to all such comments from the Investor or
its counsel on, any press release, SEC filing or any other public disclosure by
or on behalf of the Company relating to the Investor, its purchases hereunder or
any aspect of the Transaction Documents or the transactions contemplated
thereby, not less than 24 hours prior to the issuance, filing or public
disclosure thereof. The Investor must be provided with a final version of any
such press release, SEC filing or other public disclosure at least 24 hours
prior to any release, filing or use by the Company thereof. The Company agrees
and acknowledges that its failure to fully comply with this provision
constitutes a Material Adverse Effect.</P>
<P align=justify style="text-indent:5%">(j)&nbsp;&nbsp;&nbsp;&nbsp; <U>Further Assurances</U>. Each
party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to consummate and make effective, as soon as reasonably
possible, the Commencement, and to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby. </P>
<P align=justify style="text-indent:5%">(k)&nbsp;&nbsp;&nbsp;&nbsp; <U>No Financial Advisor</U>,<U>
Placement Agent</U>,<U> Broker or Finder</U>. The Company represents and
warrants to the Investor that it has not engaged any financial advisor,
placement agent, broker or finder in connection with the transactions
contemplated hereby. The Investor represents and warrants to the Company that it
has not engaged any financial advisor, placement agent, broker or finder in
connection with the transactions contemplated hereby. The Company shall be
responsible for the payment of any fees or commissions, if any, of any financial
advisor, placement agent, broker or finder relating to or arising out of the
transactions contemplated hereby. The Company shall pay, and hold the Investor
harmless against, any liability, loss or expense (including, without limitation,
attorneys&#146; fees and out of pocket expenses) arising in connection with any such
claim. </P>
<P align=justify style="text-indent:5%">(l)&nbsp;&nbsp;&nbsp;&nbsp; <U>No Strict Construction</U>. The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will
be applied against any party. </P>
<P align=justify style="text-indent:5%">(m)&nbsp; &nbsp;<U>Remedies</U>,<U> Other Obligations</U>,<U>
Breaches and Injunctive Relief</U>. The Investor&#146;s remedies provided in this
Agreement, including, without limitation, the Investor&#146;s remedies provided in
Section 9, shall be cumulative and in addition to all other remedies available
to the Investor under this Agreement, at law or in equity (including a decree of
specific performance and/or other injunctive relief), no remedy of the Investor
contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Investor&#146;s right
to pursue actual damages for any failure by the Company to comply with the terms
of this Agreement. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Investor and that the
remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the Investor
shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and
without any bond or other security being required. </P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=justify style="text-indent:5%">(n)&nbsp;&nbsp;&nbsp;&nbsp; <U>Enforcement Costs</U>. If: (i)
this Agreement is placed by the Investor in the hands of an attorney for
enforcement or is enforced by the Investor through any legal proceeding; (ii) an
attorney is retained to represent the Investor in any bankruptcy,
reorganization, receivership or other proceedings affecting creditors&#146; rights
and involving a claim under this Agreement; or (iii) an attorney is retained to
represent the Investor in any other proceedings whatsoever in connection with
this Agreement, then the Company shall pay to the Investor, as incurred by the
Investor, all reasonable costs and expenses including attorneys&#146; fees incurred
in connection therewith, in addition to all other amounts due hereunder. </P>
<P align=justify style="text-indent:5%">(o)&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment and Waiver; Failure or
Indulgence Not Waiver</U>. No provision of this Agreement may be amended or
waived by the parties from and after the date that is one (1) Business Day
immediately preceding the filing of the Registration Statement with the SEC.
Subject to the immediately preceding sentence, (i) no provision of this
Agreement may be amended other than by a written instrument signed by both
parties hereto and (ii) no provision of this Agreement may be waived other than
in a written instrument signed by the party against whom enforcement of such
waiver is sought. No failure or delay in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. </P>
<P align=center><I>** Signature Page Follows ** </I></P>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=justify style="text-indent:5%"><B>IN WITNESS WHEREOF,</B> the Investor and the Company have
caused this Purchase Agreement to be duly executed as of the date first written
above. </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><B><U>THE COMPANY:</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>ANAVEX LIFE SCIENCES CORP.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: <u>/s/ Christopher Missling</u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Name: Christopher Missling, PhD. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: Chief Executive Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>INVESTOR:</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LINCOLN PARK CAPITAL FUND, LLC</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>BY: LINCOLN PARK CAPITAL, LLC</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>BY: ROCKLEDGE CAPITAL CORPORATION</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: <u>/s/ Josh Scheinfeld </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Name: Josh Scheinfeld </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR></TABLE></DIV>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center><B><U>SCHEDULES</U></B><B> </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 >Schedule 4(a) </TD>
    <TD align=left width="80%">Subsidiaries </TD></TR>
  <TR vAlign=top>
    <TD align=left >Schedule 4(c) </TD>
    <TD align=left width="80%">Capitalization </TD></TR></TABLE>
<P align=center><B><U>EXHIBITS</U></B><B> </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 >Exhibit A </TD>
    <TD align=left width="80%">Form of Company Counsel Opinion </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exhibit B </TD>
    <TD align=left width="80%">Form of Officer&#146;s Certificate </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exhibit C </TD>
    <TD align=left width="80%">Form of Resolutions of Board of Directors of
      the Company </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exhibit D </TD>
    <TD align=left width="80%">Form of Secretary&#146;s Certificate </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exhibit E </TD>
    <TD align=left width="80%">Form of Letter to Transfer Agent
</TD></TR></TABLE>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=center><B><U>DISCLOSURE SCHEDULES</U></B><B> </B></P>
<P align=center>Schedule 4(a) &#150; Subsidiaries </P>
<P align=center>Schedule 4(c) &#150; Capitalization </P>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=center><B><U>EXHIBIT A</U></B><B> </B></P>
<P align=center><B>FORM OF COMPANY COUNSEL OPINION </B></P>
<P align=justify style="text-indent:5%">Capitalized terms used herein but not defined herein, have the
meaning set forth in the Purchase Agreement. Based on the foregoing, and subject
to the assumptions and qualifications set forth herein, we are of the opinion
that: </P>
<P align=justify style="text-indent:5%">1.&nbsp;&nbsp;&nbsp;&nbsp; The Company is a corporation
existing and in good standing under the laws of the State of Nevada.</P>
<P align=justify style="text-indent:5%">2.&nbsp;&nbsp;&nbsp; &nbsp;The Company has the corporate power
to execute and deliver, and perform its obligations under, each Transaction
Document to which it is a party. To our knowledge, the Company has the corporate
power to conduct its business as it is now conducted, and to own and use the
properties owned and used by it. </P>
<P align=justify style="text-indent:5%">3.&nbsp;&nbsp;&nbsp;&nbsp; The execution, delivery and
performance by the Company of the Transaction Documents to which it is a party
have been duly authorized by all necessary corporate action on the part of the
Company. The execution and delivery of the Transaction Documents by the Company,
the performance of the obligations of the Company thereunder and the
consummation by it of the transactions contemplated therein have been duly
authorized and approved by the Company's Board of Directors and no further
consent, approval or authorization of the Company, its Board of Directors or its
stockholders is required. The Transaction Documents to which the Company is a
party have been duly executed and delivered by the Company and are the valid and
binding obligations of the Company, enforceable against the Company in
accordance with their terms except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting creditor&#146;s rights and remedies. </P>
<P align=justify style="text-indent:5%">4.&nbsp;&nbsp;&nbsp;&nbsp; The execution, delivery and
performance by the Company of the Transaction Documents, the consummation by the
Company of the transactions contemplated thereby including the offering, sale
and issuance of the Commitment Shares and the Purchase Shares in accordance with
the terms and conditions of the Purchase Agreement, and fulfillment and
compliance with terms of the Transaction Documents, does not and shall not: (i)
conflict with, constitute a breach of or default (or an event which, with the
giving of notice or lapse of time or both, constitutes or could constitute a
breach or a default), under (a) the <U>Articles of Incorporation</U> or the
Bylaws of the Company, (b) to our knowledge, any material agreement, note,
lease, mortgage, deed or other material instrument to which the Company is a
party or by which the Company or any of its assets are bound (&#147;Material
Agreements&#148;), (ii) result in any violation of any statute, law, rule or
regulation applicable to the Company, or (iii) to our knowledge, violate any
order, writ, injunction or decree applicable to the Company or any of its
subsidiaries. </P>
<P align=justify style="text-indent:5%">5.&nbsp;&nbsp;&nbsp;&nbsp; The issuance of the Purchase Shares
and the Commitment Shares pursuant to the terms and conditions of the
Transaction Documents has been duly authorized by all necessary corporate action
on the part of the Company. The Commitment Shares are validly issued, fully paid
and non-assessable, and to our knowledge, free of all taxes, liens, charges,
restrictions, rights of first refusal and preemptive rights. __,___,___ shares
of Common Stock have been properly reserved for issuance as Purchase Shares
under the Purchase Agreement. When issued and paid for in accordance with the
Purchase Agreement, the Purchase Shares shall be validly issued, fully paid and
non-assessable, and to our knowledge, free of all taxes, liens, charges,
restrictions, rights of first refusal and preemptive rights. To our knowledge,
the execution and delivery of the Registration Rights Agreement do not, and the
performance by the Company of its obligations thereunder shall not, give rise to
any rights of any other Person for the registration under the Securities Act of any shares of Common
Stock or other securities of the Company which have not been waived. </P>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>

<P align=justify style="text-indent:5%">6.&nbsp;&nbsp;&nbsp;&nbsp; As of the date hereof, the
authorized capital stock of the Company consists of __,___,___ shares of common
stock, $0.001 par value per share, of which to our knowledge __________ shares
are issued and outstanding.</P>
<P align=justify style="text-indent:5%">7.&nbsp;&nbsp;&nbsp;&nbsp; Assuming the accuracy of the
representations and your compliance with the covenants made by you in the
Transaction Documents, the offering, sale and issuance of the Commitment Shares
and the Purchase Shares to you pursuant to the Transaction Documents is exempt
from registration under the Securities Act. </P>
<P align=justify style="text-indent:5%">8.&nbsp;&nbsp;&nbsp;&nbsp; Other than that which has been
obtained and completed prior to the date hereof, no authorization, approval,
consent, filing or other order of any federal or state governmental body,
regulatory agency, or stock exchange or market, or any court, or, to our
knowledge any third party is required to be obtained by the Company to enter
into and perform its obligations under the Transaction Documents or for the
Company to issue and sell the Commitment Shares and the Purchase Shares as
contemplated by the Transaction Documents. </P>
<P align=justify style="text-indent:5%">9.&nbsp;&nbsp;&nbsp;&nbsp; The Common Stock is registered
pursuant to Section 12(g) of the Exchange Act. To our knowledge, since one year
preceding the date of the Purchase Agreement, the Company has been in compliance
with the reporting requirements of the Exchange Act applicable to it. To our
knowledge, since one year preceding the date of the Purchase Agreement, the
Company has not received any written notice from any Person stating that the
Company has not been in compliance with any of the rules and regulations
(including the requirements for continued listing) of the Principal Market. </P>
<P align=justify style="text-indent:5%">10.&nbsp;&nbsp;&nbsp;&nbsp; The Company is not, and after
giving effect to the issuance of the Commitment Shares and the Purchase Shares
and the application of the proceeds as described in the Prospectus, will not be,
an &#147;investment company,&#148; as that term is defined in the Investment Company Act
of 1940, as amended. </P>
<P align=justify style="text-indent:5%">11.&nbsp;&nbsp;&nbsp; &nbsp;Except as described in the
Registration Statement and the Prospectus, none of the Material Agreements
grants to any person the right to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company
owned or to be owned by such person or to require the Company to include such
securities in the securities registered pursuant to the Registration Statement
or in any securities being registered pursuant to any other registration
statement filed by the Company under the Securities Act.</P>
<P align=justify>[THE FOLLOWING MAY BE MADE IN A SEPARATE NEGATIVE ASSURANCES
LETTER] </P>
<P align=justify style="text-indent:5%">As counsel to the Company, we reviewed the Registration
Statement and the Prospectus, and participated in discussions with your
representatives and those of the Company, at which the contents of the
Registration Statement and the Prospectus were discussed. Between the date of
the Transaction Documents and the time of the delivery of this letter, we
participated in further discussions with your representatives and those of the
Company, and we reviewed certain certificates of officers of the Company and
public officials delivered to you today. </P>
<P align=justify style="text-indent:5%">The purpose of our engagement was not to establish or to
confirm factual matters set forth in the Registration Statement and the
Prospectus, and we have not undertaken any obligation to verify independently
any of the factual matters set forth in the Registration Statement and the
Prospectus. Moreover, many of the determinations required to be made in the
preparation of the Registration Statement and the Prospectus involve matters of
a non-legal nature. </P>
<P align=center>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=justify style="text-indent:5%">Subject to the foregoing, we confirm to you that, on the basis
of the information that we gained in the course of performing the services
referred to above, nothing came to our attention that caused us to believe that:
(a) the Registration Statement, as of its effective date, contained an untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
(b) the Prospectus, as of its date and as of the date and time of delivery of
this letter, contained or contains any untrue statement of a material fact or
omitted or omits to state any material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; <I>provided</I>, <I>however</I>, that we do not assume any
responsibility for the accuracy, completeness or fairness of the statements
contained in the Registration Statement or the Prospectus, and we do not express
any belief as to the financial statements and related notes, financial statement
schedules or financial statistics or other financial or accounting data and
information contained in or omitted from the Registration Statement or the
Prospectus.</P>
<P align=justify style="text-indent:5%">We inform you that the Registration Statement became effective
under the Securities Act on _______, 201__ and that no stop order suspending the
effectiveness of the Registration Statement has been issued under the Securities
Act. </P>
<P align=justify style="text-indent:5%">We are not representing the Company in any pending litigation
in which it is a named defendant that challenges the validity or enforceability
of, or seeks to enjoin the performance of, the Transaction Documents. </P>
<P align=justify style="text-indent:5%">Further, we confirm to you that the Registration Statement, as
of its effective date, and the Prospectus, as of its date, appeared to us on
their face to respond in all material respects to the requirements of Form S-1,
except that the foregoing statement does not address any requirement relating to
financial statements, notes or schedules and financial and accounting data or
information contained in or omitted from the Registration Statement or the
Prospectus Supplement. </P>
<P align=center>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=center><B><U>EXHIBIT B</U></B><B> </B></P>
<P align=center><B>FORM OF OFFICER&#146;S CERTIFICATE </B></P>
<P align=justify>This Officer&#146;s Certificate (&#147;<B>Certificate</B>&#148;) is being
delivered pursuant to <U>Section 8(e)</U> of that certain Purchase Agreement
dated as of October [__], 2015, (&#147;<B>Purchase Agreement</B>&#148;), by and between<B>
ANAVEX LIFE SCIENCES CORP. </B>, a Nevada corporation (the &#147;<B>Company</B>&#148;),
and <B>LINCOLN PARK CAPITAL FUND, LLC </B>(the &#147;<B>Investor</B>&#148;). Terms used
herein and not otherwise defined shall have the meanings ascribed to them in the
Purchase Agreement. </P>
<P align=justify style="text-indent:5%">The undersigned, ___________,
______________ of the Company, hereby certifies as follows: </P>
<P align=justify style="margin-left:5%;text-indent:5%;">1.&nbsp;&nbsp;&nbsp; &nbsp;I am the _____________ of the
Company and make the statements contained in this Certificate; </P>
<P align=justify style="margin-left:5%;text-indent:5%;">2.&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties
of the Company are true and correct in all material respects (except to the
extent that any of such representations and warranties is already qualified as
to materiality in Section 4 of the Purchase Agreement, in which case, such
representations and warranties are true and correct without further
qualification) as of the date when made and as of the Commencement Date as
though made at that time (except for representations and warranties that speak
as of a specific date, in which case such representations and warranties are
true and correct as of such date); </P>
<P align=justify style="margin-left:5%;text-indent:5%;">3.&nbsp;&nbsp;&nbsp;&nbsp; The Company has performed, satisfied
and complied in all material respects with covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied
with by the Company at or prior to the Commencement Date. </P>
<P align=justify style="margin-left:5%;text-indent:5%;">4.&nbsp;&nbsp;&nbsp; &nbsp;The Company has not taken any steps,
and does not currently expect to take any steps, to seek protection pursuant to
any Bankruptcy Law nor does the Company or any of its Subsidiaries have any
knowledge or reason to believe that its creditors intend to initiate involuntary
bankruptcy or insolvency proceedings.</P>
<P align=justify style="text-indent:5%">IN WITNESS WHEREOF, I have hereunder
signed my name on this ___ day of ___________. </P>
<P style="MARGIN-LEFT: 50%" align=justify>______________________<BR>Name:
<BR>Title: </P>
<P style="text-indent:5%" align=justify>The undersigned as Secretary of
<B>ANAVEX LIFE SCIENCES CORP.</B>, a Nevada corporation, hereby certifies that
___________ is the duly elected, appointed, qualified and acting ________ of
_________ and that the signature appearing above is his genuine signature. </P>
<P style="MARGIN-LEFT: 50%"
align=justify>___________________________________<BR>Secretary </P>
<P align=center>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=center><B><U>EXHIBIT C</U></B><B> </B></P>
<P align=center><B>FORM OF COMPANY RESOLUTIONS</B><BR><B>FOR SIGNING PURCHASE
AGREEMENT </B></P>
<P align=center><B>UNANIMOUS WRITTEN CONSENT OF</B><BR><B>ANAVEX LIFE SCIENCES
CORP.</B><BR></P>
<P align=justify style="text-indent:5%">In accordance with the corporate laws of the state of Nevada,
the undersigned, being all of the directors of <B>ANAVEX LIFE SCIENCES
CORP.</B>, a Nevada corporation (the &#147;Corporation&#148;) do hereby consent to and
adopt the following resolutions as the action of the Board of Directors for and
on behalf of the Corporation and hereby direct that this Consent be filed with
the minutes of the proceedings of the Board of Directors: </P>
<P align=justify style="text-indent:5%">WHEREAS, there has been presented to the Board of Directors of
the Corporation a draft of the Purchase Agreement (the &#147;Purchase Agreement&#148;) by
and between the Corporation and Lincoln Park Capital Fund, LLC (&#147;Lincoln Park&#148;),
providing for the purchase by Lincoln Park of up to Fifty Million Dollars
($50,000,000) of the Corporation&#146;s common stock, $0.001 par value per share (the
&#147;Common Stock&#148;); and </P>
<P align=justify style="text-indent:5%">WHEREAS, after careful consideration of the Purchase Agreement,
the documents incident thereto and other factors deemed relevant by the Board of
Directors, the Board of Directors has determined that it is advisable and in the
best interests of the Corporation to engage in the transactions contemplated by
the Purchase Agreement, including, but not limited to, the issuance of 179,598
shares of Common Stock to Lincoln Park as an initial commitment fee (the
&#147;Initial Commitment Shares&#148;) and the sale of shares of Common Stock to Lincoln
Park up to the available amount under the Purchase Agreement (the "Purchase
Shares"). </P>
<P align=center><B><U>Transaction Documents</U></B><B> </B></P>
<P align=justify style="text-indent:5%">NOW, THEREFORE, BE IT RESOLVED, that the transactions described
in the Purchase Agreement are hereby approved and
________________________________________ (the &#147;Authorized Officers&#148;) are
severally authorized to execute and deliver the Purchase Agreement, and any
other agreements or documents contemplated thereby including, without
limitation, a registration rights agreement (the &#147;Registration Rights
Agreement&#148;) providing for the registration of the shares of the Company&#146;s Common
Stock issuable in respect of the Purchase Agreement on behalf of the
Corporation, with such amendments, changes, additions and deletions as the
Authorized Officers may deem to be appropriate and approve on behalf of, the
Corporation, such approval to be conclusively evidenced by the signature of an
Authorized Officer thereon; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the terms and provisions of the
Registration Rights Agreement by and among the Corporation and Lincoln Park are
hereby approved and the Authorized Officers are authorized to execute and
deliver the Registration Rights Agreement (pursuant to the terms of the Purchase
Agreement), with such amendments, changes, additions and deletions as the
Authorized Officer may deem appropriate and approve on behalf of, the
Corporation, such approval to be conclusively evidenced by the signature of an
Authorized Officer thereon; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the terms and provisions of the forms of
Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness
of Registration Statement (collectively, the &#147;Instructions&#148;) are hereby approved
and the Authorized Officers are authorized to execute and deliver the
Instructions on behalf of the Company in accordance with the Purchase Agreement, with such amendments, changes, additions and
deletions as the Authorized Officers may deem appropriate and approve on behalf
of, the Corporation, such approval to be conclusively evidenced by the signature
of an Authorized Officer thereon; and </P>
<P align=center>36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>

<P align=center><B><U>Execution of Purchase Agreement</U></B><B> </B></P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation be and it hereby is
authorized to execute the Purchase Agreement providing for the purchase of up to
Fifty Million Dollars ($50,000,000) of the Corporation&#146;s common stock; and </P>
<P align=center><B><U>Issuance of Common Stock</U></B><B> </B></P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation is hereby authorized to
issue to Lincoln Park Capital Fund, LLC, 179,598 shares of Common Stock as
Initial Commitment Shares and that upon issuance of the Initial Commitment
Shares pursuant to the Purchase Agreement the Initial Commitment Shares shall be
duly authorized, validly issued, fully paid and nonassessable with no personal
liability attaching to the ownership thereof; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation is hereby authorized to
issue 89,799 shares of Common Stock (subject to equitable adjustment for any
reorganization, recapitalization, non-cash dividend, stock split or other
similar transaction) in connection with the purchase of Purchase Shares (the
&#147;Additional Commitment Shares&#148;) in accordance with the terms of the Purchase
Agreement and that, upon issuance of the Additional Commitment Shares pursuant
to the Purchase Agreement, the Additional Commitment Shares will be duly
authorized, validly issued, fully paid and nonassessable with no personal
liability attaching to the ownership thereof; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation shall initially reserve
89,799 shares of Common Stock (subject to equitable adjustment for any
reorganization, recapitalization, non-cash dividend, stock split or other
similar transaction) for issuance as Additional Commitment Shares under the
Purchase Agreement; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation is hereby authorized to
issue shares of Common Stock upon the purchase of Purchase Shares up to the
Available Amount under the Purchase Agreement in accordance with the terms of
the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant
to the Purchase Agreement, the Purchase Shares will be duly authorized, validly
issued, fully paid and nonassessable with no personal liability attaching to the
ownership thereof; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Corporation shall initially reserve
_______________ shares of Common Stock for issuance as Purchase Shares under the
Purchase Agreement. <B></B></P>
<P align=center><B><U>Approval of Actions</U></B><B> </B></P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that, without limiting the foregoing, the
Authorized Officers are, and each of them hereby is, authorized and directed to
proceed on behalf of the Corporation and to take all such steps as deemed
necessary or appropriate, with the advice and assistance of counsel, to cause
the Corporation to consummate the agreements referred to herein and to perform
its obligations under such agreements; and </P>
<P align=justify style="text-indent:5%">FURTHER RESOLVED, that the Authorized Officers be, and each of
them hereby is, authorized, empowered and directed on behalf of and in the name
of the Corporation, to take or cause to be taken all such further actions and to
execute and deliver or cause to be executed and delivered all such further agreements, amendments, documents, certificates, reports,
schedules, applications, notices, letters and undertakings and to incur and pay
all such fees and expenses as in their judgment shall be necessary, proper or
desirable to carry into effect the purpose and intent of any and all of the
foregoing resolutions, and that all actions heretofore taken by any officer or
director of the Corporation in connection with the transactions contemplated by
the agreements described herein are hereby approved, ratified and confirmed in
all respects. </P>
<P align=center>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>

<P align=justify style="text-indent:5%">IN WITNESS WHEREOF, the Board of Directors has executed and
delivered this Consent effective as of __________, 2015. </P>
<P align=justify>___________________________________</P>
<P align=justify>___________________________________</P>
<P align=justify>___________________________________</P>
<P align=justify>being all of the directors of <B>ANAVEX LIFE SCIENCES
CORP.</B></P>
<P align=center>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=center><B><U>EXHIBIT D</U></B><B> </B></P>
<P align=center><B>FORM OF SECRETARY&#146;S CERTIFICATE </B></P>
<P align=justify style="text-indent:5%">This Secretary&#146;s Certificate (&#147;Certificate&#148;) is being delivered
pursuant to <U>Section 8(k)</U> of that certain Purchase Agreement dated as of
October [___], 2015 (&#147;Purchase Agreement&#148;), by and between <B>ANAVEX LIFE
SCIENCES CORP. </B>, a Nevada corporation (the &#147;Company&#148;) and <B>LINCOLN PARK
CAPITAL FUND, LLC</B> (the &#147;Investor&#148;), pursuant to which the Company may sell
to the Investor up to Fifty Million Dollars ($50,000,000) of the Company's
Common Stock, $0.001 par value per share (the "Common Stock"). Terms used herein
and not otherwise defined shall have the meanings ascribed to them in the
Purchase Agreement. </P>
<P align=justify style="text-indent:5%">The undersigned, ____________, Secretary of the Company, hereby
certifies as follows: </P>
<P align=justify style="margin-left:5%;text-indent:5%;">1.&nbsp;&nbsp;&nbsp;&nbsp; I am the Secretary of the Company
and make the statements contained in this Secretary&#146;s Certificate. </P>
<P align=justify style="margin-left:5%;text-indent:5%;">2.&nbsp;&nbsp;&nbsp;&nbsp; Attached hereto as <U>Exhibit A</U>
and <U>Exhibit B</U> are true, correct and complete copies of the Company&#146;s
Bylaws (&#147;Bylaws&#148;) and Articles of Incorporation (&#147;Charter&#148;), in each case, as
amended through the date hereof, and no action has been taken by the Company,
its directors, officers or stockholders, in contemplation of the filing of any
further amendment relating to or affecting the Bylaws or Charter. </P>
<P align=justify style="margin-left:5%;text-indent:5%;">3.&nbsp;&nbsp;&nbsp;&nbsp; Attached hereto as <U>Exhibit C</U>
are true, correct and complete copies of the resolutions duly adopted by the
Board of Directors of the Company on _____________, at which a quorum was
present and acting throughout. Such resolutions have not been amended, modified
or rescinded and remain in full force and effect and such resolutions are the
only resolutions adopted by the Company&#146;s Board of Directors, or any committee
thereof, or the stockholders of the Company relating to or affecting (i) the
entering into and performance of the Purchase Agreement, or the issuance,
offering and sale of the Purchase Shares and the Commitment Shares and (ii) and
the performance of the Company of its obligation under the Transaction Documents
as contemplated therein. </P>
<P align=justify style="margin-left:5%;text-indent:5%;">4.&nbsp;&nbsp;&nbsp;&nbsp; As of the date hereof, the
authorized, issued and reserved capital stock of the Company is as set forth on
<U>Exhibit D</U> hereto. </P>
<P align=justify style="text-indent:5%"><B>IN WITNESS WHEREOF</B>, I have hereunder signed my name on
this ___ day of ____________</P>
<P style="MARGIN-LEFT: 50%"
align=justify>___________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; Secretary </P>
<P align=justify>The undersigned as ___________ of <B>ANAVEX LIFE SCIENCES
CORP.</B>, a Nevada corporation, hereby certifies that ____________ is the duly
elected, appointed, qualified and acting Secretary of _________, and that the
signature appearing above is his genuine signature. </P>
<P style="MARGIN-LEFT: 50%" align=justify>___________________________________
</P>
<P align=center>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=justify>EXHIBIT E </P>
<P align=center><B>FORM OF LETTER TO THE TRANSFER AGENT FOR THE ISSUANCE OF THE
</B><BR><B>COMMITMENTS SHARES AT SIGNING OF THE PURCHASE AGREEMENT </B></P>
<P align=center>[COMPANY LETTERHEAD] </P>
<P align=justify>[DATE] </P>
<P align=justify>[TRANSFER AGENT] <BR>__________________
<BR>__________________<BR>__________________ <BR></P>
<P align=justify>Re: Issuance of Common Stock to Lincoln Park Capital Fund, LLC
</P>
<P align=justify>Dear ________, </P>
<P align=justify>On behalf of <B>ANAVEX LIFE SCIENCES CORP. </B>, (the
&#147;Company&#148;), you are hereby instructed to issue <B><U>as soon as
possible</U></B><B> </B>a share certificate representing an aggregate of 179,598
shares of our common stock in the name of <B><U>Lincoln Park Capital Fund,
LLC</U></B>. The share certificate should be dated [DATE OF THE PURCHASE
AGREEMENT]. I have included a true and correct copy of a unanimous written
consent executed by all of the members of the Board of Directors of the Company
adopting resolutions approving the issuance of these shares. The share
certificate should bear the following restrictive legend: </P>
<P style="margin-left:5%;margin-right:5%"  align=justify><B>THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS
SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(2) AN OPINION OF HOLDER&#146;S COUNSEL, IN A CUSTOMARY FORM, THAT REGISTRATION IS
NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS. </B></P>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=justify>The share certificate should be sent <B><U>as soon as possible
via overnight mail</U></B> to the following address: </P>
<P style="MARGIN-LEFT: 15%" align=justify>Lincoln Park Capital Fund, LLC <BR>440
North Wells, Suite 410 <BR>Chicago, IL 60654 <BR>Attention: Josh
Scheinfeld/Jonathan Cope </P>
<P align=justify>Thank you very much for your help. Please call me at
______________ if you have any questions or need anything further. </P>
<P align=justify><B>ANAVEX LIFE SCIENCES CORP.</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>BY: _____________________________ </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;[name] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;[title] </TD></TR></TABLE>
<P align=center>41 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>s102059_exhibit10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Anavex Life Sciences Corp.: Exhibit 10.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P STYLE="text-align: right"><B>Exhibit 10.2&nbsp;</B></P>

<P STYLE="text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B> </P>
<P align=justify style="text-indent:5%"><B>REGISTRATION RIGHTS AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;),
dated as of October 21, 2015, by and between <B>ANAVEX LIFE SCIENCES CORP.,
</B>a Nevada corporation (the &#147;<U>Company</U>&#148;), and <B>LINCOLN PARK CAPITAL
FUND, LLC,</B> an Illinois limited liability company (together with it permitted
assigns, the &#147;<U>Buyer</U>&#148;). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Purchase
Agreement by and between the parties hereto, dated as of the date hereof (as
amended, restated, supplemented or otherwise modified from time to time, the
&#147;<U>Purchase Agreement</U>&#148;). </P>
<P align=center><B>WHEREAS:</B> </P>
<P align=justify style="text-indent:5%">The Company has agreed, upon the terms and subject to the
conditions of the Purchase Agreement, to sell to the Buyer up to Fifty Million
Dollars ($50,000,000) of Purchase Shares and to induce the Buyer to enter into
the Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the
&#147;<U>Securities Act</U>&#148;), and applicable state securities laws. </P>
<P align=justify style="text-indent:5%"><B>NOW, THEREFORE,</B> in consideration of the promises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Buyer hereby agree as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><U>DEFINITIONS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">As used in this Agreement, the following terms shall have the
following meanings: </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Investor</U>&#148; means the Buyer, any transferee or
assignee thereof to whom a Buyer assigns its rights under this Agreement in
accordance with <U>Section 9</U> and who agrees to become bound by the
provisions of this Agreement, and any transferee or assignee thereof to whom a
transferee or assignee assigns its rights under this Agreement in accordance
with <U>Section 9</U> and who agrees to become bound by the provisions of this
Agreement. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Person</U>&#148; means any individual or entity including but
not limited to any corporation, a limited liability company, an association, a
partnership, an organization, a business, an individual, a governmental or
political subdivision thereof or a governmental agency. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Register</U>,&#148; &#147;<U>registered</U>,&#148; and &#147;registration&#148;
refer to a registration effected by preparing and filing one or more
registration statements of the Company in compliance with the Securities Act and
pursuant to Rule 415 under the Securities Act or any successor rule providing
for offering securities on a continuous basis (&#147;<U>Rule 415</U>&#148;), and the
declaration or ordering of effectiveness of such registration statement(s) by
the United States Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;). </P>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Registrable Securities</U>&#148; means all of the Purchase
Shares which have been, or which may, from time to time be issued, including
without limitation all of the Commitment Shares which have been or which may,
from time to time, be issued or become issuable to the Investor under the
Purchase Agreement (without regard to any limitation or restriction on
purchases), and any and all shares of capital stock issued or issuable with
respect to the Purchase Shares or the Commitment Shares<B> </B>or the Purchase
Agreement as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, without regard to any limitation
on purchases under the Purchase Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>

<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Registration Statement</U>&#148; means one or more
registration statements of the Company covering only the sale of the Registrable
Securities. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><U>REGISTRATION</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; <U>Mandatory Registration.</U> The Company shall by the
twentieth (20th) day following the date hereof, file with the SEC an initial
Registration Statement covering the maximum number of Registrable Securities as
shall be permitted to be included thereon in accordance with applicable SEC
rules, regulations and interpretations so as to permit the resale of such
Registrable Securities by the Investor under Rule 415 under the Securities Act
at then prevailing market prices (and not fixed prices), as mutually determined
by both the Company and the Investor in consultation with their respective legal
counsel, subject to the aggregate number of authorized shares of the Company&#146;s
Common Stock then available for issuance in its Articles of Incorporation. The
Investor and its counsel shall have a reasonable opportunity to review and
comment upon such Registration Statement and any amendment or supplement to such
Registration Statement and any related prospectus prior to its filing with the
SEC, and the Company shall give due consideration to all reasonable comments.
The Investor shall furnish all information reasonably requested by the Company
for inclusion therein. The Company shall use its reasonable best efforts to have
the Registration Statement and any amendment declared effective by the SEC at
the earliest possible date. The Company shall use reasonable best efforts to
keep the Registration Statement effective pursuant to Rule 415 promulgated under
the Securities Act and available for the resale by the Investor of all of the
Registrable Securities covered thereby at all times until the earlier of (i) the
date as of which the Investor may sell all of the Registrable Securities without
restriction pursuant to Rule 144 promulgated under the Securities and (ii) the
date on which the Investor shall have sold all the Registrable Securities
covered thereby and no Available Amount remains under the Purchase Agreement
(the &#147;<U>Registration Period</U>&#148;). The Registration Statement (including any
amendments or supplements thereto and prospectuses contained therein) shall not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; <U>Rule 424 Prospectus</U>. The Company shall, as required
by applicable securities regulations, from time to time file with the SEC,
pursuant to Rule 424 promulgated under the Securities Act, the prospectus and
prospectus supplements, if any, to be used in connection with sales of the
Registrable Securities under the Registration Statement. The Investor and its
counsel shall have a reasonable opportunity to review and comment upon such
prospectus prior to its filing with the SEC, and the Company shall give due
consideration to all such comments. The Investor shall use its reasonable best
efforts to comment upon such prospectus within one (1) Business Day from the
date the Investor receives the final pre-filing version of such prospectus.</P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; <U>Sufficient Number of Shares Registered</U>. In the event
the number of shares available under the Registration Statement is insufficient
to cover all of the Registrable Securities, the Company shall amend the
Registration Statement or file a new Registration Statement (a &#147;<U>New</U>
<U>Registration Statement</U>&#148;), so as to cover all of such Registrable
Securities (subject to the limitations set forth in <U>Section 2(a)</U>) as soon
as practicable, but in any event not later than ten (10) Business Days after the
necessity therefor arises, subject to any limits that may be imposed by the SEC
pursuant to Rule 415 under the Securities Act. The Company shall use it
reasonable best efforts to cause such amendment and/or New Registration
Statement to become effective as soon as practicable following the filing
thereof. </P>
<P align=center><I></I>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; <U>Offering</U>. If the staff of the SEC (the
&#147;<U>Staff</U>&#148;) or the SEC seeks to characterize any offering pursuant to a
Registration Statement filed pursuant to this Agreement as constituting an
offering of securities that does not permit such Registration Statement to
become effective and be used for resales by the Investor under Rule 415 at
then-prevailing market prices (and not fixed prices), or if after the filing of
the initial Registration Statement with the SEC pursuant to <U>Section 2(a)</U>,
the Company is otherwise required by the Staff or the SEC to reduce the number
of Registrable Securities included in such initial Registration Statement, then
the Company shall reduce the number of Registrable Securities to be included in
such initial Registration Statement (with the prior consent, which shall not be
unreasonably withheld, of the Investor and its legal counsel as to the specific
Registrable Securities to be removed therefrom) until such time as the Staff and
the SEC shall so permit such Registration Statement to become effective and be
used as aforesaid. In the event of any reduction in Registrable Securities
pursuant to this paragraph, the Company shall file one or more New Registration
Statements in accordance with <U>Section 2(c)</U> until such time as all
Registrable Securities have been included in Registration Statements that have
been declared effective and the prospectus contained therein is available for
use by the Investor. Notwithstanding any provision herein or in the Purchase
Agreement to the contrary, the Company&#146;s obligations to register Registrable
Securities (and any related conditions to the Investor&#146;s obligations) shall be
qualified as necessary to comport with any requirement of the SEC or the Staff
as addressed in this <U>Section 2(d)</U>. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><U>RELATED OBLIGATIONS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">With respect to the Registration Statement and whenever any
Registrable Securities are to be registered pursuant to <U>Section 2</U>
including on any New Registration Statement, the Company shall use its
reasonable best efforts to effect the registration of the Registrable Securities
in accordance with the intended method of disposition thereof and, pursuant
thereto, the Company shall have the following obligations: </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to any
registration statement and the prospectus used in connection with such
registration statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep the
Registration Statement or any New Registration Statement effective at all times
during the Registration Period, and, during such period, comply with the
provisions of the Securities Act with respect to the disposition of all
Registrable Securities of the Company covered by the Registration Statement or
any New Registration Statement until such time as all of such Registrable
Securities shall have been disposed of in accordance with the intended methods
of disposition by the seller or sellers thereof as set forth in such
registration statement. </P>
<P align=justify style="text-indent:10%">b. &nbsp;&nbsp;&nbsp;&nbsp;The Company shall permit the Investor to review and comment
upon the Registration Statement or any New Registration Statement and all
amendments and supplements thereto at least two (2) Business Days prior to their
filing with the SEC, and not file any document in a form to which Investor
reasonably objects. The Investor shall use its reasonable best efforts to
comment upon the Registration Statement or any New Registration Statement and
any amendments or supplements thereto within two (2) Business Days from the date
the Investor receives the final version thereof. The Company shall furnish to
the Investor, without charge any correspondence from the SEC or the staff of the
SEC to the Company or its representatives relating to the Registration Statement
or any New Registration Statement. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; Upon request of the Investor, the Company shall furnish to
the Investor, (i) promptly after the same is prepared and filed with the SEC, at
least one copy of such registration statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein
by reference and all exhibits, (ii) upon the effectiveness of any registration
statement, a copy of the prospectus included in such registration
statement and all amendments and supplements thereto (or such other number of
copies as the Investor may reasonably request) and (iii) such other documents,
including copies of any preliminary or final prospectus, as the Investor may
reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities owned by the Investor. For the avoidance of doubt,
any filing available to the Investor via the SEC&#146;s live EDGAR system shall be
deemed &#147;furnished to the Investor&#148; hereunder. </P>
<P align=center><I></I>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>

<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use reasonable best efforts to (i)
register and qualify the Registrable Securities covered by a registration
statement under such other securities or &#147;blue sky&#148; laws of such jurisdictions
in the United States as the Investor reasonably requests, (ii) prepare and file
in those jurisdictions, such amendments (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this <U>Section 3(d)</U>, (y) subject
itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction. The Company shall
promptly notify the Investor who holds Registrable Securities of the receipt by
the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale
under the securities or &#147;blue sky&#148; laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threatening of any
proceeding for such purpose. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; As promptly as practicable after becoming aware of such
event or facts, the Company shall notify the Investor in writing of the
happening of any event or existence of such facts as a result of which the
prospectus included in any registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and
promptly prepare a supplement or amendment to such registration statement to
correct such untrue statement or omission, and deliver a copy of such supplement
or amendment to the Investor (or such other number of copies as the Investor may
reasonably request). The Company shall also promptly notify the Investor in
writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a registration statement or any
post-effective amendment has become effective (notification of such
effectiveness shall be delivered to the Investor by email or facsimile on the
same day of such effectiveness and by overnight mail), (ii) of any request by
the SEC for amendments or supplements to any registration statement or related
prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective amendment to a registration statement would
be appropriate. </P>
<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use its reasonable best efforts to prevent
the issuance of any stop order or other suspension of effectiveness of any
registration statement, or the suspension of the qualification of any
Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify the Investor of the issuance of such
order and the resolution thereof or its receipt of actual notice of the
initiation or threat of any proceeding for such purpose. </P>
<P align=justify style="text-indent:10%">g.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall (i) cause all the Registrable Securities
to be listed on each securities exchange on which securities of the same class
or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or
(ii) secure designation and quotation of all the Registrable
Securities on the Principal Market. The Company shall pay all fees and expenses
in connection with satisfying its obligation under this <U>Section</U>. </P>
<P align=center><I></I>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>

<P align=justify style="text-indent:10%">h.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall cooperate with the Investor to facilitate
the timely preparation and delivery of certificates (not bearing any restrictive
legend) representing the Registrable Securities to be offered pursuant to any
registration statement and enable such certificates to be in such denominations
or amounts as the Investor may reasonably request and registered in such names
as the Investor may request. </P>
<P align=justify style="text-indent:10%">i.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall at all times provide a transfer agent and
registrar with respect to its Common Stock. </P>
<P align=justify style="text-indent:10%">j.&nbsp;&nbsp;&nbsp;&nbsp; If reasonably requested by the Investor, the Company shall
(i) immediately incorporate in a prospectus supplement or post-effective
amendment such information as the Investor believes should be included therein
relating to the sale and distribution of Registrable Securities, including,
without limitation, information with respect to the number of Registrable
Securities being sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities; (ii) make all required
filings of such prospectus supplement or post-effective amendment as soon as
practicable upon notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment; and (iii) supplement or make
amendments to any registration statement. </P>
<P align=justify style="text-indent:10%">k.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use its reasonable best efforts to cause
the Registrable Securities covered by any registration statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to consummate the disposition of such Registrable
Securities. </P>
<P align=justify style="text-indent:10%">l.&nbsp;&nbsp;&nbsp;&nbsp; Within one (1) Business Day after any registration statement
which includes the Registrable Securities is ordered effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver,
to the transfer agent for such Registrable Securities (with copies to the
Investor) confirmation that such registration statement has been declared
effective by the SEC in the form attached hereto as <U>Exhibit A</U>.
Thereafter, if requested by the Buyer at any time, the Company shall require its
counsel to deliver to the Buyer a written confirmation whether or not the
effectiveness of such registration statement has lapsed at any time for any
reason (including, without limitation, the issuance of a stop order) and whether
or not the registration statement is current and available to the Buyer for sale
of all of the Registrable Securities. </P>
<P align=justify style="text-indent:10%">m.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any registration statement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><U>OBLIGATIONS OF THE
INVESTOR</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall notify the Investor in writing of the
information the Company reasonably requires from the Investor in connection with
any registration statement hereunder. The Investor shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
be reasonably required to effect the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the
Company may reasonably request. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; The Investor agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and
filing of any registration statement hereunder. </P>
<P align=center><I></I>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; The Investor agrees that, upon receipt of any notice from
the Company of the happening of any event or existence of facts of the kind
described in <U>Section 3(f)</U> or the first sentence of <U>3(e)</U>, the
Investor will immediately discontinue disposition of Registrable Securities
pursuant to any registration statement(s) covering such Registrable Securities
until the Investor's receipt of the copies of the supplemented or amended
prospectus contemplated by <U>Section 3(f)</U> or the first sentence of
<U>3(e)</U>. Notwithstanding anything to the contrary, the Company shall cause
its transfer agent to promptly deliver shares of Common Stock without any
restrictive legend in accordance with the terms of the Purchase Agreement in
connection with any sale of Registrable Securities with respect to which an
Investor has entered into a contract for sale prior to the Investor's receipt of
a notice from the Company of the happening of any event of the kind described in
<U>Section 3(f)</U> or the first sentence of <U>Section 3(e)</U> and for which
the Investor has not yet settled. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><U>EXPENSES OF REGISTRATION</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">All reasonable expenses, other than sales or brokerage
commissions, incurred in connection with registrations, filings or
qualifications pursuant to <U>Sections 2</U> and <U>3</U>, including, without
limitation, all registration, listing and qualifications fees, printers and
accounting fees, and fees and disbursements of counsel for the Company, shall be
paid by the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><U>INDEMNIFICATION</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by law, the Company will,
and hereby does, indemnify, hold harmless and defend the Investor, each Person,
if any, who controls the Investor, the members, the directors, officers,
partners, employees, agents, representatives of the Investor and each Person, if
any, who controls the Investor within the meaning of the Securities Act or the
Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;) (each,
an &#147;<U>Indemnified Person</U>&#148;), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, attorneys' fees,
amounts paid in settlement or expenses, joint or several, (collectively,
&#147;<U>Claims</U>&#148;) incurred in investigating, preparing or defending any action,
claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other
regulatory agency, body or the SEC, whether pending or threatened, whether or
not an indemnified party is or may be a party thereto (&#147;<U>Indemnified
Damages</U>&#148;), to which any of them may become subject insofar as such Claims
(or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact in the Registration Statement, any New Registration
Statement or any post-effective amendment thereto or in any filing made in
connection with the qualification of the offering under the securities or other
&#147;blue sky&#148; laws of any jurisdiction in which Registrable Securities are offered
(&#147;<U>Blue Sky Filing</U>&#148;), or the omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of
a material fact contained in the final prospectus (as amended or supplemented,
if the Company files any amendment thereof or supplement thereto with the SEC)
or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading, (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to the Registration Statement or any New Registration
Statement or (iv) any material violation by the Company of this Agreement (the
matters in the foregoing clauses (i) through (iv) being, collectively,
&#147;<U>Violations</U>&#148;). The Company shall reimburse each Indemnified Person
promptly as such expenses are incurred and are due and payable, for any
reasonable legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this <U>Section 6(a)</U>: (i) shall not apply to a Claim by an
Indemnified Person arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information about the Investor furnished in
writing to the Company by such Indemnified Person expressly for use in
connection with the preparation of the Registration Statement, any New
Registration Statement or any such amendment thereof or supplement thereto, if
such prospectus was timely made available by the Company pursuant to <U>Section
3(c)</U> or <U>Section 3(e)</U>; (ii) with respect to any superseded prospectus,
shall not inure to the benefit of any such person from whom the person asserting
any such Claim purchased the Registrable Securities that are the subject thereof
(or to the benefit of any person controlling such person) if the untrue
statement or omission of material fact contained in the superseded prospectus
was corrected in the revised prospectus, as then amended or supplemented, if
such revised prospectus was timely made available by the Company pursuant to <U>Section 3(c)</U> or <U>Section 3(e)</U>, and the Indemnified Person was
promptly advised in writing not to use the incorrect prospectus prior to the use
giving rise to a violation and such Indemnified Person, notwithstanding such
advice, used it; (iii) shall not be available to the extent such Claim is based
on a failure of the Investor to deliver or to cause to be delivered the
prospectus made available by the Company, if such prospectus was timely made
available by the Company pursuant to <U>Section 3(c)</U> or <U>Section 3(e)</U>;
and (iv) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the
Indemnified Person and shall survive the transfer of the Registrable Securities
by the Investor pursuant to <U>Section 9</U>. </P>
<P align=center><I></I>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>

<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; In connection with the Registration Statement or any New
Registration Statement, the Investor agrees to indemnify, hold harmless and
defend, to the same extent and in the same manner as is set forth in <U>Section
6(a)</U>, the Company, each of its directors, each of its officers who signs the
Registration Statement or any New Registration Statement, each Person, if any,
who controls the Company within the meaning of the Securities Act or the
Exchange Act (collectively and together with an Indemnified Person, an
&#147;<U>Indemnified Party</U>&#148;), against any Claim or Indemnified Damages to which
any of them may become subject, under the Securities Act, the Exchange Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are
based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written
information about the Investor and furnished to the Company by the Investor
expressly for use in connection with such registration statement; and, subject
to <U>Section 6(d)</U>, the Investor will reimburse any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such Claim; provided, however, that the indemnity agreement contained in this
<U>Section 6(b)</U> and the agreement with respect to contribution contained in
<U>Section 7</U> shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Investor,
which consent shall not be unreasonably withheld; provided, further, however,
that the Investor shall be liable under this <U>Section 6(b)</U> for only that
amount of a Claim or Indemnified Damages as does not exceed the net proceeds to
the Investor as a result of the sale of Registrable Securities pursuant to such
registration statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the transfer of the Registrable Securities by the Investor
pursuant to <U>Section 9</U>.</P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; Promptly after receipt by an Indemnified Person or
Indemnified Party under this <U>Section 6</U> of notice of the commencement of
any action or proceeding (including any governmental action or proceeding)
involving a Claim, such Indemnified Person or Indemnified Party shall, if a
Claim in respect thereof is to be made against any indemnifying party under this
<U>Section 6</U>, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party and
the Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to
retain its own counsel with the fees and expenses to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the
indemnifying party, the representation by such counsel of the Indemnified Person
or Indemnified Party and the indemnifying party would be inappropriate due to
actual or potential differing interests between such Indemnified Person or
Indemnified Party and any other party represented by such counsel in such
proceeding. The Indemnified Party or Indemnified Person shall cooperate fully
with the indemnifying party in connection with any negotiation or defense of any
such action or claim by the indemnifying party and shall furnish to the
indemnifying party all information reasonably available to the Indemnified Party
or Indemnified Person which relates to such action or claim. The indemnifying
party shall keep the Indemnified Party or Indemnified Person fully apprised at
all times as to the status of the defense or any settlement negotiations with
respect thereto. No indemnifying party shall be liable for any settlement of any
action, claim or proceeding effected without its written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or
condition its consent. No indemnifying party shall, without the consent of the
Indemnified Party or Indemnified Person, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in
respect to such claim or litigation. Following indemnification as provided for
hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this <U>Section 6</U>, except to the extent that the indemnifying
party is prejudiced in its ability to defend such action. </P>
<P align=center><I></I>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>

<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; The indemnification required by this <U>Section 6</U> shall
be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages
are incurred. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; The indemnity agreements contained herein shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><U>CONTRIBUTION</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under <U>Section 6</U> to the fullest extent permitted by law; provided,
however, that: (i) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any seller of Registrable Securities who
was not guilty of fraudulent misrepresentation; and (ii) contribution by any
seller of Registrable Securities shall be limited in amount to the net amount of
proceeds received by such seller from the sale of such Registrable Securities.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><U>REPORTS AND DISCLOSURE UNDER THE SECURITIES
      ACTS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">With a view to making available to the Investor the benefits of
Rule 144 promulgated under the Securities Act or any other similar rule or
regulation of the SEC that may at any time permit the Investor to sell
securities of the Company to the public without registration (&#147;<U>Rule
144</U>&#148;), the Company agrees, at the Company&#146;s sole expense, to: </P>
<P align=center><I></I>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; make and keep public information available, as those terms
are understood and defined in Rule 144; </P>
<P align=justify style="text-indent:10%">b&nbsp;&nbsp;&nbsp;&nbsp;. file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of
such reports and other documents is required for the applicable provisions of
Rule 144; </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; furnish to the Investor so long as the Investor owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting and or disclosure provisions of
Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be
reasonably requested to permit the Investor to sell such securities pursuant to
Rule 144 without registration; and </P>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; take such additional action as is requested by the Investor
to enable the Investor to sell the Registrable Securities pursuant to Rule 144,
including, without limitation, delivering all such legal opinions, consents,
certificates, resolutions and instructions to the Company&#146;s Transfer Agent as
may be requested from time to time by the Investor and otherwise fully cooperate
with Investor and Investor&#146;s broker to effect such sale of securities pursuant
to Rule 144. </P>
<P align=justify style="text-indent:10%">The Company agrees that damages may be an inadequate remedy for
any breach of the terms and provisions of this <U>Section 8</U> and that
Investor shall, whether or not it is pursuing any remedies at law, be entitled
to equitable relief in the form of a preliminary or permanent injunctions,
without having to post any bond or other security, upon any breach or threatened
breach of any such terms or provisions. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><U>ASSIGNMENT OF REGISTRATION
  RIGHTS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Investor. The
Investor may not assign its rights under this Agreement without the written
consent of the Company, other than to an affiliate of the Investor controlled by
Jonathan Cope or Josh Scheinfeld. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><U>AMENDMENT OF REGISTRATION
RIGHTS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">No provision of this Agreement may be amended or waived by the
parties from and after the date that is one Business Day immediately preceding
the initial filing of the Registration Statement with the SEC. Subject to the
immediately preceding sentence, no provision of this Agreement may be (i)
amended other than by a written instrument signed by both parties hereto or (ii)
waived other than in a written instrument signed by the party against whom
enforcement of such waiver is sought. Failure of any party to exercise any right
or remedy under this Agreement or otherwise, or delay by a party in exercising
such right or remedy, shall not operate as a waiver thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><U>MISCELLANEOUS</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; A Person is deemed to be a holder of Registrable Securities
whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or
election received from the registered owner of such Registrable Securities. </P>
<P align=center><I></I>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile or email
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) Business Day
after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same. The addresses for such
communications shall be: </P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Company: </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="90%" colSpan=2>Anavex Life Sciences Corp. </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>51 West 52nd Street, 7th Floor </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>New York, New York 10019 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Telephone: </TD>
    <TD align=left width="80%">(844) 689-3939 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Facsimile: </TD>
    <TD align=left width="80%">(___) _____ - ________ </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">E-mail: </TD>
    <TD align=left width="80%">cmissling@anavexcorp.com </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Attention: </TD>
    <TD align=left width="80%">Christopher Missling, PhD., CEO </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>With a copy to (which shall not
      constitute notice or service of process): </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>K&amp;L Gates LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>200 S. Biscayne Blvd., Ste. 3900
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>Miami, Florida 33131 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Telephone: </TD>
    <TD align=left width="80%">(305) 539.3306 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Facsimile: </TD>
    <TD align=left width="80%">(305) 358.7095 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">E-mail: </TD>
    <TD align=left width="80%">clayton.parker@klgates.com </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%">Attention: </TD>
    <TD align=left width="80%">Clayton E. Parker, Esq. </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Investor: </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="90%" colSpan=2>Lincoln Park Capital Fund, LLC </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>440 North Wells, Suite 410 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>Chicago, Illinois 60654 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Telephone: </TD>
    <TD align=left width="80%">312-822-9300 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Facsimile: </TD>
    <TD align=left width="80%">312-822-9301 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >E-mail: </TD>
    <TD align=left width="80%">jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Attention: </TD>
    <TD align=left width="80%">Josh Scheinfeld/Jonathan Cope
</TD></TR></TABLE>
<P align=justify>or at such other address and/or facsimile number and/or to the
attention of such other person as the recipient party has specified by written
notice given to each other party three (3) Business Days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B)
mechanically or electronically generated by the sender's facsimile machine or
email account containing the time, date, recipient facsimile number or email
address, as applicable, and an image of the first page of such transmission or
(C) provided by a nationally recognized overnight delivery service, shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; The corporate laws of the State of Nevada shall govern all
issues concerning the relative rights of the Company and its stockholders. All
other questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the
State of Illinois, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Illinois or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Illinois. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting the State of Illinois, County of Cook, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
  <b>EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY. </b></P>
<P align=center><I></I>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>

<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and the Purchase Agreement constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This
Agreement and the Purchase Agreement supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter
hereof and thereof. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; Subject to the requirements of <U>Section 9</U>, this
Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties hereto. </P>
<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp; The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. </P>
<P align=justify style="text-indent:10%">g.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed in identical counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same agreement. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission or by e-mail in a
&#147;.pdf&#148; format data file of a copy of this Agreement bearing the signature of the
party so delivering this Agreement. </P>
<P align=justify style="text-indent:10%">h.&nbsp;&nbsp;&nbsp;&nbsp; Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby. </P>
<P align=justify style="text-indent:10%">i.&nbsp;&nbsp;&nbsp;&nbsp; The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party. </P>
<P align=justify style="text-indent:10%">j.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is intended for the benefit of the parties
hereto and their respective successors and permitted assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person. </P>
<P align=center><B>*&nbsp;&nbsp; &nbsp;*&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp; &nbsp;*&nbsp;&nbsp;&nbsp; *</B> </P>
<P align=center><I></I>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify style="text-indent:5%"><B>IN WITNESS WHEREOF,</B> the parties have caused this
Registration Rights Agreement to be duly executed as of day and year first above
written. </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%"><B><U>THE COMPANY</U></B><B>:</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%"><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%">By: <u>/s/ Christopher Missling</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>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </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><U>BUYER:</U></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%"><B>LINCOLN PARK CAPITAL FUND, LLC</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%"><B>BY: LINCOLN PARK CAPITAL, LLC</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%"><B>BY: ROCKLEDGE CAPITAL CORPORATION</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%">By: <u>/s/ Josh Scheinfeld </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Name: Josh Scheinfeld </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Title: President </TD></TR></TABLE>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center><B><U>EXHIBIT A</U></B><B> </B></P>
<P align=center><B><U>TO REGISTRATION RIGHTS AGREEMENT</U></B><B> </B></P>
<P align=center><B>FORM OF NOTICE OF EFFECTIVENESS <BR>OF REGISTRATION
STATEMENT</B> </P>
<P align=justify>[Date] </P>
<P align=justify><B>[TRANSFER AGENT]
<BR></B><STRONG>_________________<BR>_________________</STRONG></P>
<P align=justify>Re: [__________] </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify style="text-indent:5%">We are counsel to <B>ANAVEX LIFE SCIENCES CORP.</B>, a Nevada
corporation (the &#147;<U>Company</U>&#148;), and have represented the Company in
connection with that certain Purchase Agreement, dated as of
[___________________], 2015 (the &#147;<U>Purchase Agreement</U>&#148;), entered into by
and between the Company and Lincoln Park Capital Fund, LLC (the &#147;<U>Buyer</U>&#148;)
pursuant to which the Company has agreed to issue to the Buyer shares of the
Company's Common Stock, $0.001 par value (the &#147;<U>Common Stock</U>&#148;), in an
amount up to Fifty Million Dollars ($50,000,000) (the &#147;<U>Purchase Shares</U>&#148;),
in accordance with the terms of the Purchase Agreement. In connection with the
transactions contemplated by the<B> </B>Purchase Agreement, the Company has
registered with the U.S. Securities &amp; Exchange Commission the following
shares of Common Stock: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>__________ shares of Common Stock to be issued to the
      Buyer upon purchase from the Company by the Buyer from time to time (the
      &#147;<U>Purchase Shares</U>&#148;).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>179,598 shares of Common Stock that have been issued to
      the Buyer as a commitment fee (the &#147;<U>Commitment Shares</U>&#148;).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>89,799 shares of Common Stock to be issued in connection
      with each purchase of Purchase Shares as a commitment fee (the
      &#147;<U>Additional Commitment Shares</U>&#148;).</P></TD></TR></TABLE>
<P align=justify>Pursuant to the Purchase Agreement, the Company also has
entered into a Registration Rights Agreement, dated as of [________________],
2015 with the Buyer (the &#147;<U>Registration Rights Agreement</U>&#148;) pursuant to
which the Company agreed, among other things, to register the Purchase Shares
and the Commitment Shares under the Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;). In connection with the Company's obligations under the
Purchase Agreement and the Registration Rights Agreement, on [_____________],
2015, the Company filed a Registration Statement (File No. 333-[_________]) (the
&#147;<U>Registration Statement</U>&#148;) with the Securities and Exchange Commission
(the &#147;<U>SEC</U>&#148;) relating to the resale of the Purchase Shares the Commitment
Shares and the Additional Commitment Shares. </P>
<P align=justify style="text-indent:5%">&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=justify style="text-indent:5%">In connection with the foregoing, we advise you that a member
of the SEC's staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the Securities Act at
[_____] [A.M./P.M.] on [__________], 201[__] and we have no knowledge, after
telephonic inquiry of a member of the SEC's staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that
purpose are pending before, or threatened by, the SEC and the Purchase Shares
and the Commitment Shares are available for resale under the Securities Act
pursuant to the Registration Statement and may be issued without any
restrictive legend.</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%">Very truly yours, </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">[Company Counsel] </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </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%">By:____________________
</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 >cc: </TD>
    <TD align=left width="95%">Lincoln Park Capital Fund, LLC
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>s102059_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 12pt 0 0; text-align: right; text-indent: 0in">Exhibit 23.1</P>

<P STYLE="margin: 12pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 12pt 0 0; text-align: center; text-indent: 0in"><U>Consent
of Independent Registered Public Accounting Firm</U></P>

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 12pt 0 0; text-align: justify">Anavex Life Sciences Corp.</P>

<P STYLE="margin: 0; text-align: justify">New York, New York</P>

<P STYLE="margin: 12pt 0 0; text-align: justify"><FONT STYLE="color: Black; background-color: White">We hereby consent to the
incorporation by reference in the Prospectus constituting a part of this Registration Statement on Form S-3 of our report dated
December 29, 2015, relating to the consolidated financ</FONT><FONT STYLE="color: windowtext">ial statements of Anavex Life Sciences
Corp. appearing in the Company&rsquo;s Annual Report on Form 10-K for the year ended September 30, 2015. </FONT></P>

<P STYLE="margin: 12pt 0 0; text-align: justify">We also consent to the
reference to us under the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">/s/ BDO USA, LLP</P>

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

<P STYLE="margin: 0; text-align: justify">New York, New York</P>

<P STYLE="margin: 12pt 0 0; text-align: justify">August 18, 2016</P>

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tlogo.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ) "P P$1  (1 0,1 ?_$ (H   $$ P$! 0
M      <!!@@)  ,$ @4* 0$                     $   !@$" P4%!0(%
M%0     ! @,$!08'$0@ $A,4%187&"$Q02(C47$R) F!&4)B0R4F89&A\5(T
M9*0U1;4G-W<H2%AHJ#E)$0$                     _]H # ,!  (1 Q$
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=OR=I?]/SK[1YB\O:3?Y:[3]3DYM>A\.ERZ<!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>8
<FILENAME>filename8.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANAVEX LIFE SCIENCES CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>51 West 52<SUP>nd</SUP> Street, 7<SUP>th</SUP>
Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, New York 10019-6163</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: (202) 551-3715</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Anavex Life Sciences Corp.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Registration Statement on Form S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Filed October 26, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>File No. 333-207600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anavex Life Sciences Corp. (the &ldquo;<U>Company</U>&rdquo;)
confirms receipt of the letter dated November 20, 2015 from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the U.S. Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) with respect to the October 26, 2015 filing (the &ldquo;<U>Initial Filing</U>&rdquo;)
of the Company&rsquo;s registration statement on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;). We are responding
to the Staff&rsquo;s comments as set forth below and intend to file an amendment to the Initial Filing (the &ldquo;<U>Amendment</U>&rdquo;).
The Company&rsquo;s responses to the Staff&rsquo;s comments are in identical numerical sequence. For the convenience of the Staff,
each comment is repeated verbatim with the Company&rsquo;s response immediately following:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 1.</TD>
    <TD STYLE="text-align: justify">Please file the Lincoln Capital purchase agreement and registration rights agreement as exhibits to the S-3.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><B>RESPONSE 1.</B></TD>
    <TD STYLE="text-align: justify"><B>The Company acknowledges the Staff&rsquo;s comment above and shall file the Lincoln Park Capital, LLC purchase agreement (the &ldquo;<U>Purchase Agreement</U>&rdquo;) and registration rights agreement as exhibits to the Amendment. In addition, the Purchase Agreement and the registration rights agreement were filed as Exhibits 10.1 and 10.2 respectively to the Company&rsquo;s current report on Form 8-K on October 26, 2015.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 2.</TD>
    <TD STYLE="text-align: justify">We note that the number of your shares outstanding increased from approximately 54.8 million shares as of December 31, 2014 to approximately 124.5 million shares as of September 15, 2015, as indicated in your Form 10-Q for the period ended December 31, 2014 and the interim condensed consolidated balance sheet as of September 15, 2015 submitted in the Form 8-K filed September 28, 2015.&nbsp;&nbsp;Please explain the increase in the number of outstanding shares and address whether these issuances were in transactions that were not registered under the Securities Act of 1933. We may have further comment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><B>RESPONSE 2.</B></TD>
    <TD STYLE="text-align: justify"><B>During the period from December 31, 2014 to September 15, 2015, the Company issued 69,698,392 shares as follows, which contributed to the increase in the number of shares outstanding: (i) 23,485,275 shares, which were&nbsp;&nbsp;registered pursuant to an S-1 filed with the Commission on July 23, 2014, were issued pursuant to the conversion of convertible debentures issued on March 18, 2014; (ii) 100,000 shares were issued pursuant to a private placement which closed February 14, 2014, in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;); (iii) 12,114,769 shares were issued pursuant to the exercise of warrants in exchange for cash, which shares were registered for resale on a Form S-1 filed with the Commission on March 23, 2015; (iv) 25,784,409 shares were issued pursuant to the exercise of warrants on a cashless basis; (v) 2,634,447 shares were issued pursuant to anti-dilution provisions contained in a private placement subscription agreements dated May 31, 2012, which shares were issued in reliance on the exemptions from registration provided for in Section 4(a)(2); and (vi) 5,579,492 shares were issued to Lincoln Park pursuant to a $10,000,000 Purchase Agreement dated July 5, 2013, which shares underlying such purchase agreement were registered for resale on Form S-1.&nbsp;&nbsp;All share figures quoted are quoted on a pre reverse stock split basis.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in">COMMENT 3.</TD>
    <TD STYLE="text-align: justify">Please revise to indicate in the forepart of the registration statement the maximum number of shares being registered for resale along with the percentage of outstanding securities the maximum shares being registered represent.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><B>RESPONSE 3.</B></TD>
    <TD STYLE="text-align: justify"><B>The Company shall revise the registration statement to indicate in the Amendment the number
of shares being registered for resale in the secondary offering.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Calculation of Registration Fee</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 4.</TD>
    <TD STYLE="text-align: justify">Please include the amount of registration fee for the 269,397 shares of common stock, or explain why you have not done so.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in"><B>RESPONSE 4.</B></TD>
    <TD STYLE="text-align: justify"><B>The Amendment shall set forth the amount of registration fee to include 269,397 shares of common stock.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk Factors, page 7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 5.</TD>
    <TD STYLE="text-align: justify">Please include a risk factor that discusses the likelihood that the company will have access to the full amount available to it under the purchase agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><B>RESPONSE 5.</B></TD>
    <TD STYLE="text-align: justify"><B>The Company shall include a risk factor in the Amendment that discusses the availability of the full amount under the Purchase Agreement. Specifically, given the restraints under the Purchase Agreement with respect to when the Company may sell shares to Lincoln Park, the amount of shares the Company may sell to Lincoln Park at any one time, and a limitation on its ability to sell shares to Lincoln Park to the extent that it would cause Lincoln Park to beneficially own more than 9.99% of the Company&rsquo;s outstanding common stock, it is possible that the Company may not have access to the full amount available under the Purchase Agreement.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Plan of Distribution, page 8</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 6.</TD>
    <TD STYLE="text-align: justify">We note your statement that &ldquo;[w]hen we refer to &lsquo;Selling Security Holder&rsquo; in this prospectus, we mean the entity listed in the table below, and the pledgees, donees, permitted transferees, assignees, successors, and others who later come to hold any of the Selling Security Holder&rsquo;s interests in shares of our common stock other than through a public sale.&rdquo;&nbsp;&nbsp;We additionally note your statement in the Selling Security Holder section, on page 12, that &ldquo;[i]nformation concerning the Selling Security Holder may change from time to time, and any changed information will be set forth if and when required in the applicable prospectus supplements.&rdquo;&nbsp;&nbsp;An equity line financing registered as a resale offering may not cover sales by transferees of the selling security holder.&nbsp;&nbsp;Please revise to delete your reference to the Selling Security Holder&rsquo;s successors in interest in the common stock from both of these sections in the prospectus.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><B>RESPONSE 6.</B></TD>
    <TD STYLE="text-align: justify"><B>In response to the Staff&rsquo;s comment, the Company has revised the Amendment&rsquo;s statements regarding &ldquo;Selling Security Holder&rdquo; to exclude sales by successors of the selling securityholder.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Lincoln Park Transaction, page 13</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in">COMMENT 7.</TD>
    <TD STYLE="text-align: justify">Please disclose any past transactions with Lincoln Park or any of its affiliates and the impact of those transactions on the market price of the company&rsquo;s stock.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; text-align: justify; padding-left: 0.25in"><B>RESPONSE 7.</B></TD>
    <TD STYLE="text-align: justify"><B>The Company prepared the Amendment to disclose all previous transactions involving Lincoln Park. The Company and Lincoln Park entered into a $10 million purchase agreement on July 5, 2013 (the &ldquo;<U>2013 Purchase Agreement</U>&rdquo;), pursuant to which the Company had the right, in its sole discretion, to sell to Lincoln Park up to an additional aggregate commitment of $9.9 million of shares of common stock, over a 25-month period. Lincoln Park could not require any sales and was obligated to purchase common stock as directed by the Company. In consideration for entering into the 2013 Purchase Agreement, the Company issued 85,465 shares of common stock as a commitment fee to Lincoln Park and subsequently issued 33,353 shares pro rata. Lincoln Park purchased all possible shares under the 2013 Purchase Agreement. </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>On October 22, 2014, the Company entered into a Securities Purchase Agreement (the &ldquo;<U>2014 Purchase Agreement</U>&rdquo;) with Lincoln Park for an equity investment of $500,000 at a price of $1.00 per unit. Pursuant to the terms of the 2014 Purchase Agreement, Lincoln Park purchased 500,000 shares of common stock and the Company issued to them an aggregate of 1,000,000 stock purchase warrants, of which 500,000 are exercisable at $1.20 per share and 500,000 are exercisable at $1.68 per share, each for a period of five years, subject to adjustment for stock splits, combinations, and reclassification events.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>On October 21, 2015, the Company entered into a Purchase Agreement (the &ldquo;<U>2015 Purchase Agreement</U>&rdquo;) and Registration Rights Agreement with Lincoln Park. Pursuant to the terms of the 2015 Purchase Agreement, Lincoln Park agreed to purchase up to $50,000,000 shares of common stock over a 36-month period starting in October 2015, at prices, and on terms that will be determined at the time these securities are offered. Pursuant to the terms of the Registration Rights Agreement, the Company filed with the SEC the registration statement to register for resale the shares that have been or may be issued to Lincoln Park under the 2015 Purchase Agreement. In connection therewith, 179,598 shares of common stock were issued to Lincoln Park as initial commitment shares and the Company has agreed to issue an additional 89,799 shares pro rata, when and if Lincoln Park purchases at the Company&rsquo;s discretion, the $50,000,000 aggregate commitment. The Company's right to draw down funds is subject to an effective registration statement and the satisfaction of other conditions set forth in the 2015 Purchase Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.25in; padding-left: 0.25in">COMMENT 8.</TD>
    <TD>Please include the signature of your controller or principal accounting officer. See Instruction 1 to Signatures of Form S-3.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><B>RESPONSE 8.</B></TD>
    <TD><B>The Company has revised the signature page of the Amendment to include the signature of our Principal Financial Officer.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">  The Company
acknowledges that   it is responsible for the accuracy and adequacy of the disclosures made.&nbsp; We formally acknowledge
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&bull;&nbsp;The
adequacy and accuracy of the disclosure in filing is the responsibility of the Company.</P>

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

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

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 18, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&#9;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANAVEX&nbsp;LIFE&nbsp;SCIENCES&nbsp;CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;&nbsp;&nbsp;Christopher&nbsp;Missling,&nbsp;PhD.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;Christopher&nbsp;Missling,&nbsp;PhD.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;Chief&nbsp;Executive&nbsp;Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Clayton E. Parker, Esq. of K&amp;L Gates LLP</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Owens, Esq. of K&amp;L Gates LLP</P>

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


<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
