<SEC-DOCUMENT>0001144204-17-003787.txt : 20170301
<SEC-HEADER>0001144204-17-003787.hdr.sgml : 20170301
<ACCEPTANCE-DATETIME>20170125161212
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-003787
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABEONA THERAPEUTICS INC.
		CENTRAL INDEX KEY:			0000318306
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				830221517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3333 LEE PARKWAY
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219
		BUSINESS PHONE:		2149055100

	MAIL ADDRESS:	
		STREET 1:		3333 LEE PARKWAY
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLASMATECH BIOPHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20140922

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19960209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMEX PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 25, 2017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Jim B. Rosenberg<BR>
Senior Assistant Chief Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Healthcare and Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
Washington, D.C. 20549</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 26.55pt">Re:</TD><TD STYLE="padding-right: 0.5in">Abeona Therapeutics Inc.<BR>
Form 10-K for the Fiscal Year Ended December 31, 2015<BR>
Filed March 30, 2016<BR>
File No. 001-15771</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">Dear Mr. Rosenberg:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter is being furnished in response
to discussions with the Staff (the &ldquo;<U>Staff</U>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
in connection with the letter dated December 20, 2016 (the &ldquo;<U>Comment Letter</U>&rdquo;) from you to Stephen B. Thompson,
Vice President Finance of Abeona Therapeutics Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), with respect to
a comment from the Staff regarding the financial statements and related disclosures of the Company in its Form 10-K for the fiscal
year ended December 31, 2015, File No. 001-15771 filed on March 30, 2016; its Forms 10-Q for the quarterly periods ended March
31, 2016, File No. 001-15771, filed on May 16, 2016; June 30, 2016, File No. 001-15771, filed on August 15, 2016; and September
30, 2016, File No. 001-15771, filed on November 14, 2016. This letter is a refinement of the Company&rsquo;s response letter dated
January 4, 2017 to the Comment Letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company attaches as <U>Exhibit A</U>
the intended disclosure of Item 9A. Controls and Procedures to its Form 10-K for the fiscal year ended December 31, 2015 and represents
that such evaluations and conclusions were in effect as of December 31, 2015. The Company attaches as <U>Exhibit B</U> the intended
disclosure of Item 4. Controls and Procedures to its Form 10-Qs for the quarterly periods ended March 31, June 30, and September
30, 2016 and represents that such evaluations and conclusions were in effect as of March 31, June 30 and September 30, 2016, respectively,
including its evaluation and conclusion that its Internal Control Over Financial Reporting was effective as of each of March 31,
June 30 and September 30, 2016, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company regularly assesses its Disclosure
Controls and Procedures and Internal Control Over Financial Reporting and will continue to monitor such controls and procedures.
The Company will include in its future filings on Form 10-K its disclosure of its evaluations and conclusions, in a manner substantially
similar to the disclosure included on <U>Exhibit A</U> herewith, and will include in its future filings on the applicable Form
10-Q its disclosure of its evaluation and conclusions, in a manner substantially similar to the disclosure included on <U>Exhibit
B</U> included herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have questions or additional comments
regarding any of the information set forth in this letter, please call me at (214) 665-9495.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Stephen B. Thompson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Stephen B. Thompson, Vice President Finance</FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Cc:</TD><TD>Ibolya Ignat, <I>Staff Accountant, Securities and Exchange Commission</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Franklin Wyman, <I>Staff Accountant,
Securities and Exchange Commission</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">John J. Concannon III, <I>Morgan,
Lewis &amp; Bockius LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; color: #0000CC"><BR>
</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Form 10-K
For the Fiscal Year Ended December 31, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 9A. CONTROLS AND PROCEDURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Evaluation of Disclosure Controls and Procedures</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the supervision and with the participation of our management
and consultants, including the Executive Chairman (our principal executive officer) and Vice President Finance (our principal accounting
officer), we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures
(&ldquo;Disclosure Controls and Procedures&rdquo;), as such term is defined in&nbsp;Exchange Act Rules 13a-15(e) and&nbsp;15d-15(e)
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), as of December 31, 2015.</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"><B>Conclusion of Evaluation</B>&mdash;Based on this Disclosure
Controls and Procedures evaluation, the Executive Chairman and Chief Accounting Officer concluded that our Disclosure Controls
and Procedures as of December 31, 2015 were effective.</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">Disclosure Controls and Procedures are controls and procedures
designed to reasonably assure that information required to be disclosed in our reports filed under the Exchange Act, such as this
Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the SEC&rsquo;s rules and forms.
Disclosure Controls and Procedures are also designed to provide reasonable assurance that such information is accumulated and communicated
to our management, including our Executive Chairman and Chief Accounting Officer, as appropriate to allow timely decisions regarding
required disclosure.</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">The evaluation of our Disclosure Controls and Procedures included
a review of the controls&rsquo; objectives and design, our implementation of the controls and the effect of the controls on the
information generated for use in this Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: #0000CC">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Evaluation of Internal Control Over Financial Reporting</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management&rsquo;s Annual Report on Internal Control Over
Financial Reporting - </B>Our management is responsible for establishing and maintaining adequate internal control over our financial
reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934. Our internal control
system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes, in accordance with generally accepted accounting principles in the United States. Because of
inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</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">Our management, including our principal executive officer and
principal accounting officer, conducted an evaluation of the effectiveness of our internal control over financial reporting using
the criteria in Internal Control&nbsp;&mdash;&nbsp;Integrated Framework set forth by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO) for the year ended December 31, 2015.</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">During the course of our evaluation of our internal control
over financial reporting, we advised the Audit Committee of our Board of Directors that we identified no material weakness as defined
under standards established by the Public Company Accounting Oversight Board (United States). A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that
a material misstatement of the Company&rsquo;s annual or interim financial statements will not be prevented or detected on a timely
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on its evaluation, management has concluded that, as of
December 31, 2015, our internal control over financial reporting was effective based on the criteria established in Internal Control-Integrated
Framework issued by COSO.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of the Independent Registered Public Accounting Firm
- </B>This Annual Report on Form 10-K does not include an attestation report of the Company&rsquo;s registered public accounting
firm regarding internal control over financial reporting. Management&rsquo;s report is not subject to attestation by the Company&rsquo;s
registered public accounting firm pursuant to rules of the SEC that permit smaller reporting companies like us to provide only
management&rsquo;s report in this Annual Report on Form 10-K.</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"><B>Changes In Internal Control Over Financial Reporting - </B>There
were no changes in our internal control over financial reporting during the fourth quarter of 2015 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: #0000CC">&nbsp;&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Form 10-Q
for the Quarterly Period Ended March 31, 2016</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Evaluation of Disclosure Controls and
Procedures</B></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">Under the supervision and with the participation of our management
and consultants, including the Executive Chairman (our principal executive officer) and Vice President Finance (our principal accounting
officer), we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures
(&ldquo;Disclosure Controls and Procedures&rdquo;), as such term is defined in&nbsp;Exchange Act Rules 13a-15(e) and&nbsp;15d-15(e)
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), as of March 31, 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"><B>Conclusion of Evaluation</B>&mdash;Based on this Disclosure
Controls and Procedures evaluation, the Executive Chairman and Chief Accounting Officer concluded that our Disclosure Controls
and Procedures as of March 31, 2016 were effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes In Internal Control Over Financial Reporting - </B>There
were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2016 that have
materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; color: #0000CC">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Form 10-Q
for the Quarterly Period Ended June 30, 2016</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Evaluation of Disclosure Controls and
Procedures</B></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">Under the supervision and with the participation of our management
and consultants, including the Executive Chairman (our principal executive officer) and Vice President Finance (our principal accounting
officer), we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures
(&ldquo;Disclosure Controls and Procedures&rdquo;), as such term is defined in&nbsp;Exchange Act Rules 13a-15(e) and&nbsp;15d-15(e)
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), as of June 30, 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"><B>Conclusion of Evaluation</B>&mdash;Based on this Disclosure
Controls and Procedures evaluation, the Executive Chairman and Chief Accounting Officer concluded that our Disclosure Controls
and Procedures as of June 30, 2016 were effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes In Internal Control Over Financial Reporting - </B>There
were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2016 that have
materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.</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: center; text-indent: 0in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; color: #0000CC">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Form 10-Q
for the Quarterly Period Ended September 30, 2016</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Evaluation of Disclosure Controls and
Procedures</B></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">Under the supervision and with the participation of our management
and consultants, including the Executive Chairman (our principal executive officer) and Vice President Finance (our principal accounting
officer), we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures
(&ldquo;Disclosure Controls and Procedures&rdquo;), as such term is defined in&nbsp;Exchange Act Rules 13a-15(e) and&nbsp;15d-15(e)
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), as of September 30, 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion of Evaluation</B>&mdash;Based on this Disclosure
Controls and Procedures evaluation, the Executive Chairman and Chief Accounting Officer concluded that our Disclosure Controls
and Procedures as of September 30, 2016 were effective.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes In Internal Control Over Financial Reporting - </B>There
were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2016 that
have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.</P>

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