<SEC-DOCUMENT>0000950103-17-007596.txt : 20171013
<SEC-HEADER>0000950103-17-007596.hdr.sgml : 20171013
<ACCEPTANCE-DATETIME>20170803151905
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-17-007596
CONFORMED SUBMISSION TYPE:	DRS/A
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20170803
<PUBLIC-REL-DATE>20171013
DATE AS OF CHANGE:		20170818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fireman B.V.
		CENTRAL INDEX KEY:			0001708688
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-01604
		FILM NUMBER:		171004560

	BUSINESS ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745
		BUSINESS PHONE:		49 3641 508180

	MAIL ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS/A
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As confidentially submitted to the
Securities and Exchange Commission on August <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3, 2017,
as </FONT></B> <BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment No. 1 to the confidential submission.
</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">SECURITIES
AND EXCHANGE COMMISSION&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">FORM F-1&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">Fireman B.V.<SUP>&dagger;</SUP>&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name
of Registrant as Specified in Its Charter)</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&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">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>The Netherlands</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2834</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of<BR>
    Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Winzerlaer Str. 2</B><BR>
<B>07745 Jena, Germany</B><BR>
<B>(+49) 3641 508180</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Address,
                                         Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s
                                         Principal Executive Offices)</FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"> &nbsp; </TD>
    <TD STYLE="width: 33%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Cogency
                                         Global Inc.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>10 E 40th Street, 10th floor</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>New York, New York 10016</B> </P>

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

<P STYLE="margin: 0pt 0"> +1 (800) 221-0102 </P>

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


</TD>
    <TD STYLE="width: 33%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-size: 10pt">(Name,
                                         Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For
                                         Service)</FONT> </P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </P></TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></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 COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><I>Copies to:</I></B></TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sophia Hudson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deanna L. Kirkpatrick</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></B><BR>
        <B>450 Lexington Avenue</B><BR>
        <B>New York, New York 10017</B><BR>
        <B>(212) 450-4000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Petra Zijp</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NautaDutilh N.V.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beethovenstraat 400</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1082 PR Amsterdam </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Netherlands</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+31 20 717 1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arthur R. McGivern</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><B>Mitchell S. Bloom</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Goodwin Procter LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Northern Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, Massachusetts</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 570-1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of
proposed sale to the public</B>: As soon as practicable after the effective date of this Registration Statement.</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"><FONT STYLE="font-size: 10pt">If any of
the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></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"><FONT STYLE="font-size: 10pt">If this form
is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">__________</FONT></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"><FONT STYLE="font-size: 10pt">If this form
is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT>
<FONT STYLE="font-size: 10pt">__________</FONT></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"><FONT STYLE="font-size: 10pt">If this form
is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT>
<FONT STYLE="font-size: 10pt">__________</FONT></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">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</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"><FONT STYLE="font-size: 10pt">Emerging
growth company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9746;</FONT><FONT STYLE="font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger;
provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></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">&dagger; The term &ldquo;new or revised
financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Title Of Each Class<BR>
Of Securities To Be Registered</TD>
    <TD STYLE="width: 24%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Proposed Maximum Aggregate Offering Price(1)</TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Amount Of<BR>
Registration Fee(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; font-size: 10pt">Common Shares, nominal value &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share&#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; font-size: 10pt">$&#9;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 10pt">$&#9;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities
Act of 1933, as amended. Includes the offering price of additional shares that the underwriters have the option to purchase solely
to cover overallotments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Calculated pursuant to Rule 457(o) under the Securities Act of 1933, as amended, based on an estimate of the proposed maximum
aggregate offering price.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding: 0in 0in 1pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>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.</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&dagger;</TD><TD STYLE="text-align: justify">We intend to convert the legal form of our company under Dutch law from a private company with
limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) to a public company with limited liability (<I>naamloze
vennootschap</I>) and to change our name from Fireman B.V. to InflaRx N.V. prior to the consummation of this offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>

</DIV>



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

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

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

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

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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Red">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Red">The information in this
prospectus is not complete and may be changed. We may not sell 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 we are not soliciting
offers to buy these securities in any state where the offer</FONT></P>

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

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>Subject to completion, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Prospectus</FONT> <FONT STYLE="font-size: 18pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><B><I>Shares</I></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_006.jpg" ALT="InflaRx GmbH" STYLE="height: 122px; width: 395px"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fireman B.V.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Shares</I><BR>
<BR>
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fireman B.V., a Dutch private company with limited liability
(<I>besloten vennootschap met beperkte aansprakelijkheid</I>), is offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares. This is our initial public offering and no public market exists for our common shares. We anticipate that the initial
public offering price will be between $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share.</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">We intend to apply to list our common shares on The NASDAQ Global
Market under the symbol &ldquo;IFRX&rdquo;. We are both an &ldquo;emerging growth company&rdquo; and a &ldquo;foreign private issuer&rdquo;
as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. See
&ldquo;Prospectus summary&mdash;Implications of being an emerging growth company and a foreign private issuer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 65%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2pt; padding-left: 3pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Per
        Share&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 17%; padding-right: 2pt; padding-left: 3pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Total&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Public offering price&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Underwriting discounts and commissions(1)&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Proceeds to InflaRx before expenses&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</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">(1) We have agreed to reimburse the underwriters for certain
FINRA-related expenses. See &ldquo;Underwriting.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx has granted the underwriters an option for a period
of 30 days from the date of this prospectus to purchase an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares to cover overallotments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Investing in our common shares
involves risks. See &ldquo;Risk factors&rdquo; beginning on page 11.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</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 underwriters expect to deliver the shares to purchasers
on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 through the book-entry facilities of The Depository Trust Company.</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 34%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>Leerink Partners</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>BMO Capital Markets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</P>

<P STYLE="margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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



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

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

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

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

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

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



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

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

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

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

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

<DIV STYLE="float: left; width: 48%">

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

<P STYLE="margin: 0"></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> &nbsp; </TD>
    <TD STYLE="text-align: right"> <U>Page</U> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%"> About This Prospectus </TD>
    <TD STYLE="width: 6%; text-align: right"> 1 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Presentation of Financial Information </TD>
    <TD STYLE="text-align: right"> 1 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Trademarks </TD>
    <TD STYLE="text-align: right"> 1 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Prospectus Summary </TD>
    <TD STYLE="text-align: right"> 2 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> The Offering </TD>
    <TD STYLE="text-align: right"> 8 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Summary Consolidated Historical and Other Financial Information </TD>
    <TD STYLE="text-align: right"> 10 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Risk Factors </TD>
    <TD STYLE="text-align: right"> 12 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Special Note Regarding Forward-Looking Statements </TD>
    <TD STYLE="text-align: right"> 63 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Industry And Other Data </TD>
    <TD STYLE="text-align: right"> 65 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Use of Proceeds </TD>
    <TD STYLE="text-align: right"> 66 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Dividend Policy </TD>
    <TD STYLE="text-align: right"> 67 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Corporate Reorganization </TD>
    <TD STYLE="text-align: right"> 68 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Capitalization </TD>
    <TD STYLE="text-align: right"> 70 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Dilution </TD>
    <TD STYLE="text-align: right"> 72 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Exchange Rates </TD>
    <TD STYLE="text-align: right"> 74 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Selected Consolidated Financial Data </TD>
    <TD STYLE="text-align: right"> 75 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations </TD>
    <TD STYLE="text-align: right; vertical-align: bottom"> 76 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Business </TD>
    <TD STYLE="text-align: right"> 84 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Management </TD>
    <TD STYLE="text-align: right"> 115 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Certain Relationships and Related Party Transactions </TD>
    <TD STYLE="text-align: right"> 120 </TD></TR>
</TABLE>


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

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

</DIV>

<DIV STYLE="float: right; width: 48%"><P STYLE="margin: 0"> &nbsp; </P>

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

<P STYLE="margin: 0"></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> &nbsp; </TD>
    <TD STYLE="text-align: right"> <U>Page</U> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%"> Principal Shareholders </TD>
    <TD STYLE="width: 6%; text-align: right"> 121 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Description of Share Capital and Articles of Association </TD>
    <TD STYLE="text-align: right"> 123 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Material U.S. Federal Tax Considerations for U.S. Holders of Common Shares </TD>
    <TD STYLE="text-align: right"> 138 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Dutch Tax Considerations </TD>
    <TD STYLE="text-align: right"> 142 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> German Tax Considerations </TD>
    <TD STYLE="text-align: right"> 146 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Shares Eligible for Future Sale </TD>
    <TD STYLE="text-align: right"> 154 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Underwriting </TD>
    <TD STYLE="text-align: right"> 156 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Expenses Of The Offering </TD>
    <TD STYLE="text-align: right"> 163 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Legal Matters </TD>
    <TD STYLE="text-align: right"> 163 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Experts </TD>
    <TD STYLE="text-align: right"> 163 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Enforcement of Judgments </TD>
    <TD STYLE="text-align: right"> 164 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Where You Can Find More Information </TD>
    <TD STYLE="text-align: right"> 166 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Index to Consolidated Financial Statements </TD>
    <TD STYLE="text-align: right"> F-1 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Notes to the Consolidated Financial Statements </TD>
    <TD STYLE="text-align: right">F-1</TD></TR>
</TABLE>


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

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

</DIV>

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

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

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



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the underwriters have not authorized
anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing
prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may provide you. We are offering to sell, and seeking offers to buy, common shares only in
jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date
of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the common shares. Our business, financial
condition, results of operations and prospects may have changed since the date on the front cover of this prospectus.</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">For investors outside the United States:
Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus
in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States
who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering
of our common shares and the distribution of this prospectus outside the United States.</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">Under the rules of the U.S.
Securities and Exchange Commission, or SEC, we are currently eligible for treatment as a &ldquo;foreign private
issuer.&rdquo; As a foreign private issuer, we will not be required to file periodic reports and financial statements with
the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange
Act of 1934, as amended, or the Exchange Act.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">About This
Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the completion of this offering,
we will engage in a corporate reorganization described under &ldquo;Corporate reorganization,&rdquo; pursuant to which Fireman
B.V., a newly incorporated holding company, which will not have conducted any operations (except for activities incidental to its
incorporation, the corporate reorganization and the initial public offering of our common shares) and will not have had any assets
or liabilities, including contingent liabilities, prior to this offering, will become the sole owner of all shares in InflaRx GmbH,
the operating company. Immediately prior to the consummation of this offering, we intend to convert Fireman B.V. into InflaRx N.V.
Unless otherwise indicated or the context otherwise requires, all references in this prospectus to &ldquo;InflaRx GmbH,&rdquo;
&ldquo;Fireman B.V.,&rdquo; &ldquo;InflaRx N.V.,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;ours,&rdquo;
&ldquo;us&rdquo; or similar terms refer to (i) InflaRx GmbH and its subsidiary prior to the completion of the exchange of all of
the equity interests of InflaRx GmbH for newly issued common shares of Fireman B.V., (ii) Fireman B.V. and its subsidiaries as
of the completion of the exchange of all of the equity interests of InflaRx GmbH for newly issued common shares of Fireman B.V.
and (iii) InflaRx N.V. and its subsidiaries after giving effect to the conversion of Fireman B.V. into InflaRx N.V., each of which
is expected to occur immediately prior to the consummation of this offering. See &ldquo;Corporate reorganization.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Presentation
of Financial Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We report under International Financial
Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. None of the financial statements
were prepared in accordance with generally accepted accounting principles in the United States. We present our consolidated financial
statements in euros and in accordance with IFRS. We have made rounding adjustments to some of the figures included in this prospectus.
Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded
them.</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">In this prospectus, translations from U.S.
dollars to euros (and vice versa):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>relating to payments made on or before December 31, 2016 were made at the rate in effect at the time of the relevant payment;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>relating to future payments were made at a rate of $1.05 to &euro;1.00, the official exchange rate quoted as of December 31,
2016 by the European Central Bank.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &ldquo;$&rdquo; or &ldquo;dollar&rdquo;
refer to U.S. dollars, and the terms &ldquo;&euro;&rdquo; or &ldquo;euro&rdquo; refer to the currency introduced at the start of
the third stage of European economic and monetary union pursuant to the treaty establishing the European Community, as amended.
Unless otherwise indicated, all references to currency amounts in this prospectus are in euros.</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">This prospectus contains the historical
financial statements and other financial information of InflaRx GmbH, which is expected to be acquired by Fireman B.V. prior to
the consummation of this offering. Fireman B.V.&rsquo;s common shares are being offered hereby. Fireman B.V. is a newly incorporated
holding company incorporated for the purpose of effecting the offering and has not engaged in any activities except those incidental
to its formation, the corporate reorganization and the initial public offering of our common shares. Following the transactions
described under &ldquo;Corporate reorganization&rdquo; and the consummation of this offering, the historical financial statements
of Fireman B.V. will be retrospectively adjusted to include the historical financial results of InflaRx GmbH for all periods presented.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">InflaRx<SUP>&trade;</SUP> is our trademark.
The trademarks, trade names and service marks appearing in this prospectus are property of their respective owners. Solely for
convenience, the trademarks and trade names in this prospectus are referred to without the symbols <SUP>&reg;</SUP> and &trade;,
but such references should not be construed as any indication that their respective owners will not assert, to the fullest extent
under applicable law, their rights thereto.</P>

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


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary highlights information
contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before deciding
to invest in our common shares. You should read this entire prospectus carefully, including the &ldquo;Risk factors&rdquo; section
and the consolidated financial statements and the related notes to those statements appearing at the end of this prospectus, before
making an investment decision.</I></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-align: justify"><B>Overview</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; text-align: justify; text-indent: 0.25in"> We are a clinical-stage
biopharmaceutical company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class, potent
and specific inhibitors of C5a. C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune
and other inflammatory diseases. Our lead product candidate, IFX-1, is a novel intravenously delivered first-in-class anti-C5a
monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability
in multiple clinical settings. We are developing IFX-1 for the treatment of Hidradenitis Suppurativa, or HS, a rare and chronic
debilitating systemic inflammatory skin disease. Beyond HS, we intend to develop IFX-1 and other proprietary antibodies to address
a wide array of complement-mediated diseases with significant unmet medical needs, including ANCA-associated vasculitis, or AAV,
a rare and life-threatening autoimmune disease. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In an interim analysis
of our Phase IIa trial of IFX-1 in patients with severe HS, 75% of HS patients demonstrated a therapeutic response after only eight
weeks of treatment, with no drug-related serious adverse events detected. The trial was open-label and enrolled 12 HS patients
classified as Hurley stage 3, the most severe classification. All 12 patients had failed to respond to prior treatment attempts,
including adalimumab, to which nine out of the 12 patients failed to respond (based on interim results). Adalimumab, an inhibitor
of tumor necrosis factor-alpha, or TNF-alpha, is the only approved HS therapy in the United States and Europe. We plan to initiate
a Phase IIb clinical trial with IFX-1 for HS in the first quarter of 2018.</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">C5a is a central
part of the complement system and a critical component of the innate immune system. Its most prominent role is to help the
body defend itself against invading microorganisms through several mechanisms, including the rapid creation of an
inflammatory environment and the production of factors that directly kill pathogens and recruit immune cells to sites of
infection. Activation of the complement system ultimately results in the cleavage of C5, which leads to the generation of C5a
and C5b. C5a creates an inflammatory environment by attracting and strongly activating neutrophils as well as by causing many
different cell types to generate pro-inflammatory molecules. Such inflammation normally benefits the body by helping to fight
infection, but excessive or uncontrolled generation of C5a can cause severe damage to the body&rsquo;s own tissue, thereby
contributing to the pathophysiology of many autoimmune and inflammatory diseases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While the mode of
action of C5a in inflammation has been intensely researched and confirmed, developing a highly specific antibody with the ability
to fully block C5a while preserving a critical innate defense mechanism, the formation of the Membrane Attack Complex, or MAC,
has been challenging. Our discovery of a novel epitope, or binding site, on C5a allowed us to overcome this challenge. Our lead
product candidate, IFX-1, delivers a complete inhibition of C5a-induced biological effects while leaving MAC formation intact.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The figure below summarizes
key information about our current pipeline of product candidates:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: black">
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">PROGRAM</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">PRE-CLINICAL</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">PHASE I</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">PHASE
    II</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">PHASE III</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">MARKETED</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">CURRENT STATUS</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">NEXT MILESTONE</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="5" STYLE="border-right: #F2F2F2 1pt solid; background-color: black; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">IFX-1</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: #595959; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white">Hidradenitis Suppurativa (HS)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><P STYLE="margin: 0pt 0"> Completed open-label Phase IIa trial (last patient&rsquo;s
                                         last visit complete) </P>

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


</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIb in first quarter of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white">ANCA-associated Vasculitis (AAV)</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Preparing pre-IND submission to commence Phase II studies</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase II in first half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white">Other chronic / </FONT><BR>
<FONT STYLE="font-size: 10pt; color: white">Autoimmune disease</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Selecting indications for target product profile development</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIa in second half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: #F2F2F2 1pt solid; background-color: black; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White">IFX-2</FONT></TD>
    <TD STYLE="background-color: #595959; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Chronic inflammation and autoimmune diseases</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Developing as injectable with longer half-life than IFX-1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Enter clinic for chronic inflammatory disease</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 53px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 18px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 55px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 17px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 26px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 89px; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>

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

</DIV>

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

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

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<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; text-align: justify"><B>Our proprietary anti-C5a technology</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; text-align: justify; text-indent: 0.25in">Despite C5a&rsquo;s
well-characterized role in promoting inflammation and related tissue and organ damage in different diseases, no marketed drug targeting
C5a exists. We discovered a conformational epitope on the surface of C5a, which allows us to generate antibodies that specifically
block free C5a while keeping MAC formation intact. We believe that this represents a breakthrough in the field of terminal complement
C5a inhibition. This specificity may be particularly valuable when treating diseases that are driven by C5a, such as HS and AAV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_015.jpg" ALT="" STYLE="height: 293px; width: 483px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">A conformational
epitope on the surface of the C5a molecule allows for generation of highly specific blocking antibodies directed against C5a.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that blocking
C5 upstream of C5a may inadequately block C5a formation. Our research has shown that C5a can be cleaved off from C5 by naturally
occurring enzymes that are not part of the complement system even in the presence of a C5 inhibitor. Additionally, C5 inhibitors
block C5b, which disrupts MAC formation, leaving patients susceptible to life-threatening infections.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that with
our proprietary anti-C5a technology, we block the complement system specifically at an advantageous focal point while preserving
its other beneficial functions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our programs</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; text-align: justify"><B><I>IFX-1 for Hidradenitis Suppurativa</I></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; text-align: justify; text-indent: 0.25in">Our lead product
candidate, IFX-1, is a novel intravenously delivered anti-C5a monoclonal antibody in development for HS, a chronic debilitating
systemic skin disease which results in painful inflammation of the hair follicles, most notably in the armpit, groin and
genitalia regions. The disease is characterized by painful inflammatory nodules, boils and abscesses, as well as draining
fistulas, often requiring the use of bandages and diapers to absorb the constant flow of pus, thus adversely affecting
quality of life. The target patient population for IFX-1 is HS patients</P>

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

</DIV>

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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">displaying a moderate to severe form of the disease. In the United States, this disease has orphan designation,
where we estimate that moderate to severe HS has a prevalence of up to 200,000 patients.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The standard of care for HS patients includes topical, oral and intravenous antibiotics, as well as surgery,
which at best only provide symptomatic relief. Currently, the only approved drug to treat HS in the United States and in Europe
is adalimumab, an inhibitor of TNF-alpha. Combined r<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">esults
from the two pivotal adalimumab trials, which enrolled a total of 633 patients, showed that approximately 50% of the 316 patients
who were treated with adalimumab achieved a response in the Hidradenitis Suppurativa clinical response score, or HiSCR, while approximately
27% of the 317 patients who received placebo achieved a HiSCR response, in each case at the end of a 12-week treatment period.
The HiSCR is the primary endpoint that was used to support regulatory approval by the U.S. Food and Drug Administration, or FDA,
and the European Medicines Agency, or EMA, of adalimumab for the treatment of HS patients. Patients are considered to be HiSCR
responders when they achieve a 50% or higher reduction of the combined abscess and nodule, or AN, count from baseline, but at the
same time show no increase of the abscess or draining fistula count from baseline. Despite having demonstrated a clinical benefit,
approximately 50% or more of the patients with moderate to severe HS do not respond to adalimumab, thus a high unmet need remains.
</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have demonstrated
that HS patients have significant complement activation, with C5a playing a key disease promoting role. Based on an interim analysis
of our open-label Phase IIa clinical trial which showed responses based on the same HiSCR endpoint, IFX-1 may have the potential
to provide significant clinical benefit to moderate to severe HS patients. In this trial, IFX-1 was evaluated in a single center
open-label study in 12 patients who were diagnosed with Hurley stage 3 and had failed to respond to prior treatment attempts, including
adalimumab, to which nine out of the 12 patients failed to respond based on interim results. The Hurley system is a classification
system used to characterize the disease from early and easier to-treat forms of HS in Hurley stage 1 to the chronic and difficult
to treat forms in Hurley stages 2 and 3. Patients received weekly intravenous injections of IFX-1 for eight consecutive weeks and
were subject to follow up for three months thereafter. An interim analysis demonstrated a HiSCR response at the end of eight weeks
of treatment in 75% of patients, demonstrating initial clinical evidence of the product candidate&rsquo;s disease-modifying effect.
While IFX-1 is a novel antibody whose potential therapeutic benefit is unproven, we believe our results in these very ill, refractory
HS patients highlight the novel mechanism of action and the commercial potential of IFX-1, if approved.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> In addition, the
interim analysis revealed that weekly injections of IFX-1 resulted in significantly reduced C5a levels at 22 days and 50 days
following the start of treatment while leaving MAC formation intact. The interim results also demonstrated that IFX-1 administration
was well tolerated, with no drug-related serious adverse events detected. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on these results,
we are currently planning to submit an application for an orphan drug designation with the FDA, and hold a pre-IND meeting with the FDA in the third quarter of 2017 to discuss a larger multi-center international Phase
IIb study in HS patients. We expect to initiate this trial in the first quarter of 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>IFX-1 for ANCA-associated Vasculitis</I></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; text-align: justify; text-indent: 0.25in"> We are also developing
IFX-1 for AAV, a rare life threatening autoimmune disease that affects approximately 40,000 and 75,000 patients in the United
States and Europe, respectively. A <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recently conducted
study of Chemocentryx, Inc.&rsquo;s CCX168, an antagonist to the C5a receptor, or C5aR, demonstrated a proof of concept for the
role of the C5a/C5aR signaling axis in AAV patients, providing evidence that inhibition of the C5a pathway may be beneficial in
treatment of the disease. See &ldquo;Business&mdash;Additional indications for IFX-1&mdash;ANCA-associated Vasculitis.&rdquo;
We intend to initiate an international clinical trial with IFX-1 in AAV patients in the first half of 2018, and we plan to seek
orphan drug designation in the United States and Europe.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our strategy </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; text-align: justify; text-indent: 0.25in">Our goal is to maintain
and further advance our leadership position within the anti-C5a complement space, delivering first-in-class therapies to market.
To achieve our goal, we are executing on the following strategies:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Advance our lead program IFX-1 for HS to commercialization.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Commence Phase II clinical development of IFX-1 for AAV&nbsp;and other complement-mediated autoimmune and inflammatory diseases.&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Pursue the clinical development of our follow on anti-C5a monoclonal antibody IFX-2 and continue to expand the breadth of our
anti-C5a technology.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Commercialize IFX-1, if approved, either independently or in collaboration with a partner.</TD></TR></TABLE>

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

</DIV>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Solidify our leadership position in the anti-C5a space by leveraging the full potential of our proprietary anti-C5a technology
and expertise in complement and inflammation.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business is subject to a number of
risks of which you should be aware before making an investment decision. These risks are discussed more fully in the &ldquo;Risk
factors&rdquo; section of this prospectus immediately following this Prospectus summary. These risks include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we have a history of significant operating losses and expect to incur significant and increasing losses for the foreseeable
future and we will need substantial additional funding and may never achieve or maintain profitability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>clinical testing for any product candidate is expensive, difficult to design and implement, can take many years to complete,
including due to timing of any submission of filings for regulatory approval, and is inherently uncertain as to outcome;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>clinical failure may occur at any stage of clinical development, success in preclinical testing and early clinical trials does
not ensure that later clinical trials will be successful and the results of any of our clinical trials may not support our proposed
indications for our product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we are heavily dependent on the success of IFX-1, our lead product candidate, and if IFX-1 does not receive regulatory approval
or is not successfully commercialized, our business will be harmed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we may be unable to leverage our proprietary anti-C5a technology to discover and develop therapies to treat autoimmune and
inflammatory diseases;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>it is difficult and costly to protect our intellectual property and our proprietary anti-C5a technology and we may not be able
to ensure their protection;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we face substantial competition, which may result in others discovering, developing or commercializing products before or more
successfully than we do, and reducing or eliminating our commercial opportunity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our product candidates may cause or be perceived to cause undesirable side effects or have other properties that could delay
or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences
following marketing approval, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product
candidates or indications that may be more profitable or for which there is a greater likelihood of success; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we have broad discretion in the use of the net proceeds from this offering and may invest or spend the proceeds in ways with
which you do not agree and in ways that may not yield a return on your investment.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate reorganization</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; text-indent: 0.25in">We were incorporated pursuant to the laws
of the Netherlands as Fireman B.V. in June 2017 to become a holding company for InflaRx GmbH. Pursuant to the terms of a corporate
reorganization that will be completed prior to the consummation of this offering, all of the equity interests in InflaRx GmbH will
be exchanged for newly issued common shares of Fireman B.V. and, as a result, InflaRx GmbH will become a wholly owned subsidiary
of Fireman B.V. and the current shareholders of InflaRx GmbH will become the shareholders of Fireman B.V. Immediately prior to
the consummation of this offering, we intend to convert from Fireman B.V. into InflaRx N.V. See &ldquo;Corporate reorganization.&rdquo;</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: 0in"><B>Implications of being an emerging growth
company and a foreign private issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take
advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies.
These provisions include:</P>

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

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>inclusion of only two years of audited financial statements in addition to any required unaudited interim financial statements
with correspondingly reduced &ldquo;Management&rsquo;s discussion and analysis of financial condition and results of operations&rdquo;
disclosure in the registration statement for our initial public offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>an exception from compliance with the auditor attestation requirements of Section 404 of the Sarbanes Oxley Act of 2002, as
amended, or the Sarbanes-Oxley Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>reduced disclosure about our executive compensation arrangements in our periodic reports and registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may take advantage of these provisions
for up to five years or such earlier time that we cease to qualify as an emerging growth company. We would cease to qualify as
an emerging growth company (i) upon the last day of the fiscal year (A) in which we had more than $1.07 billion in annual revenue,
or (B) we are deemed to be a &ldquo;large accelerated filer&rdquo; under the rules of the SEC, which means the market value of
our common shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, or (ii) we issue more than $1.0
billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced
reporting requirements. To the extent that we take advantage of these reduced reporting requirements, the information that we provide
stockholders may be different than you might obtain from other public companies in which you hold equity interests.</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">In addition, under the JOBS Act, emerging
growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able to avail
ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant
dates on which adoption of such standards is required by the IASB.</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">Upon completion of this offering, we will
report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging
growth company, as long as we qualify as a foreign private issuer under the Exchange Act we will be exempt from certain provisions
of the Exchange Act that are applicable to U.S. domestic public companies, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security
registered under the Exchange Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities
and liability for insiders who profit from trades made in a short period of time; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial
and other specific information, or current reports on Form 8-K, upon the occurrence of specified significant events.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Both foreign private issuers and emerging
growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer
qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent
compensation disclosures required of companies that are not emerging growth companies and will continue to be permitted to follow
our home country practice on such matters.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate information</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; text-indent: 0.25in">Our principal executive offices are located
at Winzerlaer Str. 2, 07745 Jena, Germany and our telephone number is (+49) 3641 508180. Our website is www.inflarx.com.
The information contained in, or accessible through, our website is not incorporated into this prospectus or the registration statement
of which it forms a part.</P>

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

</DIV>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Common shares offered&#9;</TD>
    <TD STYLE="width: 50%; padding-top: 5pt; padding-bottom: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Common shares to be outstanding immediately after this offering&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Overallotment option to purchase additional shares &#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">The underwriters have a 30-day option to purchase a maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional common shares from us at the public offering price, less underwriting discounts and commissions, on the same terms as set forth in this prospectus to cover overallotments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Use of proceeds&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We estimate that the net proceeds from the sale of
        the common shares in this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million,
        or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the
        underwriters exercise their overallotment option in full, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        per common share (the midpoint of the range set forth on the cover page of this prospectus), after deducting estimated underwriting
        discounts and commissions and estimated offering expenses.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We intend to use the net proceeds from this offering,
        together with cash and cash equivalents on hand, to <FONT STYLE="background-color: white">conduct a Phase IIb clinical trial for
        IFX-1 in HS patients and a Phase II clinical trial for IFX-1 in AAV patients, and the remainder to fund other research and development
        activities, including to complete </FONT>the preclinical development of IFX-2 as an injectable therapy, to explore additional indications
        for IFX-1 and to initiate later stage clinical trials of IFX-1 for HS and AAV, as well as for working capital and other general
        corporate purposes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">See &ldquo;Use of proceeds.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Risk factors&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">See &ldquo;Risk factors&rdquo; beginning on page 11  and the other
    information included in this prospectus for a discussion of factors you should consider carefully before deciding to invest
    in our common shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Proposed NASDAQ&nbsp;&nbsp;Global Market symbol&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&ldquo;IFRX&rdquo;</TD></TR>
</TABLE>
<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">Unless otherwise stated, in this prospectus,
the number of our common shares to be outstanding after this offering is based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares (including preferred shares on an as-converted basis) outstanding as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017, which (i) gives effect to the corporate reorganization and includes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares to be issued and sold by us in this offering and (ii) excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>14,603 of our common shares issuable upon the exercise of options outstanding as of
                                                                                                               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 (i) under our Stock Option Plan 2016 Terms
                                                                                                               and
                                                                                                               Conditions, which we refer to as the 2016 Plan, at a weighted average exercise price of
                                                                                                               &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share and (ii)
                                                                                                               granted in connection with the Company&rsquo;s Series B financing, all of which options have vested as of December 31, 2016,
                                                                                                               in each case after giving effect to the corporate reorganization.</TD></TR></TABLE>

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

</DIV>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>11,223&nbsp;of our common shares covered by additional awards available for issuance under the 2016 Plan prior to the completion
of this offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares covered by awards available for issuance under our equity incentive plan to be adopted in conjunction with the consummation
of this offering, which we refer to as the 2017 Plan.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated, all information
contained in this prospectus also reflects and assumes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the completion, prior to the consummation of this offering, of our corporate reorganization, pursuant to which all of
                                                                                                                                the
                                                                                                                                equity interests of InflaRx GmbH will be exchanged for common shares of Fireman B.V., Fireman B.V. will convert into InflaRx
                                                                                                                                N.V. and the outstanding option awards, including those granted under the 2016 Plan will be converted into awards exercisable
                                                                                                                                for
                                                                                                                                common
                                                                                                                                shares of InflaRx N.V., each as further described under the section titled &ldquo;Corporate reorganization&rdquo;;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>no exercise of the options described above; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>no exercise of the overallotment option granted to the underwriters to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
common shares in connection with the offering.</TD></TR></TABLE>

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

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

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

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

</DIV>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Summary
Consolidated Historical and Other Financial Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following summary consolidated historical
and other financial information of InflaRx GmbH should be read in conjunction with the section entitled &ldquo;Management&rsquo;s
discussion and analysis of financial condition and results of operations&rdquo; and InflaRx GmbH&rsquo;s consolidated financial
statements, including the notes thereto, included elsewhere in this prospectus. Our historical results are not necessarily indicative
of the results that may be expected in the future.</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">The summary consolidated statement of financial
position data as of December 31, 2016 and 2015 and comprehensive loss data (except for the unaudited pro forma loss per share and
pro forma as adjusted information) for each of the years then ended are derived from the consolidated financial statements of InflaRx
GmbH included elsewhere in this prospectus, which have been audited by KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</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">We maintain our books and records in euros,
and we prepare our financial statements under IFRS as issued by the IASB.</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">Fireman B.V. is a newly formed holding
company formed for the purpose of effecting the offering and has not engaged in any activities except those incidental to its formation,
the corporate reorganization and the initial public offering of our common shares. Accordingly, summary financial information for
Fireman B.V. is not presented. Fireman B.V.&rsquo;s financial statement, including the notes thereto, are included elsewhere in
this prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Consolidated statement
    of comprehensive loss</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">For
    the year ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(in thousands of &euro;, except
    for share and per share data)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left"><FONT STYLE="font-size: 10pt">Other income/(expenses)&mdash;net&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Expenses:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Research and development
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,478</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5,278</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(438</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,844</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Loss before interest and income taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,782</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,891</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Finance costs&mdash;net&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Loss before income taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Income taxes&#9;&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Loss for the period&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Pro forma net loss per share (unaudited)<SUP>(1)</SUP>&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>The unaudited pro forma net loss per share data gives effect to the consummation of the corporate reorganization and is based
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares of
Fireman B.V. outstanding immediately prior to the consummation of this offering. The unaudited pro forma net loss per share basic
and diluted is the same due to our net loss in these periods. The pro forma information is presented for informational purposes
only and is not necessarily indicative of what our results would have been had the corporate reorganization actually occurred at
such date nor is it indicative of our future performance.</TD></TR></TABLE>

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

</DIV>

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


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The following table presents
our summary statement of financial position  as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>on an actual basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>on an unaudited pro forma as adjusted basis to give effect to the corporate reorganization and to the issuance and sale of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares in this offering
at an assumed initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated underwriting
discounts and commissions and offering expenses payable by us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Consolidated statement
    of financial position data</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Actual</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Pro
    forma as adjusted</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(in thousands of &euro;)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">29,117</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total assets&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,518</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total liabilities&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55,207</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total equity&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(25,689</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Each $1.00 increase (decrease) in the assumed
initial public offering price per common share, which is the midpoint of the price range set forth on the cover page of this prospectus,
would increase (decrease) our pro forma as adjusted cash and cash equivalents, total assets, total liabilities and total equity,
by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, assuming that the number of common shares offered by us, as set forth on the cover page of this prospectus, remains the
same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly,
each increase (decrease) of 1.0 million shares offered by us at the assumed initial public offering price would increase (decrease)
each of cash and cash equivalents, total assets, total liabilities and total equity by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">U.S. dollar amounts have been translated into
euros at a rate of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &euro;1.00, the exchange rate quoted as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 by the European Central
Bank. The pro forma as adjusted information is presented for informational purposes only and is not necessarily indicative of what
our results would have been had these transactions actually occurred as of such date nor is it indicative of our future performance.</P>

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

</DIV>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>You should carefully consider the following
risks and all of the other information set forth in this prospectus before deciding to invest in our common shares. If any of the
following risks actually occurs, our business, financial condition or results of operations would likely suffer. In such case,
the trading price of our common shares could decline, and you may lose all or part of your investment.</I></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 0pt 11pt; text-indent: -11pt"><B>Risks related to our financial
position and need for additional capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a history of significant operating losses and
expect to incur significant and increasing losses for the foreseeable future; we may never achieve or maintain profitability and
investors may lose their entire investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
incurred net losses of &euro;4.9&nbsp;million and &euro;8.9&nbsp;million for the years ended December&nbsp;31, 2015 and 2016, respectively.
In addition, our accumulated deficit as of December&nbsp;31, 2016 was &euro;27.1 million. We expect our net losses to increase
as we advance IFX-1 into larger and later stage clinical trials. To date, we have not commercialized any products or generated
any revenues from the sale of products, and absent the realization of sufficient revenues from product sales, we may never attain
profitability. We have devoted substantially all of our financial resources and efforts to research and development, including
preclinical studies and clinical trials. Our net losses may fluctuate significantly from quarter to quarter and year to year. Net
losses and negative cash flows have had, and will continue to have, an adverse effect on our shareholders&rsquo; equity and working
capital.</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">We
anticipate that our expenses will increase substantially if and as we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>continue to develop and conduct clinical trials with respect to our lead product candidate, IFX-1, including in connection
with the initiation of our planned Phase II clinical trials of IFX-1 for HS and AAV;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>initiate and continue research, preclinical and clinical development efforts for any future product candidates, including IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>seek to identify additional product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>seek regulatory and marketing approvals for our product candidates that successfully complete clinical trials, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>establish sales, marketing, distribution and other commercial infrastructure in the future to commercialize various products
for which we may obtain marketing approval, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>require the manufacture of larger quantities of product candidates for clinical development and, potentially, commercialization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>collaborate with strategic partners to optimize the manufacturing process for IFX-1 and IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>maintain, expand and protect our intellectual property portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>hire and retain additional personnel, such as clinical, quality control and scientific personnel; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>add operational, financial and management information systems and personnel, including personnel to support our product development
and help us comply with our obligations as a public company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
ability to become and remain profitable depends on our ability to generate revenue. We do not expect to generate significant
revenue unless and until we are, or any future collaborator is, able to obtain marketing approval for, and successfully
commercialize, one or more of our product candidates. Successful commercialization will require achievement of key
milestones, including completing clinical trials of IFX-1 and any other product candidates, obtaining marketing approval for
these product candidates, manufacturing, marketing and selling those products for which we, or any of our future
collaborators, may obtain marketing approval, satisfying any post-marketing requirements and obtaining reimbursement for our
products from private insurance or government payors. Because of the uncertainties and risks associated with these
activities, we are unable to accurately predict the timing and amount of revenues, and if or when we might achieve
profitability. We and any future collaborators may never</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">succeed
in these activities and, even if we do, or any future collaborators do, we may never generate revenues that are large enough for
us to achieve profitability. Even if we do achieve profitability, we may not be able to sustain or increase profitability on a
quarterly or annual basis.</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: 0.25in">We expect our financial condition and operating
results to continue to fluctuate from quarter to quarter and year to year due to a variety of factors, many of which are beyond
our control. In order to succeed, we will need to transition from a company with a research and development focus to a company
capable of undertaking commercial activities. We may encounter unforeseen expenses, difficulties, complications and delays, and
may not be successful in such a transition.</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: 0.25in">Our
failure to become and remain profitable could depress the market price of our common shares and could impair our ability to raise
capital, pay dividends, expand our business, diversify our product offerings or continue our operations. If we continue to suffer
losses as we have in the past, investors may not receive any return on their investment and may lose their entire investment.</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"><B><I>We will need substantial additional funding, and if we
are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product discovery and development
programs or commercialization efforts.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Developing
pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and
uncertain process that takes years to complete. For example, in the years ended December&nbsp;31, 2015 and December&nbsp;31, 2016,
we used &euro;3.3 million and &euro;4.9 million, respectively, in net cash for our operating activities, most of which were related
to research and development activities. We expect our expenses to increase in connection with our ongoing activities, particularly
as we initiate new clinical trials of, initiate new research and preclinical development efforts for and seek marketing approval
for, our current product candidates or any future product candidates, including those that we may acquire. In particular, we will
incur significant expenses if and as we commence Phase II clinical trials of IFX-1 in HS and AAV and potentially clinical trials
in other indications. In addition, if we obtain marketing approval for any of our product candidates, we may incur significant
commercialization expenses related to product sales, marketing, manufacturing and distribution to the extent that such sales, marketing,
manufacturing and distribution are not the responsibility of a future collaborator. Furthermore, following the completion of this
offering, we expect to incur significant additional costs associated with operating as a public company. Accordingly, we will need
to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed
or on attractive terms, we may be forced to delay, reduce or eliminate our research and development programs or any future commercialization
efforts.</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">We
plan to use the net proceeds of this offering primarily to fund clinical development of IFX-1 for the treatments of HS and AAV,
and of other indications, and for working capital and other general corporate purposes. We will be required to expend significant
funds in order to advance the development of IFX-1, which remains in the early stages of clinical development, as well as other
product candidates we may seek to develop, including IFX-2. While we intend to focus on developing IFX-1 for HS and AAV, we are
also evaluating IFX-1 for a number of additional medical indications. As a result, although we may make substantial expenditures
on IFX-1 for such indications, we may cease development efforts on some or all of such indications prior to approval, if any. However,
any future development activities for our pipeline product candidates will depend heavily on the clinical and marketing success
of IFX-1 in any indication.</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">The net proceeds of this offering and
our existing cash and cash equivalents will not be sufficient to fund all of the efforts that we plan to undertake or to fund
the completion of development of any of our product candidates. Accordingly, we will be required to obtain further funding
through public or private equity offerings, debt financings, royalty-based financings, collaborations and licensing
arrangements or other sources. We do not have any committed external source of funds. Adequate additional financing may not
be available to us on acceptable terms, or at all. If we are unable to raise additional capital in sufficient amounts and on
terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of
IFX-1 or any of our other product candidates or potentially discontinue operations altogether. Our failure to raise capital
as and when needed would have a negative impact on our financial condition and our ability to pursue our business
strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
believe that the net proceeds from this offering, together with our existing cash and cash equivalents, will enable us to fund
our operating expenses and capital expenditure requirements through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . &nbsp;Changing circumstances, some of which may be beyond
our control, could cause us to consume capital significantly faster than we currently anticipate, and we may need to seek additional
funds sooner than planned. Our future funding requirements, both short-term and long-term, will depend on many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the scope, progress, timing, costs and results of clinical trials of, and research and preclinical development efforts for,
our current and future product candidates, particularly for IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the number of future product candidates and indications that we pursue and their development requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the outcome, timing and costs of seeking regulatory approvals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the costs of commercialization activities for any of our product candidates that receive marketing approval to the extent such
costs are not the responsibility of any future collaborators, including the costs and timing of establishing product sales, marketing,
distribution and commercial-scale manufacturing capabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the effect of competing technological and market developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>subject to receipt of marketing approval, revenue, if any, received from commercial sales of our current and future product
candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our ability to enter into, and the terms and timing of, any collaborations, licensing or other arrangements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our headcount growth and associated costs as we expand our research and development activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the costs of preparing, filing and prosecuting patent applications, maintaining and protecting our intellectual property rights
including enforcing and defending intellectual property related claims; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the costs of operating as a public company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Raising additional capital may cause dilution to our shareholders,
including purchasers of common shares in this offering, restrict our operations or require us to relinquish rights to our technologies
or product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
expect our expenses to increase in connection with our planned operations. To the extent that we raise additional capital through
the sale of common shares, convertible securities or other equity securities, your ownership interest may be diluted, and the terms
of these securities could include liquidation or other preferences and anti-dilution protections that could adversely affect your
rights as a common shareholder. In addition, debt financing, if available, may result in fixed payment obligations and may involve
agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt,
making capital expenditures, creating liens, redeeming shares or declaring dividends, that could adversely impact our ability to
conduct our business. In addition, securing financing could require a substantial amount of time and attention from our management
and may divert a disproportionate amount of their attention away from day-to-day activities, which may adversely affect our management's
ability to oversee the development of our product candidates.</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">If
we raise additional funds through collaborations or marketing, distribution or licensing arrangements with third parties, we may
have to relinquish valuable rights to our technologies, future revenue streams or product candidates or grant licenses on terms
that may not be favorable to us. If we are unable to raise additional funds when needed, we may be required to delay, limit, reduce
or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates
that we would otherwise prefer to develop and market ourselves.</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"><B><I>We have a limited operating history and no history of
commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We commenced operations in 2008. Our operations
to date have been limited to establishing our company, raising capital, developing our proprietary anti-C5a technology, identifying
and testing potential product candidates</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">and
conducting clinical trials of our lead product candidate, IFX-1. We have not yet demonstrated an ability to successfully conduct
late-stage clinical trials, obtain marketing approvals, manufacture a commercial-scale product, or arrange for a third party to
do so on our behalf, or conduct sales and marketing activities necessary for successful product commercialization. Accordingly,
you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered by companies
in the early stages of development, especially clinical-stage biopharmaceutical companies such as ours. Any predictions you make
about our future success or viability may not be as accurate as they could be if we had a longer operating history or a history
of successfully developing and commercializing pharmaceutical products.</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">We may encounter unforeseen expenses, difficulties,
complications, delays and other known or unknown factors in achieving our business objectives. We will eventually need to transition
from a company with a development focus to a company capable of supporting commercial activities. We may not be successful in such
a transition.</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">We expect our financial condition and operating
results to continue to fluctuate significantly from quarter to quarter and year to year due to a variety of factors, many of which
are beyond our control. Accordingly, you should not rely upon the results of any quarterly or annual periods as indications of
future operating performance.</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"><B><I>Exchange rate fluctuations or abandonment of the euro
currency may materially affect our results of operations and financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Potential future expense and revenue may
be incurred or derived from outside the European Union, particularly the United States. As a result, our business and share price
may be affected by fluctuations in foreign exchange rates between the euro and other currencies, particularly the U.S. dollar,
which may also have a significant impact on our reported results of operations and cash flows from period to period. Currently,
we do not have any exchange rate hedging arrangements in place. In addition, the abandonment of the euro by one or more members
of the European Union could lead to the re-introduction of individual currencies in one or more EU member states, or in more extreme
circumstances, the dissolution of the European Union. The effects on our business of the abandonment of the euro as a currency,
the exit of one or more EU member states from the European Union or a potential dissolution of the European Union, are impossible
to predict with certainty, and any such events could have a material adverse effect on our business, financial condition and results
of operations.</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 11pt; text-indent: -11pt"><B>Risks related to the discovery,
development and commercialization of our product candidates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are at a very early stage in our development efforts,
our approach of targeting C5a inhibition is novel and unproven and we may not be able to successfully develop and commercialize
any product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IFX-1 is a novel therapeutic antibody and
its potential therapeutic benefit is unproven. There is no approved therapy inhibiting C5a activation and, as a result, the regulatory
pathway for IFX-1 may present novel issues that could cause delays in development or approval. Our product candidates may not demonstrate
in patients any or all of the pharmacological benefits we believe they may possess. We have not yet succeeded and may never succeed
in demonstrating efficacy and safety for these or any other product candidates in pivotal clinical trials or in obtaining marketing
approval thereafter. For example, although we have evaluated IFX-1 in preclinical studies and in early-stage clinical trials, we
have not yet advanced IFX-1 into Phase&nbsp;III clinical development, nor have we obtained regulatory approval to sell any product
based on our therapeutic approaches. Positive results from our early-stage clinical trials are not necessarily predictive of the
results of our planned Phase IIb clinical trial of IFX-1 for HS. If we cannot replicate the positive results from our Phase I and
Phase IIa clinical trials in our Phase IIb and Phase III clinical trials, we may be unable to successfully develop, obtain regulatory
approval for and commercialize IFX-1 for HS.</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">C5a&nbsp;inhibition to treat
complement-mediated autoimmune and inflammatory diseases has not been validated. This is an unproven approach to the
treatment of HS, which is our lead indication for IFX-1, and of AAV. Accordingly, our focus on treating these diseases may
not result in the development of commercially viable products. In addition, our proprietary anti-C5a technology and focus on
exploring C5a inhibition may fail to result in the identification of viable additional product candidates in any indication.
If we are unsuccessful in our </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">development
efforts, we may not be able to advance the development of our product candidates, commercialize products, raise capital,
expand our business or continue our operations.</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"><B><I>We are heavily dependent on the success of IFX-1, our
lead product candidate, and if IFX-1 does not receive regulatory approval or is not successfully commercialized, our business will
be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have no products that are
approved for commercial sale and may never be able to develop marketable products. We expect that a substantial portion of our
efforts and expenditures over the next few years will be devoted to IFX-1, which is currently our only product candidate in active
clinical development. Accordingly, our business currently depends heavily on the successful development, regulatory approval and
commercialization of IFX-1. We cannot be certain that IFX-1 will receive regulatory approval or be successfully commercialized
even if we receive regulatory approval for any indication, due in part because IFX-1 remains in very early stages of clinical development,
and it may be years before we are in a position to seek regulatory approval for IFX-1 in any indication. Moreover, we may not be
successful in our efforts to expand the approval, if any, of IFX-1 for other indications. If we were required to discontinue development
of IFX-1 for any indication or if IFX-1 does not receive regulatory approval or fails to achieve significant market acceptance,
we would be delayed by many years in our ability to achieve profitability, if ever. &nbsp;In addition, our ability to develop additional
product candidates in our pipeline could be significantly hindered.&nbsp;</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"><B><I>Clinical failure may occur at any stage of clinical development,
and the results of our clinical trials may not support our proposed indications for our product candidates.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Success in preclinical testing and early
clinical trials does not ensure that later clinical trials will be successful, and we cannot be sure that the results of later
clinical trials will replicate the results of prior clinical trials and preclinical testing. Moreover, success in clinical trials
in a particular indication does not ensure that a product candidate will be successful in other indications, even for the same
underlying disease. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered significant
setbacks in clinical trials, even after promising results in earlier preclinical studies or clinical trials or successful later-stage
trials in other related indications, including in the context of controlling complement activation through C5 and C5a inhibition.
For example, while others in our industry have attempted to develop C5a-specific antibodies, there is currently no approved therapy
inhibiting C5a. These setbacks have been caused by, among other things, preclinical findings made while clinical trials were underway
and safety or efficacy observations made in clinical trials, including previously unreported adverse events as well as lack of
efficacy and patient benefit as reported by clinical trial investigators. In particular, development of antibodies that target
C5a rather than C5 to control complement activation is comparatively novel, and there is currently no approved therapy specifically
targeting C5a. As a result, inhibition of C5a rather than C5, which blocks signaling to the two receptors C5aR and C5L2, may have
unforeseen consequences or negative results that may lead to clinical failure or withdrawal in later stages of our product candidate
development. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy traits despite
having progressed through preclinical and initial clinical trials for a variety of reasons, including differences in patient populations,
changes in trial protocols and complexities of larger, multi-center trials among others. For example, while we have recently observed
positive interim results from our Phase IIa clinical trial for IFX-1 in 12 HS patients, such results may not be replicated with
statistical significance in future clinical trials that include larger numbers of patients with potentially different trial protocols
and endpoints. A failure of a clinical trial to meet its predetermined endpoints may cause us to abandon a product candidate or
an indication and may delay development of any other product candidates. Any delay in, or termination of, our clinical trials will
delay the submission of the Biologics License Application, or BLA, to the FDA, the marketing authorization application to the EMA
or other similar applications with other relevant foreign regulatory authorities and, ultimately, our ability to commercialize
any of our product candidates and generate revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face substantial competition, which may result in others
discovering, developing or commercializing products before or more successfully than we do, and reducing or eliminating our commercial
opportunity.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The
development and commercialization of new products is highly competitive. We expect that we, and any future collaborators,
will face significant competition from major pharmaceutical companies, specialty pharmaceutical companies and biotechnology
companies worldwide with respect to any of our product candidates that we, or any future collaborators, may seek to develop
or commercialize in the future. For example, other pharmaceutical companies may commence development efforts for product
candidates targeting the same indications as IFX-1, including HS or AAV, or any other indications we may target. See
&ldquo;Business&mdash;Competition.&rdquo; Although we have tested and expect to further test IFX-1 in HS patients, some of
whom have not responded to</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">adalimumab, the current standard of care for HS, if IFX-1 proves to be effective and is approved for use in such patients, IFX-1
may compete with adalimumab or any other treatment approach which is currently under development in HS and obtains approval. For
example, in the area of HS treatment, IFX-1 may compete with MABp1, a monoclonal antibody being developed by XBiotech Inc. targeting
interleukin-1 alpha, for which XBoitech recently completed a Phase II clinical trial. In addition, in the area of AAV treatment,
IFX-1 may compete with CCX168, a C5aR inhibitor being developed by Chemocentryx targeting multiple severe and rare inflammatory
disorders. Though it acts through a different mechanism of action than IFX-1, CCX168 has demonstrated the potential to induce
remission in AAV patients and is currently undergoing Phase III clinical trial development. There are additional drugs currently
being developed for treatment of AAV which may be approved in the future. If approved for the treatment of AAV, IFX-1 would also
face competition from current therapies, including corticosteroids, azathioprine, methotrexate, mycophenolate mofetil or rituximab.
In addition, several product candidates in development by other pharmaceutical companies targeting C5a have failed or remain in
early stages of development, with future development unclear. As a result, complement-mediated treatments, such as eculizumab,
currently remain focused on C5 inhibition. However, as the area of terminal complement activation further develops, particularly
if IFX-1 is approved for commercialization, our competitors may seek to develop their own product candidates targeting C5a.</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: 0.25in">Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more
effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we, or any
future collaborators, may develop. Our competitors also may obtain FDA or other marketing approval for their products before we,
or any future collaborators, are able to obtain approval for ours, which could result in our competitors establishing a strong
market position before we, or any future collaborators, are able to enter the market.</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">Many
of our existing and potential future competitors have significantly greater financial resources and expertise in research and development,
manufacturing, preclinical testing, conducting clinical trials, obtaining marketing approvals and marketing approved products than
we do, and may be able to reduce the price at which they sell their products. Mergers and acquisitions in the pharmaceutical and
biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller
or early stage companies may also prove to be significant competitors, particularly if acquired by, or through collaborative arrangements
with, large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific
and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring
technologies complementary to, or necessary for, the development of our product candidates.</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"><B><I>If clinical trials of our product candidates fail to satisfactorily
demonstrate safety and efficacy to the FDA and other regulators, we, or any future collaborators, may incur additional costs or
experience delays in completing, or ultimately be unable to complete, the development and commercialization of these product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We,
and any future collaborators, are not permitted to commercialize, market, promote or sell any product candidate in the United States
without obtaining marketing approval from the FDA. Foreign regulatory authorities, such as the EMA, impose similar requirements.
We, and any future collaborators, must complete extensive preclinical development and clinical trials to demonstrate the safety
and efficacy of our product candidates in humans before we will be able to obtain these approvals.</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"> The clinical development of our product
candidates is susceptible to the risk of failure inherent at any stage of product development. It is possible that even if one
or more of our product candidates has a beneficial effect, that effect will not be detected during clinical evaluation as a result
of one or more of a variety of factors, including the size, duration, design, measurements, conduct or analysis of our clinical
trials. Conversely, as a result of the same factors, our clinical trials may indicate an apparent positive effect of a product
candidate that is greater than the actual positive effect, if any. Similarly, in our clinical trials we may fail to detect toxicity
of or intolerability caused by our product candidate, or mistakenly believe that our product candidates are toxic or not well
tolerated when that is not in fact the case. In addition, all of our product candidates are in early stages of development or
clinical testing. For example, IFX-1, our lead product candidate, has only recently completed enrollment and dosing in an initial
Phase IIa trial for HS. As a result, it may be years before any of our product candidates receives regulatory approval, if at
all, and additional clinical trials may fail to demonstrate safety, efficacy or tolerability for our targeted indications. </P>

<P STYLE="margin: 0pt 0"></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; text-indent: 0.25in">Any
inability to successfully complete preclinical and clinical development could result in additional costs to us or any future collaborators,
and impair our ability to generate revenue from product sales, regulatory and commercialization milestones and royalties. Moreover,
if we or any future collaborators are required to conduct additional clinical trials or other testing of our product candidates
beyond the trials and testing that we or they contemplate, if we or they are unable to successfully complete clinical trials of
our product candidates or other testing or the results of these trials or tests are unfavorable, uncertain or are only modestly
favorable, or there are unacceptable safety concerns associated with our product candidates, we or any future collaborators may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">incur additional unplanned costs, including costs relating to additional required clinical trials
or preclinical testing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be delayed in obtaining marketing approval for IFX-1 or any of our other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not obtain marketing approval at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain approval for indications or patient populations that are not as broad as intended or desired;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain approval with labeling that includes significant use or distribution restrictions or significant
safety warnings, including boxed warnings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be subject to additional post-marketing testing or other requirements; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be required to remove the product from the market after obtaining marketing approval.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
failure to successfully complete clinical trials of our product candidates and to demonstrate the efficacy and safety necessary
to obtain regulatory approval to market any of our product candidates would significantly harm our business.</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"><B><I>Our product candidates may cause or be perceived to cause
undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile
of an approved label, or result in significant negative consequences following marketing approval, if any.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Undesirable
side effects caused by our product candidates could cause us or regulatory authorities to interrupt, delay or halt clinical trials
and could result in a more restrictive label or the delay, denial or withdrawal of regulatory approval by the FDA or comparable
foreign regulatory authorities. Results of our clinical trials could reveal a high and unacceptable severity and prevalence of
side effects or unexpected characteristics. In addition, many of the patients that we expect to enroll in our planned clinical
trial of IFX-1 for HS suffer from serious pre-existing disorders. While such disorders may lead to serious adverse events during
trial periods that may be found to be unrelated to IFX-1, such events may create a negative safety perception and adversely impact
market acceptance of IFX-1 following any approval. For example, in our most recent Phase IIa clinical trial of IFX-1 for HS, we
observed three adverse events, even though they were judged not to be related to IFX-1 by the investigator.</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">If
unacceptable side effects arise in the development of our product candidates, we, the FDA or comparable foreign regulatory
authorities, the Institutional Review Boards, or IRBs, or independent ethics committees at the institutions in which our
studies are conducted, or the Data Safety Monitoring Board, or DSMB, could suspend or terminate our clinical trials or the
FDA or comparable foreign regulatory authorities could order us to cease clinical trials or deny approval of our product
candidates for any or all targeted indications. Side effects, whether treatment-related or not, could also affect patient
recruitment or the ability of enrolled patients to complete the trial or result in potential product liability claims. In
addition, these side effects may not be appropriately recognized or managed by the treating medical staff. We expect to have
to train medical personnel using our product candidates to understand the side effect profiles for our clinical trials and
upon any commercialization of any of our product candidates. Inadequate training in recognizing or managing the potential
side effects of our product candidates could result in patient injury or death. Any of these occurrences may harm our
business, financial condition and prospects significantly.</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; text-indent: 0.25in">Moreover,
clinical trials of our product candidates are conducted in carefully defined sets of patients who have agreed to enter into clinical
trials. Consequently, it is possible that our clinical trials, or those of any future collaborator, may indicate an apparent positive
effect of a product candidate that is greater than the actual positive effect, if any, or alternatively fail to identify undesirable
side effects. If, following approval of a product candidate, we, or others, discover that the product is less effective than previously
believed or causes undesirable side effects that were not previously identified, any of the following adverse events could occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory authorities may withdraw their approval of the product or seize the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, or any future collaborators, may need to recall the product, or be required to change the way
the product is administered or conduct additional clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">additional restrictions may be imposed on the marketing of, or the manufacturing processes for,
the particular product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may be subject to fines, injunctions or the imposition of civil or criminal penalties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory authorities may require the addition of labeling statements, such as a &ldquo;black
box&rdquo; warning or a contraindication;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, or any future collaborators, may be required to create a Medication Guide outlining the risks
of the previously unidentified side effects for distribution to patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, or any future collaborators, may be required to implement a REMS that imposes distribution
and use restrictions or to conduct postmarket studies or clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, or any future collaborators, could be sued and held liable for harm caused to patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the product may become less competitive; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our reputation may suffer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any
of these events could harm our business and operations, and could negatively impact our share price.</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"><B><I>Our product candidates are either chimeric or humanized
antibody proteins that could cause an immune response in patients, resulting in the creation of harmful or neutralizing antibodies
against these therapeutic proteins. </I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> In addition to the
safety, efficacy, manufacturing, and regulatory hurdles faced by our product candidates, the administration of proteins such
as monoclonal antibodies that are chimeric or humanized, including our product candidates IFX-1 and IFX-2, respectively,
can cause an immune response, resulting in the creation of antibodies against the therapeutic protein. These anti-drug
antibodies can have no effect or can neutralize the effectiveness of the protein, or require that higher doses be used to
obtain a therapeutic effect. Whether anti-drug antibodies will be created and how they react can often not be predicted
from preclinical or even clinical studies, and their detection or appearance is often delayed. As a result,
neutralizing antibodies may be detected at a later date or upon longer exposure of patients with our product candidates, such
as following more chronic administration in longer lasting clinical trials. In some cases, detection of such neutralizing
antibodies can even occur after pivotal clinical trials have been completed.&nbsp; Therefore, there can be no assurance that
neutralizing antibodies will  not be detected in future clinical trials or at a later date upon longer exposure (including after commercialization). If anti-drug antibodies reduce or neutralize the effectiveness of our product
candidates, the continued clinical development or receipt of marketing approval for any of our product candidates could be
delayed or prevented and, even if any of our product candidates is approved, their commercial success could be limited, any
of which would impair our ability to generate revenue and continue operations. </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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we complete the necessary preclinical studies
and clinical trials for IFX-1 and any other product candidates, the marketing approval process is expensive, time consuming and
uncertain and may prevent us or any future collaborators from obtaining approvals for the commercialization of some or all of our
product candidates. As a result, we cannot predict when or if, and in which territories, we, or any future collaborators, will
obtain marketing approval to commercialize a product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The research, testing, manufacturing, labeling, approval, selling, marketing, promotion and distribution
of products are subject to extensive regulation by the FDA and comparable foreign regulatory authorities. We, and any future collaborators,
are not permitted to market our product candidates in the United States or in other countries until we, or they, receive approval
of a BLA from the FDA or marketing approval from applicable regulatory authorities outside the United States. Our product candidates
are in various stages of development and are subject to the risks of failure inherent in drug development. We have not submitted
an application for or received marketing approval for any product candidate in the United States or in any other jurisdiction.
We have limited experience in conducting and managing the clinical trials necessary to obtain marketing approvals, including FDA
approval of a BLA. Further, there is no prior history of regulatory approval for product candidates targeting C5a inhibition. In
addition, while we intend to use HiSCR as the primary endpoint in our planned clinical trials of IFX-1 for HS, which we believe
is a clinically-accepted endpoint based on the approval of adalimumab, there is no guarantee that the FDA or comparable foreign
regulatory authorities will permit us to do so. Further, the HiSCR response is a subjective endpoint, demonstrated if an investigator
determines there has been a 50% or higher reduction of the AN count (without any increase of the abscess or draining fistula count
from baseline). As a result, the regulatory pathway for IFX-1 is novel and may present unforeseen issues or delays.</P>

<P STYLE="margin: 0pt 0">&nbsp;</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">The
process of obtaining marketing approvals, both in the United States and abroad, is lengthy, expensive and uncertain. It may take
many years, if approval is obtained at all, and can vary substantially based upon a variety of factors, including the type, complexity
and novelty of the product candidates involved. Securing marketing approval requires the submission of extensive preclinical and
clinical data and supporting information to regulatory authorities for each therapeutic indication to establish the product candidate's
safety and efficacy. Securing marketing approval also requires the submission of information about the product manufacturing process
to, and inspection of manufacturing facilities by, the regulatory authorities. The FDA or other regulatory authorities may determine
that our product candidates are not safe and effective, only moderately effective or have undesirable or unintended side effects,
toxicities or other characteristics that preclude our obtaining marketing approval or prevent or limit commercial use. In addition,
approval policies, regulations, or the type and amount of clinical data necessary to gain approval may change during the course
of a drug candidate&rsquo;s clinical development and may vary among jurisdictions. Any marketing approval we ultimately obtain
may be limited or subject to restrictions or post-approval commitments that render the approved product not commercially viable.
The FDA, EMA or any comparable foreign regulatory authorities may delay, limit or deny approval of IFX-1 for many reasons, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may not be able to demonstrate that IFX-1 is safe and effective as a treatment for our targeted indications to the satisfaction
of the FDA, the EMA or comparable foreign regulatory agencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may require additional clinical trials or non-clinical studies of
IFX-1 in addition to those already performed or planned, either before approval or as a post-approval commitment, which would increase
our costs and prolong our development of IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the results of our clinical trials may not meet the level of statistical or clinical significance required by the FDA, EMA
or comparable foreign regulatory authorities for marketing approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may disagree with the number, design, size, conduct or implementation
of our clinical trials, including designated clinical endpoints, such as the use of HiSCR in our planned clinical trials of IFX-1
for HS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the population studied in the clinical program may not be sufficiently broad or representative to assure safety in the full
population for which we seek approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the contract research organizations, or CROs, that we retain to conduct clinical trials may take actions outside of our control
that materially adversely impact our clinical trials;</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may not find the data from preclinical studies and clinical trials
sufficient to demonstrate that the clinical and other benefits of IFX-1 outweigh its safety risks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may disagree with our interpretation of data from preclinical studies
and clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may not accept data generated at clinical trial sites;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if our BLA, when submitted, is reviewed by an advisory committee, the FDA may have difficulties scheduling an advisory committee
meeting in a timely manner or the advisory committee may recommend against approval of our application or may recommend that the
FDA require, as a condition of approval, additional preclinical studies or clinical trials, limitations on approved labeling or
distribution and use restrictions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may require development of a risk evaluation and mitigation strategy,
or REMS, as a condition of approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may identify deficiencies in the manufacturing processes or facilities
of our third-party manufacturers, including non-compliance with current Good Manufacturing Practices, or cGMPs; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the FDA, EMA or comparable foreign regulatory authorities may change their respective approval policies or adopt new regulations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the large number of drugs in development
in the pharmaceutical industry, only a small percentage result in the submission of a BLA to the FDA and even fewer are approved
for commercialization. Furthermore, even if we do receive regulatory approval to market IFX-1, any such approval may be subject
to limitations on the indicated uses or patient populations for which we may market the product. Accordingly, even if we are able
to obtain the requisite financing to continue to fund our development programs, we cannot assure you that IFX-1 will be successfully
developed or commercialized.</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">Moreover,
principal investigators for our clinical trials may serve as scientific advisors or consultants to us from time to time and receive
compensation in connection with such services. Under certain circumstances, we may be required to report some of these relationships
to the FDA or other regulatory authority. The FDA or other regulatory authority may conclude that a principal investigator, potentially
including because of a financial relationship with us, has a conflict of interest that has affected interpretation of the study.
The FDA or other regulatory authority may therefore question the integrity of the data generated at the applicable clinical trial
site and the utility of the clinical trial itself may be jeopardized. This could result in a delay in approval, or rejection, of
our marketing applications by the FDA or other regulatory authority, as the case may be, and may ultimately lead to the denial
of marketing approval of one or more of our product candidates.</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">Any
delay in obtaining or failure to obtain required approvals could negatively impact our ability or that of any future collaborators
to generate revenue from the particular product candidate, which likely would result in significant harm to our financial position
and adversely impact our share price.</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"><B><I>If we encounter difficulties enrolling patients in our
clinical trials, our clinical development activities could be delayed or otherwise adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We will be required to identify and
enroll a sufficient number of patients with HS and AAV for our planned clinical trials of IFX-1 in these indications. Each of
these is a rare disease or indication with a relatively small patient population, which could result in enrollment of a limited
or insufficient number of clinical trial participants, particularly in the United States where we intend to seek orphan drug designation.
We may not be able to initiate or continue clinical trials required by the FDA, EMA or other foreign regulatory agencies for IFX-1
or any of our other product candidates that we pursue if we are unable to locate and enroll a sufficient number of eligible patients
to participate in these clinical trials. </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patient
enrollment is affected by other factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>severity of the disease under investigation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>design of the clinical trial protocol;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>size and nature of the patient population;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>eligibility criteria for the trial in question;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>perceived risks and benefits of the product candidate
under trial;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>perceived safety and tolerability of the product candidate;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>proximity and availability of clinical trial sites for
prospective patients;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>availability of competing therapies and clinical trials;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>clinicians' and patients' perceptions as to the potential
advantages of the drug being studied in relation to other available therapies, including standard-of-care and any new drugs that
may be approved for the indications we are investigating;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>efforts to facilitate timely enrollment in clinical trials;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patient referral practices of physicians; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to monitor patients adequately during and
after treatment.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further,
there are only a limited number of specialist physicians who treat patients with these diseases and major clinical centers are
concentrated in a few geographic regions. We also may encounter difficulties in identifying and enrolling such patients with a
stage of disease appropriate for our ongoing or future clinical trials. In addition, the process of finding and diagnosing patients
may prove costly. Our inability to enroll a sufficient number of patients for any of our clinical trials would result in significant
delays or may require us to abandon one or more clinical trials.</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"><B><I>Even if one of our product candidates receives marketing
approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the
medical community necessary for commercial success, in which case we may not generate significant revenues or become profitable.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even
if IFX-1 or any of our other product candidates is approved by the appropriate regulatory authorities for marketing and sale, it
may nonetheless fail to gain sufficient market acceptance by physicians, patients, third-party payors and others in the medical
community. Physicians are often reluctant to switch their patients from existing therapies (such as adalimumab for the treatment
of HS) even when new and potentially more effective or convenient treatments enter the market. Further, patients often acclimate
to the therapy that they are currently taking and do not want to switch unless their physicians recommend switching products or
they are required to switch therapies due to lack of reimbursement for existing therapies. Adalimumab is the only drug approved
for the treatment of HS, and even if we are able to obtain marketing approval of IFX-1 for the treatment of HS, we may not be able
to successfully convince physicians or patients to switch from adalimumab to IFX-1. Further, we may face a lack of acceptance by
the physician community of the efficacy of targeting C5a to inhibit terminal complement activation compared to targeting C5, which
is well established in clinical practice (such as eculizumab). <FONT STYLE="background-color: white">In addition</FONT>, IFX-1
may not be accepted by physicians or patients if we cannot demonstrate, or if IFX-1 is perceived as not having, strong duration
of effect, including compared to existing treatments for HS. The duration of effect of IFX-1 has only been studied for durations
less than the expected duration of any pivotal Phase III clinical trials that we may</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">undertake in the future. It is possible that the effects seen
in shorter term clinical trials will not be replicated at later time points or in larger clinical trials. Further, even if we are
able to demonstrate our product candidates&rsquo; safety and efficacy to the FDA and other regulators, safety concerns in the medical
community may hinder market acceptance.&nbsp; Further, the <FONT STYLE="background-color: white">potential patient populations
for our initial targeted indications, including HS and AAV, are relatively small. This could affect the rate of adoption and as
a result, market acceptance of our product candidates, if approved, could be much slower than anticipated.</FONT></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: 0.25in">Efforts
to educate the medical community and third-party payors on the benefits of our product candidates may require significant resources,
including management time and financial resources, and may not be successful. If any of our product candidates is approved but
does not achieve an adequate level of market acceptance, we may not generate significant revenues and we may not become profitable.
The degree of market acceptance of our product candidates, if approved for commercial sale, will depend on a number of factors,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the efficacy and safety of the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential advantages of the product compared to competitive therapies, notwithstanding success
in meeting or exceeding clinical trial endpoints;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the prevalence and severity of any side effects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the product is designated under physician treatment guidelines as a first-, second- or
third-line therapy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability, or the ability of any future collaborators, to offer the product for sale at competitive
prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the product's convenience and ease of administration compared to alternative treatments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the willingness of the target patient population to try, and of physicians to prescribe, the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations or warnings, including distribution or use restrictions contained in the product's
approved labeling;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the strength of sales, marketing and distribution support;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the standard of care for the targeted indications for the product; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability and amount of coverage and reimbursement from government payors, managed care plans
and other third-party payors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The failure of any of our product candidates,
if approved, to find market acceptance would harm our business and could require us to seek additional financing.</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"><B><I>Even if we, or any future collaborators, are able to commercialize
any product candidate that we, or they, develop, the product may become subject to unfavorable pricing regulations or third-party
payor coverage and reimbursement policies, any of which could harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patients
who are provided medical treatment for their conditions generally rely on third party payors to reimburse all or part of the costs
associated with their treatment. Therefore, our ability, and the ability of any future collaborators, to commercialize any of our
product candidates will depend in part on the extent to which coverage and reimbursement for these products and related treatments
will be available from third party payors including government health administration authorities and public or private health coverage
insurers. Third-party payors decide which medications they will cover and establish reimbursement levels. We cannot be certain
that reimbursement will be available for IFX-1 or any of our product candidates. Also, we cannot be certain that less fulsome reimbursement
policies will not reduce the demand for, or the price we can charge for, our products, if</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">approved. The insurance coverage and reimbursement status of
newly-approved products for orphan diseases is particularly uncertain and failure to obtain or maintain adequate coverage and reimbursement
for IFX-1 or any other product candidates could limit our ability to generate revenue.</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: 0.25in">If
coverage and reimbursement are not available, or reimbursement is available only to limited levels, we, or any future collaborators,
may not be able to successfully commercialize our product candidates. Even if coverage is provided, the approved reimbursement
amount may not be high enough to allow us, or any future collaborators, to establish or maintain pricing sufficient to realize
a sufficient return on our or their investments. In the United States, no uniform policy of coverage and reimbursement for products
exists among third-party payors and coverage and reimbursement for products can differ significantly from payor to payor. As a
result, the coverage determination process is often a time-consuming and costly process that will require us to provide scientific
and clinical support for the use of our products to each payor separately, with no assurance that coverage and adequate reimbursement
will be applied consistently or obtained in the first instance.</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">There
is significant uncertainty related to third-party payor coverage and reimbursement of newly approved drugs. Marketing approvals,
pricing and reimbursement for new drug products vary widely from country to country. Some countries require approval of the sale
price of a drug before it can be marketed. In many countries, the pricing review period begins after marketing or product licensing
approval is granted. In some foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control
even after initial approval is granted. As a result, we, or any future collaborators, might obtain marketing approval for a product
in a particular country, but then be subject to price regulations that delay commercial launch of the product, possibly for lengthy
time periods, which may negatively impact the revenues we are able to generate from the sale of the product in that country. Adverse
pricing limitations may hinder our ability or the ability of any future collaborators to recoup our or their investment in one
or more product candidates, even if our product candidates obtain marketing approval.</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">The
healthcare industry is acutely focused on cost containment, both in the United States and elsewhere. Government authorities and
other third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications,
which could affect our ability or that of any future collaborators to sell our product candidates profitably. These payors may
not view our products, if any, as cost-effective, and coverage and reimbursement may not be available to our customers, or those
of any future collaborators, or may not be sufficient to allow our products, if any, to be marketed on a competitive basis. Cost-control
initiatives could cause us, or any future collaborators, to decrease the price we, or they, might establish for products, which
could result in lower than anticipated product revenues. If the prices for our products, if any, decrease or if governmental and
other third-party payors do not provide coverage or adequate reimbursement, our prospects for revenue and profitability will suffer.</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">There
may also be delays in obtaining coverage and reimbursement for newly approved drugs, and coverage may be more limited than the
indications for which the drug is approved by the FDA or comparable foreign regulatory authorities. Moreover, eligibility for reimbursement
does not imply that any drug will be paid for in all cases or at a rate that covers our costs, including research, development,
manufacture, sale and distribution. Reimbursement rates may vary, by way of example, according to the use of the product and the
clinical setting in which it is used. Reimbursement rates may also be based on reimbursement levels already set for lower cost
drugs or may be incorporated into existing payments for other services.</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">In
addition, increasingly, third-party payors are requiring higher levels of evidence of the benefits and clinical outcomes of new
technologies and are challenging the prices charged. We cannot be sure that coverage will be available for any product candidate
that we, or any future collaborator, commercialize and, if available, that the reimbursement rates will be adequate. Further, the
net reimbursement for drug products may be subject to additional reductions if there are changes to laws that presently restrict
imports of drugs from countries where they may be sold at lower prices than in the United States. An inability to promptly obtain
coverage and adequate payment rates from both government-funded and private payors for any of our product candidates for which
we, or any future collaborator, obtain marketing approval could significantly harm our operating results, our ability to raise
capital needed to commercialize products and our overall financial condition.</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"><B><I>If any product liability lawsuits are successfully brought
against us or any of our collaboration partners, we may incur substantial liabilities and may be required to limit commercialization
of our product candidates.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
face an inherent risk of product liability lawsuits related to the testing of our product candidates in seriously ill patients
and will face an even greater risk if our product candidates are approved by regulatory authorities and introduced commercially.
Product liability claims may be brought against us or our partners by participants enrolled in our clinical trials, patients, health
care providers or others using, administering or selling any of our future approved products. If we cannot successfully defend
ourselves against any such claims, we may incur substantial liabilities.</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">If
any of our product candidates are approved for commercial sale, we will be highly dependent upon consumer perceptions of us and
the safety and quality of our products. We could be adversely affected if we are subject to negative publicity associated with
illness or other adverse effects resulting from patients' use or misuse of our products or any similar products distributed by
other companies.</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">Although
we maintain product liability insurance coverage, this insurance may not fully cover potential liabilities that we may incur. The
cost of any product liability litigation or other proceeding, even if resolved in our favor, could be substantial. We will need
to increase our insurance coverage if we commercialize any product that receives marketing approval. In addition, insurance coverage
is becoming increasingly expensive. If we are unable to maintain sufficient insurance coverage at an acceptable cost or to otherwise
protect against potential product liability claims, it could prevent or inhibit the development and commercial production and sale
of our product candidates, which could harm our business, financial condition, results of operations and prospects.</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"><B><I>We currently have no marketing, sales or distribution
infrastructure with respect to our product candidates. If we are unable to develop our sales, marketing and distribution capability
on our own or through collaborations with marketing partners, we will not be successful in commercializing our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
currently have no marketing, sales or distribution capabilities and have limited sales or marketing experience within our organization.
If any of our product candidates is approved, we intend either to establish a sales and marketing organization with technical expertise
and supporting distribution capabilities to commercialize any such candidate, or to outsource this function to a third party. Either
of these options would be expensive and time consuming. Some or all of these costs may be incurred in advance of any approval of
our product candidates, including our lead candidate IFX-1. In addition, we may not be able to hire a sales force in the United
States, Europe or other target market that is sufficient in size or has adequate expertise in the medical markets that we intend
to target. These risks may be particularly pronounced due to our focus on our initial indications of HS and AAV for IFX-1, each
of which is a rare disease with relatively small patient populations. Any failure or delay in the development of our or third parties&rsquo;
internal sales, marketing and distribution capabilities would adversely impact the commercialization of IFX-1 and other future
product candidates.</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">With
respect to our existing and future product candidates, we may choose to collaborate with third parties that have direct sales forces
and established distribution systems, either to augment or to serve as an alternative to our own sales force and distribution systems.
Our product revenue may be lower than if it directly marketed or sold any approved products. In addition, any revenue we receive
will depend in whole or in part upon the efforts of these third parties, which may not be successful and are generally not within
our control. If we are unable to enter into these arrangements on acceptable terms or at all, we may not be able to successfully
commercialize any approved products. If we are not successful in commercializing any approved products, our future product revenue
will suffer and we may incur significant additional losses.</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"><B><I>We may expend our limited resources to pursue a particular
product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for
which there is a greater likelihood of success.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
have limited financial and managerial resources, and therefore we intend to focus on developing product candidates for specific
indications that we identify as most likely to succeed, in terms of both their potential for marketing approval and commercialization.
As a result, we may forego or delay pursuit of opportunities with other product candidates or for other indications that may prove
to have greater commercial potential.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities.
Our spending on current and future research and development programs and product candidates for specific indications may not yield
any commercially viable product candidates. If we do not accurately evaluate the commercial potential or target market for a particular
product candidate, we may relinquish valuable rights to that product candidate through collaboration, licensing or other royalty
arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights
to the product candidate.</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"><B><I>Clinical development involves a lengthy and expensive
process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable to
complete, the development and commercialization of IFX-1 or any future product candidate we may develop. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The risk of failure for IFX-1 and any other
future product candidates we may develop is high. It is impossible to predict when or if IFX-1 will prove to be effective and safe
in humans or will receive regulatory approval for the treatment of HS or AAV. Additionally, before regulatory authorities grant
marketing approval for IFX-1, for any future indications, or any future product candidate that we seek to develop, we will be required
to conduct extensive clinical trials to demonstrate safety and efficacy in humans. Clinical testing is expensive, difficult to
design and implement, can take many years to complete and is inherently uncertain as to outcome. Moreover, preclinical and clinical
data are often susceptible to varying interpretations and analyses, and many companies that believed their product candidates performed
satisfactorily in preclinical studies and clinical trials have nonetheless failed to obtain marketing approval of their drugs.</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">We may experience numerous unforeseen events
during or as a result of the regulatory approval process that could delay or prevent our ability to receive marketing approval
from regulators or commercialize IFX-1 or any future product candidate, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulators or institutional review boards may not authorize us or our investigators to commence
a clinical trial or conduct a clinical trial at a prospective trial site;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">clinical trials of our product candidates may produce negative or inconclusive results, including
failure to demonstrate statistical significance, and we may decide, or regulators may require us, to conduct additional clinical
trials or abandon drug development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our product candidates may have undesirable side effects or other unexpected characteristics, causing
us or our investigators, regulators or institutional review boards to suspend or terminate the trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our third-party contractors may fail to comply with regulatory requirements or meet their contractual
obligations to us in a timely manner, or at all; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulators or institutional review boards may require that we or our investigators suspend or terminate
clinical development for various reasons, including noncompliance with regulatory requirements or a finding that the participants
are being exposed to unacceptable health risks.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We could also encounter delays if a clinical
trial is suspended or terminated by us, by the institutional review boards of the institutions in which such trials are being conducted,
by the data safety monitoring board for such trial or by the FDA or other regulatory authorities. Such authorities may impose such
a suspension or termination due to a number of factors, including failure to conduct the clinical trial in accordance with regulatory
requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA or other regulatory
authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side effects, failure to demonstrate
a benefit from using a drug, changes in governmental regulations or administrative actions or lack of adequate funding to continue
the clinical trial. If we experience delays in the completion of, or termination of, any clinical trial of our product candidates,
the commercial prospects of our product candidates will be harmed, and our ability to generate drug revenues from any of these
product candidates will be delayed. In addition, any delays in completing our clinical trials will increase our costs, slow down
our product candidate development and approval process
and jeopardize our ability to commence drug sales and generate revenues. Any of these occurrences may </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">harm our business, financial
condition and prospects significantly. In addition, many of the factors that cause, or lead to, a delay in the commencement or
completion of clinical trials may also ultimately lead to the denial of regulatory approval.</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">Our product development costs will further
increase if we experience delays in testing or marketing approvals. Significant clinical trial delays also could shorten any periods
during which we may have the exclusive right to commercialize our product candidates or allow our competitors to bring drugs to
market before we do and impair our ability to successfully commercialize our product candidates.</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"><B><I>We plan to seek orphan drug designation for IFX-1 in HS,
but we may be unable to obtain such designation or to maintain the benefits associated with orphan drug status, including market
exclusivity, even if that designation is granted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
plan to seek orphan drug designation from the FDA for IFX-1 in HS and potentially in other orphan indications in which there is
a medically plausible basis for its use, and we may seek orphan drug designation for other preclinical product candidates in our
pipeline or that we may develop. In the United States, orphan drug designation entitles a party to financial incentives such as
opportunities for grant funding towards clinical trial costs, tax advantages, and user-fee waivers. After the FDA grants orphan
drug designation, the generic identity of the drug and its potential orphan use are disclosed publicly by the FDA. Orphan drug
designation does not convey any advantage in, or shorten the duration of, the FDA review and approval process. Although we intend
to seek orphan drug designation for IFX-1 in HS from the FDA, we may never receive such designation. Moreover, obtaining orphan
drug designation for IFX-1 in HS does not mean we will be able to obtain such designation for another indication. We do not plan
to seek orphan drug designation for IFX-1 in HS in the European Union because we do not expect that the population criterion would
be satisfied.</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">If
a product that has orphan drug designation from the FDA subsequently receives the first FDA approval for a particular active ingredient
for the disease for which it has such designation, the product is entitled to orphan drug exclusivity, which means that the FDA
may not approve any other applications, including a BLA, to market the same drug for the same indication for seven years, except
in limited circumstances such as if the FDA finds that the holder of the orphan drug exclusivity has not shown that it can assure
the availability of sufficient quantities of the orphan drug to meet the needs of patients with the disease or condition for which
the drug was designated. Similarly, the FDA can subsequently approve a drug with the same active moiety for the same condition
during the exclusivity period if the FDA concludes that the later drug is clinically superior, meaning the later drug is safer,
more effective, or makes a major contribution to patient care. Even if we were to obtain orphan drug designation for IFX-1 from
the FDA, we may not be the first to obtain marketing approval for any particular orphan indication due to the uncertainties associated
with developing pharmaceutical products, and thus approval of IFX-1 could be blocked for seven years if another company obtains
approval and orphan drug exclusivity for the same drug and same condition before us. If we do obtain exclusive marketing rights
in the United States, they may be limited if we seek approval for an indication broader than the orphan designated indication and
may be lost if the FDA later determines that the request for designation was materially defective or if we are unable to assure
sufficient quantities of the product to meet the needs of the relevant patients. Further, exclusivity may not effectively protect
the product from competition because different drugs with different active moieties can be approved for the same condition, the
same drugs can be approved for different indications and might then be used off-label in our approved indication, and different
drugs for the same condition may already be approved and commercially available.</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"><B><I>Even if we obtain FDA approval of IFX-1 or any of our
other product candidates, we may never obtain approval or commercialize our products outside of the United States.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
order to market any approved products outside of the United States, we must establish and comply with numerous and varying regulatory
requirements of other countries regarding clinical trial design, safety and efficacy. If approved by the relevant governmental
authorities, we expect to market IFX-1 for the treatment of HS in Europe and jurisdictions outside the United States, in part due
to the relatively larger patient population that exists in Europe as compared to that in the United States. Clinical trials conducted
in one country may not be accepted by regulatory authorities in other countries, and regulatory approval in one country does not
mean that regulatory approval will be obtained in any other country. Approval procedures vary among countries and can involve additional
product testing and validation and additional administrative review periods.
Seeking foreign regulatory approvals could result in </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">significant delays, difficulties and costs for us and may require additional
preclinical studies or clinical trials which would be costly and time consuming and could delay or prevent introduction of IFX-1
or any of our other product candidates in those countries. In addition, we expect to be subject to a variety of risks related to
operating in foreign countries if we obtain the necessary approvals, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>differing regulatory requirements in foreign countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential for so-called parallel importing, which is what happens when a local seller, faced with high or higher local
prices, opts to import goods from a foreign market (with low or lower prices) rather than buying them locally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unexpected changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>economic weakness, including inflation, or political instability in particular foreign economies and markets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign reimbursement, pricing and insurance regimes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance with tax, employment, immigration and labor laws for employees living or traveling abroad;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign taxes, including withholding of payroll taxes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign currency fluctuations, which could result in increased operating expenses and reduced revenue, and other obligations
incident to doing business in another country;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>difficulties staffing and managing foreign operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>workforce uncertainty in countries where labor unrest is more common than in the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>potential liability under the Foreign Corrupt Practices Act of 1977 or comparable foreign regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>challenges enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect
and protect intellectual property rights to the same extent as the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>business interruptions resulting from geo-political actions, including war and terrorism.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we or our partners fail to comply with
regulatory requirements or to obtain and maintain required approvals, our target market will be reduced, including if we are unable
to market IFX-1 for the treatment of HS in Europe, and our ability to realize the full market potential of our product candidates
will be harmed.</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"><B><I>We are subject to extensive government regulation and
the failure to comply with these regulations may have a material adverse effect on our operations and business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Both
before and after approval of any product, we and our suppliers, contract manufacturers and clinical investigators are subject to
extensive regulation by governmental authorities in the United States and other countries, covering, among other things, testing,
manufacturing, quality control, clinical trials, post-marketing studies, labeling, advertising, promotion, distribution, import
and export, governmental pricing, price reporting and rebate requirements. Failure to comply with applicable requirements could
result in one or more of the following actions: warning letters; unanticipated expenditures; delays in approval or refusal to approve
a product candidate; product recall or seizure; interruption of manufacturing or clinical trials; operating or marketing restrictions;
injunctions; criminal prosecution and civil or criminal penalties including fines and other monetary penalties; adverse publicity;
and disruptions to our business. Further, government investigations into potential violations of these laws would</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">require us to expend considerable resources and face adverse
publicity and the potential disruption of our business even if we are ultimately found not to have committed a violation.</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: 0.25in">Obtaining FDA, EMA or other regulatory
agency approval of our product candidates requires substantial time, effort and financial resources and may be subject to both
expected and unforeseen delays, and there can be no assurance that any approval will be granted on any of our product candidates
on a timely basis, if at all. The FDA, EMA or other regulatory agencies may decide that our data are insufficient for approval
of our product candidates and require additional preclinical, clinical or other studies or additional work related to chemistry,
manufacturing and controls. If we are required to conduct additional trials or to conduct other testing of our product candidates
beyond that which we currently contemplate for regulatory approval, if we are unable to complete successfully our clinical trials
or other testing, or if the results of these and other trials or tests fail to demonstrate efficacy or raise safety concerns, we
may face substantial additional expenses, be delayed in obtaining marketing approval for our product candidates or may never obtain
marketing approval.</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">We
are also required to comply with extensive governmental regulatory requirements after a product has received marketing authorization.
Governing regulatory authorities may require post-marketing studies that may negatively impact the commercial viability of a product.
Once on the market, a product may become associated with previously undetected adverse effects and/or may develop manufacturing
difficulties. As a result of any of these or other problems, a product's regulatory approval could be withdrawn, which could harm
our business and operating results.</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"><B><I>Our current and future relationships with third-party
payors, health care professionals and customers in the United States and elsewhere may be subject, directly or indirectly, to applicable
anti-kickback, fraud and abuse, false claims, physician payment transparency, health information privacy and security and other
healthcare laws and regulations, which could expose us to significant penalties. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Healthcare providers, physicians and third-party
payors in the United States and elsewhere will play a primary role in the recommendation and prescription of any product candidates
for which we obtain marketing approval. Our current and future arrangements with health care professionals, third-party payors
and customers may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations, including, without
limitation, the federal Anti-Kickback Statute and the federal civil False Claims Act, that may constrain the business or financial
arrangements and relationships through which we conduct clinical research, sell, market and distribute any drugs for which we obtain
marketing approval. In addition, we may be subject to transparency laws and patient privacy regulation by the federal government
and by the U.S. states and foreign jurisdictions in which we conduct our business. The applicable federal, state and foreign healthcare
laws and regulations that may affect our ability to operate include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the federal Anti-Kickback Statute, which prohibits, among other things, persons and entities from knowingly and willfully soliciting,
offering, receiving or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward, or in return for,
either the referral of an individual for, or the purchase, order or recommendation of, any good or service, for which payment may
be made under federal and state healthcare programs, such as Medicare and Medicaid. A person or entity does not need to have actual
knowledge of the statute or specific intent to violate it to have committed a violation. Further, several courts have interpreted
the statute&rsquo;s intent requirement to mean that if any one purpose of an arrangement involving remuneration is to induce referrals
of federal healthcare covered business, the Anti-Kickback Statute has been violated. Moreover, the government may assert that a
claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent
claim for purposes of the False Claims Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal civil and criminal false claims laws, including, without limitation, the federal civil False Claims Act (that can be
enforced through civil whistleblower or qui tam actions), and the civil monetary penalties law, which impose criminal and civil
penalties against individuals or entities for knowingly presenting, or causing to be presented, to the federal government, including
the Medicare and Medicaid programs, claims for payment that are false or fraudulent or making a false statement to avoid, decrease
or conceal an obligation to pay money to the federal government;</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, which imposes criminal and civil liability
for, among other things, executing a scheme to defraud any healthcare benefit program or making false statements relating to healthcare
matters. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute
or specific intent to violate it to have committed a violation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, or HITECH, and their respective
implementing regulations, which impose obligations on covered healthcare providers, health plans, and healthcare clearinghouses,
as well as their business associates that create, receive, maintain or transmit individually identifiable health information for
or on behalf of a covered entity, with respect to safeguarding the privacy, security and transmission of individually identifiable
health information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Physician Payments Sunshine Act, created under Section 6002 of Patient Protection and Affordable Care Act, as amended by
the Health Care and Education Reconciliation Act, or collectively the Affordable Care Act, and its implementing regulations, which
requires specified manufacturers of drugs, devices, biologics and medical supplies for which payment is available under Medicare,
Medicaid or the Children&rsquo;s Health Insurance Program, with specific exceptions, to report annually to the Centers for Medicare
&amp; Medicaid Services, or CMS, information related to payments or other &lsquo;&lsquo;transfers of value&rsquo;&rsquo; made to
physicians, which is defined to include doctors, dentists, optometrists, podiatrists and chiropractors, and teaching hospitals
and applicable manufacturers to report annually to CMS ownership and investment interests held by physicians and their immediate
family members by the 90th day of each calendar year. All such reported information is publicly available; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>analogous state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to sales
or marketing arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors,
including private insurers; state and foreign laws that require pharmaceutical companies to comply with the pharmaceutical industry&rsquo;s
voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government or otherwise restrict
payments that may be made to healthcare providers; state and foreign laws that require drug manufacturers to report information
related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures; and state
and foreign laws governing the privacy and security of health information in certain circumstances, many of which differ from each
other in significant ways and often are not preempted by HIPAA, thus complicating compliance efforts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Efforts to ensure that our business arrangements
with third parties will comply with applicable healthcare laws and regulations may involve substantial costs. It is possible that
governmental authorities will conclude that our business practices, including our relationships with physicians and other healthcare
providers, some of whom may recommend, purchase or prescribe IFX-1, if approved, may not comply with current or future statutes,
regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations.</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">If our operations are found to be in violation
of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil, criminal
and administrative penalties, including, without limitation, damages, fines, disgorgement, individual imprisonment, exclusion from
participation in government healthcare programs, such as Medicare and Medicaid, additional reporting requirements and oversight
if we become subject to a corporate integrity agreement or similar agreement to resolve allegations of non-compliance with these
laws and the curtailment or restructuring of our operations, which could have a material adverse effect on our business. If any
of the physicians or other healthcare providers or entities with whom we expect to do business is found not to be in compliance
with applicable laws, it may be subject to criminal, civil or administrative sanctions, including exclusions from participation
in government healthcare programs, which could also materially affect our business.</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"><B><I>Recently enacted and future legislation may increase the
difficulty and cost for us to obtain marketing approval of and commercialize IFX-1 and affect the prices we may obtain. </I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United States and some foreign jurisdictions,
there have been a number of legislative and regulatory changes and proposed changes regarding the healthcare system that could
prevent or delay marketing approval of IFX-1, restrict or regulate post-approval activities and affect our ability to profitably
sell any product candidates for which we obtain marketing approval.</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">Among policy makers and payors in the United
States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals of containing
healthcare costs, improving quality and/or expanding access. In the United States, the pharmaceutical industry has been a particular
focus of these efforts and has been significantly affected by major legislative initiatives. In March 2010, President Obama signed
into law the Affordable Care Act, a sweeping law intended to broaden access to health insurance, reduce or constrain the growth
of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for the healthcare and health
insurance industries, impose new taxes and fees on the health industry and impose additional health policy reforms. Among the provisions
of the Affordable Care Act of importance to our potential product candidates are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an annual, nondeductible fee on any entity that manufactures or imports certain branded prescription
drugs and biologic agents, apportioned among these entities according to their market share in certain government healthcare programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an increase in the statutory minimum rebates a manufacturer must pay under the Medicaid Drug Rebate
Program to 23.1% and 13.0% of the average manufacturer price for branded and generic drugs, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion of healthcare fraud and abuse laws, including the False Claims Act and the Anti-Kickback
Statute, which include, among other things, new government investigative powers and enhanced penalties for non-compliance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a new Medicare Part D coverage gap discount program, in which manufacturers must agree to offer
50% point-of-sale discounts off negotiated prices of applicable brand drugs to eligible beneficiaries during their coverage gap
period, as a condition for the manufacturer&rsquo;s outpatient drugs to be covered under Medicare Part D;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extension of manufacturers&rsquo; Medicaid rebate liability to covered drugs dispensed to individuals
who are enrolled in Medicaid managed care organizations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion of eligibility criteria for Medicaid programs by, among other things, allowing states
to offer Medicaid coverage to additional individuals, thereby potentially increasing manufacturers&rsquo; Medicaid rebate liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extension of manufacturers&rsquo; Medicaid rebate liability to covered drugs dispensed to individuals
who are enrolled in Medicaid managed care organizations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion of eligibility criteria for Medicaid programs by, among other things, allowing states
to offer Medicaid coverage to additional individuals, thereby potentially increasing manufacturers&rsquo; Medicaid rebate liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion of the entities eligible for discounts under the Public Health Service pharmaceutical
pricing program;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the new requirements under the federal open payments program and its implementing regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a new requirement to annually report drug samples that manufacturers and distributors provide to
physicians; and</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a new Patient-Centered Outcomes Research Institute to oversee, identify priorities in, and conduct
comparative clinical effectiveness research, along with funding for such research.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">Since its enactment there have been judicial
and Congressional challenges to certain aspects of the Affordable Care Act. As a result, there have been delays in the implementation
of, and action taken to repeal or replace, certain aspects of the Affordable Care Act. In January 2017, the federal government
began directing federal agencies with authorities and responsibilities under the Affordable Care Act to waive, defer, grant exemptions
from, or delay the implementation of any provision of the Affordable Care Act that would impose a fiscal or regulatory burden on
states, individuals, healthcare providers, health insurers, or manufacturers of pharmaceuticals or medical devices. Further, in
May 2017, the U.S. House of Representatives passed legislation known as the American Health Care Act, or the AHCA, which, if enacted,
would amend or repeal significant portions of the Affordable Care Act. Prospects for legislative action on this bill are uncertain.
Congress could consider other legislation to repeal or replace certain elements of the Affordable Care Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">In addition, other legislative changes
have been proposed and adopted since the Affordable Care Act was enacted. These changes included aggregate reductions to Medicare
payments to providers of 2% per fiscal year effective April 1, 2013 and, due to subsequent legislative amendments to the statute,
will stay in effect through 2025, unless additional Congressional action is taken. In January 2013, President Obama signed into
law the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several providers,
and increased the statute of limitations period for the government to recover overpayments to providers from three to five years.
These new laws may result in additional reductions in Medicare and other healthcare funding, which could have a material adverse
effect on customers for our drugs, if approved, and, accordingly, our financial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">We expect that the Affordable Care Act,
as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage criteria and
in additional downward pressure on the price that we receive for any approved drug. Any reduction in reimbursement from Medicare
or other government programs may result in a similar reduction in payments from private payors. The implementation of cost containment
measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize
our drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Legislative and regulatory proposals have
been made to expand post-approval requirements and restrict sales and promotional activities for drugs. In addition, there have
been several recent Congressional inquiries and proposed bills designed to, among other things, bring more transparency to drug
pricing, review the relationship between pricing and manufacturer patient programs, reduce the cost of drugs under Medicare and
reform government program reimbursement methodologies for drugs. We cannot be sure whether additional legislative changes will
be enacted, or whether the FDA regulations, guidance or interpretations will be changed, or what the impact of such changes on
the marketing approvals of IFX-1, if any, may be. In addition, increased scrutiny by the U.S. Congress of the FDA&rsquo;s approval
process may significantly delay or prevent marketing approval, as well as subject us to more stringent drug labeling and post-marketing
testing and other requirements.</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"><B><I>Even if we, or any future collaborators, obtain marketing
approvals for our product candidates, the terms of approvals and ongoing regulation of our products may limit how we manufacture
and market our products, which could impair our ability to generate revenue.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once
marketing approval has been granted, an approved product and its manufacturer and marketer are subject to ongoing review and extensive
regulation. We, and any future collaborators, must therefore comply with requirements concerning advertising and promotion for
any of our product candidates for which we or they obtain marketing approval. Promotional communications with respect to prescription
drugs are subject to a variety of legal and regulatory restrictions and must be consistent with the information in the product's
approved labeling. Thus, we and any future collaborators will not be able to promote any products we develop for indications or
uses for which they are not approved.</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">In
addition, manufacturers of approved products and those manufacturers' facilities are required to comply with extensive FDA requirements,
including ensuring that quality control and manufacturing procedures conform to</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">current Good Manufacturing Practices, or cGMPs, which include
requirements relating to quality control and quality assurance as well as the corresponding maintenance of records and documentation
and reporting requirements. We, our contract manufacturers, any future collaborators and their contract manufacturers could be
subject to periodic unannounced inspections by the FDA to monitor and ensure compliance with cGMPs.</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: 0.25in">Accordingly,
assuming we, or any future collaborators, receive marketing approval for one or more of our product candidates, we, and any future
collaborators, and our and their contract manufacturers will continue to expend time, money and effort in all areas of regulatory
compliance, including manufacturing, production, product surveillance and quality control.</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"><B><I>Governments outside the United States tend to impose strict
price controls, which may adversely affect our revenues, if any.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Outside
of the United States, international operations are generally subject to extensive governmental price controls and other market
regulations. In many countries, such as countries of the European Union, the pricing of prescription pharmaceuticals is subject
to varying price control mechanisms, often as part of national health systems. Other countries allow companies to fix their own
prices for medical products, but monitor and control company profits. Pricing negotiations with governmental authorities can take
considerable time after the receipt of marketing approval for a product. To obtain reimbursement or pricing approval in some countries,
we, or any future collaborators, may be required to conduct a clinical trial that compares the cost-effectiveness of our product
to other available therapies. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set
at unsatisfactory levels, our business could be harmed. Additional foreign price controls or other changes in pricing regulation
could restrict the amount that we are able to charge for our product candidates, and we believe the increasing emphasis on cost-containment
initiatives in the Europe Union has and will continue to put pressure on the pricing and usage of our product candidates. As a
result, given the relatively smaller target markets for HS and AAV, our initial indications for IFX-1, in the Europe Union and
elsewhere outside the United States, any reduced reimbursement for such product candidates may be insufficient for us to generate
commercially reasonable revenue and profits and would adversely affect our financial condition and results of operations.</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"><B><I>Any of our product candidates for which we, or any future
collaborators, obtain marketing approval in the future could be subject to post-marketing restrictions or withdrawal from the market
and we, or any future collaborators, may be subject to substantial penalties if we, or they, fail to comply with regulatory requirements
or if we, or they, experience unanticipated problems with our products following approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any
of our product candidates for which we, or any future collaborators, obtain marketing approval, as well as the manufacturing processes,
post-approval studies and measures, labeling, advertising and promotional activities for such product, among other things, will
be subject to ongoing requirements of and review by the FDA, the EMA and other regulatory authorities. These requirements include
submissions of safety and other post-marketing information and reports, registration and listing requirements, requirements relating
to manufacturing, quality control, quality assurance and corresponding maintenance of records and documents, requirements regarding
the distribution of samples to physicians and recordkeeping. Even if marketing approval of a product candidate is granted, the
approval may be subject to limitations on the indicated uses for which the product may be marketed or to the conditions of approval,
including the requirement to implement a REMS.</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">The
FDA, the EMA and other regulatory authorities may also impose requirements for costly post-marketing studies or clinical trials
and surveillance to monitor the safety or efficacy of a product. The FDA and other agencies, including the Department of Justice,
closely regulate and monitor the post-approval marketing and promotion of products to ensure that they are manufactured, marketed
and distributed only for the approved indications and in accordance with the provisions of the approved labeling. The FDA imposes
stringent restrictions on manufacturers' communications regarding off-label use and if we, or any future collaborators, do not
market any of our product candidates for which we, or they, receive marketing approval for only their approved indications, we,
or they, may be subject to warnings or enforcement action for off-label marketing. Violation of the FDCA and other statutes relating
to the promotion and advertising of prescription drugs may lead to investigations or allegations of violations of federal and state
health care fraud and abuse laws and state consumer protection laws, including the False Claims Act.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
addition, later discovery of previously unknown adverse events or other problems with our products or their manufacturers or manufacturing
processes, or failure to comply with regulatory requirements, may yield various results, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on the manufacturing of such products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on the labeling or marketing of such products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on product distribution or use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requirements to conduct post-marketing studies or clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">warning letters or untitled letters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">withdrawal of the products from the market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal to approve pending applications or supplements to approved applications that we submit;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recall of products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on coverage by third-party payors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fines, restitution or disgorgement of profits or revenues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">suspension or withdrawal of marketing approvals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal to permit the import or export of products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product seizure; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">injunctions or the imposition of civil or criminal penalties.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our dependence
on third parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on third parties to conduct our clinical trials.
If they do not perform satisfactorily, our business could be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
do not independently conduct clinical trials of any of our product candidates. We rely on third parties, such as contract research
organizations, or CROs, clinical data management organizations, medical institutions and clinical investigators, to conduct these
clinical trials and expect to rely on these third parties to conduct clinical trials of any other product candidate that we develop.
Any of these third parties may terminate their engagements with us under certain circumstances. We may not be able to enter into
alternative arrangements or do so on commercially reasonable terms. In addition, there is a natural transition period when a new
contract research organization begins work. As a result, delays would likely occur, which could negatively impact our ability to
meet our expected clinical development timelines and harm our business, financial condition and prospects.</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">Further, although our reliance on these
third parties for clinical development activities limits our control over these activities, we remain responsible for ensuring
that each of our trials is conducted in accordance with the applicable protocol, legal and regulatory requirements and scientific
standards. For example, notwithstanding the obligations of a CRO for a trial of one of our product candidates, we remain responsible
for ensuring that each of our clinical trials is conducted in accordance with the general investigational plan and protocols for
the trial. Moreover, the FDA, the EMA and potentially other regulatory agencies of different countries require us to comply with
requirements, commonly referred to as Good Clinical Practices, or GCPs, for conducting, recording and reporting the results of
clinical trials to assure that data and reported results are credible and accurate and that the</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rights, integrity and confidentiality of trial participants
are protected. The FDA and regulatory agencies inside the European Union and other regulatory agencies enforce these GCPs through
periodic inspections of trial sponsors, principal investigators, clinical trial sites and IRBs. If we or our third-party contractors
fail to comply with applicable GCPs, the clinical data generated in our clinical trials may be deemed unreliable and the FDA or
other regulatory agencies may require us to perform additional clinical trials before approving our product candidates, which would
delay the marketing approval process. We cannot be certain that, upon inspection, the FDA or other regulatory agencies will determine
that any of our clinical trials comply with GCPs. We are also required to register clinical trials and post the results of completed
clinical trials on a government-sponsored database, such as ClinicalTrials.gov in the United States, within certain timeframes.
Failure to do so can result in fines, adverse publicity and civil and criminal sanctions.</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: 0.25in">Furthermore,
the third parties conducting clinical trials on our behalf are not our employees, and except for remedies available to us under
our agreements with such contractors, we cannot control whether or not they devote sufficient time, skill and resources to our
ongoing development programs. These contractors may also have relationships with other commercial entities, including our competitors,
for whom they may also be conducting clinical trials or other drug development activities, which could impede their ability to
devote appropriate time to our clinical programs. If these third parties, including clinical investigators, do not successfully
carry out their contractual duties, meet expected deadlines or conduct our clinical trials in accordance with regulatory requirements
or our stated protocols, we may not be able to obtain, or may be delayed in obtaining, marketing approvals for our product candidates.
If that occurs, we will not be able to, or may be delayed in our efforts to, successfully commercialize our product candidates.
In such an event, our financial results and the commercial prospects for any product candidates that we seek to develop could be
harmed, our costs could increase and our ability to generate revenues could be delayed, impaired or foreclosed.</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"><B><I>We are subject to manufacturing risks, and use of third
parties to manufacture our product candidates may increase the risk that we will not have sufficient quantities of our product
candidates, products, or necessary quantities at an acceptable cost.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
do not own or operate manufacturing facilities for the production of clinical or commercial quantities of our product candidates,
and we lack the resources and the capabilities to do so. As a result, we currently rely on third parties for supply of IFX-1. Our
current strategy is to outsource all manufacturing of our product candidates and products to third parties while conducting certain
quality control tests within our in-house manufacturing processes.</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">The process of manufacturing our products
is complex, highly regulated and subject to several risks. The process of manufacturing biologics, such as IFX-1, is extremely
susceptible to product loss due to contamination, equipment failure or improper installation or operation of equipment, vendor
or operator error, inconsistency in yields, variability in product characteristics and difficulties in scaling the production process.
Even minor deviations from normal manufacturing processes could result in reduced production yields, product defects and other
supply disruptions. If microbial, viral or other contaminations are discovered in our product candidates or in the manufacturing
facilities in which our product candidates are made, such manufacturing facilities may need to be closed for an extended period
of time to investigate and remedy the contamination.&nbsp; Further, our product candidates that have been produced and are stored
for later use may degrade, become contaminated or suffer other quality defects, which may cause the affected product candidates
to no longer be suitable for their intended use in clinical trials or other development activities. If the defective product candidates
cannot be replaced in a timely fashion, we may incur significant delays in our development programs that could adversely affect
the value of such product candidates.</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">We currently engage third-party manufacturers
to provide the final drug product formulation of IFX-1 that is being used in our clinical trials. Although we believe that there
are several potential alternative manufacturers who could manufacture IFX-1, we may incur added costs and delays in identifying
and qualifying any such replacement. We recently engaged a new manufacturer for clinical supply of IFX-1. There is no assurance
that we will be able to timely secure needed alternative supply arrangements on satisfactory terms, or at all. Our failure to secure
these arrangements as needed could have a material adverse effect on our ability to complete the development of our product candidates
or, to commercialize them, if approved. There may be difficulties in scaling up to commercial quantities or optimization of processes
and formulation of IFX-1 and the costs of manufacturing could be prohibitive.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even
if we are able to establish and maintain arrangements with third-party manufacturers, reliance on third-party manufacturers entails
additional risks beyond our control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on third-parties for manufacturing process development, regulatory compliance and quality
assurance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs and validation of new equipment and facilities required for additional scale-up or optimization
of processes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to comply with cGMP and similar foreign standards;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations on supply availability resulting from capacity and scheduling constraints of third-parties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lack of qualified backup suppliers for those components that are currently purchased from a sole
or single source supplier;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the possible breach of manufacturing agreements by third-parties because of factors beyond our
control; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the possible termination or non-renewal of the manufacturing agreements by the third-party, at
a time that is costly or inconvenient to us, and our ability to obtain alternative supply.</TD></TR></TABLE>

<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">If we do not maintain our key manufacturing
relationships, we may fail to find replacement manufacturers or develop our own manufacturing capabilities, which could delay or
impair our ability to obtain regulatory approval for our products. If we do find replacement manufacturers, we may not be able
to enter into agreements with them on terms and conditions favorable to us and there could be a substantial delay before new facilities
could be qualified and registered with the FDA and other foreign regulatory authorities. In addition, a change of the manufacturing
facility contains inherent risks and is generally viewed as major change in the manufacturing process such that comparability studies
have to be conducted to assure comparability between the before established manufacturing process and the newly established manufacturing
process potentially causing delays in the drug product supply or, in case of a non-comparability of the manufactured drug product,
warrant further additional pre-clinical and or clinical studies with such non-comparable drug product which may also be imposed
by any regulatory agency upon review of the comparability data.</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">We participate in the manufacturing process
with crucial quality control testing within our own laboratories, and we hold the manufacturer license for, and therefore oversee,
the overall manufacturing process, and we are responsible for ensuring that this part of our business also operates according to
GMP standards. Additionally, we currently hold an importing license. We therefore employ key personnel within the manufacturing
process such as a head of quality assurance, a head of manufacturing, and a qualified person.</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">Thus, our laboratories and our quality
control system and related documentation and personnel, are also subject to frequent governmental inspections to assure adherence
to GMP guidelines and to maintain our manufacturing and importing license. Related to these activities, there are risks which could
negatively impact our ability to meet our expected clinical development timelines and harm our business, financial condition and
prospects, including but not being limited to the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a loss of key personnel within the manufacturing activities could result in significant delays
in the manufacturing and release testing of our drug candidate and replacement of such personnel could be time consuming and be
associated with additional costs for us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mistakes or misconduct within the release testing could result in false results which could result
in both, the wrongfully rejection of a manufactured drug product from being released or the wrongfully acceptance of a dysfunctional
drug product, causing data and trial results achieved with such drug product being false and potentially wrongly interpreted.</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an inadequate GMP compliance could result in a potential temporary or permanent loss of the manufacturing
or importing license resulting from an inspection of regulatory agencies</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our third-party manufacturers or we may
not be able to comply with the cGMP regulatory requirements applicable to IFX-1 and biologics, including applicable provisions
of the FDA's drug cGMP regulations, device cGMP requirements embodied in the Quality System Regulation, or QSR, or similar regulatory
requirements outside the United States. Our failure, or the failure of our third-party manufacturers, to comply with applicable
regulations could result in sanctions being imposed on us, including clinical holds, fines, injunctions, civil penalties, delays,
suspension or withdrawal of approvals, seizures or voluntary recalls of product candidates, operating restrictions and criminal
prosecutions, any of which could significantly affect supplies of our product candidates. In addition, our third-party manufacturers
and suppliers and we are subject to FDA and other local regulatory authority inspection from time to time. Failure by our third-party
manufacturers and suppliers or us to pass such inspections and otherwise satisfactorily complete the FDA approval regimen with
respect to our product candidate may result in regulatory actions such as the issuance of FDA Form 483 notices of observations,
warning letters or injunctions or the loss of operating licenses. In addition, we and our third-party manufacturers and suppliers
and subject to numerous environmental, health and safety laws and regulations, including those governing the handling, use, storage,
treatment and disposal of waste products, and failure to comply with such laws and regulations could result in significant costs
associated with civil or criminal fines and penalties for such third parties. Based on the severity of the regulatory action, our
clinical or commercial supply of drug and packaging and other services could be interrupted or limited, which could have a material
adverse effect on our business, including our clinical research activities and our ability to develop our product candidates and
market our products following approval, if any.</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"><B><I>If any third-party manufacturer of our product candidates
is unable to increase the scale of its production of our product candidates, and/or increase the product yield of its manufacturing,
then our costs to manufacture the product may increase and commercialization may be delayed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
order to produce sufficient quantities to meet the demand for clinical trials and, if approved, subsequent commercialization of
IFX-1 or any of our other product candidates in our pipeline or that we may develop, our third party manufacturers will be required
to increase their production and optimize their manufacturing processes while maintaining the quality of the product. The transition
to larger scale production could prove difficult or costly. Further, any claims in our manufacturing process as a result of scaling
up or optimization of the manufacturing, supply and fill process may result in the need to obtain regulatory approvals. If our
third party manufacturers are not able to optimize manufacturing process to increase the product yield for our product candidates,
or are unable to produce increased amounts of our product candidates while maintaining the quality of the product, then we may
not be able to meet the demands of clinical trials or market demands, which could decrease our ability to generate profits. Difficulty
in achieving commercial scale-up production or production optimization or the need for additional regulatory approvals as a result
could have a material adverse impact on our business and results of operations.</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"><B><I>We expect to seek to establish collaborations and, if
we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization
plans.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
expect to seek one or more collaborators for the development and commercialization of one or more of our product candidates. Likely
collaborators may include large and mid-size pharmaceutical companies, regional and national pharmaceutical companies and biotechnology
companies. In addition, if we obtain marketing approval for product candidates from foreign regulatory authorities, we may enter
into strategic relationships with international biotechnology or pharmaceutical companies for the commercialization of such product
candidates outside of the United States.</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">We
face significant competition in seeking appropriate collaborators. Whether we reach a definitive agreement for a collaboration
will depend, among other things, upon our assessment of the collaborator's resources and expertise, the terms and conditions of
the proposed collaboration and the proposed collaborator's evaluation of a number of factors. Those factors may include the potential
differentiation of our product candidate from competing product candidates, design or results of clinical trials, the likelihood
of approval by the FDA, the EMA or comparable foreign regulatory authorities and the regulatory pathway for any such approval,
the potential market for the product candidate, the costs and complexities of manufacturing and delivering the product to patients
and the</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">potential of competing products. The collaborator may also consider
alternative product candidates or technologies for similar indications that may be available for collaboration and whether such
a collaboration could be more attractive than the one with us for our product candidate. If we elect to increase our expenditures
to fund development or commercialization activities on our own, we may need to obtain additional capital, which may not be available
to us on acceptable terms or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates
or bring them to market and generate product revenue.</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: 0.25in">Collaborations are complex and time-consuming
to negotiate and document. Further, there have been a significant number of recent business combinations among large pharmaceutical
companies that have may resulted in a reduced number of potential future collaborators. Any collaboration agreements that we enter
into in the future may contain restrictions on our ability to enter into potential collaborations or to otherwise develop specified
product candidates. We may not be able to negotiate collaborations on a timely basis, on acceptable terms, or at all. If we are
unable to do so, we may have to curtail the development of the product candidate for which we are seeking to collaborate, reduce
or delay its development program or one or more of our other development programs, delay its potential commercialization or reduce
the scope of any sales or marketing activities, or increase our expenditures and undertake development or commercialization activities
at our own expense.</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"><B><I>If we enter into collaborations with third parties for
the development and commercialization of our product candidates, our prospects with respect to those product candidates will depend
in significant part on the success of those collaborations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
expect to maintain existing collaborations and enter into additional collaborations for the development and commercialization of
certain of our product candidates and in certain geographies. If we entered into additional collaborations, we will have limited
control over the amount and timing of resources that our collaborators will dedicate to the development or commercialization of
our product candidates. Our ability to generate revenues from these arrangements will depend on any future collaborators' abilities
to successfully perform the functions assigned to them in these arrangements. In addition, any future collaborators may have the
right to abandon research or development projects and terminate applicable agreements, including funding obligations, prior to
or upon the expiration of the agreed upon terms.</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">Collaborations
involving our product candidates pose a number of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators have significant discretion in determining the efforts and resources that they will
apply to these collaborations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators may not perform their obligations as expected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators may not pursue development and commercialization of our product candidates or may
elect not to continue or renew development or commercialization programs, based on clinical trial results, changes in the collaborators'
strategic focus or available funding or external factors, such as an acquisition, that divert resources or create competing priorities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators may delay clinical trials, provide insufficient funding for a clinical trial program,
stop a clinical trial or abandon a product candidate, repeat or conduct new clinical trials or require a new formulation of a product
candidate for clinical testing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators could independently develop, or develop with third parties, products that compete
directly or indirectly with our product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a collaborator with marketing and distribution rights to one or more products may not commit sufficient
resources to the marketing and distribution of such product or products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">disagreements with collaborators, including disagreements over proprietary rights, including trade
secrets and intellectual property rights, contract interpretation, or the preferred course of development might cause</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt; text-indent: 0pt">delays
or termination of the research, development or commercialization of product candidates, might lead to additional responsibilities
for us with respect to product candidates, or might result in litigation or arbitration, any of which would be time-consuming
and expensive;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators may not properly maintain or defend our intellectual property rights or may use our
proprietary information in such a way as to invite litigation that could jeopardize or invalidate our intellectual property or
proprietary information or expose us to potential litigation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators may infringe, misappropriate or otherwise violate the intellectual property rights
of third parties, which may expose us to litigation and potential liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborations may be terminated and, if terminated, may result in a need for additional capital
to pursue further development or commercialization of the applicable product candidates; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaboration agreements may not lead to development or commercialization of product candidates
in the most efficient manner or at all. If any future collaborator of ours is involved in a business combination, it could decide
to delay, diminish or terminate the development or commercialization of any product candidate licensed to it by us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our intellectual
property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our success depends on our ability to protect our intellectual
property and proprietary anti-C5a technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
success depends in large part on our ability to obtain and maintain patent, trade secret and other intellectual property protection
in the United States and other countries with respect to IFX-1 and other proprietary product candidates. If we do not adequately
protect our intellectual property rights, competitors may be able to erode, negate or preempt any competitive advantage we may
have, which could harm our business and ability to achieve profitability. To protect our proprietary position, we file patent applications
in the United States and abroad related to our novel product candidates that are important to our business. The patent application
and approval process is expensive and time-consuming and we may not be able to file and prosecute all necessary or desirable patent
applications at a reasonable cost or in a timely manner.</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">If
the scope of the patent protection we obtain is not sufficiently broad, we may not be able to prevent others from developing and
commercializing technology and products similar or identical to ours. The degree of patent protection we require to successfully
compete in the marketplace may be unavailable or severely limited in some cases and may not adequately protect our rights or permit
us to gain or keep any competitive advantage. Although we enter into non-disclosure and confidentiality agreements with parties
who have access to confidential or patentable aspects of our research and development output, such as our employees, contractors
and other third parties, any of these parties may breach the agreements and disclose such output before a patent application is
filed, thereby jeopardizing our ability to seek patent protection. In addition, publications of discoveries in the scientific literature
often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not
published until 18 months after filing, or in some cases not at all. Therefore, we cannot be certain that we were the first to
make the inventions claimed in our patents or pending patent applications, or that we were the first to file for patent protection
of such inventions.</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: 0.25in">The patent position of biotechnology
and pharmaceutical companies generally is highly uncertain, involves complex legal and factual questions, and has been the
subject of much litigation in recent years. As a result, the issuance, scope, validity, enforceability, and commercial value
of our patent rights may be uncertain. Our pending and future patent applications may not result in patents being issued
which protect our technology or product candidates or which effectively prevent others from commercializing competitive
technologies and product candidates. In addition, the coverage claimed in a patent application can be significantly reduced
before the patent is issued, and its scope can be reinterpreted after issuance. Even if our patent applications issue as
patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors or other third
parties from competing with us, or otherwise provide us with any competitive advantage. For example, there can be no
assurance that our issued patents contain and pending patent applications</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">will contain, when granted, claims of sufficient
breadth to cover all antibodies alleged to be a biosimilar of our product candidates. Furthermore, there can be no assurance
that our issued patents   will not be challenged at the United States Patent and Trademark Office, or USPTO, or foreign patent
offices or in court proceedings, and if any such challenge  were successful, the scope of our issued patent claims could be
limited so as to not cover antibodies alleged to be a biosimilar of our product candidates. In addition, changes in either
the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of our
patents or narrow the scope of our patent protection. In addition, the laws of foreign countries may not protect our rights
to the same extent or in the same manner as the laws of the United States. For example, patent laws in various
jurisdictions, including significant commercial markets such as Europe, restrict the patentability of methods of treatment of
the human body more than United States law does.</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: 0.25in">Some of our future patents and patent applications
may be co-owned with third parties. If we are unable to obtain an exclusive license to any such third party co-owners&rsquo; interest
in such patents or patent applications, such co-owners may be able to license their rights to other third parties, including our
competitors, and our competitors could market competing products and technology. In addition, we would need the cooperation of
any such co-owners of our patents in order to enforce such patents against third parties, and such cooperation may not be provided
to us. Furthermore, we, or any future partners, collaborators, or licensees, may fail to identify patentable aspects of inventions
made in the course of development and commercialization activities before it is too late to obtain patent protection on them. Therefore,
we may miss potential opportunities to strengthen our patent position. Any of the foregoing could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</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"><B><I>Our patents covering our proprietary anti-C5a technology
may be subject to challenge, narrowing, circumvention and invalidation by third parties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of our patents may be challenged, narrowed,
circumvented, or invalidated by third parties. The issuance of a patent is not conclusive as to its inventorship, scope, validity,
or enforceability, and our patents may be challenged in the courts or patent offices in the United States and abroad. We may be
subject to a third party preissuance submission of prior art to the USPTO or become involved in opposition, derivation, revocation,
reexamination, post-grant and <I>inter partes</I> review, or interference proceedings challenging our patent rights or the patent
rights of others. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate,
our patent rights, allow third parties to commercialize our technology or products and compete directly with us, without payment
to us, or result in our inability to manufacture or commercialize products without infringing third-party patent rights. Moreover,
we may have to participate in interference proceedings declared by the USPTO to determine priority of invention or in post-grant
challenge proceedings, such as oppositions in a foreign patent office, that challenge priority of invention or other features of
patentability. Such challenges may result in loss of patent rights, loss of exclusivity, or in patent claims being narrowed, invalidated,
or held unenforceable, which could limit our ability to stop others from using or commercializing similar or identical technology
and products, or limit the duration of the patent protection of our technology and product candidates. Such proceedings also may
result in substantial cost and require significant time from our scientists and management, even if the eventual outcome is favorable
to us.</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">In addition, our competitors and other
third parties may be able to circumvent our patents by developing similar or alternative technologies or products in a non-infringing
manner. For example, a third party may develop a competitive therapy that provides benefits similar to IFX-1 or other product candidates
but that uses a technology that falls outside the scope of our patent protection. Our competitors may also seek approval to market
generic versions of any approved products and in connection with seeking such approval may claim that our patents are invalid,
unenforceable or not infringed. In these circumstances, we may need to defend or assert our patents, or both, including by filing
lawsuits alleging patent infringement. In any of these types of proceedings, a court or other agency with jurisdiction may find
our patents invalid or unenforceable, or that our competitors are competing in a non-infringing manner. Thus, even if we have valid
and enforceable patents, these patents still may not provide protection against competing products or processes sufficient to achieve
our business objectives. If the patent protection provided by the patents and patent applications we hold or pursue with respect
to our product candidates is not sufficiently broad to impede such competition, our ability to successfully commercialize our product
candidates could be negatively affected, which could have a material adverse effect on our business, financial condition, results
of operations, and prospects.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We cannot be sure that we were the first to make the anti-C5a
technologies claimed in our patents or patent applications or that we were the first to file for patent protection.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assuming the other requirements for patentability
are met, currently, the first to file&nbsp;a patent application is generally entitled to the patent. However, prior to March&nbsp;16,
2013, in the United States, the first to invent was entitled to the patent. Publications of discoveries in the scientific literature
often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are not published
until 18&nbsp;months after filing, or in some cases not at all. Therefore, we cannot be certain that we were the first to make
the inventions claimed in our patents or pending patent applications, or that we were the first to file for patent protection of
such inventions. Similarly, we cannot be certain that parties from whom we may license or purchase patent rights were the first
to make relevant claimed inventions, or were the first to file for patent protection for them. If third parties have filed patent
applications on inventions claimed in our patents or applications on or before March&nbsp;15, 2013, an interference proceeding
in the United States can be initiated by such third parties to determine who was the first to invent any of the subject matter
covered by the patent claims of our applications. If third parties have filed such applications after March&nbsp;15, 2013, a derivation
proceeding in the United States can be initiated by such third parties to determine whether our invention was derived from theirs.</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"><B><I>The patent application process is subject to numerous
risks and there can be no assurance that we will be successful in obtaining patents for which we have applied.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending patent applications cannot be enforced
against third parties practicing the technology claimed in such applications unless and until a patent issues from such applications.
The patent application process is subject to numerous risks and uncertainties, and there can be no assurance that we or any of
our future development partners will be successful in protecting our product candidates by obtaining and defending patents. These
risks and uncertainties include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee
payment and other provisions during the patent process. There are situations in which noncompliance can result in abandonment or
lapse of a patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. In
such an event, competitors might be able to enter the market earlier than would otherwise have been the case;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the coverage claimed in a patent application can be significantly reduced before the patent is issued, and its scope can be
reinterpreted after issuance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patent applications may not result in any patents being issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patents that may be issued or in-licensed may be challenged, invalidated, modified, revoked, circumvented, narrowed, found
to be unenforceable or otherwise may not provide any competitive advantage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our competitors, many of whom have substantially greater resources and many of whom have made significant investments in competing
technologies, may seek or may have already obtained patents that will limit, interfere with or eliminate our ability to make, use,
and sell our potential product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there may be significant pressure on the U.S. government and international governmental bodies to limit the scope of patent
protection both inside and outside the United States for disease treatments that prove successful, as a matter of public policy
regarding worldwide health concerns; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>countries other than the United States may have patent laws less favorable to patentees than those upheld by U.S. courts, allowing
foreign competitors a better opportunity to create, develop and market competing product candidates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of the foregoing events could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It is difficult and costly to protect our intellectual
property and our proprietary anti-C5a technologies, and we may not be able to ensure their protection.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
commercial success will depend in part on obtaining and maintaining patent protection and trade secret protection for the composition,
use and structure of our products and product candidates, the methods used to manufacture them, the related therapeutic targets
and associated methods of treatment as well as on successfully defending these patents against potential third-party challenges.
Our ability to protect our products and product candidates from unauthorized making, using, selling, offering to sell or importing
by third parties is dependent on the extent to which we have rights under valid and enforceable patents that cover these activities.</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">The
ultimate determination by the USPTO or by a court or other trier of fact in the United States, or corresponding foreign national
patent offices or courts, on whether a claim meets all requirements of patentability cannot be assured. For example, our C5a inhibitor
portfolio consists of 3 families of patent applications that we own directed to C5a inhibitors and related methods of use. Although
we have conducted searches for third-party publications, patents and other information that may affect the patentability of claims
in our various patent applications and patents, we cannot be certain that all relevant information has been identified. Accordingly,
we cannot predict the breadth of claims that may be allowed or enforced in our patents or patent applications, in our licensed
patents or patent applications or in third-party patents.</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">We
cannot provide assurances that any of our patent applications will be found to be patentable, including over our own prior art
patents, or will issue as patents. Neither can we make assurances as to the scope of any claims that may issue from our pending
and future patent applications nor to the outcome of any proceedings by any potential third parties that could challenge the patentability,
validity or enforceability of our patents and patent applications in the United States or foreign jurisdictions. Any such challenge,
if successful, could limit patent protection for our products and product candidates and/or materially harm our business.</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">The
degree of future protection for our proprietary rights is uncertain because legal means afford only limited protection and may
not adequately protect our rights or permit us to gain or keep our competitive advantage. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may not be able to generate sufficient data to support full patent applications that protect the entire breadth of developments
in one or more of our programs, including our HS program;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it is possible that one or more of our pending patent applications will not become an issued patent or, if issued, that the
patent(s) will be insufficient to protect our technology, provide us with a basis for commercially viable products or provide us
with any competitive advantages;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if our pending applications issue as patents, they may be challenged by third parties as not infringed, invalid or unenforceable
under United States or foreign laws; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if issued, the patents under which we hold rights may not be valid or enforceable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
addition, to the extent that we are unable to obtain and maintain patent protection for one of our products or product candidates
or in the event that such patent protection expires, it may no longer be cost-effective to extend our portfolio by pursuing additional
development of a product or product candidate for follow-on indications. Any of the foregoing could have a material adverse effect
on our business, financial condition, results of operations, and prospects</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"><B><I>Obtaining and maintaining patent protection of our anti-C5a
technologies depends on compliance with various procedural, document submission, fee payment and other requirements imposed by
governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Periodic
maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and applications are required to be
paid to the USPTO and various governmental patent agencies outside of the United States in several stages over the lifetime of
the patents and applications. The USPTO and various non-U.S. governmental patent agencies require compliance with a number of procedural,
documentary, fee payment and other</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">similar provisions during the patent application process and
after a patent has issued. There are situations in which non-compliance can result in abandonment or lapse of the patent or patent
application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. Under the terms of some of our
licenses, we do not have the ability to maintain or prosecute patents in the portfolio, and must therefore rely on third parties
to comply with these requirements. Failure by us or our licensors to maintain protection of our patent portfolio could have a material
adverse effect on our business, financial condition, results of operations, and prospects.</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">In addition, it is possible that defects
of form in the preparation or filing of our patents or patent applications may exist, or may arise in the future, for example with
respect to proper priority claims, inventorship, claim scope, or requests for patent term adjustments. If we fail to establish,
maintain or protect such patents and other intellectual property rights, such rights may be reduced or eliminated. If any of our
present or future partners, collaborators, licensees, or licensors, are not fully cooperative or disagree with us as to the prosecution,
maintenance or enforcement of any patent rights, such patent rights could be compromised. If there are material defects in the
form, preparation, prosecution, or enforcement of our patents or patent applications, such patents may be invalid and/or unenforceable,
and such applications may never result in valid, enforceable patents. Any of these outcomes could impair our ability to prevent
competition from third parties, which may have a material adverse effect on our business, financial condition, results of operations,
and prospects.</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"><B><I>Patent terms may be inadequate to protect our competitive
position on our products for an adequate amount of time and if we do not obtain protection under the Hatch-Waxman Amendments and
similar non-U.S. legislation for extending the term of patents covering each of our product candidates, our business may be materially
harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patents
have a limited lifespan. In the United States, the natural expiration of a patent is generally twenty years after it is filed.
Various extensions may be available, however, the life of a patent, and the protection it affords, is limited. Given the amount
of time required for the development, testing and regulatory review of new product candidates, patents protecting such candidates
might expire before or shortly after such candidates are commercialized. As a result, our patent portfolio may not provide us with
adequate and continuing patent protection sufficient to exclude others from commercializing products similar to our product candidates.</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">Depending upon the timing, duration and
conditions of FDA marketing approval of our product candidates, one or more of our U.S. patents may be eligible for limited patent
term extension under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments
and similar legislation in the EU. The Hatch-Waxman Amendments permit a patent term extension of up to five years for a patent
covering an approved product as compensation for effective patent term lost during product development and the FDA regulatory review
process. A patent term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date of product
approval, only one patent may be extended and only those claims covering the approved drug, a method for using it, or a method
for manufacturing it may be extended. However, we may not receive an extension if we fail to apply within applicable deadlines,
fail to apply prior to expiration of relevant patents or otherwise fail to satisfy applicable requirements. Moreover, the length
of the extension could be less than we request. If we are unable to obtain patent term extension or the term of any such extension
is less than we request, the period during which we can enforce our patent rights for that product will be shortened and our competitors
may obtain approval to market competing products sooner. As a result, our revenue from applicable products could be reduced and
could have a material adverse effect on our business, financial condition, results of operations, and prospects.</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"><B><I>Changes to the patent law in the United States and other
jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As
is the case with other biopharmaceutical companies, our success is heavily dependent on intellectual property, particularly patents.
Obtaining and enforcing patents in the biopharmaceutical industry involves both technological and legal complexity and is therefore
costly, time consuming and inherently uncertain. Recent patent reform legislation in the United States, including the Leahy-Smith
America Invents Act, or the America Invents Act, could increase those uncertainties and costs. The America Invents Act was signed
into law on September&nbsp;16, 2011, and many of the substantive changes became effective on March&nbsp;16, 2013. The America Invents
Act reforms United States patent law in part by changing the U.S. patent system from a &ldquo;first to invent&rdquo; system to
a &ldquo;first inventor to</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">file&rdquo; system, expanding the definition of prior art, and
developing a post-grant review system. This legislation changed United States patent law in a way that may weaken our ability to
obtain patent protection in the United States for those applications filed after March&nbsp;16, 2013.</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: 0.25in">Further,
the America Invents Act created new procedures to challenge the validity of issued patents in the United States, including post-grant
review and <I>inter partes</I> review proceedings, which some third parties have been using to cause the cancellation of selected
or all claims of issued patents of competitors. For a patent with an effective filing date of March&nbsp;16, 2013 or later, a petition
for post-grant review can be filed by a third party in a nine month window from issuance of the patent. A petition for <I>inter
partes</I> review can be filed immediately following the issuance of a patent if the patent has an effective filing date prior
to March&nbsp;16, 2013. A petition for <I>inter partes</I> review can be filed after the nine month period for filing a post-grant
review petition has expired for a patent with an effective filing date of March&nbsp;16, 2013 or later. Post-grant review proceedings
can be brought on any ground of invalidity, whereas <I>inter partes</I> review proceedings can only raise an invalidity challenge
based on published prior art and patents. These adversarial actions at the USPTO review patent claims without the presumption of
validity afforded to U.S. patents in lawsuits in U.S. federal courts, and use a lower burden of proof than used in litigation in
U.S. federal courts. Therefore, it is generally considered easier for a competitor or third party to have a U.S. patent invalidated
in a USPTO post-grant review or <I>inter partes</I> review proceeding than invalidated in a litigation in a U.S. federal court.
If any of our patents are challenged by a third party in such a USPTO proceeding, there is no guarantee that we or our licensors
or collaborators will be successful in defending the patent, which would result in a loss of the challenged patent right to us.</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">In
addition, recent court rulings in cases such as <I>Association for Molecular Pathology v. Myriad Genetics,&nbsp;Inc., BRCA1-&nbsp;&amp;
BRCA2-Based Hereditary Cancer Test Patent Litigation, Promega Corp.&nbsp;v. Life Technologies Corp. and Abbvie Deutschland GmbH
v. Janssen Biotech, Inc.</I> have narrowed the scope of patent protection available in certain circumstances and weakened the rights
of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the
future, this combination of events has created uncertainty with respect to the value of patents once obtained. Depending on future
actions by the U.S. Congress, the U.S. courts, the USPTO and the relevant law-making bodies in other countries, the laws and regulations
governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing
patents and patents that we might obtain in the future. Any changes to patent law in the U.S. or other jurisdictions that impairs
our ability to protect IFX-1 and other product candidates could have a material adverse effect on our business, financial condition,
results of operations, and prospects.</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"><B><I>We may not be able to enforce our intellectual property
rights throughout the world.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Filing,
prosecuting, enforcing and defending patents on our product candidates in all countries throughout the world would be prohibitively
expensive, and our intellectual property rights in some countries outside the United States can be less extensive than those in
the United States. The requirements for patentability may differ in certain countries, particularly in developing countries; thus,
even in countries where we do pursue patent protection, there can be no assurance that any patents will issue with claims that
cover our products.</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">Moreover,
our ability to protect and enforce our intellectual property rights may be adversely affected by unforeseen changes in foreign
intellectual property laws. Additionally, laws of some countries outside of the United States and Europe do not afford intellectual
property protection to the same extent as the laws of the United States and Europe. Many companies have encountered significant
problems in protecting and defending intellectual property rights in certain foreign jurisdictions. The legal systems of some countries,
including India, China and other developing countries, do not favor the enforcement of patents and other intellectual property
rights. This could make it difficult for us to stop the infringement of our patents or the misappropriation of our other intellectual
property rights. For example, many foreign countries have compulsory licensing laws under which a patent owner must grant licenses
to third parties. Consequently, we may not be able to prevent third parties from practicing our inventions in certain countries
outside the United States and Europe. Competitors may use our technologies in jurisdictions where we have not obtained patent protection
to develop and market their own products and, further, may export otherwise infringing products to territories where we have patent
protection, if our ability to enforce our patents to stop infringing activities is inadequate. These products may compete with
our products, and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Agreements
through which we license patent rights may not give us sufficient rights to permit us to pursue enforcement of our licensed patents
or defense of any claims asserting the invalidity of these patents (or control of enforcement or defense) of such patent rights
in all relevant jurisdictions as requirements may vary.</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">Proceedings
to enforce our patent rights in foreign jurisdictions, whether or not successful, could result in substantial costs and divert
our efforts and resources from other aspects of our business. Moreover, such proceedings could put our patents at risk of being
invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert
claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not
be commercially meaningful. Furthermore, while we intend to protect our intellectual property rights in major markets for our products,
we cannot ensure that we will be able to initiate or maintain similar efforts in all jurisdictions in which we may wish to market
our products. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate. Any of
the foregoing could have a material adverse effect on our business, financial condition, results of operations, and prospects.</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"><B><I>Others may claim an ownership interest in our intellectual
property and proprietary anti-C5a technologies which could expose us to litigation and have a significant adverse effect on our
prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A third party may claim an ownership
interest in one or more of our, or our licensors', patents or other proprietary or intellectual property rights. A third
party could bring legal actions against us and seek monetary damages and/or enjoin clinical testing, manufacturing and
marketing of the affected product or products. While we are presently unaware of any claims or assertions by third
parties with respect to our patents or other intellectual property, we cannot guarantee that a third party will not assert a
claim or an interest in any of such patents or intellectual property. If we become involved in any litigation, it could
consume a substantial portion of our resources, and cause a significant diversion of effort by our technical and management
personnel. If any of these actions are successful, in addition to any potential liability for damages, we could be required
to obtain a license to continue to manufacture or market the affected product, in which case we may be required to pay
substantial royalties or grant cross-licenses to our patents. We cannot, however, assure you that any such license will be
available on acceptable terms, if at all. Ultimately, we could be prevented from commercializing a product, or be forced to
cease some aspect of our business operations as a result of claims of patent infringement or violation of other intellectual
property rights. Further, the outcome of intellectual property litigation is subject to uncertainties that cannot be
adequately quantified in advance, including the demeanor and credibility of witnesses and the identity of any adverse party.
This is especially true in intellectual property cases that may turn on the testimony of experts as to technical facts upon
which experts may reasonably disagree. Any of the foregoing could have a material adverse effect on our business, financial
condition, results of operations, and prospects.</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"><B><I>If we are sued for infringing, misappropriating, or otherwise
violating intellectual property rights of third parties, such litigation could be costly and time consuming and could prevent or
delay us from developing or commercializing our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
commercial success depends, in part, on our ability to develop, manufacture, market and sell our product candidates without infringing,
misappropriating, or otherwise violating the intellectual property and other proprietary rights of third parties. Third parties
may have U.S. and non-U.S. issued patents and pending patent applications relating to compounds, methods of manufacturing compounds
and/or methods of use for the treatment of the disease indications for which we are developing our product candidates that may
cover our product candidates or approach to complement inhibition. If any third-party patents or patent applications are found
to cover our product candidates or their methods of use or manufacture, or our approach to complement inhibition, we may not be
free to manufacture or market our product candidates as planned without obtaining a license, which may not be available on commercially
reasonable terms, or at all.</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">There
is a substantial amount of intellectual property litigation in the biotechnology and pharmaceutical industries, and we may become
party to, or threatened with, litigation or other adversarial proceedings regarding intellectual property rights with respect to
our product candidates, including interference and post-grant proceedings before the USPTO. There may be third-party patents or
patent applications with claims to materials, formulations, methods of manufacture or methods for treatment related to the composition,
use or manufacture of our product candidates. We cannot guarantee that any of our patent searches or analyses including, but not
limited to, the</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">identification of relevant patents, the scope of patent claims
or the expiration of relevant patents are complete or thorough, nor can we be certain that we have identified each and every patent
and pending application in the United States and abroad that is relevant to or necessary for the commercialization of our product
candidates in any jurisdiction. Because patent applications can take many years to issue, there may be currently pending patent
applications which may later result in issued patents that our product candidates may be accused of infringing. In addition, third
parties may obtain patents in the future and claim that use of our technologies infringes upon these patents. Accordingly, third
parties may assert infringement claims against us based on intellectual property rights that exist now or arise in the future.
The outcome of intellectual property litigation is subject to uncertainties that cannot be adequately quantified in advance. The
pharmaceutical and biotechnology industries have produced a significant number of patents, and it may not always be clear to industry
participants, including us, which patents cover various types of products or methods of use or manufacture. The scope of protection
afforded by a patent is subject to interpretation by the courts, and the interpretation is not always uniform. If we are sued for
patent infringement, we would need to demonstrate that our product candidates, products or methods either do not infringe the patent
claims of the relevant patent or that the patent claims are invalid or unenforceable, and we may not be able to do this. Proving
invalidity is difficult. For example, in the United States, proving invalidity requires a showing of clear and convincing evidence
to overcome the presumption of validity enjoyed by issued patents. Even if we are successful in these proceedings, we may incur
substantial costs and the time and attention of our management and scientific personnel could be diverted in pursuing these proceedings,
which could significantly harm our business and operating results. In addition, we may not have sufficient resources to bring these
actions to a successful conclusion.</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: 0.25in">If
we are found to infringe, misappropriate, or otherwise violate a third party's intellectual property rights, we could be forced,
including by court order, to cease developing, manufacturing or commercializing the infringing product candidate or product. Alternatively,
we may be required to obtain a license from such third party in order to use the infringing technology and continue developing,
manufacturing or marketing the infringing product candidate or product. However, we may not be able to obtain any required license
on commercially reasonable terms or at all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving
our competitors access to the same technologies licensed to us; alternatively or additionally it could include terms that impede
or destroy our ability to compete successfully in the commercial marketplace. In addition, we could be found liable for monetary
damages, including treble damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement
could prevent us from commercializing our product candidates or force us to cease some of our business operations, which could
harm our business. Claims that we have misappropriated the confidential information or trade secrets of third parties could have
a similar negative impact on our business. Any of the foregoing could have a material adverse effect on our business, financial
condition, results of operations, and prospects.</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"><B><I>We may be subject to claims by third parties asserting
that our employees or we have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual
property and proprietary anti-C5a technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many
of our current and former employees and our licensors' current and former employees, including our senior management, were previously
employed at universities or at other biotechnology or pharmaceutical companies, including some which may be competitors or potential
competitors. Although we try to ensure that our employees do not use the proprietary information or know-how of others in their
work for us, we may be subject to claims that we or these employees have used or disclosed intellectual property, including trade
secrets or other proprietary information, of any such third party. Litigation may be necessary to defend against such claims. If
we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights
or personnel or sustain damages. Such intellectual property rights could be awarded to a third party, and we could be required
to obtain a license from such third party to commercialize our technology or products. Such a license may not be available on commercially
reasonable terms or at all. Even if we are successful in defending against such claims, litigation could result in substantial
costs and be a distraction to management.</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">In addition, while we typically
require our employees, consultants and contractors who may be involved in the development of intellectual property to execute
agreements assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party
who in fact develops intellectual property that we regard as our own, or such agreements may be breached or alleged to be
ineffective, which may result in claims by or against us related to the ownership of such intellectual property.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we fail in prosecuting or defending any such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights. Even if we are successful in prosecuting or defending
against such claims, litigation could result in substantial costs and be a distraction to our senior management and scientific
personnel. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations,
and prospects.</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><I>We may become involved in lawsuits to protect or enforce
our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Competitors may
infringe, misappropriate, or otherwise violate our patents, trademarks, copyrights or other intellectual property. To counter
infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time consuming
and divert the time and attention of our management and scientific personnel. Any claims we assert against perceived
infringers could provoke these parties to assert counterclaims against us alleging that we infringe their patents, in
addition to counterclaims asserting that our patents are invalid or unenforceable, or both. In any patent
infringement proceeding, there is a risk that a court will decide that a patent of ours is invalid or unenforceable, in whole
or in part, and that we do not have the right to stop the other party from using the invention at issue. There is also a risk
that, even if the validity of such patents is upheld, the court will construe the patent's claims narrowly or decide that we
do not have the right to stop the other party from using the invention at issue on the grounds that our patent claims do not
cover the invention. An adverse outcome in a litigation or proceeding involving one or more of our patents could limit our
ability to assert those patents against those parties or other competitors, and may curtail or preclude our ability to
exclude third parties from making and selling similar or competitive products. Similarly, if we were to assert trademark
infringement claims, a court may determine that the marks we have asserted are invalid or unenforceable, or that the party
against whom we have asserted trademark infringement has superior rights to the marks in question. In this case, we could
ultimately be forced to cease use of such trademarks.</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">Even
if we establish infringement, the court may decide not to grant an injunction against further infringing activity and instead award
only monetary damages, which may or may not be an adequate remedy. Furthermore, because of the substantial amount of discovery
required in connection with intellectual property litigation, there is a risk that some of our confidential information could be
compromised by disclosure during litigation. There could also be public announcements of the results of hearings, motions or other
interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could adversely
affect the price of our common shares. Moreover, there can be no assurance that we will have sufficient financial or other resources
to file and pursue such infringement claims, which typically last for years before they are concluded. Even if we ultimately prevail
in such claims, the monetary cost of such litigation and the diversion of the attention of our management and scientific personnel
could outweigh any benefit we receive as a result of the proceedings. Any such litigation could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</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"><B><I>If we fail to comply with our obligations under our existing
and any future intellectual property licenses with third parties, we could lose license rights that are important to our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may be reliant upon licenses to certain
patent rights and proprietary anti-C5a technology form third parties that are important or necessary to the development of our
product candidates. These and other licenses may not provide exclusive rights to use such intellectual property and technology
in all relevant fields of use and in all territories in which we may wish to develop or commercialize our technology and products
in the future. As a result, we may not be able to prevent competitors from developing and commercializing competitive products
in territories included in all of our licenses. Our licensors may have relied on third party consultants or collaborators or funds
from third parties such that our licensors are not the sole and exclusive owners of the patents we in-license. This could have
a material adverse effect on our competitive position, business, financial conditions, results of operations and prospects.&nbsp;&nbsp;&nbsp;&nbsp;</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: 0.25in">In addition, the agreements under which
we license patent rights may not give us control over patent prosecution or maintenance, so that we may not be able to control
which claims or arguments are presented and may not be able to secure, maintain, or successfully enforce necessary or desirable
patent protection from those patent rights. We cannot be certain that patent prosecution and maintenance activities by our licensors
will be conducted in compliance with applicable laws and regulations or will result in valid and enforceable patents. Even if we
are</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">permitted to pursue such enforcement or defense, we will require
the cooperation of our licensors, and cannot guarantee that we would receive it and on what terms. We cannot be certain that our
licensors will allocate sufficient resources or prioritize their or our enforcement of such patents or defense of such claims to
protect our interests in any licensed patents. If we cannot obtain patent protection, or enforce existing or future patents against
third parties, it could have a material adverse effect on our business, financial condition, results of operations, and prospects.</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: 0.25in">Further, the agreements under which we currently
license intellectual property or technology to or from third parties are complex, and certain provisions in such agreements may
be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow
what we believe to be the scope of our rights to the relevant intellectual property or technology, or increase what we believe
to be our financial or other obligations under the relevant agreement, either of which could have a material adverse effect on
our business, financial conditions, results of operations, and prospects. Moreover, if disputes over intellectual property that
we license prevent or impair our ability to maintain our licensing arrangements on commercially acceptable terms, we may be unable
to successfully develop and commercialize the affected product candidates, which could have a material adverse effect on our business,
financial conditions, results of operations, and prospects. Disputes may arise regarding intellectual property subject to a licensing
agreement, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the scope of rights granted under the license agreement and other interpretation-related issues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the
licensing agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the sublicensing of patent and other rights under current and any future collaborative development relationships;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our diligence obligations under any license agreement and what activities satisfy such obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inventorship and ownership of inventions and know-how resulting from the joint creation or use of intellectual property
by our license counterparties and us and our partners; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the priority of invention of patented technology.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In spite of our best efforts, our license
counterparties might conclude that we have materially breached our license agreements and might therefore terminate the license
agreements, which may remove our ability to develop and commercialize the product candidates and technology covered by these license
agreements. If any in-licenses are terminated, competitors would have the freedom to seek regulatory approval of, and to market,
products identical to ours. It is possible that we may be unable to obtain any additional licenses that we require at a reasonable
cost or on reasonable terms, if at all. In that event, we may be required to expend significant time and resources to redesign
our product candidates, technology, or the methods for manufacturing them or to develop or license replacement technology, all
of which may not be feasible on a technical or commercial basis. If we are unable to do so, we may be unable to develop or commercialize
the affected product candidates, which could harm our business, financial condition, results of operations, and prospects significantly.
Any of these events could have a material adverse effect on our competitive position, business, financial conditions, results of
operations, and prospects.</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"><B><I>If we are unable to protect the confidentiality of our
trade secrets, the value of our technology could be negatively impacted and our business would be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
addition to the protection afforded by patents, we also rely on trade secret protection for certain aspects of our intellectual
property. However, trade secrets are difficult to protect. We seek to protect these trade secrets, in part, by entering into non-disclosure
and confidentiality agreements with parties who have access to them, such as our employees, consultants, independent contractors,
advisors, contract manufacturers, suppliers and other third parties. We also enter into confidentiality and invention or patent
assignment agreements with employees and certain consultants. Any party with whom we have executed such an agreement may breach
that agreement and disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate
remedies for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult,
expensive and time-consuming, and the outcome is unpredictable. Additionally, if the steps taken to</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">maintain our trade secrets are deemed inadequate, we may have
insufficient recourse against third parties for misappropriating the trade secret. Further, if any of our trade secrets were to
be lawfully obtained or independently developed by a competitor, we would have no right to prevent such third party, or those to
whom they communicate such technology or information, from using that technology or information to compete with us. If any of our
trade secrets were to be disclosed to or independently developed by a competitor, it could have a material adverse effect on our
business, financial condition, results of operations, and prospects.</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><I>If our trademarks and trade names are not adequately protected,
then we may not be able to build name recognition in our marks of interest and our business may be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other
marks. We may not be able to protect our rights to these
trademarks and trade names or may be forced to stop using these names, which we need for name recognition by potential partners
or customers in our markets of interest. During trademark registration proceedings, we may receive rejections. Although we would
be given an opportunity to respond to those rejections, we may be unable to overcome such rejections. In addition, in the USPTO
and in comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose pending trademark applications
and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks, and our
trademarks may not survive such proceedings. If we are unable to establish name recognition based on our trademarks and trade names,
we may not be able to compete effectively and our business may be adversely affected.</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"><B><I>Certain of our employees and patents are subject to German
law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A number of our personnel, including
our directors, work in Germany and are subject to German employment law. Inventions which may be the subject of a patent or
of protection as a utility model as well as technical improvement proposals for other technical innovations that may not be
the subject of a patent or of protection as a utility model made by such employees are subject to the provisions of the
German Act on Employees&rsquo; Inventions (<I>Gesetz &uuml;ber Arbeitnehmererfindungen</I>), which regulates the ownership
of, and compensation for, inventions made by employees. We face the risk that disputes may occur between us and our current
or past employees pertaining to the sufficiency of compensation paid by us, allocation of rights to inventions under this act
or alleged non-adherence to the provisions of this act, any of which may be costly to resolve and take up our
management&rsquo;s time and efforts whether we prevail or fail in such dispute. In addition, under the German Act on
Employees&rsquo; Inventions, certain employees retain rights to patents they invented or co-invented prior to 2009. While we
believe that all of our current and past German employee inventors have subsequently assigned to us their interest in patents
they invented or co-invented, there can be no assurance that all such assignments are fully effective and there is a risk
that the compensation we provided to them may be deemed to be insufficient, such that we may be required under German law to
increase the compensation due to such employees for the use of the patents. If we are required to pay additional compensation
or face other disputes under the German Act on Employees&rsquo; Inventions, our results of operations could be
adversely affected.</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: 0.25in">If any of our current or past employees
obtain or retain ownership of any inventions or related intellectual property rights that we believe we own, we may lose valuable
intellectual property rights and be required to obtain and maintain licenses from such employees to such inventions or intellectual
property rights, which may not be available on commercially reasonable terms or at all, or may be non-exclusive. If we are unable
to obtain and maintain a license to any such employee&rsquo;s interest in such inventions or intellectual property rights, we may
need to cease the development, manufacture, and commercialization of one or more of the product candidates we may develop. In addition,
any loss of exclusivity of our intellectual property rights could limit our ability to stop others from using or commercializing
similar or identical technology and products. Any of the foregoing events could have a material adverse effect on our business,
financial condition, results of operations, and prospects.</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 11pt; text-indent: -11pt"><B>Risks related to employee matters
and managing growth</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We only have a limited number of employees to manage and
operate our business.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As
of June 1, 2017, we had 17 full-time or part-time employees. Our focus on the development of IFX-1 requires us to optimize cash
utilization and to manage and operate our business with limited personnel. We cannot assure you that we will be able to hire additional
employees and/or retain adequate staffing levels to develop IFX-1 or run our operations or to accomplish all of the objectives
that we otherwise would seek to accomplish.</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"><B><I>We depend heavily on our executive officers and directors,
and the loss of their services would materially harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
success depends, and will likely continue to depend, upon our ability to hire and retain the services of our current executive
officers, directors, principal consultants and others. We are highly dependent on the management, development, clinical, financial
and business development expertise of Professor Niels Riedemann, our Chief Executive Officer, Professor Renfeng Guo, our Chief
Scientific Officer, Arnd Christ, our Chief Financial Officer and Dr. Othmar Zenker, our Chief Medical Officer. In addition, we
have established relationships with universities and research institutions which have historically provided, and continue to provide,
us with access to research laboratories, clinical trials, facilities and patients. Our ability to compete in the biotechnology
and pharmaceuticals industries depends upon our ability to attract and retain highly qualified managerial, scientific and medical
personnel.</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">Our
industry has experienced a high rate of turnover of management personnel in recent years. Any of our personnel may terminate their
employment at will. If we lose one or more of our executive officers or other key employees, our ability to implement our business
strategy successfully could be seriously harmed. Furthermore, replacing executive officers or other key employees may be difficult
and may take an extended period of time because of the limited number of individuals in our industry with the breadth of skills
and experience required to develop, gain marketing approval of and commercialize products successfully.</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">Competition
to hire from this limited pool is intense, and we may be unable to hire, train, retain or motivate these additional key employees
on acceptable terms given the competition among numerous pharmaceutical and biotechnology companies for similar personnel. We also
experience competition for the hiring of scientific and clinical personnel from universities and research institutions.</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">We
rely on consultants and advisors, including scientific, strategic, regulatory and clinical advisors, to assist us in formulating
our research and development and commercialization strategy. Our consultants and advisors may be employed by other entities and
may have commitments under consulting or advisory contracts with those entities that may limit their availability to us. If we
are unable to continue to attract and retain highly qualified personnel, our ability to develop and commercialize our product candidates
will be limited.</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"><B><I>Our employees, independent contractors, consultants, collaborators
and contract research organizations may engage in misconduct or other improper activities, including non-compliance with regulatory
standards and requirements, which could cause significant liability for us and harm our reputation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
are exposed to the risk that our employees, independent contractors, consultants, collaborators and contract research organizations
may engage in fraudulent conduct or other illegal activity. Misconduct by those parties could include intentional, reckless or
negligent conduct or disclosure of unauthorized activities to us that violates: (i)&nbsp;FDA regulations or similar regulations
of comparable non-U.S. regulatory authorities, including those laws requiring the reporting of true, complete and accurate information
to such authorities, (ii)&nbsp;manufacturing and clinical trial conduct standards, (iii)&nbsp;federal and state healthcare fraud
and abuse laws and regulations and similar laws and regulations established and enforced by comparable non-U.S. regulatory authorities,
and (iv)&nbsp;laws that require the reporting of financial information or data accurately. Activities subject to these laws also
involve the improper use of information obtained in the course of clinical trials, which could result in regulatory sanctions and
serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions we take to detect
and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental
investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws, standards or regulations.
If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those
actions could have a significant impact on our business and results of operations, including the imposition of civil, criminal
and administrative penalties, damages, monetary fines, possible exclusion from participation in Medicare, Medicaid and other federal
healthcare programs, contractual</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">damages, reputational harm, diminished profits and future earnings,
and curtailment of our operations, any of which could have a material adverse effect on our ability to operate our business and
our results of operations.</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><I>We expect to expand our organization, and as a result,
we may encounter difficulties in managing our growth, which could disrupt our operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
expect to experience significant growth in the number of our employees and the scope of our operations, particularly in the areas
of clinical development and regulatory affairs, as well as to support our public company operations. To manage these growth activities,
we must continue to implement and improve our managerial, operational and financial systems, expand our facilities and continue
to recruit and train additional qualified personnel. Our management may need to devote a significant amount of its attention to
managing these growth activities. Moreover, our expected growth could require us to relocate to a different geographic area of
the country. Due to our limited financial resources and the limited experience of our management team in managing a company with
such anticipated growth, we may not be able to effectively manage the expansion or relocation of our operations, retain key employees,
or identify, recruit and train additional qualified personnel. Our inability to manage the expansion or relocation of our operations
effectively may result in weaknesses in our infrastructure, give rise to operational mistakes, loss of business opportunities,
loss of employees and reduced productivity among remaining employees. Our expected growth could also require significant capital
expenditures and may divert financial resources from other projects, such as the development of additional product candidates.
If we are unable to effectively manage our expected growth, our expenses may increase more than expected, our ability to generate
revenues could be reduced and we may not be able to implement our business strategy, including the successful development and commercialization
of our product candidates.</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"><B><I>Cyber-attacks or other failures in telecommunications
or information technology systems could result in information theft, data corruption and significant disruption of our business
operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
utilize information technology, or IT, systems and networks to process, transmit and store electronic information in connection
with our business activities. As use of digital technologies has increased, cyber incidents, including deliberate attacks and attempts
to gain unauthorized access to computer systems and networks, have increased in frequency and sophistication. These threats pose
a risk to the security of our systems and networks, the confidentiality and the availability and integrity of our data. There can
be no assurance that we will be successful in preventing cyber-attacks or successfully mitigating their effects. Similarly, there
can be no assurance that our collaborators, CROs, third-party logistics providers, distributors and other contractors and consultants
will be successful in protecting our clinical and other data that is stored on their systems. Any cyber-attack or destruction or
loss of data could have a material adverse effect on our business and prospects. In addition, we may suffer reputational harm or
face litigation or adverse regulatory action as a result of cyber-attacks or other data security breaches and may incur significant
additional expense to implement further data protection measures.</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 0pt 11pt; text-indent: -11pt"><B>Risks related to our common
shares, this offering and our status as a public company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An active trading market for our common shares may not
develop or be sustainable. If an active trading market does not develop, investors may not be able to resell their shares at or
above the initial public offering price and our ability to raise capital in the future may be impaired.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior
to this offering, there has been no public market for our common shares. The initial public offering price for our common shares
will be determined through negotiations with the underwriters. This price may not reflect the price at which investors in the market
will be willing to buy and sell our shares following this offering. Although we intend to list our common shares on The Nasdaq
Global Market, or NASDAQ, an active trading market for our shares may never develop or, if developed, be maintained following this
offering. If an active market for our common shares does not develop or is not maintained, it may be difficult for you to sell
shares you purchase in this offering without depressing the market price for the shares or at all. An inactive trading market may
also impair our ability to raise capital to continue to fund operations by selling shares and may impair our ability to acquire
other companies or technologies by using our shares as consideration.</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"><B><I>If you purchase common shares in this offering, you will
suffer immediate dilution in the net tangible book value of your investment.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The
initial public offering price of our common shares is substantially higher than the net tangible book value per common share. Therefore,
if you purchase common shares in this offering, you will pay a price per share that substantially exceeds our net tangible book
value per share after this offering. Based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share), which is the midpoint of the price range set forth
on the cover page of this prospectus, you will experience immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, representing the difference between our pro forma net
tangible book value per share after giving effect to this offering and the assumed initial public offering price. Purchasers of
common shares in this offering will have contributed approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the aggregate price
paid by all purchasers of our shares and will own approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common
shares outstanding after this offering, excluding any of our common shares that they may have acquired prior to this offering.
Furthermore, if the underwriters exercise their overallotment option to purchase additional common shares or our previously issued
options to acquire common shares at prices below the assumed initial public offering price are exercised, you will experience further
dilution. For additional information on the dilution that you will experience immediately after this offering, see the section
titled &quot;Dilution.&quot;</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"><B><I>The trading price of our common shares is likely to be
highly volatile, which could result in substantial losses for purchasers of our common shares in this offering, and a decline in
our share price and invite securities litigation against our company or our management.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our
share price is likely to be highly volatile. The stock market in general and the market for smaller pharmaceutical and biotechnology
companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular
companies. As a result of this volatility, you may not be able to sell your common shares at or above the initial public offering
price and you may lose some or all of your investment. The market price for our common shares may be influenced by many factors,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing, enrollment and results of clinical trials of IFX-1 and any other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulatory actions with respect to IFX-1, our other product candidates or our competitors' products and product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the success of existing or new competitive products or technologies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any delay in our development or regulatory filings for IFX-1 or any future product candidate and any adverse development or
perceived adverse development with respect to the applicable regulatory authority&rsquo;s review of such filings, including without
limitation the FDA&rsquo;s issuance of a &ldquo;refusal to file&rdquo; letter or a request for additional information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements by us or our competitors of significant acquisitions, strategic partnerships, joint
ventures, collaborations or capital commitments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">commencement or termination of collaborations for our development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure or discontinuation of any of our development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">results of clinical trials of product candidates of our competitors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory or legal developments in the United States and other countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developments or disputes concerning patent applications, issued patents or other proprietary rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the recruitment or departure of key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the level of expenses related to any of our product candidates or clinical development programs;</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the results of our efforts to develop additional product candidates or products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actual or anticipated changes in estimates as to financial results or development timelines;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcement or expectation of additional financing efforts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sales of our common shares by us, our insiders or other shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">variations in our financial results or those of companies that are perceived to be similar to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in estimates or recommendations by securities analysts, if any, that cover our shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the structure of healthcare payment systems;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market conditions in the pharmaceutical and biotechnology sectors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general economic, industry and market conditions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the other factors described in this &ldquo;Risk factors&rdquo; section.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In
the past, securities class action litigation has often been brought against a company and its management following a decline in
the market price of its securities. This risk is especially relevant for biopharmaceutical companies, which have experienced significant
stock price volatility in recent years. Such litigation, if instituted against us, could cause us or members of our management
to incur substantial costs and divert management&rsquo;s attention and resources from our business.</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"><B><I>Future sales, or the possibility of future sales, of a
substantial number of our common shares could adversely affect the price of the shares and dilute shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Future sales of a substantial number of
our common shares, or the perception that such sales will occur, could cause a decline in the market price of our common shares.
Following the completion of this offering and based on the midpoint of the price range stated on the front cover of this prospectus,
we will have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares
outstanding (assuming no exercise of the underwriters&rsquo; overallotment option to purchase additional shares). See &ldquo;Corporate
reorganization.&rdquo; This includes the common shares to be sold in this offering, which may be resold in the public market immediately
without restriction, unless purchased by our affiliates. Approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the common shares outstanding after this offering are expected to be held by existing shareholders. All of these common shares
will be subject to the lock-up agreements described in the &ldquo;Underwriting&rdquo; section of this prospectus. If, after the
end of such lock-up agreements, or upon the release of any of such shares by the underwriters, these shareholders sell substantial
amounts of common shares in the public market, or the market perceives that such sales may occur, the market price of our common
shares and our ability to raise capital through an issue of equity securities in the future could be adversely affected.</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: 0.25in">Moreover, after this offering, holders
of an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares will have rights, subject
to conditions, to require us to file registration statements covering their shares or to include their shares in registration statements
that we may file for ourselves or other shareholders. We also plan to register all common shares that we may issue under our equity
compensation plans. Once we register these shares, they can be freely sold in the public market upon issuance and once vested,
subject to volume limitations applicable to affiliates and the lock-up agreements. If these additional shares are sold, or if it
is perceived that they will be sold, in the public market, the trading price of our common shares could decline.</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"><B><I>We have broad discretion in the use of the net proceeds
from this offering and may invest or spend the proceeds in ways with which you do not agree and in ways that may not yield a return
on your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although
we currently intend to use the net proceeds from this offering in the manner described in the section titled &ldquo;Use of proceeds&rdquo;
in this prospectus, our management will have broad discretion in the application of the net</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">proceeds from this offering and could spend the proceeds in
ways that do not improve our results of operations or enhance the value of our common shares. For example, we intend to use the
net proceeds from this offering, together with cash and cash equivalents on hand, to pursue the approval of our product candidates
for a number of indications, some of which may never reach approval. You will not have the opportunity to influence our decisions
on how to use our net proceeds from this offering. The failure by our management to apply these funds effectively could result
in financial losses that could harm our business, cause the price of our common shares to decline and delay the development of
our product candidates. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce
income or that loses value.</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><I>We are a foreign private issuer and, as a result, we are
not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and
less frequent than those of a U.S. domestic public company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will report under the Securities Exchange
Act of 1934, as amended, or the Exchange Act, as a non-U.S. company with foreign private issuer status. Because we qualify as a
foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to
U.S. domestic public companies, including (i)&nbsp;the sections of the Exchange Act regulating the solicitation of proxies, consents
or authorizations in respect of a security registered under the Exchange Act, (ii)&nbsp;the sections of the Exchange Act requiring
insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades
made in a short period of time and (iii)&nbsp;the rules under the Exchange Act requiring the filing with the SEC of quarterly reports
on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence
of specified significant events. In addition, foreign private issuers are not required to file their annual report on Form 20-F
until four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file
their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from
the Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result
of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.</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"><B><I>We may lose our foreign private issuer status which would
then require us to comply with the Exchange Act&rsquo;s domestic reporting regime and cause us to incur significant legal, accounting
and other expenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a foreign private issuer and therefore
we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable
to U.S. domestic issuers. If in the future we are not a foreign private issuer as of the last day of the second fiscal quarter
in any fiscal year, we would be required to comply with all of the periodic disclosure, current reporting requirements and proxy
solicitation rules of the Exchange Act applicable to U.S. domestic issuers. In order to maintain our current status as a foreign
private issuer, either (a)&nbsp;a majority of our common shares must be either directly or indirectly owned of record by non-residents
of the United States or (b)(i) a majority of our directors and executive officers may not be United States citizens or residents,
(ii)&nbsp;more than 50% of our assets cannot be located in the United States and (iii)&nbsp;our business must be administered principally
outside the United States. If we were to lose this status, we would be required to comply with the Exchange Act reporting and other
requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private
issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and stock
exchange rules. The regulatory and compliance costs to us if we are required to comply with the reporting requirements applicable
to a U.S. domestic issuer may be significantly higher than the costs we would incur as a foreign private issuer. As a result, we
expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some
activities highly time consuming and costly. These rules and regulations could also make it more difficult for us to attract and
retain qualified directors.</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"><B><I>As a foreign private issuer and as permitted by the listing
requirements of NASDAQ, we follow certain home country governance practices rather than the corporate governance requirements of
the NASDAQ.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be a foreign private issuer. As
a result, in accordance with the listing requirements of NASDAQ we will rely on home country governance requirements and certain
exemptions thereunder rather than relying on the corporate governance requirements of NASDAQ. In accordance with Dutch law and
generally accepted business practices, our Articles of Association do not provide quorum requirements generally applicable to general
meetings</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">of
shareholders. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer
to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding
voting stock. Although we must provide shareholders with an agenda and other relevant documents for the general meeting of shareholders,
Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation of proxies is not a generally
accepted business practice in the Netherlands, thus our practice will vary from the requirement of Nasdaq Listing Rule 5620(b).
In addition, we have opted out of shareholder approval requirements, as included in the Nasdaq Listing Rules, for the issuance
of securities in connection with certain events such as the acquisition of shares or assets of another company, the establishment
of or amendments to equity-based compensation plans for employees, a change of control of us and certain private placements. To
this extent, our practice varies from the requirements of Nasdaq Rule 5635, which generally requires an issuer to obtain shareholder
approval for the issuance of securities in connection with such events. For an overview of our corporate governance principles,
see &ldquo;Description of share capital and articles of association&mdash;Corporate governance.&rdquo; Accordingly, you may not
have the same protections afforded to shareholders of companies that are subject to these NASDAQ requirements.</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"><B><I>We are an &lsquo;&lsquo;emerging growth company&rsquo;&rsquo;
and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common shares
may be less attractive to investors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &lsquo;&lsquo;emerging growth
company&rsquo;&rsquo; as defined in the JOBS Act and we intend to take advantage of some of the exemptions from reporting requirements
that are applicable to other public companies that are not emerging growth companies, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">being permitted to provide only two years of audited financial statements, in addition to any required
unaudited interim financial statements, with correspondingly reduced &lsquo;&lsquo;Management&rsquo;s discussion and analysis of
financial condition and results of operations&rsquo;&rsquo; disclosure in this prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not being required to comply with the auditor attestation requirements in the assessment of our
internal control over financial reporting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduced disclosure obligations regarding executive compensation in our periodic reports, proxy
statements and registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not being required to hold a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot predict if investors will find
our common shares less attractive because we will rely on these exemptions. If some investors find our common shares less attractive
as a result, there may be a less active trading market for our common shares and our share price may be more volatile. We may take
advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company
until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the closing of this offering, (b)
in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated
filer, which means the market value of our common shares that is held by non-affiliates exceeds $700 million as of the prior June
30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.</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">Under Section 107(b) of the JOBS Act, emerging
growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able to avail
ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant
dates on which adoption of such standards is required by the IASB.</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"><B><I>We will incur increased costs as a result of operating
as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate
governance practices.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As
a public company, and particularly after we are no longer an &ldquo;emerging growth company,&rdquo; we will incur significant legal,
accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street
Reform and Consumer Protection Act, the listing requirements of NASDAQ and other applicable securities rules and regulations impose
various requirements on public companies, including establishment and maintenance of effective disclosure and financial controls
and corporate governance practices. We expect that we will need to hire additional accounting, finance and other personnel in connection
with our becoming, and our efforts to comply with the requirements of being, a public company and our management and other personnel
will need to devote a substantial amount of time towards maintaining compliance with these requirements. These requirements will
increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we
expect that the rules and regulations applicable to us as a public company may make it more difficult and more expensive for us
to obtain director and officer liability insurance, which could make it more difficult for us to attract and retain qualified members
of our board of directors. We are currently evaluating these rules and regulations, and cannot predict or estimate the amount of
additional costs we may incur or the timing of such costs. These rules and regulations are often subject to varying interpretations,
in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance
is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher
costs necessitated by ongoing revisions to disclosure and governance practices.</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; background-color: white"><B><I>If we fail to implement effective
internal controls over financial reporting, such failure could result in material misstatements in our financial statements, cause
investors to lose confidence in our reported financial and other public information and have a negative effect on the trading price
of our common shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective internal controls over financial
reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures,
are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their
implementation could cause us to fail to meet our reporting obligations. Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 requires
management of public companies to develop and implement internal controls over financial reporting and evaluate the effectiveness
thereof. If we fail to design and operate effective internal controls, it could result in material misstatements in our financial
statements, impair our ability to raise revenue, result in the loss of investor confidence in the reliability of our financial
statements and subject us to regulatory scrutiny and sanctions, which in turn could harm the market value of our common shares.</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">We will be required to disclose changes
made in our internal controls and procedures and our management will be required to assess the effectiveness of these controls
annually. However, for as long as we are an &ldquo;emerging growth company&rdquo; under the JOBS Act, our independent registered
public accounting firm will not be required to attest to the effectiveness of our internal controls over financial reporting pursuant
to Section&nbsp;404. We could be an &ldquo;emerging growth company&rdquo; for up to five years after this offering. An independent
assessment of the effectiveness of our internal controls could detect problems that our management&rsquo;s assessment might not.
Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur
the expense of remediation.</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"><B><I>We do not anticipate paying any cash dividends on our
share capital in the foreseeable future. Accordingly, shareholders must rely on capital appreciation, if any, for any return on
their investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We
have never declared nor paid cash dividends on our share capital. We currently plan to retain all of our future earnings, if any,
to finance the operation, development and growth of our business. In addition, the terms of any future debt or credit agreements
and any restrictions imposed by applicable law may preclude us from paying dividends. As a result, capital appreciation, if any,
of our common shares will be your sole source of gain for the foreseeable future. Investors seeking cash dividends should not purchase
our common shares.</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"><B><I>Concentration of ownership of our common shares among
our existing executive officers, directors and principal shareholders may prevent new investors from influencing significant corporate
decisions.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon
the closing of this offering, our executive officers, directors and current beneficial owners of 5% or more of our common shares
and their respective affiliates, will, in the aggregate, beneficially own approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% of our outstanding common shares. As a result, such holders will be able to control, and these other persons, acting together,
would be able to significantly influence all matters requiring shareholder approval, including the election and removal of directors,
any merger, consolidation, sale of all or substantially all of our assets, or other significant corporate transactions.</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">Some of these persons or entities may have
interests different than yours. For example, because many of these shareholders purchased their shares at prices substantially
below the price at which shares are being sold in this offering and have held their shares for a longer period, they may be more
interested in selling our company to an acquirer than other investors, or they may want us to pursue strategies that deviate from
the interests of other shareholders.</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">See &ldquo;Principal shareholders&rdquo;
elsewhere in this prospectus for more information regarding the ownership of our outstanding common shares by our executive officers,
directors and principal shareholders and their affiliates.</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"><B><I>If securities or industry analysts do not publish research
or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The
trading market for our common shares will likely depend in part on the research and reports that securities or industry analysts
publish about us or our business. We do not have any control over these analysts. We do not currently have research coverage, and
there can be no assurance that analysts will cover us, or provide favorable coverage. Securities or industry analysts may elect
not to provide research coverage of our common shares after this offering, and such lack of research coverage may negatively impact
the market price of our common shares. In the event we do have analyst coverage, if one or more analysts downgrade our common shares,
change their opinion of our common shares or publish inaccurate or unfavorable research about our business, our share price would
likely decline. In addition, if one or more analysts cease coverage of our company or fail to regularly publish reports on us,
we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.</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"><B><I>Our ability to use our net operating loss carry forwards
and other tax attributes may be limited.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to utilize our net operating
losses, or NOLs, is currently limited, and may be limited further, under Section&nbsp;8c of the <I>K&ouml;rperschaftsteuergesetz</I>
(German Corporation Income Tax Act or KStG) and Section&nbsp;10a of the <I>Gewerbesteuergesetz</I> (German Trade Tax Act or GewStG).
These limitations apply if a qualified ownership change, as defined by Section&nbsp;8c KStG, occurs and no exemption is applicable.
Generally, a qualified ownership change occurs if more than 25% of the share capital or the voting rights are directly or indirectly
transferred to a shareholder or a group of shareholders within a period of 5 years. A qualified ownership change may also occur
in case of a transaction comparable to a transfer of shares or voting rights or in case of an increase in capital leading to a
respective change in the shareholding. In the case of such a qualified ownership change tax loss carry forwards, consisting of
the NOLs in the same percentage as the ownership change, cannot be utilized. If the percentage of the aforementioned ownership
change/change in voting rights exceeds 50%, tax loss carry forwards expire in full. To the extent that the tax loss carry forwards
exceed hidden reserves (<I>stille Reserven</I>) taxable in Germany, they may be further utilized despite a qualified ownership
change. In case of a qualified ownership change within a group, tax loss carry forwards will be preserved if certain conditions
are satisfied.</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">Please note that according to a decision
of the Federal Constitutional Court dated 29 March 2017 &ndash; 2 BvL 6/11, the present Section&nbsp;8c para. 1 sentence 1 KStG
is not in line with the German constitution. Thus, Section&nbsp;8c para.&nbsp;1 sentence&nbsp;1 KStG needs to be amended. At the
moment it is unclear when the German legislature will present a draft bill reflecting the required changes to the present Section&nbsp;8c
para.&nbsp;1 sentence&nbsp;1 KStG.</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">As of December&nbsp;31, 2016, we had NOL
carry forwards for German tax purposes of &euro;&nbsp;19.2&nbsp;million available. Future changes in share ownership may also trigger
an ownership change and, consequently, a Section&nbsp;8c KStG, or a Section&nbsp;10a GewStG limitation. Any limitation may result
in the expiration of a portion or the complete tax operating loss carry forwards before they can be utilized. As a result, if we
earn net taxable income, our ability to use our pre-change net operating loss carry forwards to reduce German income tax may be
subject to limitations, which could potentially result in increased future cash tax liability to us.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become taxable in a jurisdiction
other than Germany and this may increase the aggregate tax burden on us.</I></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; text-indent: 0.25in">Since incorporation we intend to have,
on a continuous basis, our place of effective management in Germany. We will therefore be a tax resident of Germany under German
national tax law. By reason of our incorporation under Dutch law, we are also deemed tax resident in the Netherlands under Dutch
tax law. However, based on our current management structure and current tax laws of the United States, Germany and the Netherlands,
as well as applicable income tax treaties, and current interpretations thereof, we should be tax resident solely in Germany for
the purposes of the convention between the Federal Republic of Germany and the Netherlands for the avoidance of double taxation
with respect to taxes on income of 2012. However, we may become subject to limited income tax liability in other countries with
regard to the income generated in the respective other country, for example, due to the existence of a permanent establishment
or a permanent representative.</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">The applicable tax laws or interpretations
thereof may change. Furthermore, whether we have our place of effective management in Germany and are as such tax resident in Germany
is largely a question of fact and degree based on all the circumstances, rather than a question of law, which facts and degree
may also change. Changes to applicable laws or interpretations thereof and changes to applicable facts and circumstances (for example,
a change of board members or the place where board meetings take place), may result in us becoming a tax resident of a jurisdiction
other than Germany. As a consequence, our overall effective income tax rate and income tax expense could materially increase, which
could have a material adverse effect on our business, results of operations, financial condition and prospects, which could cause
our share price and trading volume to decline. However, if there is a double tax treaty between Germany and the respective other
country the double taxation of income may be avoided. Thus, the detrimental tax effects should be mitigated by the application
of the respective double tax treaty.</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-align: justify"><B><I>Although we do not expect to be a
&ldquo;passive foreign investment company,&rdquo; or a PFIC, for U.S. federal income tax purposes in 2017, if we were a PFIC U.S. shareholders may be subject to adverse U.S. federal income tax consequences.</I></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; text-indent: 0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Under the Internal Revenue Code of
1986, as amended (the &ldquo;Code&rdquo;), we will be a PFIC for any taxable year in which, after the application of certain look-through
rules with respect to subsidiaries, either (i) 75% or more of our gross income consists of passive income or (ii) 50% or more
of the average quarterly value of our assets consists of assets that produce, or are held for the production of, passive income.
Passive income includes, among other things, dividends, interest, certain non-active rents and royalties, and capital gains. Based
on our current operations, income, assets and certain estimates and projections, including as to the relative values of our assets
and the treatment of our grants received as gross income that is not passive income, we do not expect to be a PFIC for our 2017
taxable year. However, there can be no assurance that the Internal Revenue Service (the &ldquo;IRS&rdquo;) will agree with our
conclusion. In addition, whether we will be a PFIC in 2017 or any future years is uncertain because, among other things, (i) we
currently own, and will own after the completion of this offering, a substantial amount of passive assets, including cash, (ii)
the valuation of our assets that generate non-passive income for PFIC purposes, including our intangible assets, is uncertain
and may vary substantially over time, (iii) the treatment of grants as income for U.S. federal income tax purposes is unclear,
and (iv) the composition of our income may vary substantially over time. Accordingly, there can be no assurance that we will not
be a PFIC for any taxable year. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> If we are a PFIC for any taxable year
during which a U.S. investor holds common shares, we would continue to be treated as a PFIC with respect to that U.S. investor
for all succeeding years during which the U.S. investor holds common shares, even if we ceased to meet the threshold requirements
for PFIC status, unless certain exceptions apply. Such a U.S. investor may be subject to adverse U.S. federal income tax consequences,
including (i) the treatment of all or a portion of any gain on disposition as ordinary income, (ii) the application of a deferred
interest charge on such gain and the receipt of certain dividends and (iii) compliance with certain reporting requirements. We
do not intend to provide the information that would enable investors to make a qualified electing fund election (a &ldquo;QEF
Election&rdquo;) that could mitigate the adverse U.S. federal income tax consequences should we be classified as a PFIC. </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"> For further discussion, see
&ldquo;Taxation &mdash; Material U.S. federal income tax considerations for <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. holders of common shares.&rdquo;</FONT> </P>

<P STYLE="margin: 0pt 0"></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-align: justify"><B><I>If we pay dividends, we may need
to withhold tax on such dividends payable to holders of our shares in both Germany and the Netherlands. </I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an entity incorporated under Dutch law,
but with its place of effective management in Germany (and not in the Netherlands), our dividends are generally subject to German
dividend withholding tax and not Dutch withholding tax. Dutch dividend withholding tax will be required to be withheld from dividends
if and when paid to Dutch resident holders of our shares (and non-Dutch resident holders of our shares that have a permanent establishment
in the Netherlands to which their shareholding is attributable). We will approach Dutch Revenue to apply for a tax ruling confirming
that no withholding of any Dutch dividend tax is applicable at all (as the dividend withholding tax can generally be credited against
a Dutch resident shareholder&rsquo;s income tax anyway). Should we not obtain the tax ruling, we will be required to identify our
shareholders in order to assess whether there are Dutch residents (or non-Dutch residents with a permanent establishment to which
the shares are attributable) in respect of which Dutch dividend tax has to be withheld. Such identification may not always be possible
in practice. If the identity of our shareholders cannot be assessed upon a payment of dividend, withholding of both German and
Dutch dividend tax from such dividend may occur.</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"><B><I>Upon the consummation of this offering, we will be a Dutch
public company with limited liability. The rights of our shareholders may be different from the rights of shareholders in companies
governed by the laws of U.S. jurisdictions and may not protect investors in a similar fashion afforded by incorporation in a U.S.
jurisdiction.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the consummation of this offering,
we will be a public company with limited liability (<I>naamloze vennootschap</I>) organized under the laws of the Netherlands.
Our corporate affairs are governed by our Articles of Association and by the laws governing companies incorporated in the Netherlands.
A further summary of applicable Dutch company law is contained in this prospectus under &ldquo;Description of share capital and
articles of association.&rdquo; However, there can be no assurance that Dutch law will not change in the future or that it will
serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely
affect the rights of investors.</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: 0.25in">The rights of shareholders and the responsibilities
of directors may be different from the rights and obligations of shareholders and board members in companies governed by the laws
of U.S. jurisdictions. In the performance of its duties, our executive officers and board of directors are required by Dutch law
to consider the interests of our company, its shareholders, its employees and other stakeholders, in all cases with due observation
of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that are different
from, or in addition to, your interests as a shareholder. See &ldquo;Description of share capital and articles of association&mdash;comparison
of Dutch corporate law and our articles of association and U.S. corporate law&mdash;corporate governance.&rdquo;</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: 0.25in">For more information, we have provided
summaries of relevant Dutch corporation law and of our Articles of Association under &ldquo;Description of share capital and articles
of association.&rdquo;</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"><B><I>Provisions of our Articles of Association or Dutch corporate
law might deter acquisition bids for us that might be considered favorable and prevent, delay or frustrate any attempt to replace
or remove the members of our board of directors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Dutch law, various protective measures
are possible and permissible within the boundaries set by Dutch law and Dutch case law. Our governance arrangements include several
provisions that may have the effect of making a takeover of our company more difficult or less attractive. In this respect, our
general meeting of shareholders is expected to grant, prior to the consummation of this offering, the right to an independent foundation
under Dutch law, or protective foundation, to acquire preferred shares pursuant to a call option agreement, or the call option
agreement, to be entered into between us and such foundation prior to the consummation of this offering. This call option under
the call option agreement shall be continuous in nature and can be exercised repeatedly on multiple occasions.</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: 0.25in">If the protective foundation exercises
the call option pursuant to the call option agreement, an amount of preferred shares up to 100% of our issued capital held by others
than the protective foundation, minus one share, will be issued to the protective foundation. These preferred shares will be issued
to the protective foundation under the obligation to pay up to 25% of their nominal value upon issuance. In order for the protective
foundation to finance the issue price in relation to the preferred shares, the protective foundation is expected to enter into
a finance arrangement with a bank. As an alternative to securing financing with a bank, subject to applicable restrictions under
Dutch law, the call option agreement provides that the protective foundation may request us to provide, or cause our</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">subsidiaries
to provide, sufficient funding to the protective foundation to enable it to satisfy the payment obligation (or part thereof) in
cash and/or to charge an amount equal to the payment obligation (or part thereof) against our profits and/or reserves in satisfaction
of such payment obligation.</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">The protective foundation&rsquo;s articles
of association provide that it will promote and protect the interests of the company, the business connected with the company and
the company's stakeholders from time to time, and repressing possible influences which could threaten the strategy, continuity,
independence and/or identity of the company or the business connected with it, to such an extent that this could be considered
to be damaging to the aforementioned interests. These influences may include a third party acquiring a significant percentage of
our common shares, the announcement of an unsolicited public offer for our common shares, shareholder activism, other concentration
of control over our common shares or any other form of undue pressure on us to alter our strategic policies. The protective foundation
shall be structured to operate independently of us.</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">If the protective foundation were to exercise
its call option, the preferred shares to be issued pursuant thereto would be issued against the obligation to pay up to 25% of
their nominal value. The voting rights of our shares are based on nominal value and, as we expect our common shares to trade substantially
in excess of nominal value, preferred shares issued at 25% of their nominal value can carry significant voting power for a substantially
reduced price compared to the price of our common shares and thus can be used as a defensive measure. These preferred shares will
have both a liquidation and dividend preference over our common shares and will accrue cash dividends at a pre-determined rate.
The protective foundation would be expected to require us to cancel its preferred shares once the perceived threat to the company
and its stakeholders has been removed or sufficiently mitigated or neutralized. However, subject to the same limitations described
above, the protective foundation would continue to have the right to exercise the call option in the future in response to a new
threat to the interests of us, our business and our stakeholders from time to time.</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">In addition, certain provisions of our
Articles of Association may make it more difficult for a third party to acquire control of us or effect a change in our board of
directors. These provisions include: a provision that our directors are appointed on the basis of a binding nomination prepared
by our board of directors which can only be overruled by a two-thirds majority of votes cast representing more than 50% of our
issued share capital; a provision that our directors may only be removed by the general meeting of shareholders by a two-thirds
majority of votes cast representing more than 50% of our issued share capital (unless the removal is proposed by the board in which
case a simple majority of the votes can be sufficient); and a requirement that certain matters, including an amendment of our Articles
of Association, may only be brought to our shareholders for a vote upon a proposal by our board of directors.</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"><B><I>We are not obligated to and do not comply with all the
best practice provisions of the Dutch Corporate Governance Code. This may affect your rights as a shareholder.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the consummation of this
offering, we will be a Dutch public company with limited liability (<I>naamloze vennootschap</I>) and we will be subject to
the Dutch Corporate Governance Code, or DCGC. The DCGC contains both principles and best practice provisions that regulate
relations between the board of directors and the shareholders (such as the general meeting of shareholders). The DCGC is
based on a &ldquo;comply or explain&rdquo; principle. Accordingly, companies are required to disclose in their annual
reports, filed in the Netherlands, whether they comply with the provisions of the DCGC. If they do not comply with those
provisions (for example, because of a conflicting NASDAQ requirement), the company is required to give the reasons for such
non-compliance.</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: 0.25in">The DCGC applies to all Dutch companies
listed on a government-recognized stock exchange, whether in the Netherlands or elsewhere, including NASDAQ. We do not comply with
all the best practice provisions of the DCGC. For a complete list of these DCGC best practices that we do not comply with, see
&ldquo;Description of share capital and articles of association.&rdquo; This may affect your rights as a shareholder and you may
not have the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.</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"><B><I>Claims of U.S. civil liabilities may not be enforceable
against us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are incorporated under the laws of the
Netherlands, and our headquarters is located in Germany. Substantially all of our assets are located outside the United States.
The majority of our directors and executive</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">officers reside outside the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon such persons or to enforce against them
or us in U.S. courts, including judgments predicated upon the civil liability provisions of the federal securities laws of the
United States.</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: 0.25in">There is currently no treaty between the
United States and the Netherlands for the mutual recognition and enforcement of judgments (other than arbitration awards) in civil
and commercial matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the United
States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be enforceable
in the Netherlands unless the underlying claim is relitigated before a Dutch court of competent jurisdiction. Under current practice,
however, a Dutch court will generally, subject to compliance with certain procedural requirements, grant the same judgment without
a review of the merits of the underlying claim if such judgment (i) is a final judgment and has been rendered by a court which
has established its jurisdiction vis-&agrave;-vis the relevant Dutch companies or Dutch company, as the case may be, on the basis
of internationally accepted grounds of jurisdiction, (ii) has not been rendered in violation of principles of proper procedure
(<I>behoorlijke rechtspleging</I>), (iii) is not contrary to the public policy of the Netherlands, and (iv) is not incompatible
with (a) a prior judgment of a Netherlands court rendered in a dispute between the same parties, or (b) a prior judgment of a foreign
court rendered in a dispute between the same parties, concerning the same subject matter and based on the same cause of action,
provided that such prior judgment is capable of being recognized in the Netherlands. Dutch courts may deny the recognition and
enforcement of punitive damages or other awards.</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">Moreover, a Dutch court may reduce the
amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual
losses or damages. Enforcement and recognition of judgments of U.S. courts in the Netherlands are solely governed by the provisions
of the Dutch Code of Civil Procedure. Based on the foregoing, there can be no assurance that U.S. investors will be able to enforce
any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities.</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">The United States and Germany currently
do not have a treaty providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Consequently,
a final judgment for payment or declaratory judgments given by a court in the United States, whether or not predicated solely upon
U.S. securities laws, would not automatically be recognized or enforceable in Germany. German courts may deny the recognition and
enforcement of a judgment rendered by a U.S. court if they consider the U.S. court not to be competent or the decision to be in
violation of German public policy principles. For example, judgments awarding punitive damages are generally not enforceable in
Germany. A German court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that
they are necessary to compensate actual losses or damages.</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: 0.25in">In addition, actions brought in a German
court against us, our directors, our executive officers and the experts named herein to enforce liabilities based on U.S. federal
securities laws may be subject to certain restrictions. In particular, German courts generally do not award punitive damages. Litigation
in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect to the taking and admissibility
of evidence, the conduct of the proceedings and the allocation of costs. German procedural law does not provide for pre-trial discovery
of documents, nor does Germany support pre-trial discovery of documents under the 1970 Hague Evidence Convention. Proceedings in
Germany would have to be conducted in the German language and all documents submitted to the court would, in principle, have to
be translated into German. For these reasons, it may be difficult for a U.S. investor to bring an original action in a German court
predicated upon the civil liability provisions of the U.S. federal securities laws against us, our directors, our executive officers
and the experts named in this prospectus.</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: 0.25in">Based on the lack of a treaty as described
above, U.S. investors may not be able to enforce against us or directors, executive officers or certain experts named herein who
are residents of or possessing assets in the Netherlands, Germany, or other countries other than the United States any judgments
obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Special
Note Regarding Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains forward-looking
statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally in the sections
entitled &ldquo;Prospectus summary,&rdquo; &ldquo;Risk factors,&rdquo; &ldquo;Management&rsquo;s discussion and analysis of financial
condition and results of operations,&rdquo; &ldquo;Business&rdquo; and elsewhere in this prospectus. In some cases, you can identify
forward-looking statements by terms such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;could,&rdquo; &ldquo;intend,&rdquo; &ldquo;target,&rdquo; &ldquo;project,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue&rdquo;
or the negative of these terms or other similar expressions intended to identify statements about the future. These statements
speak only as of the date of this prospectus and involve known and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current expectations
and projections about future events and financial trends that we believe may affect our business, financial condition and results
of operations. These forward-looking statements include, without limitation, statements about the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing, progress and results of clinical trials of IFX-1 and any other product candidates, including statements regarding
the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results
of the trials will become available, the costs of such trials and our research and development programs generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing of any submission of filings for regulatory approval of IFX-1 or any other product candidate, and the timing of
and our ability to obtain and maintain regulatory approval of IFX-1 for any indication;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to leverage our proprietary anti-C5a technology to discover and develop therapies to treat complement-mediated
autoimmune and inflammatory diseases;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to protect and enforce our intellectual property protection for IFX-1 and any other product candidates, and the
scope of such protection;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the FDA, EMA or comparable foreign regulatory authority will accept or agree with the number, design, size, conduct
or implementation of our clinical trials, including any proposed primary or secondary endpoints for such trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the success of our future clinical trials for IFX-1 and any other product candidates and whether such clinical results will
reflect results seen in previously conducted preclinical studies and clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expectations regarding the size of the patient populations for, market opportunity for and clinical utility of IFX-1 or
any other product candidates, if approved for commercial use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our manufacturing capabilities and strategy, including the scalability and cost of our manufacturing methods and processes
and the optimization of our manufacturing methods and processes, and our ability to continue to rely on our existing third-party
manufacturers for our planned future clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for or ability to obtain
additional financing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expectations regarding the scope of any approved indication for IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to defend against costly and damaging liability claims resulting from the testing of our product candidates in
the clinic or, if, approved, any commercial sales;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to commercialize IFX-1 or our other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if any of our product candidates obtain regulatory approval, our ability to comply with and satisfy ongoing obligations and
continued regulatory overview;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to comply with enacted and future legislation in seeking marketing approval and commercialization;</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified
personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our competitive position and the development of and projections relating to our competitors in the development of C5a inhibitors
or our industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expectations regarding the time during which we will be an emerging growth company under the JOBS Act or a foreign private
issuer; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expected use of proceeds from this offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our
control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances
reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those
projected in the forward-looking statements. You should refer to the &lsquo;&lsquo;Risk factors&rsquo;&rsquo; section of this prospectus
for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by
our forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge
from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors,
we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Except as required by applicable
law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new
information, future events, changed circumstances or otherwise. You should, however, review the factors and risks and other information
we describe in the reports we will file from time to time with the SEC after the date of this prospectus. You should read this
prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of
which this prospectus is a part, completely and with the understanding that our actual future results may be materially different
from what we expect. We qualify all of our forward-looking statements by these cautionary statements.</P>

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


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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Industry
And Other Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We obtained the industry, statistical and
market data in this prospectus from our own internal estimates and research as well as from industry and general publications and
research, surveys and studies conducted by third parties. All of the market data used in this prospectus involves a number of assumptions
and limitations. While we believe that the information from these industry publications, surveys and studies is reliable, the industry
in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those
described in the section titled &ldquo;Risk factors.&rdquo; These and other factors could cause results to differ materially from
those expressed in the estimates made by the independent parties and by us.</P>

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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Use of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that the net proceeds to us
from the issuance and sale of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares in this offering
will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
if the underwriters exercise in full their overallotment option to purchase additional shares), assuming an initial public offering
price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share,
which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting estimated underwriting
discounts and commissions and estimated offering expenses payable by us.</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">Each $1.00 increase (decrease) in the assumed
initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share would
increase (decrease) the net proceeds to us from this offering by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting
the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase (decrease) of
1.0 million in the number of shares we are offering would increase (decrease) the net proceeds to us from this offering, after
deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, assuming the assumed initial public offering
price remains the same.</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">As of December 31, 2016, we had cash and
cash equivalents of &euro;29.1&nbsp;million. We intend to use the net proceeds from this offering, together with our cash and cash
equivalents, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million to conduct a Phase
IIb clinical trial for IFX-1 in HS patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million to conduct a Phase
II clinical trial for IFX-1 in AAV patients; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the remainder to fund other research and development activities, including to complete the preclinical development of IFX-2
as an injectable therapy, to explore additional indications for IFX-1 and to initiate later stage clinical trials of IFX-1 for
HS and AAV, as well as for working capital and other general corporate purposes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our expected use of net proceeds from this
offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus,
we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering
or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of net proceeds
will vary depending on numerous factors, including our ability to obtain additional financing, the relative success and cost of
our research, preclinical and clinical development programs, including a change in our planned course of development or the termination
of a clinical program necessitated by the results of data received from clinical trials. As a result, management will have broad
discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the
net proceeds of this offering. In addition, we might decide to postpone or not pursue other clinical trials or preclinical activities
if the net proceeds from this offering and our other sources of cash are less than expected.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Based on our planned use of the
net proceeds of this offering and our current cash and cash equivalents described above, we estimate that such funds will be
sufficient to enable us to fund our operating expenses and capital expenditure requirements through
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, including through completion of our planned Phase IIb clinical
trial for IFX-1 in HS patients and planned Phase II clinical trial for IFX-1 in AAV patients. With respect to other research
and development activities, including clinical development of IFX-2 and conducting clinical trials of IFX-1 for additional
indications, we expect that we may require additional funds as these programs progress, the amounts of which will depend on
the ultimate clinical development paths we pursue. We have based these estimates on assumptions that may prove to be
incorrect, and we could use our available capital resources sooner than we currently expect. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending their use, we plan to invest the
net proceeds from this offering in short- and intermediate-term interest-bearing financial assets and certificates of deposit.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have never paid or declared any cash
dividends on our common shares, and we do not anticipate paying any cash dividends on our common shares in the foreseeable future.
We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Under Dutch
law, we may only pay dividends to the extent our shareholders&rsquo; equity (<I>eigen vermogen</I>) exceeds the sum of the paid-up
and called-up share capital plus the reserves required to be maintained by Dutch law or by our Articles of Association. Subject
to such restrictions, any future determination to pay dividends will be at the discretion of our board of directors and will depend
upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law and other factors our board of directors deems relevant.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fireman B.V. is a Dutch private company
with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) that was incorporated for the purpose of making
this offering. Upon the incorporation of Fireman B.V., Niels Riedemann, our Chief Executive Officer, became the sole director and
the sole shareholder of Fireman B.V., holding one common share in the capital of Fireman B.V. Pursuant to the terms of a corporate
reorganization that will be completed prior to the consummation of this offering, all of the interests in InflaRx GmbH will be
exchanged for new common shares of Fireman B.V. to be issued to the existing security holders of InflaRx GmbH in the course of
such exchange, and as a result, InflaRx GmbH will become a wholly owned subsidiary of Fireman B.V., while the current security
holders of InflaRx GmbH will become the shareholders of Fireman B.V. In connection with such exchange, the common share in Fireman
B.V. held by Mr. Riedemann will either be cancelled (<I>ingetrokken</I>) or subtracted from the number of new common shares issuable
by Fireman B.V. in exchange for the equity interests held by Mr. Riedemann in InflaRx GmbH. Subsequently, Fireman B.V. will convert
into a Dutch public company with limited liability (<I>naamloze vennootschap</I>) and change its name to InflaRx N.V. Therefore,
investors in this offering will only acquire, and this prospectus only describes the offering of, common shares of InflaRx N.V.
We refer to the reorganization pursuant to which Fireman B.V. will acquire all of the equity interests in InflaRx GmbH in exchange
for common shares of Fireman B.V. and the subsequent conversion of Fireman B.V. into InflaRx N.V as our &ldquo;corporate reorganization.&rdquo;</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">The corporate reorganization will take
place in several steps, all of which will be completed prior to the consummation of this offering, as described below.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exchange of InflaRx GmbH securities for Fireman B.V. equity
interests</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; text-indent: 0.25in">Subsequent to the pricing of this offering,
as the initial step of our corporate reorganization, the existing preferred and common shareholders of InflaRx GmbH will become
a party to a notarial deed of issue, pursuant to which they will subscribe for new common shares in Fireman B.V. and agree to contribute
and transfer their shares in InflaRx GmbH to Fireman B.V. in consideration therefor as described below under &ldquo;&mdash;Shares
of Fireman B.V. to be outstanding after the corporate reorganization.&rdquo; The implementation of the corporate reorganization
will be conditional upon the execution of the said notarial deed. The existing shareholders of InflaRx GmbH will transfer their
preferred shares and common shares in InflaRx GmbH to Fireman B.V. As a result thereof, Fireman B.V. will become the sole shareholder
of InflaRx GmbH.</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">In conjunction with the corporate
reorganization, the outstanding option awards, including those granted under the 2016 Plan will be exchanged for
awards exercisable for common shares of InflaRx N.V. See &ldquo;Management&mdash; 2016 option plan.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of Fireman B.V. to be outstanding after the corporate
reorganization</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; text-indent: 0.25in">The ratio for the exchange of the
preferred shares and common shares of InflaRx GmbH into common shares of Fireman B.V., and the conversion of the outstanding
option awards into awards exercisable for common shares of InflaRx N.V., was determined based on the assumed initial public
offering price per share in this offering of $&nbsp;&nbsp;&nbsp;&nbsp; , which is the midpoint of the price range set forth
on the cover page of this prospectus. Securities of InflaRx GmbH will be exchanged for common shares of Fireman B.V. on a
one-for-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; basis. The conversion of the outstanding option awards into awards exercisable for
common shares of InflaRx N.V. will occur on a one-to-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; basis.</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"><FONT STYLE="font-weight: normal">Upon
consummation of the corporate reorganization and conversion of the outstanding option awards (and prior to the consummation
of this offering), the current shareholders of InflaRx GmbH will hold an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares of InflaRx N.V.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conversion of Fireman B.V. into InflaRx N.V.</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; text-indent: 0.25in">In the final step of our corporate reorganization,
the legal form of Fireman B.V. will be converted from a Dutch private company with limited liability (<I>besloten vennootschap
met beperkte aansprakelijkheid</I>) to a Dutch public</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">company with limited liability (<I>naamloze
vennootschap</I>), and the articles of association will be amended. Such conversion will take place by means of the execution of
a notarial deed of conversion and amendment, which will take place prior to the consummation of this offering and will result in
a name change into InflaRx N.V. and the implementation of the new Articles of Association of InflaRx N.V., which Articles of Association
are further described in the section &ldquo;Description of share capital and articles of association&rdquo; and are filed as an
exhibit to the registration statement of which this prospectus forms a part.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our cash,
cash equivalents and capitalization as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on an actual basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a pro forma basis to give effect to our corporate reorganization; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a pro forma as adjusted basis to give effect to (i) our corporate reorganization and (ii) the issuance and sale of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares in this offering, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This table should be read in conjunction
with &ldquo;Management&rsquo;s discussion and analysis of financial condition and results of operations&rdquo; and the consolidated
financial statements and notes thereto appearing elsewhere in this prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands of &euro;, except share and per share data;
    unaudited)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pro forma</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pro forma as adjusted(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">29,117</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt">Series A preferred shares, nominal value &euro;1.00
    per share 44,297 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and pro
    forma as adjusted basis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt">Series B preferred shares, nominal value &euro;1.00 per share&nbsp;49,607 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and pro forma as adjusted basis&#9; <BR></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt">Series C preferred shares, nominal value &euro;1.00 per share 49,532 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and pro forma as adjusted basis&#9; <BR></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total preferred shares</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53,440</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity<BR> Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Common shares, &euro;1.00 par value, 28,125 shares issued and outstanding on an actual basis; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding on a pro forma basis, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding on a pro forma as adjusted basis&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Other reserves&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Own shares&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(350</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated deficit&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,055</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Total equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,689</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total capitalization(2)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">27,751</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the
pro forma as adjusted amount of each of cash and cash equivalents, capital reserves, total equity and total capitalization by approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the number of shares
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts
and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million shares in the
number of shares offered by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">us at the assumed initial public
offering price per share of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the pro
forma as adjusted amount of each of cash and cash equivalents, capital reserves, total equity and total capitalization by approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">U.S. dollar amounts have been translated
into euros at a rate of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &euro;1.00, the official exchange
rate quoted as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 by the European Central
Bank. Such euro amounts are not necessarily indicative of the amounts of euros that could actually have been purchased upon exchange
of U.S. dollars at the dates indicated and have been provided solely for the convenience of the reader.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Consists of total preferred shares and total equity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If you invest in our common shares, your
ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per common
share and the pro forma as adjusted net tangible book value per common share after this offering.</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">At &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017,
we had a pro forma net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million), corresponding to a net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share). Pro forma
net tangible book value per share represents the amount of our total assets less our total liabilities, excluding intangible assets,
divided by the common shares issued and outstanding after giving effect to our corporate reorganization.</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">After giving effect to (i) our corporate
reorganization and (ii) the sale by us of the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares offered by us in the offering at the assumed initial offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share) (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book
value estimated at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 would have been approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
(&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million), representing $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share). This
represents an immediate increase in pro forma net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share) to existing
shareholders and an immediate dilution in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share) to new investors purchasing common shares in this offering. Dilution for this purpose represents the difference between
the price per common share paid by these purchasers and net tangible book value per common share immediately after the completion
of the offering.</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">The following table illustrates this dilution
to new investors purchasing common shares in this offering.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%">Assumed initial public offering price per share&#9;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: left">$</TD>
    <TD STYLE="width: 3%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: left">&euro;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Pro forma net tangible book value per common share at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 after giving effect to the corporate reorganization&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Increase in net tangible book value per common share attributable to this offering&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Pro forma as adjusted net tangible book value per common share after giving effect to (i) the corporate reorganization and (ii) this offering&#9;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dilution per common share to new investors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Percentage of dilution in net tangible book value per common share for new investors&#9;</TD>
    <TD STYLE="text-align: right">%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">%</TD></TR>
</TABLE>
<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">Each $1.00 increase (decrease) in the
assumed initial offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share) (the midpoint of the price range set forth on the cover page of this prospectus), respectively, would increase
(decrease) the pro forma as adjusted net tangible book value after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
share) and the dilution per common share to new investors in the offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share),
assuming that the number of common shares offered by us, as set forth on the cover page of this prospectus, remains the same.
Similarly, each increase (decrease) of 1.0 million shares offered by us at the assumed initial public offering price would
increase (decrease) the pro forma as adjusted net tangible book value after this offering
by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share) and the dilution
per common share to new investors in the offering by
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth, on a pro
forma basis as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017, giving effect to (i) the corporate reorganization, and (ii) this offering, the total number of shares
owned by existing shareholders and to be owned by new investors purchasing common shares in this offering, the total consideration
paid and the average price per share paid by our existing shareholders and to be paid by new investors purchasing common shares
in this offering. The calculation below is based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share), which is the midpoint
of the estimated price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts
and commissions and estimated offering expenses payable by us:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Shares
Purchased&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Total
Consideration&nbsp;</P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: Black 1.5pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Average
Price per Share</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Number</P></TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Percent</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Amount</P></TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Percent</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 31%">Existing shareholders&#9;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>New Investors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Total&#9;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100%</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100%</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<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">Each $1.00 increase (decrease) in the offering
price per share, respectively, would increase (decrease) the total consideration paid by new investors by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million)
and increase (decrease) the percentage of total consideration paid by new investors by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, assuming that the number
of shares offered by us, as set forth on the cover page of this prospectus, remains the same. Similarly, each increase (decrease)
of 1.0 million shares offered by us at the assumed initial public offering price would increase (decrease) the percentage of total
consideration paid by new investors by approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %.</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">If the underwriters were to fully exercise
their overallotment option to purchase additional shares, the pro forma as adjusted net tangible book value per common shares after
the offering would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share), and the dilution per common share to new investors would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share), in
each case assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share),
which is the midpoint of the estimated price range set forth on the cover page of this prospectus.</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">If the underwriters exercise their overallotment
option to purchase additional shares in full, the following will occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the percentage of our common shares held by existing shareholders will decrease to approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the total number of our common shares outstanding after this offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the percentage of our common shares held by new investors will increase to approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the total number of our common shares outstanding after this offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above discussion and table are based
on our common shares outstanding as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 on a pro forma as adjusted basis, including giving effect to the corporate reorganization,
and exclude:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>14,603 of our common shares issuable upon the exercise of options outstanding as of
                                                                                                             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 (i) under our 2016 option plan, which we
                                                                                                             refer                                                                                                              to as the
                                                                                                             2016 Plan, after giving effect to the corporate reorganization, at a weighted average exercise price of
                                                                                                             &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share and (ii)
                                                                                                             granted in connection with the Company&rsquo;s Series B financing, all of which have vested as of December 31, 2016, in each
                                                                                                             case after giving effect to the corporate reorganization.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>11,223 of our common shares covered by additional awards available for issuance under our 2016 Plan prior to the completion
of this offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares
covered by awards available for issuance under the 2017 Plan.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that outstanding options
are exercised, you will experience further dilution. In addition, we may choose to raise additional capital due to market conditions
or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent
that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities may
result in further dilution to our shareholders.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Exchange
Rates</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth, for the
periods indicated, the high, low, average and period-end exchange rates for the purchase of U.S. dollars expressed in euros per
U.S. dollar. The average rate is calculated by using the average of the European Central Bank&rsquo;s reported exchange rates
on each day during a monthly period and on the last day of each month during an annual period. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2017, the exchange rate as reported by the European Central Bank was &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to $1.00.</P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Period
    End</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Average
    for Period</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Low</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">High</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font-size: 8pt; font-weight: normal; text-align: center"><FONT STYLE="font-size: 10pt">(&euro; per
    U.S. dollar)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Year Ended December 31:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0.7579</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0.7733</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0.7433</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0.8272</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2013</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7251</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7832</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2014</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7570</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.7167</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9185</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8304</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9477</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9065</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8644</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9649</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Month Ended:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">December 31, 2016</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9486</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9649</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">January 31, 2017</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9422</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">February 28, 2017</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9397</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9252</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">March 31, 2017</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9511</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">April 30, 2017</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9327</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9454</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">May 31, 2017</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9049</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">June 2017 (through June 15, 2017)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.8956</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.8916</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.8883</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.8956</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Selected
Consolidated Financial Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following selected consolidated historical
and other financial information of InflaRx GmbH should be read in conjunction with the section entitled &ldquo;Management&rsquo;s
discussion and analysis of financial condition and results of operations&rdquo; and InflaRx GmbH&rsquo;s consolidated financial
statements, including the notes thereto, included elsewhere in this prospectus. Our historical results are not necessarily indicative
of the results that may be expected in the future.</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">The consolidated statement of financial
position data as of December 31, 2016 and 2015 and comprehensive loss data for each of the years then ended are derived from the
consolidated financial statements of InflaRx GmbH included elsewhere in this prospectus, which have been audited by KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</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">We maintain our books and records in euros,
and we prepare our financial statements under IFRS, as issued by the IASB.</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">Fireman B.V. is a newly formed holding
company formed for the purpose of effecting the offering and has not engaged in any activities except those incidental to its formation,
the corporate reorganization and the initial public offering of our common shares. Accordingly, summary financial information for
Fireman B.V. is not presented. Fireman B.V.&rsquo;s financial statement, including the notes thereto, is included elsewhere in
this prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Consolidated statement
    of comprehensive loss data</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">For
    the year ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(in thousands of &euro;, except
    for share and per share data)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Other income/(expenses)&mdash;net&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Expenses:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(438</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,844</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Loss before interest and income taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,782</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,891</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Finance costs&mdash;net&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Loss before income taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Income taxes&#9;&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Loss for the period&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net loss per common share, basic and diluted&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(318</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Weighted average number of shares used to
    compute net loss per common share, basic and diluted&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,125</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,125</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Consolidated statement
    of financial position data</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of December 31, 2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(in thousands of &euro;)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">3,302</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">29,117</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total assets&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,586</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,518</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total liabilities&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55,207</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total equity&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(17,619</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(25,689</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Management&rsquo;s
Discussion and Analysis<BR>
of Financial Condition and Results of Operations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>You should read the following discussion
and analysis of our financial condition and results of operations together with the information under &ldquo;Selected consolidated
financial information&rdquo; and our consolidated audited financial statements, including the notes thereto, included in this prospectus.
The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB, which may
differ in material respects from generally accepted accounting principles in the United States and other jurisdictions. The following
discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ
materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to
those described under &ldquo;Risk factors&rdquo; and elsewhere in this prospectus.</I></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"><I>In June 2017, Fireman B.V. was incorporated
under the laws of the Netherlands to become the holding company for InflaRx GmbH in connection with this offering pursuant to the
corporate reorganization. Please see &ldquo;Corporate reorganization.&rdquo; Fireman B.V. has not engaged in any activities except
those incidental to its formation, the corporate reorganization and the initial public offering of our common shares. Accordingly,
financial information for Fireman B.V. and a discussion and analysis of its results of operations and financial condition for the
period of its operations prior to the corporate reorganization would not be meaningful and are not presented. Following the corporate
reorganization, the historical financial statements of InflaRx N.V. will be retrospectively adjusted to include the historical
financial results of InflaRx GmbH for all periods presented.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</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; text-indent: 0.25in"> We are a clinical-stage
biopharmaceutical company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class,
potent and specific inhibitors of the complement activation factor known as C5a. C5a is a powerful inflammatory mediator
involved in the progression of a wide variety of autoimmune and other inflammatory diseases. Our lead product candidate,
IFX-1, is a novel intravenously delivered first-in-class anti-C5a monoclonal antibody that selectively binds to free C5a and
has demonstrated disease-modifying clinical activity and tolerability in multiple clinical settings. We are developing IFX-1
for the treatment of HS, a chronic debilitating systemic inflammatory skin disease, for which we plan to initiate a Phase IIb
clinical trial in the first quarter of 2018. Beyond HS, we intend to develop IFX-1 and other proprietary antibodies to
address a wide array of complement-mediated diseases with significant unmet needs, including AAV, a rare, life-threatening
autoimmune disease. </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">Since our inception in December 2007, we
have devoted substantially all of our resources to establishing our company, raising capital, developing our proprietary anti-C5a
technology, identifying and testing potential product candidates and conducting clinical trials of our lead product candidate,
IFX-1. To date, we have not generated any product revenue and have financed our operations primarily through the private placement
of our securities and other income from various grants. As of December 31, 2016, we had raised an aggregate of &euro;48.4 million,
comprised of &euro;47.3 million gross proceeds from private placements of our securities and &euro;1.1 million in payments in connection
with various grants. As of December 31, 2016, we had cash and cash equivalents of &euro;29.1 million.</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">As of December 31, 2016, we had an accumulated
deficit of &euro;27.1 million. Our net losses were &euro;4.9 million and &euro;8.9 million for the years ended December 31, 2015
and 2016, respectively. We have incurred significant NOLs in every year since our inception and expect to continue to incur increasing
net operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to
year. We anticipate that our expenses will increase significantly if, and as we,:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>conduct a Phase IIb clinical trial of IFX-1 in HS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>continue to advance our lead product candidate, IFX-1, through additional clinical development, including by conducting a Phase
II clinical trial of IFX-1 in AAV;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>initiate and continue our current research programs and development activities, including development of IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>seek to identify additional research programs and additional product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>maintain, expand and protect our intellectual property portfolio;</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>hire and retain additional personnel, such as clinical quality control and scientific personnel; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>incur additional costs associated with operating as a public company, including expanding our operational, finance and management
teams.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">We do
not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval
for a product candidate, which we expect will take a number of years and is subject to significant uncertainty. If we obtain regulatory
approval for any product candidate, we expect to incur significant commercialization expenses related to product sales, marketing,
manufacturing and distribution. Accordingly, we may seek to further fund our operations through public or private equity or debt
financings or other sources, including strategic collaborations. We may, however, be unable to raise additional funds or enter
into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements
as and when needed, would have a negative impact on our financial condition and our ability to develop IFX-1 or any additional
product candidates.</FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenue</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To date, we have not generated any revenue
and do not expect to do so in the near future. We expect that our revenue will be less than our expenses for the foreseeable future
and that we will experience increasing losses as we continue our development of, and seek regulatory approvals for, IFX-1 and any
other product candidates and, if approved, begin to commercialize any approved products. Our ability to generate revenue for each
product candidate for which we receive regulatory approval will depend on numerous factors, including level of competition, availability
of reimbursement from payors, commercial manufacturing capability, market acceptance and approved use by regulators.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Income</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have historically earned other income
through several grants from the German government, the European Union and other educational institutions on behalf of the German
government, primarily with respect to research and development activities related to the development of IFX-1 and IFX-2. These
grants generally provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of
grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant
are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.
We recognized &euro;0.2 million and &euro;0.1 million of other income from grants in 2016 and 2015, respectively.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Research and development expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Research and development expenses have
consisted principally of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>employee-related expenses, including salaries, benefits and stock-based compensation expense based upon employees&rsquo; role
within the organization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>professional fees for lawyers related to the protection and maintenance of our intellectual property; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>expenses incurred under agreements with contract research organizations, or CROs, contract manufacturing organizations, or
CMOs, consultants and independent contractors that conduct research and development, preclinical and clinical activities on our
behalf.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our total research and development
expenses in 2017 will be significant higher compared to our expenses in 2015 and 2016. Such increased research and development
expenses primarily relate to the following key programs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><B><I>IFX-1</I></B>. In 2017, we completed enrollment and dosing in our Phase IIa clinical trial of IFX-1 in patients
with HS. We expect our expenses associated with IFX-1 will further increase as we prepare to commence a Phase IIb clinical trial
of IFX-1 in patients with HS and a Phase II clinical trial in patients with AAV. We anticipate that our research and development
expenses will increase substantially in connection</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">with the commencement of these and
any additional clinical trials. In addition, we are also incurring expenses related to the manufacturing of clinical trial material
and investigating commercial scale production options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><B><I>IFX-2</I></B>. We are continuing preclinical development of IFX-2, expenses for which mainly consist of salaries, costs
for preclinical testing conducted by CROs and costs for the production of preclinical material.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><B><I>Other development programs</I></B>. Our other research and development expenses relate to our preclinical studies of
other product candidates and discovery activities, expenses for which mainly consist of salaries, costs for production of preclinical
compounds and costs paid to CROs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2015 and 2016, we incurred expenses
of &euro;3.5 million and &euro;5.3 million on research and development, respectively. Our research and development expenses may
vary substantially from period to period based on the timing of our research and development activities, including due to timing
of clinical trial initiation and potential enrollment. Research and development expenses are expected to increase as we advance
the clinical development of IFX-1 and IFX-2 and further advance the research and development of our preclinical product candidates.</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; background-color: white">We expense research
and development costs as incurred. We recognize costs for certain development activities, such as preclinical studies and clinical
trials, based on an evaluation of the progress to completion of specific tasks. We use information provided to us by our vendors
such as patient enrollment or clinical site activations for services received and efforts expended. Research and development activities
are central to our business model. We expect research and development costs to increase significantly for the foreseeable future
as our current development programs progress and new programs are added.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The successful development of our product
candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and estimated costs of the efforts
that will be necessary to complete the development of, or the period, if any, in which material net cash inflows may commence from,
any of our product candidates. This is due to numerous risks and uncertainties associated with developing drugs, including the
uncertainty of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>clinical trials or our product candidates producing negative or inconclusive results, including failure to demonstrate statistical
significance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the scope, rate of progress, results and cost of our clinical trials, nonclinical testing, and other related activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>delays in reaching, or failing to reach, agreement on acceptable clinical trial contracts or clinical trial protocols with
prospective trial sites or prospective CROs, the terms of which can be subject to extensive negotiation and may vary significantly
among different CROs and trial sites;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the cost of manufacturing clinical supplies and establishing commercial supplies of our product candidates and any products
that we may develop;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>third-party contractors failing to comply with regulatory requirements or meet their contractual obligations to us in a timely
manner, or at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the number and characteristics of product candidates that we pursue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>undesirable side effects or other unexpected characteristics, causing us or our investigators, regulators or institutional
review boards to suspend or terminate the trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>potential additional safety monitoring or other studies requested by regulatory agencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the cost, timing, and outcomes of regulatory approvals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the number of trials required for approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the duration of patient follow-up;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the cost and timing of establishing sales, marketing, and distribution capabilities; and</TD></TR></TABLE>

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


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the terms and timing of any collaborative, licensing and other arrangements that we may establish, including any milestone
and royalty payments thereunder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A change in the outcome of any of these
variables with respect to the development of IFX-1, IFX-2 or any other product candidate that we may develop could mean a significant
change in the costs and timing associated with the development of such product candidate.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General and administrative expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Our general and administrative expenses
consist principally of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>employee-related expenses, including salaries, benefits and stock-based compensation expense based upon employees&rsquo; role
within the organization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>professional fees for auditors and consulting expenses not related to research and development activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>professional fees for lawyers not related to the protection and maintenance of our intellectual property; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>cost of facilities, communication and office expenses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our general and administrative
expenses will increase in the future as our business expands and we incur additional costs associated with operating as a public
company. These public company-related expenses will likely include costs of additional personnel, additional legal fees, audit
fees, directors&rsquo; and officers&rsquo; liability insurance premiums and costs associated with investor relations.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results of operations</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; text-indent: 0.25in">The numbers below have been derived from
our consolidated financial statements included elsewhere herein. The discussion below should be read along with these consolidated
financial statements, and it is qualified in its entirety by reference to them.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comparison of the years ended December 31, 2016
and 2015</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other income
    and expenses (net)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,844</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,406</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before interest and income taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,782</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,891</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,109</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Finance income</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Finance costs</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,049</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before tax</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,022</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    for the period</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,022</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Foreign currency translation
    differences</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss attributable to owners of the Company</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,915</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,938</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,023</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

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

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


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Research and
development expenses</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt"></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Third party expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,960</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,757</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">365</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">228</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(137</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Total Research and development expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,800</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We use our employee and infrastructure
resources across multiple research and development programs directed toward developing IFX-1 and IFX-2. We manage certain activities
such as contract research and manufacturing of IFX-1 and our discovery programs through our third-party vendors. We did not track
the costs of these activities on a program-by-program basis until 2017. </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">Research and development expenses increased
by &euro;1.8 million to &euro;5.3 million for the year ended December 31, 2016, from &euro;3.5 million for the year ended December
31, 2015. This increase is primarily attributable to a &euro;1.8 million increase in CRO and CMO expenses in connection with our
preclinical studies and clinical trial for IFX-1.</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"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">General and administrative expense:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Personnel
    expenses</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">309</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">825</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Legal, consulting and
    audit fees</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">316</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">438</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,844</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,406</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses increased
by &euro;1.4 million to &euro;1.8 million for the year ended December 31, 2016, from &euro;0.4 million for the year ended December
31, 2015. This increase is primarily attributable to a &euro;0.8 million increase in employee-related costs associated with salaries,
bonus, benefits and non-cash stock-based compensation, which is mainly in connection with the grants under the 2016 Plan, a &euro;0.3
million increase in legal, consulting and audit fees and a &euro;0.3 million increase in other expenses.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance costs-net</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finance costs for year ended December 31,
2016 mainly consisted of interest expense on our outstanding preferred shares of &euro;2.0 million, a 80% increase over the &euro;1.1
million incurred in the year ended December 31, 2015 due to the increase of outstanding preferred shares issued in the Series C
financing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidity and capital resources</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; text-indent: 0.25in">Since inception, we have incurred significant
operating losses. For the years ended December 31, 2015 and 2016, we incurred net losses of &euro;4.9 million and &euro;8.9 million,
respectively. To date, we have financed our operations primarily through the sale of our securities. As of December 31, 2016, we
had cash and cash equivalents of &euro;29.1 million.</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: 9.35pt">Our cash and cash equivalents primarily
consist of bank deposit accounts and a money market investment fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

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

<P STYLE="font: italic bold 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: 0.25in"><B><I>Comparison of the years ended December&nbsp;31,
2016 and 2015</I></B></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">The table below summarizes our consolidated statement of cash
flows for the years ended December&nbsp;31, 2016 and 2015:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands of &euro;)</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt; width: 74%">Cash used in operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">(3,308</TD><TD STYLE="text-align: left; width: 1%">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,993</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash used in investing activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(13</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(53</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the beginning of the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Exchange gains on cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the end of the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,302</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,117</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<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"><I>Net cash used in operating activities</I></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">The use of cash in all periods resulted
primarily from our net losses adjusted for non-cash charges and changes in components of working capital.</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">Net cash used in operating activities increased
by 51% from &euro;3.3 million in the year ended December 31, 2015 to &euro;4.9 million in the year ended December 31, 2016 mainly
due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials in connection with our
lead program IFX-1 and our own personnel expenses.</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"><I>Net cash used in investing activities</I></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: 0.25in">Net cash used for investing activities
increased from &euro;0 million in the year ended December 31, 2015 to &euro;0.1 million in the year ended December 31, 2016</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"><I>Net cash provided by financing activities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash generated from financing activities
of &euro;30.9 million in the year ended December 31, 2016 relates to the Series C financing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Funding requirements</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; text-indent: 0.25in">We expect our expenses to increase in connection
with our ongoing activities, particularly as we conduct Phase II clinical trials of IFX-1 in patients with HS and AAV, continue
preclinical development of IFX-2, initiate new research and preclinical development efforts and seek marketing approval for any
product candidates that we successfully develop and receive approval for. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">If
the planned Phase IIb of HS is successful, we plan to commence a Phase III program of IFX-1 in HS and currently anticipate that
the cost of such program could be in the range of &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT> In addition, if we obtain marketing approval for
any of our product candidates, we expect to incur significant commercialization expenses related to establishing sales, marketing,
distribution and other commercial infrastructure to commercialize such products. Furthermore, following the closing of this offering,
we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial
additional funding in connection with our continuing <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">operations.
If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research
and development programs or future commercialization efforts. </FONT>We believe that the net proceeds from this offering, together
with our existing cash and cash equivalents, will enable us to fund our operating expenses and capital expenditure requirements
through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
such time, if ever, that we can generate substantial product revenues, we expect to finance our cash needs through a combination
of equity offerings, debt financings, royalty-based financings, future collaborations, strategic alliances and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest
will be diluted, and the terms of these securities may include voting or other rights that adversely affect your rights as a common
shareholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to
take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds
through additional collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish
valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms
that may not be favorable to us.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Off-balance sheet arrangements</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; text-indent: 0.25in">As of December 31, 2016 and during the
periods presented we did not have any off-balance sheet arrangements other than operating leases as described under &ldquo;&mdash;Contractual
obligations and commitments.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contractual obligations and commitments</P>

<P STYLE="font: italic bold 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: 0.25in"><FONT STYLE="font-size: 10pt">The table
below sets forth our contractual obligations as of December 31, 2016.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Payments
    Due by Period</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Less&nbsp;than&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1
                                         year&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Between&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1
                                         and 3&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>years&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Between&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>3
                                         and 5</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<B>years&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>More&nbsp;than&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>5
                                         years&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 2.5pt; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Operating
    lease obligations</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">454</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">454</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Operating lease obligations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Operating lease obligations consist of
payments pursuant to non-cancellable operating lease agreements relating to our leases of office space. The lease term of our premises
in Jena, Germany expires in December 2019. The lease term of our premises in Munich, Germany expires in December 2018. Following
expiration of the Munich lease, the lease period is extended automatically until June 30, 2022 unless terminated prior to such
date with three months&rsquo; notice.</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"><I>Purchase contracts</I></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">We enter into contracts in the normal course
of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert advice and other
vendors for clinical supply manufacturing or other services. These contracts are not included in the table above as they provide
for termination on notice, and therefore are cancelable contracts and do not include any minimum purchase commitments.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quantitative and qualitative disclosures about market risk</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; text-indent: 0.25in"><FONT STYLE="background-color: white">Market
risk arises from our exposure to fluctuation in currency exchange rates. &nbsp;We are increasingly exposed to such market risks
in the ordinary course of our business as our exposure to the U.S. Dollar broadens from future expenses and revenues that may be
derived from the United States.&nbsp; Currently, we do not have any exchange rate hedging arrangements in place. </FONT></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"><FONT STYLE="font-weight: normal">We do not engage in activities
involving other market price risks.</FONT></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">Critical judgments and accounting estimates</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; text-indent: 0.25in">The preparation of the consolidated financial
statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</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">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</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">In preparing these financial statements,
the critical judgments made by management in applying the Company&rsquo;s accounting policies involves the accounting estimates
identified in notes 3(n), 13 and 14 to our consolidated financial statements included elsewhere in this prospectus.</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"><I>New standards and interpretations not
yet adopted</I></P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">The
standards, amendments to standards and interpretations that are effective for annual periods beginning after December 31, 2016,
and have not been applied in preparing these consolidated financial statements are disclosed in note 3(o) to our consolidated
financial statements included elsewhere in this prospectus.</FONT></P>


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

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


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

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

</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">JOBS Act exemptions</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; text-indent: 0.25in">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take
advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies.
These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>inclusion of only two years of audited financial statements in addition to any required unaudited interim financial statements
with correspondingly reduced &ldquo;Management&rsquo;s discussion and analysis of financial condition and results of operations&rdquo;
disclosure in the registration statement for our initial public offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>an exception from compliance with the auditor attestation requirements of Section 404 of the Sarbanes Oxley Act of 2002, as
amended, or the Sarbanes-Oxley Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>reduced disclosure about our executive compensation arrangements in our periodic reports and registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may take advantage of these provisions
for up to five years or such earlier time that we cease to qualify as an emerging growth company. We would cease to qualify as
an emerging growth company (i) upon the last day of the fiscal year (A) in which we had more than $1.07 billion in annual revenue,
or (B) we are deemed to be a &ldquo;large accelerated filer&rdquo; under the rules of the SEC, which means the market value of
our common shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, or (ii) we issue more than $1.0
billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced
reporting burdens. To the extent that we take advantage of these reduced reporting burdens, the information that we provide stockholders
may be different than you might obtain from other public companies in which you hold equity interests.</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">In addition, under the JOBS Act, emerging
growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able to avail
ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant
dates on which adoption of such standards is required by the IASB.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</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; text-indent: 0.25in"> We are a clinical-stage
biopharmaceutical company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class,
potent and specific inhibitors of the complement activation factor known as C5a. C5a is a powerful inflammatory mediator
involved in the progression of a wide variety of autoimmune and other inflammatory diseases. Our lead product candidate,
IFX-1, is a novel intravenously delivered first-in-class anti-C5a monoclonal antibody that selectively binds to free C5a and
has demonstrated disease-modifying clinical activity, and tolerability in multiple clinical settings. We are developing IFX-1
for the treatment of Hidradenitis Suppurativa, or HS, a rare and chronic debilitating systemic inflammatory skin disease, for
which we plan to initiate a Phase IIb clinical trial in the first quarter of 2018. Beyond HS, we intend to develop IFX-1 and
other proprietary antibodies to address a wide array of complement-mediated diseases with significant unmet medical needs,
including ANCA-associated vasculitis, or AAV, a rare and life-threatening autoimmune disease. </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: 0.25in">C5a is a central part of
the complement system and a critical component of the innate immune system. Its most prominent role is to help the body
defend itself against invading microorganisms through several mechanisms, including the rapid creation of an
inflammatory environment and the production of factors that directly kill pathogens and recruit immune cells to sites of
infection. Activation of the complement system ultimately results in the cleavage of C5, which leads to the
generation of C5a and C5b. C5a creates an inflammatory environment by attracting and strongly activating neutrophils as well
as by causing many different cell types to generate pro-inflammatory molecules. Such inflammation normally benefits the body
by helping to fight infection, but excessive or uncontrolled generation of C5a can cause severe damage to the body&rsquo;s
own tissue, thereby contributing to the pathophysiology of many autoimmune and inflammatory diseases.</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: 0.25in">While the mode of action of C5a in inflammation
has been intensely researched and confirmed, developing a highly specific antibody with the ability to fully block C5a while preserving
a critical innate defense mechanism, the formation of the Membrane Attack Complex, or MAC, has been challenging. As such, there
are currently no approved drugs that specifically target C5a.</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: 0.25in">Our discovery of a novel epitope, or binding
site, on C5a allowed us to overcome this challenge. We have identified antibodies that potently and selectively bind to this conformational
epitope to completely block C5a without compromising important upstream functions of the complement system, as well as MAC formation.
We intend to discover and develop treatments leveraging our proprietary anti-C5a technology to address a wide array of complement-mediated
diseases with significant unmet needs.</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: 0.25in">IFX-1 is currently
being developed for the treatment of HS, a chronic debilitating systemic inflammatory skin disease that has orphan designation
in the United States, where we estimate that moderate to severe HS has a prevalence of up to 200,000 patients. HS results in painful
inflammation of the skin and hair follicles, especially in the armpit, groin and genitalia regions. In the more chronic form of
the disease, patients experience draining fistulas, often requiring the use of bandages and diapers to absorb the constant flow
of pus, thus adversely affecting quality of life. We demonstrated that HS patients have significant complement activation, and
in particular that C5a is a key promoter of neutrophil activation, believed to play a potential disease promoting role.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"> The only approved
drug in the United States and in Europe to treat HS is adalimumab, an inhibitor of tumor necrosis factor-alpha, or TNF-alpha.
Although adalimumab provides clinical benefit to a portion of moderate to severe HS patients, a high unmet medical need still
persists. Based on an interim analysis of our open-label Phase IIa clinical trial which showed responses based on the same HiSCR
endpoint used to support the approval of adalimumab, IFX-1 may have the potential to provide significant clinical benefit to moderate
to severe HS patients. Following eight weeks of administration, nine out of the 12 patients (75%) showed a response to IFX-1 based
on the Hidradenitis Suppurativa Clinical Response, or HiSCR. We believe that these results are particularly encouraging given
the short duration of treatment and the severe disease burden of the patients enrolled in our study. We plan to seek orphan drug
designation in the United States and hold a pre-IND meeting with the FDA to initiate a larger international placebo controlled
Phase IIb study for HS. </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We are also developing
IFX-1 for the treatment of AAV, a rare, life-threatening autoimmune disease associated with powerful inflammatory flares that impair
kidney function and lead to fatal organ dysfunction. This disease affects approximately 40,000 and 75,000 patients in the United
States and Europe, respectively. In addition, this disease has a reported incidence of 4,000 and 7,500 new patients per year in
the United States and Europe, respectively. We intend to initiate an international clinical trial with IFX-1 in AAV patients in
the first half of 2018, and we plan to seek orphan drug designation for AAV in the United States and Europe. We also intend to
develop IFX-1 in various other inflammatory conditions, with a focus on complement-mediated diseases. Finally, we intend to explore
the potential of IFX-1 for inhibiting cancer progression and metastatic disease given the emerging scientific evidence of the role
of C5a in these indications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">To expand the breadth
of our anti-C5a technology, we are developing IFX-2 for the treatment of chronic inflammatory applications. IFX-2 shares the same
mechanism of action as IFX-1, blocking C5a with high specificity, but is designed with a dosing regimen that may be more suitable
for chronic therapy. IFX-2 is in early pre-clinical development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We intend to leverage
our expertise within the complement field as well as our proprietary technology to sustain our lead in the anti-C5a space by developing
a diverse pipeline focused on complement-mediated autoimmune and inflammatory diseases with high unmet need. Rights to our proprietary
anti-C5a technology are currently expected to extend up to 2038 if our latest filed patent applications are granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The figure below summarizes
key information about our current pipeline of product candidates:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: black">
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">PROGRAM</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">PRE-CLINICAL</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">PHASE I</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">PHASE
    II</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">PHASE III</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">MARKETED</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">CURRENT STATUS</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">NEXT MILESTONE</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 4pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="5" STYLE="border-right: #F2F2F2 1pt solid; background-color: black; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">IFX-1</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: #595959; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 10pt; color: white">Hidradenitis Suppurativa (HS)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><P STYLE="margin: 0pt 0"> Completed open-label Phase IIa trial
                                         (last patient&rsquo;s last visit complete) &nbsp;</P>


</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIb in first quarter of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding-left: 4pt"><FONT STYLE="font-size: 10pt; color: white">ANCA-associated Vasculitis (AAV)</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Preparing pre-IND submission to commence Phase II studies</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Initiate Phase II in first half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding-left: 4pt"><FONT STYLE="font-size: 10pt; color: white">Other chronic / </FONT><BR>
<FONT STYLE="font-size: 10pt; color: white">Autoimmune disease</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Selecting indications for target product profile development</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIa in second half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 4pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: #F2F2F2 1pt solid; background-color: black; text-align: justify; padding-left: 4pt"><FONT STYLE="font-size: 8pt; color: White">IFX-2</FONT></TD>
    <TD STYLE="background-color: #595959; padding-left: 4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">Chronic inflammation and autoimmune diseases</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Developing as injectable with longer half-life than IFX-1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Enter clinic for chronic inflammatory disease</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 4pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 53px; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 18px; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 55px; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 17px; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 26px; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 89px; padding-left: 4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our management team
has extensive experience in the field of complement research, clinical research and the biopharmaceutical industry. Both our Chief
Executive Officer and founder, Professor (Dr.) Niels Riedemann, and our Chief Scientific Officer and founder, Professor Renfeng
Guo, have 17 years of complement research experience, having published extensively on C5a and its receptors. Additionally, our
Chief Medical Officer, Othmar Zenker, has more than 25 years of experience in clinical drug development, and our Chief Financial
Officer, Arnd Christ, has served in the same capacity for various private and public European biotechnology companies over the
last 17 years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our strategy </I></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; text-indent: 0.25in; text-align: justify">Our goal is to maintain
and further advance our leadership position within the anti-C5a complement space, delivering first-in-class autoimmune and anti-inflammatory
therapies to market. To achieve this goal, we are executing on the following strategies:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD> <B>Advance
                                         our lead program IFX-1 for HS to commercialization.</B> We have conducted an initial
                                         open-label Phase IIa clinical trial in 12 late-stage HS patients who previously failed
                                         all other treatments, including biological treatment attempts such as adalimumab. An
                                         interim analysis showed that, following eight weeks of administration with IFX-1, nine
                                         out of 12 patients (75%) showed a HiSCR response, an endpoint which supported the approval
                                         of adalimumab. We intend to seek orphan drug designation in the United States and </TD></TR>
</TABLE>

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

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






</LI>

</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">to hold a pre-IND meeting with
the FDA prior to initiating a larger international placebo controlled Phase IIb study in patients with HS in the first quarter
of 2018.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commence
                                         Phase II clinical development of IFX-1 for AAV&nbsp;and other complement-mediated autoimmune
                                         and inflammatory diseases. </B>We are developing IFX-1 for the treatment of AAV, and
                                         we intend to initiate a Phase II multi-center international clinical trial in the first
                                         half of 2018.&nbsp; We plan to seek orphan drug designation for AAV in the United States
                                         and Europe.&nbsp; In addition, we plan to study the potential of IFX-1 in other complement-mediated
                                         autoimmune and inflammatory diseases, as well as in oncology settings for which an increasing
                                         amount of literature suggests a role for C5a.</FONT></P>

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</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Pursue
                                         the clinical development of IFX-2 and continue to expand the breadth of our anti-C5a
                                         technology. </B>We are developing IFX-2 as an injectable with a longer half-life than
                                         IFX-1, making it suitable for chronic inflammatory indications with less severe flares
                                         or closer to the onset of disease. IFX-2 shares the same features as IFX-1 with respect
                                         to its mechanism of action, covered binding epitope and selectivity. The pre-clinical development
                                         of IFX-2 is supported by a grant from the German government. We believe IFX-2 holds the
                                         potential to treat various chronic inflammatory diseases that could benefit from a dosing
                                         regimen more suitable for chronic therapy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commercialize
                                         IFX-1, if approved, either independently or in collaboration with a partner.</B> We intend
                                         to independently pursue the approval and commercialization of IFX-1 for HS in the United
                                         States and Europe. We plan to employ a small, targeted commercial infrastructure to promote
                                         access to IFX-1 through centers-of-excellence that treat HS in these core markets. Outside
                                         of the United States and Europe, we may pursue the approval and commercialization of
                                         IFX-1 for HS either independently or in collaboration with others. For other indications,
                                         we intend to develop and commercialize IFX-1 either independently or through collaborations
                                         with other parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Solidify
                                         our leadership position in the anti-C5a space by leveraging the full potential of our
                                         proprietary anti-C5a technology and expertise in complement and inflammation.</B> We
                                         intend to continue to discover and develop treatments that have the potential to address
                                         a broad spectrum of complement-mediated or immune response mediated indications with
                                         significant unmet need, either internally or in collaboration with a partner. To accomplish
                                         this, we plan to supplement our research and development activities with an additional
                                         discovery unit as well as build business development capabilities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>The complement system and
role of C5a </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; text-align: justify"><B><I>The complement system: overview and
terminal complement activation</I></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; text-indent: 0.25in; text-align: justify">The complement cascade
consists of approximately 30 interacting proteins and forms a critical component of the innate immune system. This system protects
the body, for example by recognizing and removing bacteria, viruses and other infectious agents, collectively referred to as pathogens.
Activation of the complement system leads to a series of enzyme-like reactions that produce factors that both directly kill pathogens
and recruit immune cells to sites of infection. This activation can be triggered via three major pathways: the classical pathway,
the mannose binding lectin, or MBL, pathway and the alternative pathway. Activation of any pathway will lead to the cleavage of
C3 and formation of C5-convertases. Terminal complement activation, which is also referred to as cleavage of C5, can be achieved
by these C5 convertases. In addition, terminal complement activation can also be achieved directly through the extrinsic pathway
by naturally occurring enzymes present throughout the body but not considered part of the complement system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Cleavage of C5
results in the generation of C5a and C5b, two molecules with distinct biological activities. C5a is a strong inflammatory
amplifier that exerts its biological functions by binding to two different receptors, C5aR and C5L2. C5b on the other hand
assembles with C6, C7, C8 and many C9 molecules to form the MAC, an important intrinsic defense mechanism that causes the
membranes of microorganisms to become permeable, leading to their disintegration, or lysis.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Functional importance of the complement
system and the need for control</I></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; text-align: justify"><I>Overview of critical functions</I></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-indent: 0.25in; text-align: justify">The complement system
serves many crucial functions within the innate immune response, such as:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Rapid
                                         creation of an inflammatory environment. </B>Production of pro-inflammatory molecules,
                                         such as C5a, optimizes the conditions under which enzymatic and other processes can act
                                         against microorganisms. These inflammatory conditions include the onset of a fever or
                                         release of aggressive enzymes and oxygen radicals by neutrophils.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Lysis
                                         of microorganisms through formation of the Membrane Attack Complex</B>. A rapid, first-line
                                         defense mechanism resulting in the formation of pores in the cell membranes of invading
                                         microorganisms, leading to their disintegration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Bridge
                                         to the adaptive immune system</B>. This function is promoted by an activation product
                                         of C3, called C3b, which tags particles and makes them visible and more easily processed
                                         by immune stimulatory cells. Such cells then present these particles to B-cells, which
                                         in turn generate antibodies against the particles, leading to targeted elimination. This
                                         mechanism takes a few weeks to take full effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Clearance
                                         of dead cell particles</B>. The complement system also serves various other purposes,
                                         including the clearance of dead cell particles from the body. This function is especially
                                         important because uncleared cell particles are believed to potentially induce generation
                                         of antibodies against normal cells and tissues, leading to autoimmune inflammatory responses
                                         and diseases.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Need for control</I></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-indent: 0.25in; text-align: justify">Complement activation
is a double-edged sword: the fast acting and relatively non-specific functions of pro-inflammatory responses driven by C5a and
the lysis of microorganisms through MAC formation are usually very</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">tightly controlled. However, inappropriate
activation of the system can quickly turn it from a beneficial defense system into an uncontrolled inflammatory response. C5a&rsquo;s
uncontrolled activity in certain disease states can generate an inflammatory environment within the body that results in tissue
damage and promotes pro-inflammatory T-cell autoimmune responses. The resulting tissue damage is believed to critically contribute
to the disease progression of many acute as well as chronic inflammatory and autoimmune diseases, particularly during flare-up
phases. Examples of this include Lupus disease, inflammatory bowel disease and neutrophil-driven diseases.</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-indent: 0.25in; text-align: justify">Despite the MAC&rsquo;s
role as a rapid, first-line defense mechanism, MAC formation can also result in damage to our body&rsquo;s cells in some diseases.
Normally, the body&rsquo;s cells and tissues are protected from MAC-mediated lysis through surface inhibitors that prevent MAC
formation. However, in paroxysmal nocturnal hemoglobinurea, or PNH, the patients&rsquo; cells lack the ability to hold MAC inhibitors
on their cell surface, resulting in extreme susceptibility to MAC-related cell lysis. In addition, patients with diseases involving
the kidney endothelial cells, such as atypical hemolytic uremic syndrome and certain forms of glomerulonephritis, also often appear
to be burdened by MAC-related damage. Blockade of MAC formation in these very rare diseases can be lifesaving.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">While blockade of MAC
formation can be beneficial in certain circumstances, substantially blocking MAC formation can also result in susceptibility to
life-threatening infections. For example, patients dosed with drugs that block MAC formation, such as with the marketed antibody
eculizumab, must be immunized against meningococcal disease, which also carries the risk of side effects. Therefore, it is desirable
to leave MAC formation intact when blocking complement-mediated damage in the broad variety of diseases in which an uncontrolled
inflammatory response, and especially C5a, has been described as key driver of the damage.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that C5a
is a key inflammatory mediator driving tissue damage in many inflammatory diseases and thus represents a very meaningful drug
target with large therapeutic potential. Therefore, we have conducted substantial research over the last 17 years to generate
highly specific antibodies targeting only C5a while leaving MAC formation intact, to deliver an ideal therapeutic approach for
this attractive target.</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"><B><I>Mechanisms of C5 activation</I></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; text-indent: 0.25in; text-align: justify">C5 can be produced
by many cells, including epithelial cells of various organs, T-cells and other immune competent cells. Terminal C5 activation does
not require activation of the three complement pathways and related formation of C5-convertases. Other enzymes can also directly
cleave and activate C5, such that functionally active C5a can be generated in the complete absence of other complement components.
For example, in the absence of other complement factors in the cell culture, lung epithelial cells can generate C5 upon stimulation,
and lung macrophages can cleave and activate C5, leading to generation of C5a. This example illustrates that C5 can be activated
and C5a can be generated independently from the complement pathways.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">In a recently published
article in Clinical Immunology, we further demonstrated that direct enzymatic cleavage of C5 occurs uninhibited in the presence
of eculizumab, a known C5 inhibitor that binds to the MG-7 domain of C5 and hinders the C5 convertases from engaging and binding
to C5. This research suggests that direct enzymatic cleavage of C5a from C5 works through a mechanism that is not blocked by
C5 inhibitors such as eculizumab. Our studies further demonstrate that patients sufficiently dosed with eculizumab may still display
elevated plasma C5a levels, implying that C5 inhibitors like eculizumab are not capable of fully blocking and controlling the C5a
signaling pathway. Therefore, in diseases in which it plays a key promoting role, we believe targeting C5a directly may yield a
meaningful therapeutic benefit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>C5a and its role in disease and inflammation</I></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; text-indent: 0.25in; text-align: justify">C5a is a small, 74-amino
acid-spanning protein whose biochemical and immunological properties have been well documented in the scientific literature. C5a
creates an inflammatory environment by attracting and strongly activating neutrophils as well as by causing many different cell
types to generate pro-inflammatory and inflammation-related molecules. While this can help the body to respond strongly and rapidly
to infections by optimizing the defense environment, uncontrolled C5a generation can induce damage to the body&rsquo;s tissues
in a broad variety of diseases. As a result, we believe that controlling and limiting C5a generation in the body may prevent the
negative effects of an over-activated C5a immune response.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5a quickly interacts
with at least two independent receptors&mdash;C5aR and C5L2 (sometimes referred to as C5aR2). C5aR and C5L2 serve as a large signaling
pool for effects elicited by C5a. C5aR has been well characterized as a signaling receptor that can be strongly upregulated in
almost any cell across a variety of disease</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">settings. Although less understood, C5L2
has also been shown to promote inflammation and negatively effect outcomes in various experimental disease settings by promoting
the adverse effects elicited by uncontrolled C5a.</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-indent: 0.25in; text-align: justify">In the inflammatory
response, C5a is an accelerator or &ldquo;booster&rdquo; of inflammation. This role of C5a extends to a broad variety of responses
that include, but are not limited to, the following mechanisms:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         boosts the generation of many different cytokines such as IL-8, IL-6, IL17, TNF-alpha
                                         and others in a variety of cell types as well as within the bloodstream.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         induces a complex change in the cell-signaling cascade of immune-competent cells that
                                         leads to an altered and often intensified signal transduction of other known signaling
                                         stimuli, such as the Toll-like receptor signaling.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         affects T-cell responses and causes a pro-inflammatory response, leading to the generation
                                         of further pro-inflammatory cytokines.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         is capable of inducing adhesion molecule expression on the surfaces of blood vessels,
                                         leading to neutrophil adherence to the internal vessel wall and migration through the
                                         vessel to the site of infection.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">When C5a binds to its
receptors on neutrophils, they are strongly activated and move to the source of damage or infection, through a process referred
to as chemotaxis, generating oxygen radicals and activated enzymes both believed to be major contributors to cellular and tissue
damage in the body. Given this central function, C5a is a powerful tool that, when inappropriately activated, is capable of promoting
damage to the body, ultimately leading to organ dysfunction and failure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Various chronic inflammatory
and autoimmune diseases in humans are characterized by flare-up phases during which substantial tissue damage occurs. Given C5a&rsquo;s
numerous inflammatory promoting functions, blocking it in chronic inflammatory diseases may have a positive effect on T-cell function,
overall control of the inflammatory status of the disease and a strong anti-inflammatory effect on neutrophils, which may reduce
tissue damage during the flare-up phases. Multiple international research groups have demonstrated in various inflammatory animal
models that blocking the C5a/C5aR signaling axis leads to reduced inflammation, improved organ performance and favorable outcomes
on clinical endpoints, including improved mortality rate, disease severity or damage scores.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5a also has been described
as a potential disturbing factor for a balanced T-cell response by down-regulating regulatory T-cells and promoting pro-inflammatory
T-cell responses. Research published in 2013 in Nature Immunology and the Journal of Experimental Medicine demonstrated that blocking
the C5a/C5aR signaling axis in mice restored regulatory T-cell function, inhibiting the progression of induced autoimmune diseases.
Therefore, C5a is a potential drug target for the treatment of autoimmune and chronic inflammatory diseases associated with T-cell
imbalance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Role of C5a in cancer growth and metastatic
disease</I></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-indent: 0.25in; text-align: justify">Different cancer cells
have been found to generate their own C5a when cultured <I>in vitro</I> in the absence of any other complement factors or intact
complement pathways. This result is possible because cancer cells produce C5, together with enzymes to directly cleave C5, thereby
generating functionally active C5a. Recent research suggests that C5a contributes to cancer growth and metastatic disease, with
multiple mechanisms proposed in the literature to explain this phenomenon. C5a appears to be associated with the recruitment and
activation of myeloid-derived suppressor cells, also referred to as MDSCs, in tumors. Activating MDSCs suppresses the important T-cell-mediated
mechanisms that usually inhibit tumor growth. It has also been documented that C5a generates a microenvironment favorable for tumor
growth by increasing angiogenesis and enhancing the expression of the checkpoint molecule PDL1, as well as other mediators that
enable tumor growth. These and other existing data may explain why combined therapy of anti-PD-1 and C5a blockade has been shown
to effectively reduce tumor growth and metastasis in a pre-clinical mouse model.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our proprietary anti-C5a technology
and product candidates</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Despite C5a&rsquo;s
well-characterized role in promoting inflammation and related tissue and organ damage in different diseases, no marketed drug targeting
C5a exists. Based on more than 17 years of research in this field, we believe the challenge in targeting C5a is to fully block
the biological functions of C5a in its natural environment and leave MAC formation intact. We believe our proprietary anti-C5a
technology enables us to overcome this challenge.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our anti-C5a technology</I></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; text-indent: 0.25in; text-align: justify">When targeting C5a with a drug, the challenge
is to fully control and block C5a while leaving MAC formation intact. We believe our discovery of a new conformational epitope,
 a binding site that can be detected by antibodies, on C5a has allowed us to solve this challenge. We believe this conformational
epitope is formed only after the cleavage of C5a from the C5 molecule, suggesting that the three-dimensional structure of C5a changes
upon release from C5, creating new epitopes that are only present on the free C5a molecule. This permits binding to free C5a only
after it is cleaved from C5 and thus avoids blocking C5a while keeping MAC formation intact. We believe that this represents a
breakthrough in the field of terminal complement C5a inhibition and that this may be particularly valuable when treating diseases
that are driven by C5a, such as HS and AAV.</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-align: center"><IMG SRC="image_008.jpg" ALT="" STYLE="height: 293px; width: 484px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">A
conformational epitope on the surface of the C5a molecule allows for generation of highly specific blocking antibodies directed
against C5a.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our anti-C5a monoclonal
antibodies are designed to have the following properties:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><B>Complete immunological blockade and inhibition of C5a-induced effects:</B> The human body has an abundant capacity to generate
C5a, and induce inflammatory effects through its two receptors, C5aR and C5L2. Therefore our anti-C5a antibodies are designed to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">o</FONT></TD><TD STYLE="text-align: justify">generate complete immunological blockade of the C5a molecule to achieve potent and effective treatments.
Antibodies or inhibitors lacking this quality may leave a &ldquo;signaling gap&rdquo; for C5a, which, in a disease setting, will
likely be sufficient to allow for strong pro-inflammatory effects. This signaling gap would limit the ability to silence the C5a/C5aR and C5a/C5L2 signaling axis to achieve the desired therapeutic effect; and</TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">o</FONT></TD><TD STYLE="text-align: justify">bind with high affinity to C5a to counteract the molecule&rsquo;s rapid interactions with its two
receptors, C5aR and C5L2, which are abundantly present on the vast majority of cell types in the human body and that can be up-regulated
in various disease settings.</TD></TR></TABLE>

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



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


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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Limited
                                         effect on MAC formation</B>: C5 blocking molecules that inhibit MAC formation in the
                                         blood increase the risk of life threatening infections caused by encapsulated bacteria
                                         such as meningococci. Therefore, leaving MAC formation intact may offer a significant
                                         advantage in C5a driven diseases.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe that all
of these features are necessary for a drug targeting C5a to achieve clinically meaningful pharmacological performance for the treatment
of C5a-driven diseases such as HS or AAV. Furthermore, we believe that C5a-driven diseases may not be effectively targeted with
complement inhibitory approaches that do not specifically and fully block C5a. These approaches such as blocking the complement
pathway-driven cleavage of C5 or inhibiting the complement pathways upstream of C5, are characterized by two fundamental shortcomings:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Inability
                                         to fully block C5a without targeting it directly: </B>C5a can be generated through C5
                                         activation by various enzymes in the complete absence of the complement pathways. For
                                         example, blocking the complement C5-convertase-driven cleavage with the C5 inhibitor
                                         eculizumab cannot block direct enzymatic C5 activation and C5a generation in an experimental
                                         setting. This may explain why elevated C5a levels remain measurable in patients effectively
                                         dosed with eculizumab. Therefore, non-specific approaches that do not bind and inhibit
                                         C5a directly may fail to fully block its effects; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Lack
                                         of control over C5a&rsquo;s signaling ability: </B>C5a receptors are abundantly present
                                         on the majority of cells in humans and can be strongly and rapidly upregulated in certain
                                         disease states. As such, even with low levels of C5a, the receptors create a large &ldquo;signaling
                                         sink&rdquo; providing an abundant ability for even small amounts of C5a to transmit a
                                         signal. Therefore, a fully blocking targeted C5a approach is warranted in order to achieve
                                         full control over C5a-induced signaling events which may be especially important in highly
                                         acute inflammatory settings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></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"><B><I>IFX-1 as first-in-class anti-C5a
monoclonal antibody</I></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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our lead product candidate,
IFX-1, is an intravenously delivered monoclonal anti-C5a antibody. It is based on our proprietary anti-C5a technology and was the
first C5a monoclonal antibody to enter clinical development. IFX-1 is differentiated by its ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>fully
                                         inhibit C5a-induced signaling and derived biological functions</B>, as evidenced by its
                                         ability to completely prevent C5a-induced neutrophil activation in human whole blood;
                                         and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>leave
                                         MAC formation intac</B>t, as evidenced by testing the intact complement pathway driven
                                         MAC formation on red blood cells, leading to the lysis of these cells.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> We are currently evaluating IFX-1 in various disease indications. Our lead indication is HS, for which
we have completed enrollment and dosing in our open-label, single-center Phase IIa study. We have also successfully completed one
placebo-controlled, single-center Phase I study of IFX-1 in healthy volunteers and completed two double-blind, placebo-controlled,
multi-center Phase IIa studies in two other acute care indications<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
early septic organ dysfunction and complex cardiac surgery. In all completed studies, IFX-1 was observed to be well tolerated.
The placebo-controlled, multi-center Phase IIa studies in the two acute care indications demonstrated that the occurrence of adverse
events was comparable between treatment groups and placebo group. The results of these studies also demonstrated that IFX-1 blocked
C5a with high statistical significance (p-values &lt; 0.001) and that MAC formation, as demonstrated by a CH50 assay described
below, in the groups treated with IFX-1 was not influenced, with mean CH50 values for treatment groups and control groups within
the normal range. To determine whether data is statistically significant, we use a &ldquo;p-value,&rdquo; which represents the
probability that random chance could explain the results. The FDA utilizes the reported statistical measures when evaluating the
results of a clinical trial, including statistical significance as measured by p-value as an evidentiary standard of efficacy,
to evaluate the reported evidence of a product candidate&rsquo;s safety and efficacy. If not otherwise specified, we used a conventional
5% or lower p-value (p &lt; 0.05) to define statistical significance for the clinical trials and studies and data presented in
this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> Based
on our clinical trials completed to date, during which no anti-drug antibodies were observed, as well as the results from an EpiScreen
<I>ex vivo</I> immunogenicity T-cell response assay, we believe that IFX-1 carries a low risk of provoking an immune response
following administration. The immunogenicity assay used peripheral blood mononuclear cells from 21 donors and tested how many
donors&rsquo; cells showed a CD4+ T-cell response following introduction of IFX-1 ex vivo. A response rate of over 10% (or more
than three out of 21) means the applicable protein is considered to be high risk for immunogenicity, while a response rate of
less than 10% means the protein is considered to be low risk. The results of the assay for IFX-1 showed that zero out of the 21
donors had a T-cell response rate, as compared to a control arm (using the A33 antibody) which showed a 30% response rate. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> In addition,
we are developing IFX-1 as a therapy for AAV given C5a&rsquo;s well-established disease promoting role in AAV. We plan to advance
development of IFX-1 in other disease settings where we believe an anti-C5a antibody could be successfully developed into a marketed
therapy. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Hidradenitis Suppurativa</I>, the
lead indication for IFX-1</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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">HS is a chronic debilitating
systemic skin disease which results in painful inflammation of the hair follicles, most notably in the armpit, groin and genitalia
regions. The clinical hallmarks of this disease include very painful inflammatory nodules, boils or abscesses that typically open
and release odorous inflammatory fluids. In the more chronic form of the disease, patients experience draining fistulas, also referred
to as sinus tracts, which ultimately lead to scarring and related functional disability in certain areas. HS patients suffer primarily
from pain and significant discomfort resulting from the constant formation of pus, often requiring the use of bandages and diapers,
resulting in social isolation. Not surprisingly, HS severely adversely affects patients&rsquo; quality of life.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">HS typically presents in the second and third decade of a patient&rsquo;s life and often develops into
a life-long debilitating chronic disease. The target patient population for IFX-1 is HS patients displaying a moderate to severe
form of the disease. In the United States, this disease has orphan designation, where we estimate that moderate to severe HS has
a prevalence of up to 200,000 patients.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In
Europe, the number of affected patients is believed to be greater, with higher prevalence and incidence of HS in countries with  warmer climates. The diagnosis and treatment is in most countries handled by
dermatologists even though patients often first present with early symptoms to primary care physicians or even to emergency
departments in order to seek surgical relief of formed abscesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> The accepted (but not approved) standard of care for HS patients includes topical, oral or intravenous
antibiotic treatment, as well as surgery, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which often
provide only temporary symptomatic relief. In some cases, patients also undergo different types of surgery. HS is recognized as
a systemic autoimmune disease, for which there are numerous suggested etiological factors, including genetics. Neutrophils are
believed to play a potential disease-promoting role as well as certain cytokines and mediators commonly found in autoimmune diseases
such as TNF-alpha, IL-17, IL-1 and others. This rationale is supported by the 2015 approval in the United States and Europe of
adalimumab, an anti-TNF-alpha monoclonal antibody, for the treatment of patients with moderate to severe and Hurley stage 2 and
3 HS. The Hurley system is a classification system used to characterize the disease from early and easier-to-treat forms of HS
in Hurley stage 1 to the chronic and difficult to treat forms in Hurley stages 2 and 3. The system has been used as the basis for
clinical trials. Combined results from the two pivotal adalimumab trials, which enrolled a total of 633 patients, showed that approximately
50% of the 316 patients who were treated with adalimumab achieved a response in the HiSCR, while approximately 27% of the 317 patients
who received placebo achieved a HiSCR response, in each case at the end of a 12-week treatment period. Patients are considered
to be HiSCR responders when they achieve a 50% or higher reduction of the combined abscess and nodule, or AN, count from baseline,
but no increase of the abscess or draining fistula count from baseline. The HiSCR is the primary endpoint that was used to support
regulatory approval by the FDA and EMA of adalimumab for the treatment of HS patients. Despite having demonstrated clinical benefit,
approximately 50% or more of the patients with moderate to severe HS did not respond to adalimumab, thus a high unmet need remains
among HS patients.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">C5a promotes inflammatory
mediators and is a strong activator of neutrophils, which was the basis for our investigation of our C5a blocking drug candidate
IFX-1 in patients with HS. We established that patients suffering from HS show proof of significant systemic complement activation
with elevated plasma concentrations of C5a and other markers.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> We further elaborated
that C5a is activated in the plasma of HS patients and appears to be the main factor activating neutrophils in human whole blood
from healthy humans. Neutrophil activation was assessed by observing the upregulation of the neutrophil surface marker CD11b (an
established method to demonstrate neutrophil activation). These data were derived from studies conducted by   us in 2013
and 2014 as part of an investigative project conducted in collaboration with an investigator from the University of Athens, who
provided HS patient plasma samples for the studies. In these studies, we found that CD11b, as a marker for neutrophil activation,
was greatly enhanced in fresh human whole blood from healthy volunteers when either recombinant human C5a was added or when plasma
from HS patients was added. IFX-1, our highly specific anti-C5a antibody, completely inhibited neutrophil activation resulting
from the addition of the HS plasma, suggesting that C5a may be the key mediator in plasma from HS patients leading to neutrophil
activation. </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_009.jpg" ALT="" STYLE="height: 348px; width: 624px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Flow cytometry assay in fresh human whole
blood demonstrating CD11b increase on blood neutrophils as marker of neutrophil activation: recombinant human C5a strongly activates
human neutrophils in whole blood (huPP-ctr + 20 nM rhC5a) which can be fully blocked by addition of IFX-1 (huPP-ctr + 20 nM rhC5a
+ 20 nM IFX-1) (open white bars). Plasma from two different HS patients (pat088 and pat092) also activates human neutrophils in
whole blood and this effect can be fully blocked by the addition of IFX-1 (middle and darker grey bars) thus implying that C5a
in HS patient plasma is the key neutrophil activating factor.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on these and other findings, we have recently completed an open-label clinical trial in 12 HS patients. From interim results
in this trial, we have established first clinical proof of concept, or initial clinical evidence of the disease-modifying
mechanism of action, for IFX-1 as a potential future therapy for this disease: at the end of the 8-week dosing period, nine
of the 12 HS patients demonstrated a HiSCR response. All 12 of these patients had failed to respond to prior treatment
attempts, including adalimumab, to which nine out of the 12 patients failed to respond (based on the interim results). At the
same time, C5a was significantly inhibited at the pre-specified testing periods,
and MAC formation, as demonstrated by a CH50 assay described below, was not influenced through the end of the treatment
period. However, early proof of concept data, especially from smaller open-label trials such as this open-label clinical
trial in 12 HS patients, must be confirmed in larger clinical studies, and similar results may not be reproduced in future
trials with larger patient numbers.</FONT> </P>

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



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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that HS
is an attractive lead indication for IFX-1 because of the following important considerations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">good rationale for the role of C5a and initial clinical data suggesting a strong benefit for the
use of IFX-1;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">large market opportunity with potential for orphan drug designation in the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">high unmet medical need;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">path to approval based upon HiSCR response supported by prior FDA approval of adalimumab for the treatment
of HS; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential for fast recruitment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Phase IIa trial exploring IFX-1 in patients
suffering from moderate to severe Hidradenitis Suppurativa</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> We conducted an exploratory Phase IIa study in patients suffering from HS to primarily assess safety and
tolerability of IFX-1, as well as efficacy and PK/PD profile as secondary endpoints. This study was a single center open-label
trial enrolling adult patients suffering from moderate to severe HS who either experienced a primary or secondary failure to biological
treatment or were not eligible for treatment with other biologicals. To participate in the trial, patients also had to have a diagnosis
of HS for at least one year, HS lesions in at least two distinct anatomic areas (one of which was Hurley stage 2 or 3), at least
three abscesses or inflammatory nodules and a failure to respond to antimicrobial treatment. The trial enrolled 12 such patients
who were severely affected by HS, being diagnosed with Hurley stage 3 and who all failed to respond to prior treatment attempts,
including biologics such as adalimumab, to which nine out of the 12 patients failed to respond based on interim results (four patients
were primary treatment failures, meaning those patients did not respond to treatment at 12 weeks of treatment, and five were secondary
treatment failures, meaning those patients ceased responding to treatment after 12 weeks of treatment). Patients received weekly
intravenous injections of IFX-1 for eight consecutive weeks with two infusions in the first week (day 1 and day 4) and were subject
to follow up for three months thereafter. The trial was open-label, was not placebo controlled and did not include a control group.
The first patient received treatment on December 15, 2016 and the last patient&rsquo;s last visit was July 4, 2017. The study was
sponsored by us and conducted in Greece.</P>

<P STYLE="margin: 0pt 0">&nbsp; </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; text-indent: 0.25in"> The interim results of this trial suggest strong initial clinical evidence of the disease-modifying effect
of IFX-1 in HS patients while confirming the advantageous technological properties of IFX-1, leading to a highly specific blockade
of C5a while leaving MAC formation intact in the patients&rsquo; plasma. At the same time, the results revealed that IFX-1 was
well tolerated and that <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no drug-related serious adverse
events could be detected.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp; </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; text-align: justify; text-indent: 0.25in"> For clinical disease-modifying effect, we assessed the clinical endpoint HiSCR over the treatment period,
at end of treatment and during the follow-up phase. Patients were considered to be HiSCR responders when they achieve a 50% or
higher reduction of the combined AN count, but at the same time show no increase of the abscess or draining fistula count from
baseline. According to an interim analysis at the end of treatment (day 50) 75% of the patients demonstrated a HiSCR response according
to this definition, which was previously utilized by FDA and EMA as the basis for approving adalimumab.</P>

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

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">baseline. According to an interim analysis
at the end of treatment (day 50) 75% of the patients demonstrated a HiSCR response according to this definition, which was previously
utilized by FDA and EMA as the basis for approving adalimumab.</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"><IMG SRC="image_010.jpg" ALT="" STYLE="height: 288px; width: 605px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> HiSCR response in treated HS patients
during the treatment period from pre-dosing (day 1) through end of treatment (day 50) </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> We believe
that these data are particularly noteworthy given the patients&rsquo; treatment history and stage of disease progression, which
make them a very difficult to treat patient population. While IFX-1 is a novel antibody whose potential therapeutic benefit is
unproven, we believe our results in these very ill, refractory HS patients highlight the novel mechanism of action and commercial
potential of IFX-1, if approved. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> With
respect to confirmation of the biological mechanism of action of IFX-1, the interim analysis revealed that weekly injections of
IFX-1 resulted in significantly reduced C5a levels at 22 days and 50 days after start of treatment, demonstrating IFX-1&rsquo;s
ability to significantly reduce C5a plasma levels in HS patients: </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="p93.jpg" ALT=""></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mean C5a plasma levels (ng / ml) in HS patients
at day 1 (pre-dosing) and at day 22 and day 50 post dosing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Furthermore, the results
demonstrated that IFX-1 administration left MAC formation intact. Assessment of the hemolytic plasma activity, referred to as the
CH50 test, is a conventional method used to determine whether a functionally active MAC can be formed upon activation of the classical
complement pathway and resulting cleavage of C5 through complement convertases. Functionally active MAC leads to destruction of
red blood cells in the assay, which can be measured by this test. Since IFX-1 binds to C5a, and C5a is a part of C5, it is critical
to demonstrate that IFX-1 does not block C5 cleavage, C5b and MAC formation. When tested with patient samples from our HS study,
CH50 test results demonstrated that MAC formation was not blocked in all 12 patients when assessed on day 22 and day 50 after start
of treatment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The weekly intravenous
infusions of IFX-1 were well tolerated and safe. No drug-related serious adverse events were detected and no infusion-related reactions
or no allergic or anaphylactic reactions were observed. Three adverse events, one of which was a soft tissue infection, occurred,
and all three were judged by the investigator to be not drug related.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> We also designed an assay to evaluate IFX-1&rsquo;s performance in blocking C5a after being injected in
humans. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plasma samples from HS patients in our Phase
IIa trial following treatment with IFX-1 were added to fresh human whole blood in which additional recombinant C5a was added. The
assay determined the activation of neutrophils with the established neutrophil surface marker CD11b. This marker strongly increases
on neutrophils when they are activated, in this case by C5a, which activation is believed to play a key disease promoting role,
including in HS. This assessment shows that IFX-1, when functionally active in the HS patient plasma, will strongly inhibit such
C5a-induced increase of CD11b, suggesting a significant reduction in neutrophil activation. Specifically, over a 50-day time period,
<I>ex vivo </I>IFX-1 fully blocked C5a-induced neutrophil activation, as shown by a complete 100% (mean over the period) reduction
in CD11b upregulation. The assay was conducted with a fixed amount of added recombinant human C5a leading to robust neutrophil
activation in fresh human whole blood prior to addition of the plasma samples containing IFX-1, as indicated by the upregulation
of the CD11b marker on neutrophils. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_012.jpg" ALT="" STYLE="height: 289px; width: 605px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Blocking activity of ex vivo IFX-1 contained
in HS patient plasma samples expressed as percentage reduction of the CD11b upregulation on fresh neutrophils in human whole blood
when induced by a fixed concentration of recombinant human C5a.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Based on these results,
we are currently planning to submit an application for an orphan drug designation with the FDA and hold a pre-IND meeting with
the FDA in the third quarter of 2017 to discuss a larger multi-center international Phase IIb study in HS patients. We expect to
initiate this trial in HS in the first quarter of 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional indications for IFX-1&mdash;ANCA-associated
Vasculitis</I></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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">AAV is a rare, life-threatening
autoimmune disease with a relapsing nature, characterized by necrotizing vasculitis, an inflammation of blood vessels. The disease
is characterized by life-threatening flare phases affecting the kidney function and other organs leading to organ dysfunction and
failure, a potentially fatal outcome unless treated appropriately. AAV predominantly affects small vessels associated with anti-neutrophil
cytoplasmic antibodies, or ANCA. It comprises three disease entities: GPA, or granulomatosis with polyangiitis (known as Wegener&rsquo;s
Granulomatosis); MPA, or microscopic polyangiitis; and eGPA, or eosinophilic granulomatosis with polyangiitis (known as Churg-Strauss
syndrome).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">AAV is designated as
an orphan disease and affects approximately 40,000 and 75,000 patients in the United States and Europe, respectively. In addition,
AAV has a reported incidence of 4,000 and 7,500 new patients per year in the United States and Europe, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Because of the life-threatening
character of this disease, it is crucial to induce remission rapidly when a flare presents. The treatment to induce remission differs
from maintenance therapy. The current treatment regimen to induce remission uses a combination of High Dose Corticosteroids, or
HDCS, together with either rituximab or cyclophosphamide. The long lasting HDCS therapy is associated with significant side effects
and additional life-threatening risks for the patients.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> The
disease promoting role of C5a for AAV is well established. A priming effect of C5a for neutrophils appears to be the essential
factor leading to neutrophil-related damage of the endothelial cells in the vessels. In addition, patients with acute AAV disease
have significantly elevated complement activation parameters in their plasma when compared to AAV patients in remission. In an
experimental AAV disease model in mice, it was shown that while C5aR deficiency leads to reduction in disease activity, C6 deficiency
does not lead to such improvement, suggesting that MAC formation might not play a major role in this disease. However, additional
research is warranted to confirm this conclusion. </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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> A recently
conducted Phase II clinical trial of Chemocentryx&rsquo;s CCX168 designed to assess whether high dose chronic steroids used in
the standard of care regimen in AAV could be sharply reduced or eliminated by replacement with CCX168 produced positive top-line
data. CCX168 is an antagonist to C5aR currently undergoing Phase III trials for AAV patients by Chemocentryx. </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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"> The completed Phase II trial for CCX168 was designed to assess whether high dose chronic steroids used
as the standard for induction of remission in severe AAV flares could be reduced or eliminated, without compromising efficacy,
by replacement with CCX168. The trial met its primary clinical endpoint, which was based on the Birmingham Vasculitis Score 3,
or BVAS 3, a useful tool in assessing and monitoring disease activity as well as response to treatment, at week 12 in patients
receiving CCX168 treatment, compared to the response of patients receiving the standard of care treatment. In the trial, one treatment
group that received CCX168 together with a low dose of steroid (one third of the dose used in the standard of care group) demonstrated
a BVAS 3 response of 86% at week 12, compared to 75% for the standard of care. A separate treatment group received CCX168 in the
absence of any steroid, and the BVAS 3 response was 81% (p = 0.02 for non-inferiority). The standard of care group included a placebo
for CCX168. The primary endpoint was prospectively defined as a decrease from baseline of at least 50% in BVAS 3 plus no worsening
in any body system. The trial also met several secondary endpoints, including that CCX168 exhibited a more rapid onset of improvement
over standard of care treatment. Given that all treatment groups receiving CCX168 in the trial demonstrated a statistically significant
(p = 0.005) non-inferior clinical efficacy outcome when compared to the standard of care, we believe the trial demonstrates proof
of concept for the role of the C5a/C5aR signaling axis in AAV patients. We are encouraged by the published outcome data for CCX168,
which provide evidence in patients that inhibition of the C5a/C5aR signaling axis may provide benefit to AAV patients.</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the potential advantages
of treatment with IFX-1 in AAV are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Rapid onset of action</B>: IFX-1 has fast onset of action such that after its intravenous administration,
IFX-1 inhibits C5a-induced signaling completely, providing immediate protection from C5a induced priming and activation of neutrophils
in this disease. This may result in a faster response rate and a potentially quicker induction of remission when compared to the
currently available treatment options.</TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0"><B>Potential
                                         safety benefits</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                         IFX-1 is a monoclonal antibody that was well tolerated in one Phase I and three Phase
                                         IIa clinical studies, with a total of over 170 treated patients or healthy human volunteers.
                                         We believe that the properties of IFX-1, which blocks C5a and not its receptors, may
                                         allow IFX-1 to avoid safety concerns arising from potential receptor-related signaling
                                         effects or other off-target effects which may be related through binding on the surface
                                         of highly active immune competent cells, such as T-cells or dendritic cells. </FONT></P>

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


</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our
clinical development strategy for IFX-1 in AAV will first focus on acutely ill AAV patients, where we believe IFX-1 has the
potential to successfully induce remission and reduce or eliminate the need for HDCS therapy, leading to reduction or
elimination of HDCS therapy and  providing an improved safety profile. Thereby we also intend to focus on speed of
induction of remission and reducing rate of renal replacement and kidney dysfunction. We believe a subsequent label extension
could address the maintenance of remission in patients. We plan to submit a pre-IND for IFX-1 therapy in AAV
patients in the second half of 2017 and to commence a Phase II international multi-center trial in the first half of 2018.
Part of the development strategy will also be submission of an orphan drug application to the FDA and EMA once data from the
first AAV trial are available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exploratory studies and additional
clinical development of IFX-1</I></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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We plan to advance
the clinical development of IFX-1 in additional inflammatory and chronic complement-mediated autoimmune disease indications for
which a good pre-clinical proof of concept exists and where C5a has been demonstrated as a critical disease promoting factor or
where similar mechanisms, such as neutrophil-driven systemic diseases affecting the skin and or other organs, are identified. We
also plan to investigate the potential development of IFX-1 for inflammation-driven oncology diseases based on the fact that C5a
appears to have a crucial promoting role for the induction of tumor growth. Our plans to explore oncology applications are further
supported by the fact that different tumor cells generate C5a in the absence of other complement factors and that there is growing
evidence for a crucial role of C5a to promote inflammation and cancer growth through its ability to change the immune-defense cell
environment in tumors.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional clinical and pre-clinical
development for IFX-1</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; text-align: justify; text-indent: 0.25in">We have also completed
one Phase 1 clinical trial of IFX-1 in healthy volunteers and two Phase II clinical trials in patients with septic organ dysfunction
and complex cardiac surgery, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Phase I: Placebo controlled dose
escalation study in healthy human volunteers</I></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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> We have completed
a Phase I randomized, double-blind, placebo controlled clinical trial of IFX-1 in healthy volunteers to assess the safety, tolerability,
PK and PD of IFX-1 following escalated single-dose IV administration. Five dosing groups were assessed with doses of 0.02 mg,
0.1 mg, 0.5 mg, 2 mg and 4 mg per kg of bodyweight, and each dose group was accompanied by placebo dosed patients. Each subject
received a single IV administration of the study medication or placebo. The first subject was screened on March 23, 2011 and the
last patient&rsquo;s last visit was on October 11, 2011. Out of 26 total patients, 24 patients completed the study as planned
(one subject receiving the placebo was withdrawn due to protocol deviations and another subject withdrew his consent). Of those
patients, 15 were treated with IFX-1 and the other patients were treated with a placebo. To be included in the clinical trial,
patients had to be healthy male Caucasian subjects, aged between 18 and 40 years, with specified body mass index and bodyweight
parameters. The study was sponsored by  us and conducted in Neuss, Germany. </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; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In all dose groups,
we observed that single intravenous doses of IFX-1 were well tolerated in healthy volunteers. No clinically significant changes
were observed in vital signs, physical examination or clinical laboratory parameters, including hematology, blood chemistry, coagulation,
urinalysis and ECGs. Local tolerability was positive, and no serious adverse events occurred.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> <I>Ex vivo</I>
performance of IFX-1 was assessed in a secondary PD analysis in fresh human whole blood with IFX-1 samples from the two high dose
groups. This assessment resulted in a mean <I>ex vivo</I> effect of IFX-1 for blocking C5a-induced neutrophil activation (CD11b
upregulation) of approximately 100%. </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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Previously completed Phase IIa clinical
trials with IFX-1</I></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; text-align: justify; text-indent: 0.25in">We have completed clinical
Phase IIa studies in two acute care indications, early septic organ dysfunction and complex cardiac surgery. The purpose of both
trials was to evaluate the safety and tolerability of IFX-1, assess pharmacokinetics, or PK, and pharmacodynamics, or PD, as well
as various clinical and surrogate endpoints. Neither trial was powered for statistical significance with respect to clinical endpoints. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>SCIENS Phase IIa clinical trial:
Placebo controlled multi-center dose escalation study in patients suffering from early septic organ dysfunction</I></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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> We completed a
multi-center, double-blind, placebo-controlled Phase IIa study in 72 patients with early septic organ dysfunction (SCIENS). The
study was conducted to assess the occurrence of adverse events, tolerability, PK and PD of IFX-1 at different dose regimens. It
was sponsored by  us and conducted at 17 study centers in Germany. Eligible patients suffered from early, newly developing
organ dysfunction and were diagnosed with either abdominal or pulmonary infection as cause of sepsis. IFX-1 was administered to
patients within 3 hours after screening in three dose groups: three doses of 4 mg/kg of bodyweight over 72 hours (high dose),
two doses of 4 mg/kg of bodyweight over 24 hours (medium dose) or 2 mg/kg of bodyweight over 12 hours (low dose), or placebo.
The first patient entered the study on April 25, 2014, and the last patient was treated on December 3, 2015. </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; text-indent: 0.25in"> In all dose groups,
we observed that IFX-1 was well tolerated, with levels of adverse events or serious adverse events in treatment groups comparable
to those in the control group. No relevant differences between placebo and treated patients were observed with respect to clinical
laboratory parameters, ECGs or local tolerability. No anti-drug antibodies were detected during the 28 days of observation. </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; text-align: justify; text-indent: 0.25in"> The study demonstrated
that IFX-1 reduced elevated C5a levels in these patients with statistical significance in a dose dependent manner. Mean C5a concentrations
were decreased in the different dose groups with high statistical significance (p &lt; 0.01) starting at the first blood sampling
two hours after the start of IFX-1 infusion. The duration of statistical significant decrease of C5a compared to placebo was 24
hours for the low dose group, 5 days for the medium dose group and 13 days for the high dose group (with p &lt; 0.01 at all time
points except for the last time point at day 13 in the high dose group, for which p = 0.039). </P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Ex vivo</I> secondary
PD analysis with plasma samples from treated patients added to fresh human whole blood in which recombinant C5a was added showed
<I>ex vivo</I> IFX-1 was fully active in blocking C5a-induced neutrophil activation. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Although we were
encouraged by our observations from SCIENS, we have determined that focusing on HS and AAV would provide more efficient clinical
and regulatory paths forward, due to the historically increased risk and uncertainty relating to clinical development for
product candidates within the sepsis indication. </P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>CARDIAC Phase IIa clinical trial:
Placebo controlled multi-center dose escalation study in patients undergoing complex cardiac surgery</I></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; text-align: justify; text-indent: 0.25in"> We have also
completed a multi-center, double-blind, placebo-controlled Phase IIa study in 116 patients electively undergoing
pre-specified complex cardiac surgery (CARDIAC). IFX-1 or placebo was administered to patients prior to the start of surgery.
The primary objective was to evaluate safety and tolerability of IFX-1, as well as assess the effect of IFX-1 on peak IL-6
levels. It was sponsored by  us and conducted at 10 sites in Germany. Four dosing groups were assessed with IFX-1 doses of 1
mg, 2 mg, 4 mg and 8 mg per kg of bodyweight, and each dose group was accompanied by placebo-dosed patients. The first
patient was dosed on June 6, 2016, and the last patient&rsquo;s last visit was on January 24, 2017. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> In all dose groups
we observed, IFX-1 was well tolerated, and adverse events detected were comparable to those from the control group. No relevant
differences between placebo and treated patients were observed with respect to clinical laboratory parameters, ECGs or local tolerability.
C5a plasma levels were decreased with high statistical significance (p &lt; 0.001) and in a dose-dependent manner. In all dose
groups, MAC formation as assessed by the CH50 test was intact. </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; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, we observed
a high level of variability in the patient population across the placebo and treatment arms. For example, IL-6 levels were more
variable than estimated in advance based on literature, and IFX-1 did not affect IL-6 levels with statistical significance. In
addition, the overall mortality in this study was 1.9%, significantly below the levels in the published literature and the estimations
conducted with the principle investigator, which were in the range of 12% to 18%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result, we have
decided to discontinue development of IFX-1 for complex cardiac surgery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pre-clinical studies involving IFX-1
</I></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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> We established pre-clinical proof of concept for IFX-1 in various different pre-clinical settings and
studies in monkeys. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively, these studies demonstrated
that IFX-1 is highly effective in blocking C5a-induced biological effects while leaving MAC formation intact and that IFX-1 administration
showed  strong initial clinical evidence of disease-modifying effect in reducing neutrophil-driven organ damage in monkeys.
</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp; </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"> <I>IFX-1 improves outcome in pre-clinical
disease model in monkeys</I>&#9; </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-indent: 0.25in"> IFX-1 was tested in an African green monkey model of acute lung injury, or ALI, induced by the new avian
flu virus, H7N9, that exhibits clinical features comparable to H7N9 viral pneumonia in humans. In the absence of IFX-1, extensive
complement activation accompanied by severe lung structural damage was detected in infected monkeys. Twelve two- to four-year-old
African green monkeys were used in this study. Ten monkeys were inoculated intratracheally with 10<SUP>6</SUP> 50% tissue culture
infective dose of H7N9 while two monkeys were mock-infected. Four of the 10 virus-infected monkeys were treated intravenously with
5 mg/kg of IFX-1 and the remaining six monkeys received a sham intravenous treatment. Treatment with IFX-1 resulted in: greatly
attenuated lung damage in histological analysis, reduced viral replication within the lungs, significantly lowered levels of inflammatory
mediators, including IL-1&szlig;, IP-10, MCP-1, IL-6, TNF-&alpha; and INF-&gamma;, and significantly fewer inflammatory infiltrating
cells, especially neutrophils, in the lung.</P>

<P STYLE="margin: 0pt 0">&nbsp; </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-align: justify; text-indent: 0.25in"> The study was
performed in 2014 at the State Key Laboratory of Pathogen and Biosecurity, Beijing Institute of Microbiology and Epidemiology,
in Beijing, China. The primary goal of this study was to evaluate if IFX-1 treatment could reduce H7N9-indcued lung tissue damage
as expressed by the histopathological, or HE, score and decrease cytokine levels. The results demonstrated that treatment with
IFX-1 significantly reduces HE score post-H7N9 infection (p &lt; 0.001) and strongly reduced the levels of cytokines including
IL-1&szlig;, MCP-1, IL-6, TNF-&alpha; and INF-&gamma; (p &lt; 0.001), suggesting a beneficial effect of IFX-1 on this viral-induced
lung injury. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>IFX-1 fully blocks C5a-induced effects
on neutrophils in human whole blood</I>&#9; </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; text-indent: 0.25in"> To assess IFX-1&rsquo;s
ability to block C5a-induced biological effects on neutrophils in human blood, fresh human whole blood from voluntary blood donors
was used, with the activation of neutrophils assessed using flow cytometric measurement of the known marker CD11b. This marker
is expressed on neutrophil surfaces at low levels in non-activated neutrophils in the blood of healthy humans (controls in the
figure below) and is strongly upregulated when neutrophils are activated, such as by recombinant human C5a (represented by the
bar denoted as rhC5a (16.7 nM) in the figure below). Upon C5a stimulation, Cd11b expression was significantly upregulated (p &lt;
0.0001). When IFX-1 was added together with recombinant C5a, CD11b upregulation was completely  abolished with statistical significance
(p &lt; 0.0001). </P>

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



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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 288px; width: 614px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> IFX-1 blocks rhC5a-induced CD11b expression
on human neutrophils: CD11b expression on neutrophils was assessed by flow cytometer analysis and was up-regulated by recombinant
human C5a. IFX-1 was capable of strikingly reducing the CD-11b upregulation on neutrophils.<SUP></SUP> </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>IFX-1 leaves MAC
formation intact in human whole blood</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> IFX-1 was added
to plasma samples from healthy human individuals (voluntary blood donors) and tested for potential disturbance of the ability
of intact human plasma to generate MAC formation. This is assessed with the CH50 assay. In this test, intact MAC formation leads
to the lysis of red blood cells, which is also referred to as the hemolytic activity and which is assessed indirectly by optical
measurement of hemoglobin in the sample being released from lysed red blood cells. When IFX-1 was added to this test, the hemolytic
activity curves from plasma alone and plasma plus IFX-1 were substantially similar, indicating that IFX-1 in the dose range of
zero to 50 &micro;g/mL had no influence on C5 cleavage and MAC formation (C5b-9). </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 326px; width: 576px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IFX-1 does not influence the hemolytic activity
curves in intact human plasma and therefore leaves C5 cleavage and formation of C5b-9 (MAC) intact. Hemolytic activity is assessed
with the optical density (OD)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFX-2 as follow-on anti-C5a monoclonal
antibody </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; text-align: justify; text-indent: 0.25in">To expand the breadth
of our anti-C5a technology, we are developing IFX-2, a follow-on anti-C5a monoclonal antibody for the treatment of chronic inflammatory
applications. IFX-2 shares the same mechanism of action as IFX-1 in its potential to block C5a with high specificity but is designed
with a dosing regimen that may be more suitable for chronic therapy. We are optimizing IFX-2 to provide a prolonged half-life and
potentially to be administered subcutaneously. IFX-2 will keep the performance relevant properties to fully block C5a-induced biological
effects while leaving MAC formation intact. We believe that IFX-2 holds the potential to treat various chronic inflammatory diseases
that may be T-cell driven and could benefit from a dosing regimen more suitable for chronic therapy. IFX-2 is in early pre-clinical
development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="background-color: white"><B>Intellectual
property<SUP></SUP></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
aim to protect our product candidates and other commercially important proprietary anti-C5a technology by seeking and maintaining
U.S. and foreign patents that are intended to cover our product candidates and compositions, and their methods of use, and any
other inventions that are commercially important to our business. We also rely on trade secrets and know-how to protect aspects
of our business that are not amenable to, or that we do not consider appropriate for, patent protection. Our success will depend
significantly on our ability to obtain and maintain such patent and other proprietary protection, defend and enforce our patents,
preserve the confidentiality of our trade secrets and operate our business without infringing or otherwise violating any patents
or other intellectual property or proprietary rights of third parties. See the section titled &ldquo;Risk factors&mdash; Risks
related to intellectual property&rdquo; for additional information.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> As of August
1, 2017, we owned three issued U.S. patents, two pending U.S. non-provisional patent applications, 7 issued foreign patents, one
Eurasian Patent validated in 9 countries, as well as one European patent validated in 37 countries, and 25 pending foreign patent
applications. These patents include claims relating to C5a inhibitors and associated methods of use. </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> Our patent
portfolio relating to IFX-1 and IFX-2, as of August 1, 2017, is summarized below. </P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 1, 2017, we owned three issued U.S. patents covering antibodies that block C5a and their use in blocking C5a-induced
biological effects in patients with acute or chronic inflammation and one pending U.S. non-provisional patent application in which
we are seeking claims covering antibodies that block C5a and their use in preventing and treating acute or chronic inflammation-related
diseases. In addition, we owned 7 issued foreign patents, one Eurasian Patent validated in 9 countries, as well as one European
patent validated in 37 countries covering antibodies that block C5a and their use in the treatment of various diseases, including,
depending on the jurisdiction of the applicable patent, acute and chronic inflammation, ischemia and reperfusion related injuries,
acute lung injury and pneumonia. In addition, we owned 9 pending foreign patent applications in which we are seeking claims covering
antibodies that block C5a and their use in preventing and treating various acute and chronic inflammation-related diseases.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
issued U.S. and foreign patents are expected to expire in 2030, excluding any additional term for patent term adjustments or patent
term extensions. If granted, the pending U.S. and foreign patent applications would be expected to expire in 2030, excluding any
additional term for patent term adjustments or patent term extensions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of August 1 , 2017, we owned one pending U.S. non-provisional patent application and 15 pending foreign patent applications
covering the use of certain binding moieties, such as antibodies, that inhibit C5a for the treatment of viral pneumonia. If granted,
the pending U.S. and foreign patent applications would be expected to expire in 2035, excluding any additional term for patent
term adjustments or patent term extensions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of August 1 , 2017, we owned one pending European priority application covering the use of an inhibitor of C5a activity,
for example, IFX-1, for treating HS and other cutaneous, neutrophilic inflammatory diseases. We plan to file additional patent
applications claiming priority to this European application in the United States and other jurisdictions which, if granted, would
be expected to expire in 2038, excluding any additional term for patent term adjustments or patent term extensions.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> On December 28, 2015, we entered into
a co-development agreement with Beijing Defengrei Biotechnology Co. Ltd., or BDB, for the use of the IFX-1 cell line in BDB&rsquo;s
development of drug candidates for sale in China. Pursuant to the agreement, we granted BDB an exclusive, non-transferable license
to use the IFX-1 cell line and related intellectual property solely to develop and commercialize in China BDB&rsquo;s drug candidates
BDB-1 and BDB-2, as well as molecules that bind or interact with certain specified targets (&ldquo;target-binding molecules&rdquo;). </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"> Pursuant to the agreement, we are entitled
to receive mid single-digit percentage royalties on net sales of BDB&rsquo;s products containing BDB-1 or BDB-2. We retain the
right to develop and manufacture IFX-1 and IFX-2 in China solely for the purpose of commercializing products outside of China
and to use the IFX-1 cell line and IFX-2 cell line in China for non-commercial purposes. To the extent that we are granted regulatory
approval outside of China for commercialization of a product using IFX-1 or IFX-2 for an indication, and BDB does not pursue regulatory
approval for BDB-1 or BDB-2 in the same or a substantially similar indication in China, by providing written notice to BDB, we
may elect to pursue regulatory approval to commercialize such products in the relevant indication in China. Should we exercise
such right, we would be required to pay BDB mid single-digit percentage royalties on our net sales of such products. </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"> In addition, we reserve the right to
commercialize products containing BDB-1 and BDB-2 outside of China in indications for which we elect not to commercialize IFX-1
or IFX-2. To the extent that we exercise this right, we would be required to pay BDB low single-digit percentage royalties on
our net sales of such products. </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"> BDB must notify us without undue delay
of tests it conducts on target-binding molecules. If any such test results in binding or interaction with targets in a satisfactory
manner to both BDB and us, BDB must notify us of such results and may, within a six-month period following such notice, exercise
an option to commence commercializing the successfully tested target-binding molecules in China. To the extent that BDB exercises
such option, BDB would be required to pay us low single-digit percentage royalties on net sales of products containing such target-binding
molecules. BDB also grants us the right to exploit any target-binding molecules outside of China or, to the extent that BDB does
not pursue regulatory approval in the same or a substantially similar indication, in China. To the extent that we exercise such
rights, we would be required to pay BDB low to mid single-digit percentage royalties on our net sales of such products. </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"> The agreement continues in force unless
earlier terminated. The agreement may be terminated upon the mutual agreement of the parties, or by one party upon a breach by
the other party that is not cured within 30 days after receiving notice of such breach. In addition, either party may terminate
the agreement if the other party challenges the terminating party&rsquo;s ownership of any intellectual property licensed to the
non-terminating party under the agreement or undergoes certain bankruptcy or insolvency events. Moreover, we may terminate the
agreement if BDB has not established a GMP standard manufacturing process or initiated any approved toxicology program by 2020. </P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Subject to
receiving marketing approval, we intend to independently pursue the commercialization of IFX-1 for HS in the United States
and Europe, when approved by the applicable regulators, by employing a small, targeted commercial infrastructure to promote
access to IFX-1 through centers-of-excellence that treat HS in these core markets. We believe that such an organization will
be able to address the community of physicians who are key specialists in treating the patient populations for which IFX-1
and any other product candidates are being developed. The responsibilities of the organization would include developing
educational initiatives with respect to approved products and establishing relationships with key specialists in HS and any
other relevant fields of medicine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="background-color: white">We
do not currently own or operate manufacturing facilities for the production of clinical or commercial quantities of our product
candidates. We intend to rely on third-party contract manufacturers to produce our products and intend to recruit personnel with
experience to manage the third-party contract manufacturers producing our product candidates and other product candidates or products
that we may develop in the future. In addition, we expect to engage third-party manufacturers in the United States for sales of
any of our approved products in the United States. We hold the manufacturer and importing license and participate in the drug
product release procedure by running a key immunological release assay in-house, allowing us to release only antibody batches
that demonstrate high biological blocking activity. Thus, we are responsible for overseeing the entire manufacturing process and
we release final fill-finished drug product with our qualified person. </FONT></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: 0.25in; background-color: white"><FONT STYLE="background-color: white">We
currently engage two third-party manufacturers to provide clinical supplies of and fill-finish services for IFX-1. To date, two
200L batches in the United States and one 1,000L batch of IFX-1 in Germany have been produced under cGMP regulations for our clinical
trials. </FONT></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"><B>Competition</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The biopharmaceutical
industry is characterized by rapidly advancing biotechnologies, intense competition and a strong emphasis on proprietary products.
While we believe that our technologies, knowledge, experience and scientific resources provide us with competitive advantages,
we face potential competition from many different sources, including major pharmaceutical, specialty pharmaceutical and biotechnology
companies, academic institutions and governmental agencies and public and private research institutions. Any product candidates
that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available
in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The only approved
product to treat HS in the United States and Europe is adalimumab (Humira), an inhibitor of TNF-alpha. Humira is marketed by AbbVie,
a global pharmaceutical company. We are not aware of any C5 or C5a inhibitors under development for the treatment of HS. However,
a number of additional companies are developing product candidates to treat HS with varying mechanisms of action. These companies
include XBiotech Inc. and Novartis AG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">XBiotech has recently
completed a Phase II clinical trial for MABp1, a monoclonal antibody targeting interleukin-1 alpha, in HS. After 12 weeks of therapy
in 20 patients (1:1 randomization to placebo), MABp1 demonstrated significant improvement in the HiSCR for HS patients compared
to placebo. Novartis has recently completed a Phase II clinical trial for CJM112, a monoclonal antibody targeting interleukin-17
alpha, in moderate to severe HS patients. Clinical trial results have yet to be published.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Additionally, a
number of investigator-initiated trials have been conducted or are in progress in HS:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">A
                                         short-term trial for Celgene&rsquo;s Apremilast was recently initiated to investigate
                                         its safety and efficacy in 20 HS patients. Apremilast is an oral small-molecule inhibitor
                                         of phosphodiesterase 4.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>An open-label trial for Janssen-Cilag&rsquo;s
ustekinumab was recently completed in 12 HS patients. Ustekinumab is a monoclonal antibody directed against IL12 and IL23.</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>A small Phase II study for Swedish
Orphan Biovitrum AB&rsquo;s anakinra was conducted in HS patients suggesting potential efficacy in a modified intent-to-treat population.
Anakinra is an IL-1 receptor antagonist.</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finally,
a range of surgical procedures, topically applied medicinal products, laser and radiotherapy procedures are being investigated
for the treatment of HS.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">If approved for
the treatment of AAV, IFX-1 would potentially face competition from currently used therapies, including corticosteroids, azathioprine,
methotrexate, mycophenolate mofetil and rituximab. The current standard of care to induce remission in acutely ill AAV patients
is a combination of either rituximab or azathioprine with high dose corticosteroids. Rituximab is approved and marketed by Genentech
for this indication and label extension studies are ongoing. Therapies to maintain remission include low dose corticosteroids,
methotrexate, mycophenolate mofetil and rituximab.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">We are not aware
of any C5 or C5a inhibitors under development for the treatment of AAV. However, Chemocentryx, Inc. is developing CCX168, a C5aR
inhibitor, in AAV.&nbsp; Though it acts through a different mechanism of action than IFX-1, CCX168 has demonstrated the potential
to induce remission in AAV patients and is currently undergoing Phase III clinical trial development. In an ongoing investigator-initiated
trial, Abatacept, a selective T-cell costimulation modulator from Bristol-Meyers Squibb, is being investigated for efficacy to
achieve sustained corticosteroid-free remission in a subset of AAV patients with severe GPA. Abatacept is approved in the United
States for treatment moderate to severe rheumatoid arthritis. In another investigator-initiated clinical trial, the efficacy of
a plasma exchange procedure is tested in conjunction with corticosteroid treatment with respect to its impact on all-cause mortality
and end-stage renal disease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">More generally,
in the terminal complement space, there is currently one approved drug, Eculizumab, marketed by Alexion Pharmaceuticals, Inc. for
the treatment of PNH and typical hemolytic uremic syndrome, or aHUS. However, there are several other companies developing C5 inhibitors
for other indications, including Ra Pharmaceuticals, Inc., Akari Therapeutics Plc, Ophthotech Corporation, Alnylam Pharmaceuticals
and Novartis. In addition, Alexion is known to have had a C5a inhibitor under development for graft versus host disease. Clinical
stage companies focusing on the inhibition of the C5a receptor C5aR include Chemocentryx as mentioned above, with its product candidate
CCX168, as well as Innate Pharma S.A., with the in-licensed antibody IPH5401. In addition, there are clinical stage companies targeting
complement inhibition upstream from C5, such as C3, factor D and components of the lectin pathway. These approaches will likely
also result in a lowering of C5a generation in blood. Companies in this area include Apellis Pharmaceuticals, Inc., Achillion Pharmaceuticals,
Inc. and Omeros Corporation. Furthermore, there are numerous additional companies developing pre-clinical drug candidates which
target terminal complement factors and their receptors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The key competitive
factors affecting the success of our product candidates, if approved, are likely to be their efficacy, safety, dosing convenience,
price and degree of market acceptance, as well as our marketing capabilities, the level of competition and the availability of
reimbursement from government and other third-party payors.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Our commercial
opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors
may also obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could
result in our competitors establishing a strong market position before we are able to enter the market.&nbsp; In addition, even
if our product candidates are approved for marketing and sale, they may fail to gain sufficient market acceptance by physicians,
patients, third-party payors and others in the medical community, including if physicians are reluctant to switch their patients
from existing therapies (such as adalimumab for the treatment of HS). See &ldquo;Risk factors&mdash;Risks related to the discovery,
development and commercialization of our product candidates&mdash;Even if one of our product candidates receives marketing approval,
it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community
necessary for commercial success, in which case we may not generate significant revenues or become profitable.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government regulation and product approval </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Government authorities in all major pharmaceutical
markets extensively regulate, among other things, the research, development, testing, manufacture, packaging, storage, recordkeeping,
labeling, advertising, promotion, distribution, marketing and import and export of pharmaceutical products such as those we are
developing. Although our initial focus will be on the United States and Europe, we will develop and seek marketing approval for
our products also in other countries and territories, such as Canada or Japan, and for markets that follow the leading authorities,
such as Brazil or South Korea. The processes for obtaining regulatory approvals in the United States, Europe and other countries,
along with subsequent compliance with applicable statutes and regulations, require the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">expenditure of substantial time and financial resources.</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><I>International conference on harmonization (ICH) </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The International Conference on Harmonization
of Technical Requirements for Registration of Pharmaceuticals for Human Use, or the ICH, is a project that brings together the
regulatory authorities of Europe, Japan and the United States and experts from the pharmaceutical industry in the three regions
to discuss scientific and technical aspects of pharmaceutical product registration. The purpose of ICH is to reduce or obviate
the need to duplicate the testing carried out during the research and development of new medicines by recommending ways to achieve
greater harmonization in the interpretation and application of technical guidelines and requirements for product registration.
Harmonization would lead to a more economical use of human, animal and material resources, the elimination of unnecessary delay
in the global development and availability of new medicines while maintaining safeguards on quality, safety, efficacy and regulatory
obligations to protect public health.</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">ICH guidelines have been adopted as law
in several countries, but are only used as guidance for the FDA. Nevertheless, in many areas of drug regulation ICH has resulted
in comparable requirements, for instance with respect to the Common Technical Document, or the CTD, which has become the core document
for filings for market authorization in several jurisdictions. Thus, ICH has facilitated a more efficient path to markets.</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"><B><I>FDA approval process </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our current product candidates are
subject to regulation in the United States by the FDA as biological products, or biologics. The FDA subjects biologics to extensive
pre- and post-market regulation. The Public Health Service Act (PHSA), the Federal Food, Drug, and Cosmetic Act and other federal
and state statutes and regulations govern, among other things, the research, development, testing, manufacture, storage, recordkeeping,
approval, labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling, and import and export
of biologics. Failure to comply with applicable U.S. requirements may subject a company to a variety of administrative or judicial
sanctions, such as FDA refusal to approve pending BLAs, withdrawal of approvals, clinical holds, warning letters, product recalls,
product seizures, total or partial suspension of production or distribution, injunctions, fines or civil or criminal penalties.</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">The PHSA emphasizes the importance of manufacturing
control for products whose attributes cannot be precisely defined. The PHSA also provides authority to the FDA to immediately suspend
licenses in situations where there exists a danger to public health, to prepare or procure products in the event of shortages and
critical public health needs, and to authorize the creation and enforcement of regulations to prevent the introduction or spread
of communicable diseases in the United States and between states.</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">The process required by the FDA before
a new biologic may be marketed in the United States is long, expensive, and inherently uncertain. Biologics development in the
United States typically involves preclinical laboratory and animal tests, the submission to the FDA of an IND (which must become
effective before clinical testing may commence) and adequate and well-controlled clinical trials to establish the safety, purity
and potency (safety and effectiveness) of the biologic for each indication for which FDA approval is sought. Developing the data
to satisfy FDA pre-market approval requirements typically takes many years and the actual time required may vary substantially
based upon the type, complexity, and novelty of the product or disease.</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">Preclinical studies include laboratory
evaluation of the purity and stability of the manufactured drug substance or active pharmaceutical ingredient and the formulated
drug or drug product, as well as in vitro and animal studies to assess the safety and activity of the drug for initial testing
in humans and to establish a rationale for therapeutic use. The conduct of preclinical studies is subject to federal regulations
and requirements, including GLP regulations. The results of the preclinical tests, together with manufacturing information, analytical
data, any available clinical data or literature and plans for clinical trials, among other things, are submitted to the FDA as
part of an IND. Some long-term preclinical testing, such as animal tests of reproductive adverse events and carcinogenicity, may
continue after the IND is submitted.</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">An IND must become effective before United
States clinical trials may begin. A 30-day waiting period after the submission of each IND is required prior to the commencement
of clinical testing in humans. If the FDA has neither commented on nor questioned the IND within this 30-day period, the clinical
trial proposed in the IND may begin.</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">Clinical trials involve the administration
of the investigational new drug or biologic to healthy volunteers or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">patients with the condition under investigation, all under the
supervision of a qualified investigator. Clinical trials must be conducted: (i) in compliance with federal regulations; (ii) in
compliance with good clinical practice, or GCP, an international standard meant to protect the rights and health of patients and
to define the roles of clinical trial sponsors, administrators, and monitors; as well as (iii) under protocols detailing the objectives
of the trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. Each protocol involving
testing on U.S. patients and subsequent protocol amendments must be submitted to the FDA as part of the IND.</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: 0.25in">The FDA may order the temporary, or permanent,
discontinuation of a clinical trial at any time, or impose other sanctions, if it believes that the clinical trial either is not
being conducted in accordance with requirements or presents an unacceptable risk to the clinical trial subjects. The study protocol
and informed consent information for subjects in clinical trials must also be submitted to an institutional review board (IRB)
for approval. An IRB may also require the clinical trial at the site to be halted, either temporarily or permanently, for failure
to comply with the IRB&rsquo;s requirements, or may impose other conditions. The study sponsor may also suspend a clinical trial
at any time on various grounds, including a determination that the subjects or patients are being exposed to an unacceptable health
risk.</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">Clinical trials to support BLAs for marketing
approval are typically conducted in three sequential phases, but the phases may overlap or be combined. In Phase I, the biologic
is initially introduced into healthy human subjects or patients and is tested to assess PK, pharmacological actions, side effects
associated with increasing doses, and, if possible, early evidence on effectiveness. In the case of some products for severe or
life-threatening diseases, such as cancer treatments, initial human testing may be conducted in the intended patient population.
Phase II usually involves trials in a limited patient population to determine the effectiveness of the biologic for a particular
indication, dosage tolerance and optimum dosage, and to identify common adverse effects and safety risks. If a compound demonstrates
evidence of effectiveness and an acceptable safety profile in Phase II evaluations, Phase III trials are undertaken to obtain additional
information about clinical efficacy and safety in a larger number of patients, typically at geographically dispersed clinical trial
sites. These Phase III clinical trials are intended to establish data sufficient to demonstrate substantial evidence of the efficacy
and safety of the product to permit the FDA to evaluate the overall benefit-risk relationship of the biologic and to provide adequate
information for the labeling of the biologic. Trials conducted outside of the US under similar, GCP-compliant conditions in accordance
with local applicable laws may also be acceptable to the FDA in support of product licensing.</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">Sponsors of clinical trials for investigational
drugs must publicly disclose certain clinical trial information, including detailed trial design and trial results in public government
databases. These requirements are subject to specific timelines and apply to most controlled clinical trials of FDA-regulated products.</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">After completion of the required clinical
testing, a BLA is prepared and submitted to the FDA. FDA review and approval of the BLA is required before marketing of the product
may begin in the United States. The BLA must include the results of all preclinical, clinical, and other testing and a compilation
of data relating to the product&rsquo;s pharmacology, chemistry, manufacture and controls, and must demonstrate the safety and
efficacy of the product based on these results. The BLA must also contain extensive manufacturing information. The cost of preparing
and submitting a BLA is substantial. Under federal law, the submission of most BLAs is additionally subject to a substantial application
user fee, as well as annual product and establishment user fees, which may total several million dollars and are typically increased
annually.</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">The FDA has 60 days from its receipt of
a BLA to determine whether the application will be accepted for filing based on the agency&rsquo;s threshold determination that
it is sufficiently complete to permit substantive review. Once the submission is accepted for filing, the FDA begins an in-depth
review. The FDA has agreed to certain performance goals in the review of BLAs. Most such applications for standard review biologics
are reviewed within ten months from the date the application is accepted for filing. Although the FDA often meets its user fee
performance goals, it can extend these timelines if necessary, and its review may not occur on a timely basis. The FDA usually
refers applications for novel biologics, or biologics which present difficult questions of safety or efficacy, to an advisory committee&mdash;typically
a panel that includes clinicians and other experts&mdash;for review, evaluation, and a recommendation as to whether the application
should be approved. The FDA is not bound by the recommendation of an advisory committee, but it generally follows such recommendations.
Before approving a BLA, the FDA will typically inspect one or more clinical sites to assure compliance with GCP. Additionally,
the FDA will inspect the facility or the facilities at which the biologic is manufactured. The FDA will not approve the product
unless it verifies that compliance with cGMP standards is satisfactory and the BLA contains data that provide substantial evidence
that the biologic is safe and effective in the indication studied.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the FDA evaluates the BLA and the
manufacturing facilities, it issues either an approval letter or a complete response letter. A complete response letter generally
outlines the deficiencies in the submission and may require substantial additional testing, or information, in order for the FDA
to reconsider the application. If, or when, those deficiencies have been addressed to the FDA&rsquo;s satisfaction in a resubmission
of the BLA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions in two or six months depending
on the type of information included. The FDA approval is never guaranteed, and the FDA may refuse to approve a BLA if applicable
regulatory criteria are not satisfied.</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">Under the PHSA, the FDA may approve a BLA
if it determines that the product is safe, pure and potent and the facility where the product will be manufactured meets standards
designed to ensure that it continues to be safe, pure, and potent. An approval letter authorizes commercial marketing of the biologic
with specific prescribing information for specific indications. The approval for a biologic may be significantly more limited than
requested in the application, including limitations on the specific diseases and dosages or the indications for use, which could
restrict the commercial value of the product. The FDA may also require that certain contraindications, warnings, or precautions
be included in the product labeling. In addition, as a condition of BLA approval, the FDA may require a risk evaluation and mitigation
strategy, or REMS, to help ensure that the benefits of the biologic outweigh the potential risks. REMS can include medication guides,
communication plans for healthcare professionals, and elements to assure safe use, or ETASU. ETASU can include, but are not limited
to, special training or certification for prescribing or dispensing, dispensing only under certain circumstances, special monitoring,
and the use of patient registries. The requirement for a REMS or use of a companion diagnostic with a biologic can materially affect
the potential market and profitability of the biologic. Moreover, product approval may require, as a condition of approval, substantial
post-approval testing and surveillance to monitor the biologic&rsquo;s safety or efficacy. Once granted, product approvals may
be withdrawn if compliance with regulatory standards is not maintained or problems are identified following initial marketing.</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">After a BLA is approved, the product may
also be subject to official lot release. As part of the manufacturing process, the manufacturer is required to perform certain
tests on each lot of the product before it is released for distribution. If the product is subject to official lot release by the
FDA, the manufacturer submits samples of each lot of product to the FDA together with a release protocol showing a summary of the
history of manufacture of the lot and the results of all of the manufacturer&rsquo;s tests performed on the lot. The FDA may also
perform certain confirmatory tests on lots of some products, such as viral vaccines, before releasing the lots for distribution
by the manufacturer. In addition, the FDA conducts laboratory research related to the regulatory standards on the safety, purity,
potency, and effectiveness of biological products. After approval of biologics, manufacturers must address any safety issues that
arise, are subject to recalls or a halt in manufacturing, and are subject to periodic inspection.</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"><I>Fast track </I></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: 0.25in">The Fast Track program, a provision of
the FDA Modernization Act of 1997, is designed to facilitate interactions between a sponsoring company and the FDA before and during
submission of a BLA for an investigational agent that, alone or in combination with one or more other drugs, is intended to treat
a serious or life-threatening disease or condition, and which demonstrates the potential to address an unmet medical need for that
disease or condition. Under the Fast Track program, the FDA may consider reviewing portions of a marketing application before the
sponsor submits the complete application if the FDA determines, after a preliminary evaluation of the clinical data, that a fast
track product may be effective. A Fast Track designation provides the opportunity for more frequent interactions with the FDA,
and a fast track product could be eligible for priority review if supported by clinical data at the time of submission of the BLA.</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"><I>Biosimilars </I></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: 0.25in">The Patient Protection and Affordable Care
Act, which we refer to as the Affordable Care Act, signed into law on March 23, 2010, includes a subtitle called the Biologics
Price Competition and Innovation Act of 2009. That Act created an approval pathway authorizing the FDA to approve biosimilars and
interchangeable biosimilars. Biosimilars are biological products which are &ldquo;highly similar&rdquo; to a previously approved
biologic product or &ldquo;reference product&rdquo; and for which there are no clinically meaningful differences between the biosimilar
product and the reference product in terms of safety, purity, and potency. For FDA to approve a biosimilar product as interchangeable
with a reference product, the agency must find that the biosimilar product can be expected to produce the same clinical results
as the reference product and, for products administered multiple times, the biosimilar and the reference biologic may be switched
after one has been previously administered without increasing</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">safety risks or risks of diminished efficacy relative to exclusive
use of the reference biologic. However, complexities associated with the larger, and often more complex, structures of biological
products, as well as the processes by which such products are manufactured, pose significant hurdles to implementation which are
still being worked out by the FDA.</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: 0.25in">A reference biologic is granted 12 years
of exclusivity from the time of first licensure of the reference product. A biosimilar application may be filed four years after
the approval of the reference biologic. Although the patents for the reference biologic may be challenged by an applicant seeking
approval of a biosimilar or interchangeable product after submission of its application but before FDA approval pursuant to the
BPCIA statutory patent challenge framework, no biosimilar or interchangeable product will be licensed by the FDA until the end
of the exclusivity period.</P>

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

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

<P STYLE="font: italic 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: 0.25in">The FDA may grant accelerated approval
to a product for a serious or life-threatening condition that provides meaningful therapeutic advantage to patients over existing
treatments based upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict
clinical benefit. The FDA may also grant accelerated approval for such a condition when the product has an effect on an intermediate
clinical endpoint that can be measured earlier than an effect on irreversible morbidity or mortality, or IMM, and that is reasonably
likely to predict an effect on irreversible morbidity or mortality or other clinical benefit, taking into account the severity,
rarity or prevalence of the condition and the availability or lack of alternative treatments. Products granted accelerated approval
must meet the same statutory standards for safety and effectiveness as those granted traditional approval.</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">For the purposes of accelerated approval,
a surrogate endpoint is a marker, such as a laboratory measurement, radiographic image, physical sign, or other measure that is
thought to predict clinical benefit, but is not itself a measure of clinical benefit. Surrogate endpoints can often be measured
more easily or more rapidly than clinical endpoints. An intermediate clinical endpoint is a measurement of a therapeutic effect
that is considered reasonably likely to predict the clinical benefit of a product, such as an effect on IMM. The FDA has limited
experience with accelerated approvals based on intermediate clinical endpoints, but has indicated that such endpoints generally
may support accelerated approval where the therapeutic effect measured by the endpoint is not itself a clinical benefit and basis
for traditional approval, if there is a basis for concluding that the therapeutic effect is reasonably likely to predict the ultimate
clinical benefit of a product.</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">The accelerated approval pathway is most
often used in settings in which the course of a disease is long and an extended period of time is required to measure the intended
clinical benefit of a product, even if the effect on the surrogate or intermediate clinical endpoint occurs rapidly. Thus, accelerated
approval has been used extensively in the development and approval of products for treatment of a variety of cancers in which the
goal of therapy is generally to improve survival or decrease morbidity and the duration of the typical disease course requires
lengthy and sometimes large trials to demonstrate a clinical or survival benefit.</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">The accelerated approval pathway is usually
contingent on a sponsor's agreement to conduct, in a diligent manner, additional post-approval confirmatory studies to verify and
describe the product's clinical benefit. As a result, a product candidate approved on this basis is subject to rigorous post-marketing
compliance requirements, including the completion of Phase IV or post-approval clinical trials to confirm the effect on the clinical
endpoint. Failure to conduct required post-approval studies, or confirm a clinical benefit during post-marketing studies, would
allow the FDA to withdraw the product from the market on an expedited basis. All promotional materials for product candidates approved
under accelerated regulations are subject to prior review by the FDA.</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"><I>Advertising and promotion </I></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: 0.25in">Once a BLA is approved, a product will
be subject to continuing post-approval regulatory requirements. For instance, the FDA closely regulates the post-approval marketing
and promotion of biologics, including standards and regulations for direct-to-consumer advertising, off-label promotion, industry-sponsored
scientific and educational activities and promotional activities involving the internet. Failure to comply with these regulations
can result in significant penalties, including the issuance of warning letters directing a company to correct deviations</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from FDA standards, a requirement that future advertising and
promotional materials be pre-cleared by the FDA, and federal and state civil and criminal investigations and prosecutions.</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: 0.25in">Biologics may be marketed only for the
approved indications and in accordance with the provisions of the approved labeling. Changes to some of the conditions established
in an approved application, including changes in indications, labeling or manufacturing processes or facilities, require submission
and FDA approval of a new BLA or BLA supplement before the change can be implemented. A BLA supplement for a new indication typically
requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing
BLA supplements as it does in reviewing BLAs.</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"><I>Adverse event reporting and cGMP compliance </I></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: 0.25in">Adverse event reporting and submission
of periodic reports are required following FDA approval of a BLA. The FDA also may require post-marketing testing, known as Phase
IV testing, REMS and surveillance to monitor the effects of an approved product, or may place conditions on an approval that could
restrict the distribution or use of the product. In addition, manufacture, packaging, labeling, storage and distribution procedures
must continue to conform to current cGMPs after approval. Biologics manufacturers and certain of their subcontractors are required
to register their establishments with the FDA and certain state agencies. Registration with the FDA subjects entities to periodic
unannounced inspections by the FDA, during which the agency inspects manufacturing facilities to assess compliance with cGMPs.
Accordingly, manufacturers must continue to expend time, money and effort in the areas of production and quality control to maintain
compliance with cGMPs. Regulatory authorities may withdraw product approvals, request product recalls or impose marketing restrictions
through labeling changes or product removals if a company fails to comply with regulatory standards, if it encounters problems
following initial marketing, or if previously unrecognized problems are subsequently discovered.</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"><I>Orphan drug </I></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: 0.25in">Under the Orphan Drug Act, the FDA may
grant orphan drug designation to biologics intended to treat a rare disease or condition&mdash;generally a disease or condition
that affects fewer than 200,000 individuals in the United States. Orphan drug designation must be requested before submitting a
BLA. After the FDA grants orphan drug designation, the generic identity of the biologic and its potential orphan use are disclosed
publicly by the FDA. Orphan drug designation does not necessarily convey any advantage in, or shorten the duration of, the regulatory
review and approval process. The first BLA applicant to receive FDA approval for a particular product to treat a particular disease
with FDA orphan drug designation is entitled to a seven-year exclusive marketing period in the United States for that product,
for that indication. During the seven-year exclusivity period, the FDA may not approve any other applications to market the same
drug for the same disease, except in limited circumstances, such as a showing of clinical superiority to the product with orphan
drug exclusivity. Orphan drug exclusivity does not prevent the FDA from approving a different biologic for the same disease or
condition, or the same biologic for a different disease or condition. Among the other benefits of orphan drug designation are tax
credits for certain research and a waiver of the BLA application user fee.</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"><I>Other healthcare laws and compliance requirements </I></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: 0.25in">In the United States, our activities are
potentially subject to regulation by federal, state and local authorities in addition to the FDA, including the Centers for Medicare
and Medicaid Services, other divisions of the U.S. Department of Health and Human Services (for example, the Office of Inspector
General), the U.S. Department of Justice and individual U.S. Attorney offices within the Department of Justice, and state and local
governments.</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"><B><I>EU approval process </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The European Medicines Agency, or EMA, is
a decentralized scientific agency of the European Union. It coordinates the evaluation and monitoring of centrally-authorized medicinal
products. It is responsible for the scientific evaluation of applications for EU marketing authorizations, as well as the development
of technical guidance and the provision of scientific advice to sponsors. The EMA decentralizes its scientific assessment of medicines
by working through a network of about 4,500 experts throughout the European Union, nominated by the member states. The EMA draws
on resources of over 40 National Competent Authorities (the NCAs) of EU member states. The Paul Ehrlich Institute, or PEI, is one
of the NCAs for Germany, and regulates, among others, antibody products.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The process regarding approval of medicinal
products in the European Union follows roughly the same lines as in the United States and likewise generally involves satisfactorily
completing each of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>preclinical laboratory tests, animal studies and formulation studies all performed in accordance with the applicable EU Good Laboratory Practice regulations; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>submission to the relevant national authorities of a clinical trial application or CTA for each trial in humans, which must be approved before the trial may begin in each country where patient enrollment is planned; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>performance of adequate and well-controlled clinical trials to establish the safety and efficacy of the product for each proposed indication; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>submission to the relevant competent authorities of a Marketing Authorization Application or MAA, which includes the data supporting safety and efficacy as well as detailed information on the manufacture and composition of the product in clinical development and proposed labelling; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>satisfactory completion of an inspection by the relevant national authorities of the manufacturing facility or facilities, including those of third parties, at which the product is produced to assess compliance with strictly enforced current Good Manufacturing Practices; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>potential audits of the non-clinical and clinical trial sites that generated the data in support of the MAA; and </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>review and approval by the relevant competent authority of the MAA before any commercial marketing, sale or shipment of the product. </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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"><I>Preclinical studies </I></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: 0.25in; background-color: white">Preclinical tests include laboratory evaluations
of product chemistry, formulation and stability, as well as studies to evaluate toxicity in animal studies, in order to assess
the quality and potential safety and efficacy of the product. The conduct of the preclinical tests and formulation of the compounds
for testing must comply with the relevant international, EU and national legislation, regulations and guidelines. The results of
the preclinical tests, together with relevant manufacturing information and analytical data, are submitted as part of the CTA.</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"><I>Clinical trial approval </I></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: 0.25in; background-color: white">Pursuant to the Clinical Trials Directive
2001/20/EC, as amended, a system for the approval of clinical trials in the European Union has been implemented through national
legislation of the member states. Under this system, approval must be obtained from the competent national authority of each EU
member state in which a study is planned to be conducted. To this end, a CTA is submitted, which must be supported by an investigational
medicinal product dossier, or IMPD, and further supporting information prescribed by the Clinical Trials Directive and other applicable
guidance documents including but not being limited to the study protocol. Furthermore, a clinical trial may only be started after
a competent ethics committee has issued a favorable opinion on the clinical trial application in that country. In Germany, CTA
is often not granted until after one or more rounds of questions to be answered or requests to be met by the regulatory authority.</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: 0.25in; background-color: white">Manufacturing and import into the EU of
investigational medicinal products is subject to the holding of appropriate authorizations and must be carried out in accordance
with current Good Manufacturing Practices.</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"><I>Marketing authorization application </I></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: 0.25in; background-color: white">Authorization to market a product in the
EU member states proceeds under one of four procedures: a centralized authorization procedure, a mutual recognition procedure,
a decentralized procedure or a national procedure. Since our products by their virtue of being antibody-based biologics fall under
the centralized procedure, only this procedure will be described here.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Centralized authorization procedure </I></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: 0.25in; background-color: white">Certain drugs, including medicinal products
developed by means of biotechnological processes, must be approved via the centralized authorization procedure for marketing authorization.
A successful application under the centralized authorization procedure results in a marketing authorization from the European Commission,
which is automatically valid in all EU member states. The other European Economic Area member states (namely Norway, Iceland and
Liechtenstein) are also obligated to recognize the Commission decision. The EMA and the European Commission administer the centralized
authorization procedure.</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: 0.25in; background-color: white">Under the centralized authorization procedure,
the CHMP serves as the scientific committee that renders opinions about the safety, efficacy and quality of human products on behalf
of the EMA. The CHMP is composed of experts nominated by each member state&rsquo;s national drug authority, with one of them appointed
to act as Rapporteur for the co-ordination of the evaluation with the possible assistance of a further member of the Committee
acting as a Co-Rapporteur. After approval, the Rapporteur(s) continue to monitor the product throughout its life cycle. The CHMP
is required to issue an opinion within 210 days of receipt of a valid application, though the clock is stopped if it is necessary
to ask the applicant for clarification or further supporting data. The process is complex and involves extensive consultation with
the regulatory authorities of member states and a number of experts. Once the procedure is completed, a European Public Assessment
Report, or EPAR, is produced. If the CHMP concludes that the quality, safety and efficacy of the medicinal product is sufficiently
proven, it adopts a positive opinion. The CHMP&rsquo;s opinion is sent to the European Commission, which uses the opinion as the
basis for its decision whether or not to grant a marketing authorization. If the opinion is negative, information is given as to
the grounds on which this conclusion was reached.</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: 0.25in; background-color: white">After a drug has been authorized and launched,
it is a condition of maintaining the marketing authorization that all aspects relating to its quality, safety and efficacy must
be kept under review. Sanctions may be imposed for failure to adhere to the conditions of the marketing authorization. In extreme
cases, the authorization may be revoked, resulting in withdrawal of the product from sale.</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"><I>Accelerated assessment procedure </I></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: 0.25in; background-color: white">When an application is submitted for a marketing
authorization in respect of a drug for human use which is of major interest from the point of view of public health and in particular
from the viewpoint of therapeutic innovation, the applicant may request an accelerated assessment procedure pursuant to Article
14(9) of Regulation (EC) 726/2004. Under the accelerated assessment procedure, the CHMP is required to issue an opinion within
150 days of receipt of a valid application, subject to clock stops. We believe that some of the disease indications in which our
product candidates are currently being or may be developed in the future qualify for this provision, and we will take advantage
of this provision as appropriate.</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"><I>Conditional approval </I></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: 0.25in; background-color: white">As per Article 14(7) of Regulation (EC)
726/2004, a medicine that would fulfill an unmet medical need may, if its immediate availability is in the interest of public health,
be granted a conditional marketing authorization on the basis of less complete clinical data than are normally required, subject
to specific obligations being imposed on the authorization holder. These specific obligations are to be reviewed annually by the
EMA. The list of these obligations shall be made publicly accessible. Such an authorization shall be valid for one year, on a renewable
basis.</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"><I>Period of authorization and renewals </I></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: 0.25in; background-color: white">A marketing authorization is initially valid
for five years and may then be renewed on the basis of a re-evaluation of the risk-benefit balance by the EMA or by the competent
authority of the authorizing member state. To this end, the marketing authorization holder shall provide the EMA or the competent
authority with a consolidated version of the file in respect of quality, safety and efficacy, including all variants introduced
since the marketing authorization was granted, at least six months before the marketing authorization ceases to be valid. Once
renewed, the marketing authorization shall be valid for an unlimited period, unless the Commission or the competent authority decides,
on justified grounds relating to pharmacovigilance, to proceed with one additional five-year renewal. Any authorization which is
not followed by the actual placing of the drug on the EU market (in case of centralized procedure) or on the market of the authorizing
member state within three years after authorization shall cease to be valid (the so-called sunset clause).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Orphan drug designation </I></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">Regulation (EC) 141/2000 states that a drug
shall be designated as an orphan drug if its sponsor can establish:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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: 5%">(a)(i)</TD>
    <TD STYLE="width: 95%">that it is intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition affecting not more than five in 10,000 persons in the European Union when the application is made, or; </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 5%">(a)(ii)</TD>
    <TD STYLE="width: 95%">that it is intended for the diagnosis, prevention or treatment of a life-threatening, seriously debilitating or serious and chronic condition in the European Union and that without incentives it is unlikely that the marketing of the drug in the European Union would generate sufficient return to justify the necessary investment; and </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 5%">(b)</TD>
    <TD STYLE="width: 95%">that there exists no satisfactory method of diagnosis, prevention or treatment of the condition in question that has been authorized in the European Union or, if such method exists, the drug will be of significant benefit to those affected by that condition. </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 847/2000 sets out criteria for the designation
of orphan drugs.</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: 0.25in; background-color: white">An application for designation as an orphan
product can be made any time prior to the filing of an application for approval to market the product. Marketing authorization
for an orphan drug leads to a ten-year period of market exclusivity, which means that no similar medicinal product can be authorized
in the same indication. This period may, however, be reduced to six years if, at the end of the fifth year, it is established that
the product no longer meets the criteria for orphan drug designation, for example because the product is sufficiently profitable
not to justify continued market exclusivity. In addition, derogation from market exclusivity may be granted on an individual basis
in very selected cases, such as consent from the marketing authorization holder, inability to supply sufficient quantities of the
product or demonstration of &ldquo;clinically relevant superiority&rdquo; by a similar medicinal product. Medicinal products designated
as orphan drugs pursuant to Regulation (EC) 141/2000 are eligible for incentives made available by the European Union and by the
member states to support research into, and the development and availability of, orphan drugs.</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: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the MAA of a medicinal </FONT>product designated as orphan drug pursuant to Regulation (EC) 141/2000 includes the results of all
studies conducted in compliance with an agreed PIP, and a corresponding statement is subsequently included in the marketing authorization
granted, the ten-year period of market exclusivity will be extended to twelve years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply for orphan status for
the HS indication in the United States for IFX-1. Depending on the outcome and available data of IFX-1 studies in the AAV indication,
we may apply for orphan drug status in the United States as well as in Europe.</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"><I>Regulatory data protection </I></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: 0.25in; background-color: white">Without prejudice to the law on the protection
of industrial and commercial property, marketing authorizations for new medicinal products benefit from an 8+2+1 year period of
regulatory protection.</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: 0.25in; background-color: white">This regime consists
of a regulatory data protection period of eight years plus a concurrent market exclusivity of ten years plus an additional market
exclusivity of one further year if, during the first eight years of those ten years, the marketing approval holder obtains an approval
for one or more new therapeutic indications which, during the scientific evaluation prior to their approval, are determined to
bring a significant clinical benefit in comparison with existing therapies. Under the current rules, a third party may reference
the preclinical and clinical data of the reference product beginning eight years after first approval, but the third party may
market a generic version of the reference product after <FONT STYLE="font-family: Times New Roman, Times, Serif">only ten (or eleven)
years have lapsed.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to regulations in the United
States and Europe, a variety of foreign regulations govern clinical trials, commercial sales, and distribution of product candidates.
The approval process varies from country to country and the time to approval may be longer or shorter than that required for FDA
or European Commission approval.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pharmaceutical coverage, pricing and reimbursement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Significant
uncertainty exists as to the coverage and reimbursement status of products approved by the FDA and other government authorities.
Sales of products will depend, in part, on the extent to which third-party payors, including government health programs in the
United States such as Medicare and Medicaid, commercial private and public health insurers and managed care organizations, provide
coverage and establish adequate reimbursement levels for, such products. The process for determining whether a payor will provide
coverage for a product may be separate from the process for setting the price or reimbursement rate that the payor will pay for
the product once coverage is approved. Third-party payors are increasingly challenging the prices charged, examining the medical
necessity, and reviewing the cost-effectiveness of medical products and services and imposing controls to manage costs. Third-party
payors may limit coverage to specific products on an approved list, or formulary, which might not include all of the approved products
for a particular indication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">In
order to secure coverage and reimbursement for any product approved for sale, a company may need to conduct expensive pharmacoeconomic
studies in order to demonstrate the medical necessity and cost-effectiveness of the product, in addition to the costs required
to obtain FDA or other comparable regulatory approvals. Nonetheless, product candidates may not be considered medically necessary
or cost effective. Additionally, a payor's decision to provide coverage for a drug product does not imply that an adequate reimbursement
rate will be approved. Further, one payor's determination to provide coverage for a drug product does not assure that other payors
will also provide coverage for the drug product. Third-party reimbursement may not be sufficient to maintain price levels high
enough to realize an appropriate return on investment in product development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">The
containment of healthcare costs also has become a priority of federal, state and foreign governments and the prices of drugs have
been a focus in this effort. Governments have shown significant interest in implementing cost-containment programs, including price
controls, restrictions on reimbursement and requirements for substitution of generic products. Adoption of price controls and cost-containment
measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit our
net revenue and results. Coverage policies and third-party reimbursement rates may change at any time. Even if favorable coverage
and reimbursement status is attained for one or more products for which a company or its collaborators receive regulatory approval,
less favorable coverage policies and reimbursement rates may be implemented in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">Outside
the United States, ensuring adequate coverage and payment for our product candidates will face challenges. Pricing of prescription
pharmaceuticals is subject to governmental control in many countries. Pricing negotiations with governmental authorities can extend
well beyond the receipt of regulatory marketing approval for a product and may require us to conduct a clinical trial that compares
the cost effectiveness of our product candidates or products to other available therapies. The conduct of such a clinical trial
could be expensive and result in delays in our commercialization efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">In
the European Union, pricing and reimbursement schemes to restrict the range of drug products for which their national health insurance
systems provide reimbursement and to control the prices of medicinal products for human use vary widely from country to country.
Some countries provide that drug products may be marketed only after a reimbursement price has been agreed. Some countries may
require the completion of additional studies that compare the cost-effectiveness of a particular drug candidate to currently available
therapies. European Union member states may also require approval of a specific price for a drug product or may instead adopt a
system of direct or indirect controls on the profitability of the company placing the drug product on the market. Other member
states allow companies to fix their own prices for drug products, but monitor and control company profits. The downward pressure
on health care costs in general, particularly prescription drugs, has become intense. As a result, increasingly high barriers are
being erected to the entry of new products. In addition, in some countries, cross-border imports from low-priced markets exert
competitive pressure that may reduce pricing within a country. Any country that has price controls or reimbursement limitations
for drug products may not allow favorable reimbursement and pricing arrangements.</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">As of June 1, 2017, we had 17 employees,
including nine with M.D. or Ph.D. degrees. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">We
consider our relationship with our employees to be very good. </FONT></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"><B>Facilities</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; background-color: white; text-indent: 0.25in">Our headquarters are in Jena, Germany, where
we occupy approximately 6,700 square feet of office and laboratory space under an extendable lease that expires in December 2019.
In addition, we occupy approximately 4,240 square feet of office space in Munich, Germany under a lease that expires in December
2018, with a cancellation notice period of three months. After the cancellation notice period expires, the lease period is extended
automatically until June 30, 2022.</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"><B>Legal proceedings</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; background-color: white; text-indent: 0.25in">We are not currently subject to any material
legal proceedings.</P>

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Board
of directors, senior management and key employees</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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; text-indent: 0.25in">The following table presents information about our board of directors, senior management and key employees
upon the consummation of this offering and after giving effect to our corporate reorganization.</P>

<P STYLE="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: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; font-weight: bold"><U>NAME</U></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">POSITION&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">AGE&nbsp;</P></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">INITIAL
YEAR OF APPOINTMENT FOR INFLARX GMBH</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Nicolas Fulpius&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director and Chairman of the Board</TD>
    <TD STYLE="vertical-align: top; text-align: center">44</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Niels Riedemann&#9;</TD>
    <TD STYLE="vertical-align: bottom">Executive-Director and Chief Executive Officer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">45</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">2007</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Katrin Uschmann&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">53</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Mark Kuebler&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">42</TD>
    <TD STYLE="vertical-align: top; text-align: center">2015</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Lina Ma&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">40</TD>
    <TD STYLE="vertical-align: top; text-align: center">2016</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Arnd Christ&#9;</TD>
    <TD STYLE="vertical-align: bottom">Executive Director and Chief Financial Officer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">2015</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Renfeng Guo&#9;</TD>
    <TD STYLE="vertical-align: bottom">Executive Director and Chief Scientific Officer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">47</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">2007</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Othmar Zenker&#9;</TD>
    <TD STYLE="vertical-align: bottom">Chief Medical Officer</TD>
    <TD STYLE="vertical-align: top; text-align: center">55</TD>
    <TD STYLE="vertical-align: top; text-align: center">2013</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Maria Habel&#9;</TD>
    <TD STYLE="vertical-align: bottom">Head of Preclinical Research and Development</TD>
    <TD STYLE="vertical-align: top; text-align: center">35</TD>
    <TD STYLE="vertical-align: top; text-align: center">2008</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 18.7pt; text-indent: -9.35pt">Katrin Reiher&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Head of Quality Management</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">35</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">2008</TD></TR>
</TABLE>
<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">Unless otherwise indicated, the current
business address for our directors, senior management and key employees is InflaRx GmbH, Winzerlaer Strasse 2, 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Non-executive directors</I></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; text-indent: 0.25in">The following is a brief summary of the
business experience of our non-executive directors. Each director&rsquo;s tenure reflects such director&rsquo;s tenure on InflaRx
GmbH&rsquo;s board. Our directors will be appointed by our general meeting of shareholders prior to the consummation of this offering
to serve for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-year terms until the earlier of their successors
being duly appointed, their resignation or expiration of their term of office.</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"><I>Nicolas Fulpius, Chairman</I>. Mr. Fulpius
is one of our co-founders and has served as a director and chairman of our board since 2007. He has served as the Head of Digital
Enterprise Solutions at Swisscom Schweiz AG since 2015 and was Chief Executive Officer and Shareholder of Veltigroup SA from 2010
to 2015. Prior to that role, he was a partner and shareholder in Affentrager Associates from 2006 to 2010, Investment Director
and shareholder in Ultreia Capital from 2002 to 2006 and an Investment Manager at Lombard Odier from 1998 to 2002. He has served
as chairman of the board of Idros S.A. since 2016 and as a member of the boards of Anaroll Holding S.A. since 2014, BRS Immobilier
S.A. since 2013, Affentrager Associates AG since 2006 and CIMA Corporate Investment Management Affentrager Holding AG since 2006.
He previously served on the boards of Swisscom Digital Technology S.A., Akenes S.A., Skwich Holding S.A., Veltigroup S.A., LANexpert
S.A., insentia S.A., ITS Information Technologie Services S.A., epyx S.A. and Veltigroup Consulting S.A., among others. He holds
an M.S. in Management Science and Engineering from Stanford University and the Swiss equivalent of an MBA from St. Gall University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"><I>Katrin Uschmann</I>. Ms. Uschmann joined
our board as a director and deputy chairwoman in 2007. She has served as an Investment Manager at beteiligungsmanagement th&uuml;ringen
gmbh since 1999. Prior to joining beteiligungsmanagement th&uuml;ringen gmbh, Ms. Uschmann served in various roles at several banks,
such as Credit Analyst and Corporate Relationship Manager at Bayerische Vereinsbank AG and at Th&uuml;ringer Aufbaubank, and taught
Economics at Fachhochschule in Gotha, Germany. She has served on the boards of eZono AG since 2007, where she was the board&rsquo;s
deputy chairwoman from 2009 to 2010, and has served as the chairwoman since 2010, and of Preventicus GmbH since 2014. Ms. Uschmann
previously served on the board of AST Advanced Shockwave Technology Inc. from 2011 until 2017. She holds a skilled worker degree
and an MBA from Fachhochschule (<I>University of Applied Financial Sciences</I>), as well as a degree in project management from
GPM Deutsche Gesellschaft f&uuml;r Projektmanagement.</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"><I>Mark Kuebler</I>. Mr. Kuebler has served
as a director on our board since 2015. Mr. Kuebler has been a partner with the GIG Ltd., a venture capital advisory firm with offices
in Switzerland and Malta, since 2012. He serves on the boards of Sapphire Innovation AG, a predictive analytics software firm,
as well as WWM AG and Jobydu AG, each based in Switzerland. Mr. Kuebler was a managing director and corporate secretary of a private
equity holding company from 2003 to 2010. Before 2003, he held various roles in international investment banks and boutiques. Mr.
Kuebler has a master&rsquo;s degree in business and economics, as well as a master&rsquo;s degree in law from the University of
St. Gallen, in Switzerland.</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"><I>Lina Ma</I>. Ms. Ma has been a director
on our board since September 2016. Ms. Ma has been the Vice President and Secretary of the board of Staidson (Beijing) BioPharmaceuticals
Co., Ltd. since June 2012, the chairman of the board of Beijing Defengrei Biotechnology Co. Ltd since September 2015, the Company
Secretary of Staidson BioPharma Inc., in California, since 2013 and the Chief Executive Officer of Staidson Hong Kong Investment
Company Limited, in Hong Kong, since 2015. In previous roles, she has served as the General Manager and Securities Affair Representative
of Staidson (Beijing) BioPharmaceuticals Co., Ltd. from 2009 to 2012, in JOINN Laboratories (Beijing) from 2002 to 2009, and in
the China Medical Association Telemedicine Consultation Center from 2000 to 2001. Ms. Ma holds a bachelor&rsquo;s degree from Hunan
Medical University in China and an MBA from HKU SPACE Community College.</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"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Senior management, executive directors and key employees</B></P>

<P STYLE="font: italic 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: 0.25in">The following is a brief summary of the
business experience of our executive directors, senior management and key employees.</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"><I>Niels Riedemann, Chief
Executive Officer</I>. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professor Riedemann is one
of our co-founders and has served as our Chief Executive Officer since 2007. He is specialized as an intensive care physician
and was the Vice Director of Intensive Care Medicine at the Friedrich Schiller University in Jena, Germany from 2008 to 2015.
He spent several years working in basic science at the University of Michigan in the field of complement immunology
and inflammation before completing his board certification as General Surgeon at the Hannover Medical School where he holds
an adjunct Professorship for Experimental Surgery. He has served as a member of the scientific advisory board of the Center
for Innovation Competence Septomics, a large scientific governmental program, since 2015 and served on the board of directors
of the Center for Sepsis Control and Care in Jena, Germany, from 2014 to 2015. Professor Riedemann received his medical
training at the Albert-Ludwig University in Freiburg, Germany and Stanford University in the United States and graduated from
Albert-Ludwig University in 1998.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Arnd Christ, Chief Financial Officer.
</I>Mr. Christ has served as our Chief Financial Officer since April 2015. He is also the founder and managing director of CF Port
GmbH. Prior to joining us, he served as the Chief Financial Officer of various private and public biotech companies. From 2012
to 2014, Mr. Christ served as the Chief Financial Officer and member of the executive board of Proteros Biostructure GmbH. Prior
to that role, Mr. Christ served as the Chief Financial Officer and member of the executive board of MediGene AG from 2010 to 2012,
NovImmune S.A. from 2007 to 2010, Probiodrug AG from 2002 to 2007 and of EleGene AG from 2001 to 2002. Before joining the biotech
industry, Mr. Christ served as financial director of Avery Dennison GmbH in Germany from 2000 to 2001 and of Herberts Industrial
Coatings Ltd. in the United Kingdom from 1998 to 1999. Mr. Christ holds a degree in business economics from the University of W&uuml;rzburg,
Germany.</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"><I>Renfeng Guo, Chief Scientific Officer.</I>
Professor Guo is one of our co-founders and has served as our Chief Scientific Officer since 2007. Prior to joining us, he served
as a faculty member of the University of Michigan since 2001, where he holds a position as Adjunct Associate Professor. Professor
Guo holds an Honorary Professorship at the Beijing Institute of Basic Sciences. Professor Guo received his medical degree from
Norman Bethune Medical School in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 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; text-indent: 0.25in"><I>Othmar Zenker, Chief Medical Officer</I>.
Dr. Zenker has served as head of our clinical research and development programs since 2013 and became our Chief Medical Officer
in 2017. In that role, he has responsibilities for various innovative clinical development programs at InflaRx. Prior to joining
us, Dr. Zenker served in clinical drug development roles within various international companies for 20 years, including lead positions
within clinical programs at Wyeth Pharmaceuticals and CSL Behring. He previously held a position as Global Therapeutic Area Head
of Immunology at CSL Behring. He worked at CSL Behring from 2000 to 2012. Mr. Zenker received his medical degree from the Kiel
Medical School in Germany in 1990.</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"><I>Maria Habel, Head of Research and Development</I>.
Dr. Habel joined our company in 2008 as Head of Laboratory and has served our company since our inception. Since 2013, she has
taken on responsibilities for all pre-clinical research and development programs, various scientific projects related to the complement
system as well as to the characterization of our lead product candidates. In addition, Dr. Habel has served as our Head of Quality
Control within our GMP manufacturing activities since 2010. Dr. Habel received her Ph.D. in Science from the Graduate School for
Cellular and Biomedical Science of the University Bern, Switzerland, in 2008.</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"><I>Katrin Reiher, Head of Quality Assurance</I>.
Ms. Reiher joined our company in 2008 as a project manager in 2008 and served as a project manager and quality manager from 2009
to 2012. She began serving as our Head of Quality Assurance in 2013. Ms. Reiher received a Master&rsquo;s degree in business administration
from the Technische Universit&auml;t&nbsp;Dresden in Germany in 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compliance with NASDAQ listing requirements</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; text-indent: 0.25in">We will be a foreign private issuer. As
a result, in accordance with Nasdaq listing requirements, we will comply with home country governance requirements and certain
exemptions thereunder rather than complying with Nasdaq corporate governance requirements. In accordance with Dutch law and generally
accepted business practices, our articles of association do not provide quorum requirements generally applicable to general meetings
of shareholders in the United States. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c),
which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than
one-third of the outstanding voting stock. Although we must provide shareholders with an agenda and other relevant documents for
the general meeting of shareholders, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation
of proxies is not a generally accepted business practice in the Netherlands, and thus our practice will vary from the requirement
of Nasdaq Listing Rule 5620(b). As permitted by the listing requirements of NASDAQ, we have also opted out of the requirements
of Nasdaq Listing Rule 5605(d), which requires an issuer to have a compensation committee that, among other things, consists entirely
of independent directors, and Nasdaq Listing Rule 5605(e), which requires an issuer to have independent director oversight of director
nominations. These rules require that all members of our audit committee must meet the independence standard for audit committee
members within one year of the effectiveness of the registration statement of which this prospectus forms a part. In addition,
we have opted out of shareholder approval requirements for the issuance of securities in connection with certain events such as
the acquisition of stock or assets of another company, the establishment of or amendments to equity-based compensation plans for
employees and certain private placements. To this extent, our practice varies from the requirements of Nasdaq Rule 5635, which
generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with such events. For
an overview of our corporate governance principles, see &ldquo;Description of share capital and articles of association.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Audit committee</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; text-indent: 0.25in">The audit committee, which is expected
to consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
will assist the board of directors in overseeing our accounting and financial reporting processes and the audits of our financial
statements. In addition, the audit committee will be directly responsible for the appointment, compensation, retention and oversight
of the work of our independent registered public accounting firm. Our board of directors has determined that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfy the &ldquo;independence&rdquo; requirements
set forth in Rule 10A-3 under the Exchange Act. The board of directors has determined that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;qualifies
as an &ldquo;audit committee financial expert,&rdquo; as such term is defined in the rules of the SEC. We intend to rely on the
phase-in rules of the SEC and NASDAQ with respect to the independence of our audit committee. These rules require that all members
of our audit committee must meet the independence standard for audit committee membership within one year of the effectiveness
of the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation committee</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; text-indent: 0.25in">The compensation committee, which is expected
to consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, will
assist the board of directors in determining compensation for the directors. The committee will recommend to the board of directors
for determination the compensation of each of our directors. Under SEC and NASDAQ rules, there are heightened independence standards
for members of the compensation committee, including a prohibition against the receipt of any compensation from us other than standard
director fees. As permitted by the listing requirements of NASDAQ, we will opt out of NASDAQ Listing Rule 5605(d) which requires
that a compensation committee consist entirely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nomination and corporate governance committee</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; text-indent: 0.25in">The nomination and corporate governance
committee, which is expected to consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
will assist our board of directors in identifying individuals qualified to become members of our board of directors consistent
with criteria established by our board of directors and in developing our corporate governance principles. As permitted by the
listing requirements of NASDAQ, we will opt out of NASDAQ Listing Rule 5605(e) which requires independent director oversight of
director nominations.</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"><B>Compensation of directors and senior management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate compensation, including
benefits in kind, accrued or paid to our senior management with respect to the year ended December 31, 2016, for services in
all capacities was &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million. In 2016, we granted
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; options under our 2016 Plan
to our senior management.</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: 0.25in">Dutch law provides that we must
establish a policy in respect of the remuneration of our directors. Such policy addresses the following topics: the fixed and
variable components of the remuneration (if any), remuneration in the form of shares and severance payments. Prior to the
consummation of this offering, our general meeting of shareholders will adopt such a policy to be proposed by the board of
directors. The board of directors determines the remuneration of the directors in accordance with the remuneration policy.
Our senior management may not participate in the discussions or decision-making regarding the remuneration of senior
management. A proposal by the board of directors with respect to remuneration schemes in the form of shares or rights to
shares is submitted by the board of directors to the general meeting for its approval. This proposal must set out at least
the maximum number of shares or rights to shares to be granted to the directors and the criteria for granting or
amendment.</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">The aggregate compensation, including benefits
in kind, accrued or paid to our directors with respect to the year ended December 31, 2016, for services in all capacities was
approximately &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. As of December 31, 2016, we have no amounts set aside or accrued
to provide pension, retirement or similar benefits to our directors. In 2016, we granted options to purchase 484 of our common
shares to our directors under the 2016 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director service agreements</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; text-indent: 0.25in">Certain of our directors intend to enter
into service agreements with us (see the section entitled &ldquo;Certain relationships and related party transactions&mdash;Director
service agreements&rdquo;). None of these service agreements will provide for severance benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2016 option plan</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; text-indent: 0.25in">Under the our Stock Option Plan 2016
Terms and Conditions, or the 2016 Plan, we have granted rights to subscribe for our common shares to directors, senior
management and key employees. As of the date of this prospectus, the outstanding awards under the 2016 Plan cover an
aggregate of  8,515 common shares. The exercise price for each outstanding award is &euro;656 per share, and 11,223 of our
common shares are covered by additional awards available for issuance under the 2016 Plan prior to the completion of this
offering.</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"><I>Vesting period</I>. Subject to any additional
vesting conditions that may be specified in an individual grant agreement, the 2016 Plan provides for vesting over three years
in quarterly installments each quarter. All outstanding option awards under the 2016 Plan will automatically vest upon consummation
of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conjunction with the corporate reorganization,
all outstanding awards granted under the 2016 Plan will be converted into awards exercisable for common shares of InflaRx N.V.,
and after the consummation of this offering, we do not intend to issue any additional awards under the 2016 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2017 equity incentive plan</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; text-indent: 0.25in">In conjunction with the consummation of
this offering, we intend to establish a new omnibus plan, or the 2017 Plan, with the purpose of advancing the interests of our
shareholders by enhancing our ability to attract, retain and motivate individuals who are expected to make important contributions
to us. The 2017 Plan will govern issuances of equity incentive awards from and after the consummation of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insurance and indemnification</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; text-indent: 0.25in">Our current and future directors (and such
other officer or employee as designated by the board of directors) will have the benefit of indemnification provisions in the Articles
of Association of InflaRx N.V. These provisions will give the indemnified persons the right to recover from us amounts, including
but not limited to litigation expenses, and any damages they are ordered to pay, in relation to acts or omissions in the performance
of their duties. However, there is no entitlement to indemnification for acts or omissions which are considered to constitute malice,
gross negligence, intentional recklessness and/or serious culpability attributable to such indemnified person. In addition, upon
the consummation of this offering, we intend to enter into agreements with our directors to indemnify them against expenses and
liabilities to the fullest extent permitted by law. These agreements also provide, subject to certain exceptions, for indemnification
for related expenses including, among others, attorneys&rsquo; fees, judgments, penalties, fines and settlement amounts incurred
by any of these individuals in any action or proceeding. In addition to such indemnification, we provide our directors with directors&rsquo;
and officers&rsquo; liability insurance.</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">Insofar as indemnification of liabilities
arising under the Securities Act may be permitted to directors or persons controlling us pursuant to the foregoing provisions,
we have been informed that, in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Code of ethics</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; text-indent: 0.25in">In connection with this offering, we will
adopt a code of ethics that applies to all of our employees, officers and directors. Upon completion of this offering, the full
text of our code of business conduct and ethics will be posted on the investor relations section of our website. We intend to disclose
future amendments to our code of business conduct and ethics, or any waivers of such code, on our website or in public filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation committee interlocks and insider participation</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; text-indent: 0.25in">None of our senior management has served
as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity
that has a member of key management serving as a member of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Certain
Relationships and Related Party Transactions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a description of related
party transactions we have entered into since January 1, 2014 with any of our officers, directors and the holders of more than
5% of our common shares.</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"><B>Preferred share financing</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"><I>Series B financing</I></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: 0.25in">On July 11, 2014, we entered into an
investment agreement with certain investors, including existing shareholders such as Professor Niels Riedemann, our Chief
Executive Officer, Professor Renfeng Guo, our Chief Scientific Officer, Nicolas Fulpius, a member of our board of directors,
and Mark Kuebler, a member of our board of directors,  pursuant to which we agreed to issue and sell an aggregate of
9,341 Series B preferred shares in exchange for a contribution of approximately &euro;2.7 million from such investors.</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"><I>Series C financing</I></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: 0.25in">On July 21, 2016, we entered into an investment
agreement with certain investors, including existing shareholders such as Professor Renfeng Guo, our Chief Scientific Officer,
Arnd Christ, our Chief Financial Officer, Nicolas Fulpius, a member of our board of directors, Mark Kuebler, a member of our board
of directors, Ammann Group Holding AG and KfW, pursuant to which we agreed to issue and sell an aggregate of 47,246 Series C preferred
shares in exchange for a contribution of approximately &euro;31.0 million.</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">In connection with our Series C financing,
we engaged certain members of our current board of directors to assist in sourcing potential new investors.&nbsp; Mr. Kuebler,
a member of our board, was paid &euro;160,000, and Mr. Fulpius, a member of our board, was paid &euro;72,000, in each case upon
the closing of the Series C financing in exchange for their respective introductions of certain investors in the financing to us.</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"><B>Investment and shareholders agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">InflaRx GmbH and the shareholders who subscribed
for Series C preferred shares in the Series C financing entered into an investment and shareholders agreement, dated July 21, 2017
(referred to as the Shareholders Agreement). The Shareholders Agreement provides for certain restrictions on the shareholders party
thereto, including restrictions on transfer of the Series C preferred shares, as well as certain co-sale rights, drag-along rights
and rights of first refusal. See &ldquo;Corporate reorganization.&rdquo; The Shareholders Agreement will terminate upon the closing
of this offering.</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"><B>Director service agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to enter into director service
agreements with certain of our directors in connection with this offering.</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: 0in"><B>Indemnification agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to enter into indemnification
agreements with our directors and senior management. The indemnification agreements and our Articles of Association require us
to indemnify our directors to the fullest extent permitted by law. See &ldquo;Management&mdash;insurance and indemnification&rdquo;
for a description of these indemnification agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Principal
Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents information
relating to the beneficial ownership of our common shares as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 and after giving effect to our corporate reorganization by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>each person, or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding common shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>each of our directors and senior management; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>all directors and senior management as a group.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subsequent to the  pricing of
this offering and as the initial step of our corporate reorganization, all of the outstanding equity interests in InflaRx
GmbH will be exchanged for
common
shares
of
Fireman
B.V.
on
a
one-for-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis.&nbsp;
&nbsp;See &ldquo;Corporate reorganization.&rdquo;&nbsp; Following the completion of this offering and the
corporate reorganization, we will have only one class of shares issued and outstanding, and all holders of our common shares
will have the same voting rights.</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: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The number of common shares beneficially
owned by each entity, person or director is determined in accordance with the rules of the SEC, and the information is not necessarily
indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any common shares over
which the individual has sole or shared voting power or investment power or to receive the economic benefit of ownership of the
shares, as well as any common shares that the individual has the right to acquire within 60 days of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all common shares held by
that person. As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017, after giving effect to our corporate reorganization, common shares, representing &nbsp;&nbsp;&nbsp;&nbsp;% of our issued and
outstanding common shares, were held by U.S. record holders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></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">Unless otherwise indicated, the address
of each beneficial owner listed in the table below is c/o InflaRx GmbH, Winzerlaer Str. 2, 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares Beneficially Owned</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage Before this Offering</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent After this Offering</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">5% Shareholders</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Entities affiliated with Staidson Hong Kong Investment Company Limited(1)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Entities affiliated with Private Equity Th&uuml;ringen GmbH &amp; Co.(2)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>KfW(3)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Directors and Senior Management</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%">Niels Riedemann(4)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19,242</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9.6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Arnd Christ(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Renfeng Guo(6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Othmar Zenker (7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Nicolas Fulpius(8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Katrin Uschmann(9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Mark Kuebler(10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Lina Ma</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">All directors and senior management as a group (8 persons)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51,230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25.20</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;Indicates beneficial ownership
of less than 1% of the total outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&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: 0.25in">(1)</TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Consists of (a) 11,875 Series A preferred shares and (b) 7,367 shares that may be acquired pursuant to the exercise of
                                                            options issued pursuant to the 2016 Plan at an exercise price of $656 per share as well as options issued in connection with
                                                            the Series B financing. All                                                             outstanding
                                                            option                                                                                                      awards
                                                            under                                                                the
                                                            2016 Plan                                                                                                           will
                                                            automatically vest upon consummation of this                                                             offering and all
                                                            options issued in connection with the Series B financing have vested as of December 31, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<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: 0.25in">(5)</TD><TD>Consists of (a) 76 Series C preferred shares and (b) 3,031 shares that may be acquired pursuant to the exercise of options
issued pursuant to the 2016 Plan at an exercise price of $656 per share. All outstanding option awards under the 2016 Plan will
automatically vest upon consummation of this offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>Consists of (a) 11,875 Series A preferred shares, (b) 152 Series C preferred shares and (c) 6,565 shares that may be
                                                            acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of $656 per share as well
                                                            as options issued in connection with the Series B financing.                                                             All
                                                            outstanding option awards under the 2016 Plan will                                                             automatically
                                                            vest upon consummation of this offering and all options issued in connection with the Series B financing have vested as of
                                                            December 31, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Consists of 1,448 shares that may be acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise
price of $656 per share. All outstanding option awards under the 2016 Plan will automatically vest upon consummation of this offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Consists of (a) 6,250 Series A preferred shares, (b) 609 Series C preferred shares and (c) 217 shares that may be
                                                            acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of $656 per share as well
                                                            as options issued in connection with the Series B financing.                                                             All
                                                            outstanding option awards under the 2016 Plan will                                                             automatically
                                                            vest upon consummation of this offering and all options issued in connection with the Series B financing have vested as of
                                                            December 31, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Consists of 180 shares that may be acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an
                                                            exercise price of $656 per share as well as options issued in connection with the Series B financing. All outstanding option
                                                            awards                                                             under the
                                                            2016                                                                                                            Plan
                                                            will                                                             automatically
                                                            vest                                                                                                        upon
                                                            consummation of                                                             this
                                                            offering and all options issued in connection with the Series B financing have vested as of December 31, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(10)</TD><TD>Consists of (a) 3,480 Series A preferred shares, (b) 1,143 Series C preferred shares and (c) 87 shares that may be
                                                             acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of $656 per share as well
                                                             as options issued in connection with the Series B financing.
                                                             All                                                              outstanding option awards under the 2016 Plan will
                                                             automatically                                                              vest upon consummation of this offering and all
                                                             options issued in connection with the Series B financing have vested as of December 31, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Share Capital and Articles of Association</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</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; text-indent: 0.25in">We were incorporated pursuant to the laws
of the Netherlands as Fireman B.V. in June 2017 to become a holding company for InflaRx GmbH prior to consummation of this offering.
InflaRx GmbH was founded in 2007 by Professor Niels Riedemann and Professor Renfeng Guo in Jena, Germany.</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">Pursuant to the terms of a corporate reorganization
that will be completed prior to the consummation of this offering, all of the equity interests in InflaRx GmbH will be exchanged
for common shares of Fireman B.V. and, as a result, InflaRx GmbH will become a wholly owned subsidiary of Fireman B.V. See &ldquo;Corporate
reorganization.&rdquo; Prior to consummation of this offering, we intend to convert into a public company with limited liability
(<I>naamloze vennootschap</I>) under Dutch law pursuant to a Notarial Deed of Amendment and Conversion, following which our legal
name will be InflaRx N.V.</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">We are registered with the Trade Register
of the Chamber of Commerce (<I>Kamer van Koophandel</I>) under number 68904312. Our corporate seat is in Amsterdam, the Netherlands,
and our registered office is in Jena, Germany.</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">As of the completion of (i) the corporate
reorganization and (ii) this offering, our authorized share capital will amount to &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, divided
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares, each with a nominal value of &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
preferred shares, each with a nominal value of &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and our issued share capital will amount to
&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. See &ldquo;Corporate reorganization.&rdquo;</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">Our common shares and preferred shares
will be issued in registered form.</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">The preferred shares can be issued to
the protective foundation (for more information, see &ldquo;Risk Factors  &mdash; Provisions of our articles of association
or Dutch corporate law might deter acquisition bids for us that might be considered favorable and prevent, delay or frustrate
any attempt to replace or remove the members of our board of directors&rdquo;). Under Dutch law, our authorized share capital
is the maximum capital that we may issue without amending our Articles of Association. An amendment of our Articles of
Association would require a resolution of the general meeting of shareholders upon proposal by the board of directors.</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">Initial settlement of the common shares
issued in this offering will take place at the closing of this offering through The Depository Trust Company, or DTC, in accordance
with its customary settlement procedures for equity securities. Each person owning common shares held through DTC must rely on
the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the common shares.</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">Our Articles of Association will provide
that, for as long as any of our common shares are admitted to trading on the NASDAQ Stock Market, the New York Stock Exchange or
on any other regulated stock exchange operating in the United States of America, the laws of the State of New York shall apply
to the property law aspects of our common shares reflected in the register administered by the relevant transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Articles of association and Dutch law</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; text-indent: 0.25in">Our Articles of Association as in force
at the date of this prospectus are referred to herein as our &ldquo;Current Articles.&rdquo; When we refer to our Articles of Association
in this prospectus, we refer to our Articles of Association as they will be in force after the expected completion of our corporate
reorganization that will be completed prior to the consummation of this offering.</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">Our Current Articles are included in our
deed of incorporation, executed on June 6, 2017. We will amend our Current Articles and convert our company from a Dutch private
company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) into a Dutch public company with limited
liability (<I>naamloze vennootschap</I>) as part of our corporate reorganization that will be completed prior to the consummation
of this offering. At a general meeting to be held prior to the consummation of this offering, or pursuant to a written resolution,
we expect the general meeting of shareholders to resolve to amend the Current Articles and to convert into a Dutch public company
with limited liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Current Articles, the general
meeting of shareholders may resolve to amend the Current Articles. A resolution taken by the general meeting of shareholders to
amend the Current Articles requires a simple majority of the votes cast. Such resolution could also be adopted in writing.</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">Set forth below is a summary of relevant
information concerning our share capital and material provisions of our Articles of Association and applicable Dutch law. This
summary does not constitute legal advice regarding those matters and should not be regarded as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Company&rsquo;s shareholders&rsquo; register</I></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; text-indent: 0.25in">Pursuant to Dutch law and the Articles
of Association, we must keep our shareholders&rsquo; register accurate and current. The board of directors keeps our shareholders&rsquo;
register and records names and addresses of all holders of shares, showing the date on which the shares were acquired, the date
of the acknowledgement by or notification of us as well as the amount paid on each share. The register also includes the names
and addresses of those with a right of use and enjoyment (<I>vruchtgebruik</I>) in shares belonging to another or a pledge (<I>pandrecht</I>)
in respect of such shares. There is no restriction on the ownership of our shares. The common shares offered in this offering will
be held through DTC, therefore DTC or its nominee will be recorded in the shareholders&rsquo; register as the holder of those common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporate objectives</I></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; text-indent: 0.25in">Pursuant to the Articles of Association,
our main corporate objectives are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>to develop, manufacture and commercialize pharmaceutical products;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>to participate in, to finance, to hold any other interest in and to conduct the management or supervision of other entities,
companies, partnerships and businesses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>to acquire, administer, exploit, invest, encumber and dispose of assets and liabilities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>to furnish guarantees, to provide security, to warrant performance in any other way and to assume liability, whether jointly
and severally or otherwise, in respect of obligations of group companies or other parties; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>to do anything which, in the widest sense, is connected with or may be conducive to the objectives described above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limitation on liability and indemnification matters</I></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; text-indent: 0.25in">Under Dutch law, directors and certain
other officers may be held liable for damages in the event of improper or negligent performance of their duties. They may be held
jointly and severally liable for damages to the Company and to third parties for infringement of the Articles of Association or
of certain provisions of the Dutch Civil Code. In certain circumstances, they may also incur additional specific civil and criminal
liabilities. Subject to certain exceptions, our Articles of Association provide for indemnification of our current and former directors
(and other current and former officers and employees as designated by our board of directors). Directors and certain other officers
are also insured under an insurance policy taken out by us against damages resulting from their conduct when acting in the capacities
as such directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shareholders&rsquo; meetings and consents </I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-weight: normal">General
meeting of shareholders</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General meetings of shareholders may be
held in Amsterdam, Rotterdam, The Hague, Arnhem, Utrecht or the municipality of Haarlemmermeer (Schiphol Airport), the Netherlands.
The annual general meeting of shareholders must be held within six months of the end of each financial year. Additional extraordinary
general meetings of shareholders may also be held, whenever considered appropriate by the board of directors and shall be held
within three months after our board of directors has considered it to be likely that our equity has decreased to an amount equal
to or lower than half of its paid up and called up share capital, in order to discuss the measures to be taken if so required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Dutch law, one or more shareholders
or others with meeting rights under Dutch law who jointly represent at least one-tenth of the issued capital may request us to
convene a general meeting, setting out in detail the matters to be discussed. If our board of directors has not taken the steps
necessary to ensure that such meeting can be held within six weeks after the request, the requesting party/parties may, on their
application, be authorized by the competent Dutch court in preliminary relief proceedings to convene a general meeting of shareholders.</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">General meetings of shareholders can be
convened by a notice, which shall include an agenda stating the items to be discussed, including for the annual general meeting
of shareholders, among other things, the adoption of the annual accounts, appropriation of our profits and proposals relating to
the composition of the board of directors, including the filling of any vacancies in the board of directors. In addition, the agenda
shall include such items as have been included therein by the board of directors. The agenda shall also include such items requested
by one or more shareholders, or others with meeting rights under Dutch law, representing at least 3% of the issued share capital.
Requests must be made in writing and received by the board of directors at least 60 days before the day of the convocation of the
meeting. No resolutions shall be adopted on items other than those that have been included in the agenda.</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">In accordance with the DCGC a shareholder
shall exercise the right of putting an item on the agenda only after consulting the board of directors in that respect. If one
or more shareholders intend to request that an item be put on the agenda that may result in a change in the company&rsquo;s strategy
(for example, the removal of directors), the board of directors must be given the opportunity to invoke a reasonable response time of up
to 180 days from the moment the board of directors is informed of the intentions of the shareholder(s). If invoked, the board of
directors must use such response period for further deliberation and constructive consultation with the shareholders concerned,
and must explore alternatives. At the end of the response time, the board of directors must report on this consultation and the
exploration of alternatives to the general meeting of shareholders. The response period may be invoked only once for any given
general meeting of shareholders and does not apply: (a) in respect of a matter for which a response period has been previously
invoked; or (b) if a shareholder holds at least 75% of the company's issued share capital as a consequence of a successful public
bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting
that a general meeting of shareholders be convened, as described above.</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: 24.5pt">The general meeting is presided over by
the chairman of the board of directors. If no chairman has been elected or if he or she is not present at the meeting, the general
meeting shall be presided over by the chief executive officer. If no chief executive officer has been elected or if he or she is
not present at the meeting, the general meeting shall be presided over by another director present at the meeting. If no director
is present at the meeting, the general meeting shall be presided over by any other person appointed by the general meeting. In
each case, the person who should chair the general meeting pursuant to the rules described above may appoint another person to
chair the general meeting instead. Directors may always attend a general meeting of shareholders. In these meetings, they have
an advisory vote. The chairman of the meeting may decide at his or her discretion to admit other persons to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All shareholders and others with meeting
rights under Dutch law are authorized to attend the general meeting of shareholders, to address the meeting and, in so far as they
have such right, to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-weight: normal">Quorum and
voting requirements</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each common share confers the right on
the holder to cast one vote at the general meeting of shareholders. Shareholders may vote by proxy. No votes may be cast at a general
meeting of shareholders on shares held by us or our subsidiaries or on shares for which we or our subsidiaries hold depositary
receipts. Nonetheless, the holders of a right of use and enjoyment (<I>vruchtgebruik</I>) and the holders of a right of pledge
(<I>pandrecht</I>) in respect of shares held by us or our subsidiaries in our share capital are not excluded from the right to
vote on such shares, if the right of use and enjoyment (<I>vruchtgebruik</I>) or the right of pledge (<I>pandrecht</I>) was granted
prior to the time such shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries may cast votes
in respect of a share on which we or such subsidiary holds a right of use and enjoyment (<I>vruchtgebruik</I>) or a right of pledge
(<I>pandrecht</I>). Shares which are not entitled to voting rights pursuant to the preceding sentences will not be taken into account
for the purpose of determining the number of shareholders that vote and that are present or represented, or the amount of the share
capital that is provided or that is represented at a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Decisions of the general meeting of shareholders
are taken by a simple majority of votes cast, except where Dutch law or the Articles of Association provide for a qualified majority
or unanimity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board of directors</I></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 0pt 9.35pt"><I>Appointment of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Association, the
directors are appointed by the general meeting of shareholders upon binding nomination by our board of directors. However, the
general meeting of shareholders may at all times overrule the binding nomination by a resolution adopted by at least a two-thirds
majority of the votes cast, provided such majority represents more than half of the issued share capital. If the general meeting
of shareholders overrules the binding nomination, the board of directors shall make a new nomination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At a general meeting of shareholders, a
resolution to appoint a director can only be passed in respect of candidates whose names are stated for that purpose in the agenda
of that general meeting of shareholders or in the explanatory notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Duties and liabilities of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Dutch law, the board of directors
as a collective is responsible for our management, strategy, policy and operations. The executive directors manage our day-to-day
business and operations and implement our strategy. The non-executive directors focus on the supervision on the policy and functioning
of the performance of the duties of all directors and our general state of affairs. Each director has a statutory duty to act in
the corporate interest of the company and its business. Under Dutch law, the corporate interest extends to the interests of all
corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The duty to act in the corporate interest
of the company also applies in the event of a proposed sale or break-up of the company, provided that the circumstances generally
dictate how such duty is to be applied and how the respective interests of various groups of stakeholders should be weighed. Any
resolution of the board of directors regarding a material change in our identity or character requires approval of the general
meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dividends and other distributions </I></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 0pt 9.35pt"><I>Amount available for distribution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may only make distributions to our shareholders
if our shareholders&rsquo; equity (<I>eigen vermogen</I>) exceeds the sum of the paid-up and called-up share capital plus any reserves
required by Dutch law or by the Articles of Association. Under the Articles of Association, if any of the preferred shares are
outstanding, a dividend is first paid out of the profit, if available for distribution, on the preferred shares. Any amount remaining
out of the profit is carried to reserve as the board of directors determines. After reservation by the board of directors of any
profit, the remaining profit will be at the disposal of the general meeting of shareholders.</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">We only make a distribution of dividends
to our shareholders after the adoption of our annual accounts demonstrating that such distribution is legally permitted. The board
of directors is permitted, subject to certain requirements, to declare interim dividends without the approval of the general meeting
of shareholders.</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">Dividends and other distributions shall
be made payable not later than the date determined by the board of directors. Claims to dividends and other distributions not made
within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will be considered
to have been forfeited to us (<I>verjaring</I>).</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">We do not anticipate paying any cash dividends
for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Exchange controls</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing laws of the Netherlands,
there are no exchange controls applicable to the transfer to persons outside of the Netherlands of dividends or other distributions
with respect to, or of the proceeds from the sale of, shares of a Dutch company.</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 0pt 9.35pt"><I>Squeeze out procedures</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Section 92a, Book 2, Dutch
Civil Code, a shareholder who &ndash; alone or together with group companies &ndash; for his own account holds at least 95% of
our issued share capital may initiate proceedings against the other shareholders jointly for the transfer of their shares to such
shareholder. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal, or the Enterprise Chamber
(<I>Ondernemingskamer</I>), and can be instituted by means of a writ of summons served upon each of the other shareholders in accordance
with the provisions of the Dutch Code of Civil Procedure (<I>Wetboek van Burgerlijke Rechtsvordering</I>). The Enterprise Chamber
may grant the claim for squeeze out in relation to the other shareholders and will determine the price to be paid for the shares,
if necessary after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value to be paid
for the shares of the other shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring
the shares shall give written notice of the date and place of payment and the price to the holders of the shares to be acquired
whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required
to publish the same in a daily newspaper with a national circulation.</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"><B><I>Dissolution and liquidation</I></B></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">Under our Articles of Association, we may
be dissolved by a resolution of the general meeting of shareholders, subject to a proposal of the board of directors. In the event
of a dissolution, the liquidation shall be effected by the board of directors, unless the general meeting decides otherwise. To
the extent that any assets remain after payment of all debts, those assets shall first be distributed to the holders of any outstanding
preferred shares in accordance with the procedures set forth in the Articles of Association. After such distribution the remaining
assets shall be distributed to the holders of common shares. All distributions referred to in this paragraph will be made in accordance
with the relevant provisions of the laws of the Netherlands.</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"><B>Dutch Financial Reporting Supervision
Act</B></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">On the basis of the Dutch Financial Reporting
Supervision Act (<I>Wet toezicht financi&euml;le verslaggeving</I>), or the FRSA, the Authority for the Financial Markets (<I>Stichting
Autoriteit Financi&euml;le Markten</I>), or AFM supervises the application of financial reporting standards by Dutch companies
whose securities are listed on a Dutch or foreign stock exchange.</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">Pursuant to the FRSA, the AFM has an independent
right to (i) request an explanation from us regarding our application of the applicable financial reporting standards and (ii)
recommend to us the making available of further explanations. If we do not comply with such a request or recommendation, the AFM
may request that the Enterprise Chamber of the Amsterdam Court of Appeal (<I>Ondernemingskamer</I>) order us to (i) make available
further explanations as recommended by the AFM (ii) provide an explanation of the way we have applied the applicable financial
reporting standards to our financial reports or (iii) prepare our financial reports in accordance with the Enterprise Chamber&rsquo;s
orders.</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"><B>Comparison of Dutch corporate law and
our articles of association and U.S. corporate law</B></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">The following comparison between Dutch
corporate law, which applies to us, and Delaware corporation law, the law under which many publicly listed corporations in the
United States are incorporated, discusses additional matters not otherwise described in this prospectus. Although we believe this
summary is materially accurate, the summary is subject to Dutch law, including Book 2 of the Dutch Civil Code and the DCGC and
Delaware corporation law, including the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Corporate governance </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Duties of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. We have a one-tier
board structure consisting of one or more executive directors and one or more non-executive directors.</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">&nbsp;Under Dutch law, the board of directors
as a collective is responsible for the management and the strategy, policy and operations of the company. The executive directors
manage our day-to-day business and operations and implement our strategy. The non-executive directors focus on the supervision
on the policy and functioning of the performance of the duties of all directors and our general state of affairs. Each director
has a statutory duty to act in the corporate interest of the company and its business. Under Dutch law, the corporate interest
extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The
duty to act in the corporate interest of the company also applies in the event of a proposed sale or break-up of the company, provided
that the circumstances generally dictate how such duty is to be applied and how the respective interests of various groups of stakeholders
should be weighed. Any resolution of the board of directors regarding a material change in the identity or character of the company
requires the approval of the general meeting of shareholders.</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"><I>Delaware</I>. The board of directors
bears the ultimate responsibility for managing the business and affairs of a corporation. In discharging this function, directors
of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its stockholders. Delaware courts
have decided that the directors of a Delaware corporation are required to exercise informed business judgment in the performance
of their duties. Informed business judgment means that the directors have informed themselves of all material information reasonably
available to them. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation
who take any action designed to defeat a threatened change in control of the corporation. In addition, under Delaware law, when
the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in
certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders.</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 0pt 0.25in"><I>Director terms</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The DCGC provides
the following best practice recommendations on the terms for directors&rsquo; service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>Executive directors should be appointed for a maximum period of four years, without limiting the number of consecutive terms
executive directors may serve.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>Non-executive directors should be appointed for two consecutive periods of no more than four years. Thereafter, non-executive
directors may be reappointed for a maximum of two consecutive periods of no more than two years, provided that any reappointment
after an eight-year term of office should be disclosed in the company&rsquo;s annual board report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The general meeting of shareholders shall
at all times be entitled to suspend or remove a director. Under our Articles of Association, the general meeting of shareholders
may only adopt a resolution to suspend or remove such director by at least a two-thirds majority of the votes cast, provided such
majority represents more than half of the issued share capital, unless the resolution is passed at the proposal of the board of
directors, in which case a simple majority of the votes cast is sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General Corporation
Law generally provides for a one-year term for directors, but permits directorships to be divided into up to three classes with
up to three-year terms, with the years for each class expiring in different years, if permitted by the certificate of incorporation,
an initial bylaw or a bylaw adopted by the stockholders. A director elected to serve a term on a &ldquo;classified&rdquo; board
may not be removed by stockholders without cause. There is no limit in the number of terms a director may serve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Director vacancies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
directors are appointed and reappointed by the general meeting of shareholders. Under our Articles of Association, directors are
appointed by the general meeting of shareholders upon the binding nomination by our board of directors. However, the general meeting
of shareholders may at all times overrule the binding nomination by a resolution adopted by at least a two-thirds majority of the
votes cast, provided such majority represents more than half of the issued share capital. If the general meeting of shareholders
overrules the binding nomination, the board of directors shall make a new nomination.</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"><I>Delaware</I>. The Delaware General Corporation
Law provides that vacancies and newly created directorships may be filled by a majority of the directors then in office (even though
less than a quorum) unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation or (ii) the
certificate of incorporation directs that a particular class of stock is to elect such director, in which case any other directors
elected by such class, or a sole remaining director elected by such class, will fill such vacancy.</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"><I>Conflict-of-interest transactions</I></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"><I>The Netherlands</I>. Under Dutch law
and our Articles of Association, our directors shall not take part in any discussion or decision-making that involves a subject
or transaction in relation to which he or she has a conflict of interest with us. Our Articles of Association provide that if as
a result thereof no resolution of the board of directors can be adopted, the resolution can nonetheless be adopted by the board
of directors as if none of the directors had a conflict of interest. In that case, each director is entitled to participate in
the discussion and decision-making process and to cast a vote.</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">The DCGC provides the following best practice
recommendations in relation to conflicts of interests:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a director should report any potential conflict of interest in a transaction that is of material significance to the company
and/or to such director to the other directors without delay, providing all relevant information in relation to the conflict;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the board of directors should then decide, outside the presence of the director concerned, whether there is a conflict of interest;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>transactions in which there is a conflict of interest with a director should be agreed on arms' length terms; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a decision to enter into such a transaction in which there is a conflict of interest with a director that is of material significance
to the company and/or to such director shall require the approval of the board of directors, and such transactions should be disclosed
in the company's annual board report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General Corporation
Law generally permits transactions involving a Delaware corporation and an interested director of that corporation if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the material facts as to the director&rsquo;s relationship or interest are disclosed and a majority of disinterested directors
consent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the material facts are disclosed as to the director&rsquo;s relationship or interest and a majority of shares entitled to vote
thereon consent; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the transaction is fair to the corporation at the time it is authorized by the board of directors, a committee of the board
of directors or the stockholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Proxy voting by directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. An absent director
may issue a proxy for a specific board meeting but only to another director in writing.</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: 9.35pt"><I>Delaware</I>. A director of a Delaware
corporation may not issue a proxy representing the director&rsquo;s voting rights as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Dutch Corporate Governance Code</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DCGC contains both principles and best
practice provisions for boards of directors, shareholders and general meetings of shareholders, financial reporting, auditors,
disclosure, compliance and enforcement standards. A copy of the DCGC can be found on www.mccg.nl. As a Dutch company listed on
a stock exchange, we are subject to the DCGC and are required to disclose in our annual board report to what we extent comply with
the principles and best practice provisions of the DCGC, and where we do not (for example, because of a conflicting NASDAQ requirement
or otherwise), we must state why and to what extent we deviate in our annual report. Our most substantial deviations from the DCGC
are summarized below.</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">Under our Articles of Association, directors
are be appointed on the basis of a binding nomination prepared by the board of directors. This means that the nominee will be appointed
to the board of directors, unless the general meeting of shareholders removes the binding nature of the nomination (in which case
a new nomination will be prepared for a subsequent general meeting). Our Articles of Association will provide that the general
meeting of shareholders can only pass such resolution by a two thirds majority representing at least half of the issued share capital.
However, the DCGC recommends that the general meeting of shareholders can pass such a resolution by simple majority, representing
no more than one-third of the issued share capital.</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">Under the Articles of Association, directors
can only be dismissed by the general meeting of shareholder by simple majority, provided that the board of directors proposes the
dismissal. In other cases, the general meeting of shareholders can only pass such resolution by a two-thirds majority representing
at least half of the issued share capital. The DCGC recommends that the general meeting of shareholders can pass a resolution to
dismiss a director by simple majority, representing no more than one-third of the issued share capital.</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">The DCGC recommends against providing equity
awards as part of the compensation of a non-executive director. However, we expect to deviate from this recommendation and grant
equity awards to our non-executive directors, consistent with U.S. market practice.</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 0pt 9.35pt"><B><I>Shareholder rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Voting rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. In accordance with
Dutch law and our Articles of Association, each issued common share and each issued preferred share confers the right to cast one
vote at the general meeting of shareholders. Each holder of shares may cast as many votes as it holds shares. No votes may be cast
on shares that are held by us or our direct or indirect subsidiaries or on shares for which we or our subsidiaries hold depositary
receipts. Nonetheless, the holders of a right of use and enjoyment (<I>vruchtgebruik</I>) and the holders of a right of pledge
(<I>pandrecht</I>) in respect of shares held by us or our subsidiaries in our share capital are not excluded from the right to
vote on such shares, if the right of use and enjoyment (<I>vruchtgebruik</I>) or the right of pledge (<I>pandrecht</I>) was granted
prior to the time such shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries may cast votes
in respect of a share on which we or such subsidiary holds a right of use and enjoyment (<I>vruchtgebruik</I>) or a right of pledge
(<I>pandrecht</I>).</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">In accordance with our Articles of Association,
for each general meeting of shareholders, the board of directors may determine that a record date will be applied in order to establish
which shareholders are entitled to attend and vote at the general meeting of shareholders. Such record date shall be the 28th day
prior to the day of the general meeting. The record date and the manner in which shareholders can register and exercise their rights
will be set out in the notice of the meeting.</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, each stockholder is entitled to one vote per share of stock, unless the certificate of incorporation provides
otherwise. In addition, the certificate of incorporation may provide for cumulative voting at all elections of directors of the
corporation, or at elections held under specified circumstances. Either the certificate of incorporation or the bylaws may specify
the number of shares and/or the amount of other securities that must be represented at a meeting in order to constitute a quorum,
but in no event will a quorum consist of less than one third of the shares entitled to vote at a meeting.</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">Stockholders as of the record date for
the meeting are entitled to vote at the meeting, and the board of directors may fix a record date that is no more than 60 nor less
than 10 days before the date of the meeting, and if no record</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">date is set then the record date is the close of business on
the day next preceding the day on which notice is given, or if notice is waived then the record date is the close of business on
the day next preceding the day on which the meeting is held. The determination of the stockholders of record entitled to notice
or to vote at a meeting of stockholders shall apply to any adjournment of the meeting, but the board of directors may fix a new
record date for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Shareholder proposals</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Pursuant to our
Articles of Association, extraordinary general meetings of shareholders will be held whenever required under Dutch law or whenever
our board of directors deems such to be appropriate or necessary. Pursuant to Dutch law, one or more shareholders or others with
meeting rights under Dutch law representing at least one-tenth of the issued share capital may request us to convene a general
meeting, setting out in detail the matters to be discussed. If our board of directors has not taken the steps necessary to ensure
that such meeting can be held within six weeks after the request, the requesting party or parties may, on their application, be
authorized by the competent Dutch court in preliminary relief proceedings to convene a general meeting of shareholders.</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">Also, the agenda for a general meeting
of shareholders shall include such items requested by one or more shareholders, and others entitled to attend general meetings
of shareholders, representing at least 3% of the issued share capital, except where the articles of association state a lower percentage.
Our Articles of Association do not state such lower percentage. Requests must be made in writing and received by the board of directors
at least 60 days before the day of the convocation of the meeting.</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">In accordance with the DCGC, a shareholder
shall exercise the right of putting an item on the agenda only after consulting the board of directors in  respect. If one
or more shareholders intend to request that an item be put on the agenda that may result in a change in the company&rsquo;s strategy
(e.g. the removal of directors), the board of directors should be given the opportunity to invoke a reasonable response time of
up to 180 days from the moment the board of directors is informed of the intentions of the shareholder(s). If invoked, the board
of directors shall use such response period for further deliberation and constructive consultation, in any event with the shareholders
concerned, and shall explore alternatives. At the end of the response time, the board of directors shall report on this consultation
and the exploration of alternatives to the general meeting of shareholders. The response period may be invoked only once for any
given general meeting of shareholders and shall not apply: (a) in respect of a matter for which a response period has been previously
invoked; or (b) if a shareholder holds at least 75% of the Company&rsquo;s issued share capital as a consequence of a successful
public bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting
that a general meeting of shareholders be convened, as described above.</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"><I>Delaware</I>. Delaware law does not
specifically grant stockholders the right to bring business before an annual or special meeting. However, if a Delaware corporation
is subject to the SEC&rsquo;s proxy rules, a stockholder who owns at least &euro;2,000 in market value, or 1% of the corporation&rsquo;s
securities entitled to vote, and has owned such securities for at least one year, may propose a matter for a vote at an annual
or special meeting in accordance with those rules.</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 0pt 0.25in"><I>Action by written consent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
shareholders&rsquo; resolutions may be adopted in writing without holding a meeting of shareholders, provided that (i) the articles
of association allow such action by written consent, (ii) the company has not issued bearer shares or, with its cooperation, depository
receipts for shares in its capital, and (iii) the resolution is adopted unanimously by all shareholders that are entitled to vote.
The requirement of unanimity renders the adoption of shareholder resolutions without holding a meeting not feasible for publicly
traded companies.</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"><I>Delaware</I>. Although permitted by
Delaware law, publicly listed companies do not typically permit stockholders of a corporation to take action by written consent.</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 0pt 0.25in"><I>Appraisal rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The concept of
appraisal rights is not known as such under Dutch law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, in accordance with the directive
2005/56/EC of the European Parliament and the Council of 26 October 2005 on cross-border mergers of limited liability companies,
Dutch law provides that, to the extent that the acquiring company in a cross-border merger is organized under the laws of another
Member State of the European Economic Area, a shareholder of a Dutch disappearing company who has voted against the cross-border
merger may file a claim with the Dutch company for compensation. Such compensation is to be determined by one or more independent
experts. The shares of such shareholder that are subject to such claim will cease to exist as of the moment of effectiveness of
the cross-border merger. Payment by the acquiring company is only possible if the resolution to approve the cross-border merger
by the corporate body of the other company or companies involved in the cross-border merger includes the acceptance of the rights
of the shareholders of the Dutch company to oppose the cross-border merger.</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"><I>Delaware</I>. The Delaware General Corporation
Law provides for stockholder appraisal rights, or the right to demand payment in cash of the judicially determined fair value of
the stockholder&rsquo;s shares, in connection with certain mergers and consolidations.</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 0pt 0.25in"><I>Shareholder suits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. In the event a
third party is liable to a Dutch company, only the company itself can bring a civil action against that party. The individual shareholders
do not have the right to bring an action on behalf of the company. Only in the event that the cause for the liability of a third
party to the company also constitutes a tortious act directly against a shareholder does that shareholder have an individual right
of action against such third party in its own name. The Dutch Civil Code provides for the possibility to initiate such actions
collectively. A foundation or an association whose objective is to protect the rights of a group of persons having similar interests
can institute a collective action. The collective action itself cannot result in an order for payment of monetary damages but may
only result in a declaratory judgment (<I>verklaring voor recht</I>). In order to obtain compensation for damages, the foundation
or association and the defendant may reach&mdash;often on the basis of such declaratory judgment&mdash;a settlement. A Dutch court
may declare the settlement agreement binding upon all the injured parties with an opt-out choice for an individual injured party.
An individual injured party may also itself&mdash;outside the collective action&mdash;institute a civil claim for damages.</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation.
An individual also may commence a class action suit on behalf of himself and other similarly situated stockholders where the requirements
for maintaining a class action under Delaware law have been met. A person may institute and maintain such a suit only if that person
was a stockholder at the time of the transaction which is the subject of the suit. In addition, under Delaware case law, the plaintiff
normally must be a stockholder at the time of the transaction that is the subject of the suit and throughout the duration of the
derivative suit. Delaware law also requires that the derivative plaintiff make a demand on the directors of the corporation to
assert the corporate claim before the suit may be prosecuted by the derivative plaintiff in court, unless such a demand would be
futile.</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 0pt 0.25in"><I>Repurchase of shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
when issuing shares, a public company with limited liability such as ours may not subscribe for newly issued shares in its own
capital. Such company may, however, subject to certain restrictions of Dutch law and its articles of association, acquire shares
in its own capital. A listed public company with limited liability such as ours may acquire fully paid shares in its own capital
at any time for no valuable consideration. Furthermore, subject to certain provisions of Dutch law and its articles of association,
such company may repurchase fully paid shares in its own capital if (i) the company&rsquo;s shareholders&rsquo; equity less the
payment required to make the acquisition does not fall below the sum of paid-up and called-up share capital plus any reserves required
by Dutch law or its articles of association and (ii) the aggregate nominal value of shares of the company which the company acquires,
holds or on which the company holds a pledge (<I>pandrecht</I>) or which are held by a subsidiary of the company, would not exceed
50% of its then current issued share capital. Such company may only acquire its own shares if its general meeting of shareholders
has granted the board of directors the authority to effect such acquisitions.</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">An acquisition of common shares for a consideration
must be authorized by our general meeting of shareholders. Such authorization may be granted for a maximum period of 18 months
and must specify the number</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of common shares that may be acquired, the manner in which common
shares may be acquired and the price limits within which common shares may be acquired. Authorization is not required for the acquisition
of common shares in order to transfer them to our employees. The actual acquisition may only be effected by a resolution of our
board of directors. Prior to the consummation of this offering, our board of directors will be authorized, for a period of 18 months
to cause the repurchase of common shares or preferred shares by us of up to 10% of our issued share capital, for a price per share
not exceeding 110% of the average market price of our common shares on the NASDAQ Stock Market (such average market price being
the average of the closing prices on each of the five consecutive trading days preceding the date the acquisition is agreed upon
by us). These shares may be used to deliver shares underlying awards granted pursuant to our equity-based compensation plans.</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: 0.25in">No authorization of the general meeting
of shareholders is required if common shares are acquired by us with the intention of transferring such common shares to our employees
under an applicable employee stock purchase plan.</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: 9.35pt"><I>Delaware</I>. Under the Delaware General
Corporation Law, a corporation may purchase or redeem its own shares unless the capital of the corporation is impaired or the purchase
or redemption would cause an impairment of the capital of the corporation. A Delaware corporation may, however, purchase or redeem
out of capital any of its preferred shares or, if no preferred shares are outstanding, any of its own shares if such shares will
be retired upon acquisition and the capital of the corporation will be reduced in accordance with specified limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Anti-Takeover Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><I>The Netherlands</I>. Under Dutch law,
various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law. We have adopted
several provisions that may have the effect of making a takeover of our company more difficult or less attractive, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the authorization of a class of preferred shares that may be issued by our board of directors to a friendly party, in
                                                                                                             such a manner as to dilute the interest of any potential acquirer, see &ldquo;Risk factors &mdash; Provisions of our
                                                                                                             articles                                                                                                              of
                                                                                                             association or Dutch corporate law might deter acquisition bids for us that might be considered favorable and prevent,
                                                                                                             delay or frustrate any attempt to replace or remove the members of our board of directors.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the staggered four-year terms of our directors, as a result of which only approximately one-fourth of our directors will be
subject to election in any one year;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a provision that our directors may only be removed at the general meeting of shareholders by a two-thirds majority of votes
cast representing at least 50% of our outstanding share capital if such removal is not proposed by our board of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>our directors being appointed on the basis of a binding nomination by our board of directors, which can only be overruled by
the general meeting of shareholders by a resolution adopted by at least a two-thirds majority of the votes cast, provided such
majority represents more than half of the issued share capital (in which case the board of directors shall make a new nomination);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>requirements that certain matters, including an amendment of our Articles of Association, may only be brought to our shareholders
for a vote upon a proposal by our board of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. In addition to other aspects
of Delaware law governing fiduciary duties of directors during a potential takeover, the Delaware General Corporation Law also
contains a business combination statute that protects Delaware companies from hostile takeovers and from actions following the
takeover by prohibiting some transactions once an acquirer has gained a significant holding in the corporation.</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">Section 203 of the Delaware General Corporation
Law prohibits &ldquo;business combinations,&rdquo; including mergers, sales and leases of assets, issuances of securities and similar
transactions by a corporation or a subsidiary with an interested stockholder that beneficially owns 15% or more of a corporation&rsquo;s
voting stock, within three years after the person becomes an interested stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the transaction that will cause the person to become an interested stockholder is approved by the board of directors of the
target prior to the transactions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>after the completion of the transaction in which the person becomes an interested stockholder, the</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>





<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt">interested stockholder holds at least 85% of the voting stock of the corporation not including shares
owned by persons who are directors and officers of interested stockholders and shares owned by specified employee benefit plans;
or</P>

<P STYLE="margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>after the person becomes an interested stockholder, the business combination is approved by the board of directors of the corporation
and holders of at least 66.67% of the outstanding voting stock, excluding shares held by the interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A Delaware corporation may elect not to be governed
by Section 203 by a provision contained in the original certificate of incorporation of the corporation or an amendment to the
original certificate of incorporation or to the bylaws of the company, which amendment must be approved by a majority of the shares
entitled to vote and may not be further amended by the board of directors of the corporation. In most cases, such an amendment
is not effective until twelve months following its adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inspection of books and records</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The board of directors
provides the general meeting of shareholders, within a reasonable amount of time with all information that the shareholders require
for the exercise of their powers, unless this would be contrary to an overriding interest of our company. If the board of directors
invokes such an overriding interest, it must give reasons.</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, any stockholder may inspect for any proper purpose certain of the corporation&rsquo;s books and records during
the corporation&rsquo;s usual hours of business.</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 0pt 9.35pt"><B><I>Removal of directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under our Articles
of Association, the general meeting of shareholders shall at all times be entitled to suspend or dismiss a director. The general
meeting of shareholders may only adopt a resolution to suspend or dismiss a director by at least a two-thirds majority of the votes
cast, if such majority represents more than half of the issued share capital, unless the proposal was made by the board of directors,
in which latter case a simple majority is sufficient.</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority
of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise,
in the case of a corporation whose board is classified, stockholders may effect such removal only for cause, or (ii) in the case
of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause
if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire
board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part.</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"><B>Issuance of shares</B></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"><I>The Netherlands</I>. Under Dutch law,
a company's general meeting is the corporate body authorized to resolve on the issuance of shares and the granting of rights to
subscribe for shares. The general meeting can delegate such authority to another corporate body of the company, such as the board
of directors, for a period not exceeding five years.</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">Prior to the consummation of this offering,
our board of directors will be authorized, for a period of five years, to issue shares or grant rights to subscribe for shares
up to our authorized share capital from time to time.</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 0pt 9.35pt"><I>Delaware.</I> All creation of shares require the
board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the
provisions of the company&rsquo;s certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Preemptive rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
in the event of an issuance of common shares, each shareholder will have a pro rata preemptive right in proportion to the aggregate
nominal value of the common shares held by such holder (with the exception of common shares to be issued to employees or common
shares issued against a contribution other than in cash or pursuant to the exercise of a previously acquired right to subscribe
for shares). Under our</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Articles of Association, the preemptive
rights in respect of newly issued common shares may be restricted or excluded by a resolution of the general meeting of shareholders
upon proposal of the board of directors. Our preferred shares carry no preemptive rights.</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">The board of directors may restrict or
exclude the preemptive rights in respect of newly issued common shares if it has been designated as the authorized body to do so
by the general meeting of shareholders. Such designation can be granted for a period not exceeding five years. A resolution of
the general meeting of shareholders to restrict or exclude the preemptive rights or to designate the board of directors as the
authorized body to do so requires a majority of not less than two-thirds of the votes cast, if less than one-half of our issued
share capital is represented at the meeting.</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">Prior to the consummation of this offering,
our board of directors will be authorized, for a period of five years to limit or exclude preemptive rights in relation to an issuance
of shares or a grant of rights to subscribe for shares that the board of directors is authorized to resolve upon (see above under
&ldquo;Issuance of shares&rdquo;).</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, stockholders have no preemptive rights to subscribe for additional issues of stock or to any security convertible
into such stock unless, and to the extent that, such rights are expressly provided for in the certificate of incorporation.</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 0pt 9.35pt"><B><I>Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Dutch law provides
that dividends may be distributed after adoption of the annual accounts by the general meeting of shareholders from which it appears
that such dividend distribution is allowed. Moreover, dividends may be distributed only to the extent the shareholders&rsquo; equity
exceeds the amount of the paid-up and called-up issued share capital and the reserves that must be maintained under the law or
the Articles of Association. Interim dividends may be declared as provided in the Articles of Association and may be distributed
to the extent that the shareholders&rsquo; equity exceeds the amount of the paid-up and called-up issued share capital plus any
reserves as described above as apparent from our financial statements. Under Dutch law, the Articles of Association may prescribe
that the board of directors decide what portion of the profits are to be held as reserves.</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">Under the Articles of Association, first,
a dividend is paid out of the profit, if available for distribution, on the preferred shares (if applicable). Any amount remaining
out of the profit is carried to reserve as the board of directors determines. After reservation by the board of directors of any
profit, the remaining profit will be at the disposal of the general meeting of shareholders. We only make a distribution of dividends
to our shareholders after the adoption of our annual accounts demonstrating that such distribution is legally permitted. The board
of directors is permitted, subject to certain requirements, to declare interim dividends without the approval of the general meeting
of shareholders.</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">Dividends and other distributions shall
be made payable not later than the date determined by the board of directors. Claims to dividends and other distributions not made
within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will be considered
to have been forfeited to us (<I>verjaring</I>).</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, a Delaware corporation may pay dividends out of its surplus (the excess of net assets over capital), or in case
there is no surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year
(provided that the amount of the capital of the corporation is not less than the aggregate amount of the capital represented by
the issued and outstanding stock of all classes having a preference upon the distribution of assets). In determining the amount
of surplus of a Delaware corporation, the assets of the corporation, including stock of subsidiaries owned by the corporation,
must be valued at their fair market value as determined by the board of directors, without regard to their historical book value.
Dividends may be paid in the form of common stock, property or cash.</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 0pt 9.35pt"><B><I>Shareholder vote on certain reorganizations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
the general meeting of shareholders must approve resolutions of the board of directors relating to a significant change in the
identity or the character of the company or the business of the company, which includes:</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a transfer of the business or virtually the entire business to a third party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the entry into or termination of a long-term cooperation of the company or a subsidiary with another legal entity or company
or as a fully liable partner in a limited partnership or general partnership, if such cooperation or termination is of a far-reaching
significance for the company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the acquisition or divestment by the company or a subsidiary of a participating interest in the capital of a company having
a value of at least one third of the amount of its assets according to its balance sheet and explanatory notes or, if the company
prepares a consolidated balance sheet, according to its consolidated balance sheet and explanatory notes in the last adopted annual
accounts of the company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, the vote of a majority of the outstanding shares of capital stock entitled to vote thereon generally is necessary
to approve a merger or consolidation or the sale of all or substantially all of the assets of a corporation. The Delaware General
Corporation Law permits a corporation to include in its certificate of incorporation a provision requiring for any corporate action
the vote of a larger portion of the stock or of any class or series of stock than would otherwise be required.</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">Under the Delaware General Corporation
Law, no vote of the stockholders of a surviving corporation to a merger is needed, however, unless required by the certificate
of incorporation, if (i) the agreement of merger does not amend in any respect the certificate of incorporation of the surviving
corporation, (ii) the shares of stock of the surviving corporation are not changed in the merger and (iii) the number of shares
of common stock of the surviving corporation into which any other shares, securities or obligations to be issued in the merger
may be converted does not exceed 20% of the surviving corporation&rsquo;s common stock outstanding immediately prior to the effective
date of the merger. In addition, stockholders may not be entitled to vote in certain mergers with other corporations that own 90%
or more of the outstanding shares of each class of stock of such corporation, but the stockholders will be entitled to appraisal
rights.</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 0pt 9.35pt"><B><I>Remuneration of directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law
and our Articles of Association, we must adopt a remuneration policy for our board of directors. Such remuneration policy shall
be adopted by the general meeting of shareholders upon the proposal of the board of directors. The board of directors determines
the remuneration of individual directors with due observance of the remuneration policy. Our executive directors may not participate
in the discussions or decision-making regarding the remuneration of executive directors. A proposal by the board of directors with
respect to remuneration schemes in the form of shares or rights to shares is submitted by the board of directors to the general
meeting of shareholders for its approval. This proposal must set out at least the maximum number of shares or rights to subscribe
for shares to be granted to the board of directors and the criteria for granting or amendment.</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"><I>Delaware</I>. Under the Delaware General
Corporation Law, the stockholders do not generally have the right to approve the compensation policy for directors or the senior
management of the corporation, although certain aspects of executive compensation may be subject to stockholder vote due to the
provisions of U.S. federal securities and tax law, as well as exchange requirements.</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"><B>Code of ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to adopt a code of ethics applicable
to the board of directors and all employees in connection with the consummation of this offering.</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"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply for our common shares
to be listed on NASDAQ under the symbol &ldquo;IFRX.&rdquo;</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"><B>Transfer agent and registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The U.S. transfer agent and registrar
for the common shares is American Stock Transfer &amp; Trust Company. Transfer of record ownership of shares is effected by a
written deed of transfer acknowledged by us, or by our transfer agent and registrar acting as our agent on our behalf, unless
the property law aspects of such shares are governed by the laws of the state of New York as set out below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If and when any of our common shares become
listed on NASDAQ or on any other regulated stock exchange operating in the United States of America, the laws of the state of New
York shall apply to the property law aspects of the common shares reflected in the register administered by our transfer agent.</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"> Material
U.S. Federal Tax Considerations for<BR>
U.S. Holders of Common Shares </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the opinion of Davis Polk &amp; Wardwell
LLP, the following is a description of the material U.S. federal income tax consequences to the U.S. Holders, as defined below,
of owning and disposing of common shares. It does not describe all tax considerations that may be relevant to a particular person&rsquo;s
decision to acquire common shares.</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">This discussion applies only to a U.S.
Holder that holds common shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of
the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder&rsquo;s particular circumstances, including
alternative minimum tax consequences, the potential application of the provisions of the Code known as the Medicare contribution
tax and tax consequences applicable to U.S. Holders subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>certain financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>persons holding common shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated
transaction or persons entering into a constructive sale with respect to the common shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>entities classified as partnerships for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>tax-exempt entities, including an &ldquo;individual retirement account&rdquo; or &ldquo;Roth IRA&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>persons that own or are deemed to own ten percent or more of our voting shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>persons holding common shares in connection with a trade or business conducted outside of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> If an entity that is classified as
a partnership for U.S. federal income tax purposes holds common shares, the U.S. federal income tax treatment of a partner will
depend on the status of the partner and the activities of the partnership. Partnerships holding common shares and partners in
such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing
of the common shares. </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; color: #000033">This discussion is based
on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income
tax treaty between the Netherlands and the United States (the &ldquo;Treaty&rdquo;) all as of the date hereof, any of which is
subject to change or differing interpretations, possibly with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">A &ldquo;U.S. Holder&rdquo;
is a holder who, for U.S. federal income tax purposes, is a beneficial owner of common shares, who is eligible for the benefits
of the Treaty and who is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a citizen or individual resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any
state therein or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #000033">U.S. Holders should consult their tax advisers
concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of common shares in their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #000033">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation of Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As discussed above under &ldquo;Dividend
policy,&rdquo; we do not currently expect to make distributions on our common shares. In the event that we do make distributions
of cash or other property, subject to the passive foreign investment company rules described below, distributions paid on common
shares, other than certain pro rata distributions of common shares, will be treated as dividends to the extent paid out of our
current or accumulated earnings </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> and
profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and
profits under U.S. federal income tax principles, we expect that distributions will be reported to U.S. Holders as dividends.
For so long as our common shares are listed on NASDAQ or another established securities market in the United States or we are
eligible for benefits under the Treaty, dividends paid to certain non-corporate U.S. Holders will be eligible for taxation as
&ldquo;qualified dividend income&rdquo; and therefore, subject to applicable limitations, will be taxable at rates not in excess
of the long-term capital gain rate applicable to such U.S. Holders. U.S. Holders should consult their tax advisers regarding the
availability of the reduced tax rate on dividends in their particular circumstances. The amount of a dividend will include any
amounts withheld by us in respect of German income taxes. The amount of the dividend will be treated as foreign-source dividend
income to U.S. Holders and will not be eligible for the dividends-received deduction available to U.S. corporations under the
Code. Dividends will be included in a U.S. Holder&rsquo;s income on the date of the U.S. Holder&rsquo;s receipt of the dividend.
The amount of any dividend income paid in euros will be the U.S. dollar amount calculated by reference to the exchange rate in
effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars
at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize
foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend
is converted into U.S. dollars after the date of receipt. </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"> Subject to applicable limitations,
some of which vary depending upon the U.S. Holder&rsquo;s particular circumstances, German income taxes withheld from dividends
on common shares at a rate not exceeding the rate provided by the Treaty will be creditable against the U.S. Holder&rsquo;s U.S.
federal income tax liability. German taxes withheld in excess of the rate applicable under the Treaty will not be eligible for
credit against a U.S. Holder&rsquo;s federal income tax liability. The rules governing foreign tax credits are complex and U.S.
Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu
of claiming a foreign tax credit, U.S. Holders may, at their election, deduct foreign taxes, including any German income tax,
in computing their taxable income, subject to applicable limitations under U.S. law. An election to deduct foreign taxes instead
of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year. See &ldquo;Risk factors&mdash;If
we pay dividends, we may need to withhold tax on such dividends in both Germany and the Netherlands.&rdquo; </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"><B><I>Sale or Other Disposition of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Subject to the passive foreign investment
company rules described below, gain or loss realized on the sale or other disposition of common shares will be capital gain or
loss, and will be long-term capital gain or loss if the U.S. Holder held the common shares for more than one year. The amount
of the gain or loss will equal the difference between the U.S. Holder&rsquo;s tax basis in the common shares disposed of and the
amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will be U.S.-source gain or
loss for foreign tax credit purposes, subject to limited exceptions. The deductibility of capital losses is subject to various
limitations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></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"><B><I>Passive Foreign Investment Company Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Under the Code, we will be a PFIC for
any taxable year in which, after the application of certain &ldquo;look-through&rdquo; rules with respect to subsidiaries, either
(i) 75% or more of our gross income consists of &ldquo;passive income,&rdquo; or (ii) 50% or more of the average quarterly value
of our assets consist of assets that produce, or are held for the production of, &ldquo;passive income.&rdquo; For purposes of
the above calculations, we will be treated as if we hold our proportionate share of the assets of, and receive directly our proportionate
share of the income of, any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of
such corporation. Passive income includes, among other things, interest, dividends, rents, certain non-active royalties and capital
gains. Based on our current operations, income, assets and certain estimates and projections, including as to the relative values
of our assets and the treatment of our grants received as gross income that is not passive income, we do not expect to be a PFIC
for our 2017 taxable year. However, there can be no assurance that the IRS will agree with our conclusion. In addition, whether
we will be a PFIC in 2017 or any future years is uncertain because, among other things, (i) we currently own, and will own after
the completion of this offering, a substantial amount of passive assets, including cash, (ii) the valuation of our assets that
generate non-passive income for PFIC purposes, including our intangible assets, is uncertain and may vary substantially over time,
(iii) the treatment of grants as income for U.S. federal </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"> income
tax purposes is unclear, and (iv) the composition of our income may vary substantially over time. Accordingly, there can be no
assurance that we will not be a PFIC for any taxable year. If we are a PFIC for any year during which a U.S. Holder holds common
shares, we would continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S.
Holder holds common shares, even if we ceased to meet the threshold requirements for PFIC status, unless certain exceptions apply. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we were a PFIC for any taxable year
during which a U.S. Holder held common shares (assuming such U.S. Holder has not made a timely mark-to-market election, as described
below), gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the common shares would
be allocated ratably over the U.S. Holder&rsquo;s holding period for the common shares. The amounts allocated to the taxable year
of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated
to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate,
for that taxable year, and an interest charge would be imposed on the amount allocated to that taxable year. Further, to the extent
that any distribution received by a U.S. Holder on its common shares exceeds 125% of the average of the annual distributions on
the common shares received during the preceding three years or the U.S. Holder&rsquo;s holding period, whichever is shorter, that
distribution would be subject to taxation in the same manner as gain, described immediately above.</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"> A U.S. Holder can avoid certain of
the adverse rules described above by making a mark-to-market election with respect to its common shares, provided that the common
shares are &ldquo;marketable.&rdquo; Common shares will be marketable if they are &ldquo;regularly traded&rdquo; on a &ldquo;qualified
exchange&rdquo; or other market within the meaning of applicable Treasury regulations. If a U.S. Holder makes the mark-to-market
election, it will recognize as ordinary income any excess of the fair market value of the common shares at the end of each taxable
year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of
the common shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income
previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, the holder&rsquo;s tax basis
in the common shares will be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other
disposition of common shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an
ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). </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">In addition, in order to avoid the application
of the foregoing rules, a United States person that owns stock in a PFIC for U.S. federal income tax purposes may make a QEF Election
with respect to such PFIC if the PFIC provides the information necessary for such election to be made. If a United States person
makes a QEF Election with respect to a PFIC, the United States person will be currently taxable on its pro rata share of the PFIC&rsquo;s
ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each taxable year that the
entity is classified as a PFIC and will not be required to include such amounts in income when actually distributed by the PFIC.
We do not intend to provide information necessary for U.S. Holders to make QEF Elections.</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">In addition, if we were a PFIC or, with
respect to a particular U.S. Holder, were treated as a PFIC for the taxable year in which we paid a dividend or for the prior taxable
year, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would
not apply.</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"> If a U.S. Holder owns common shares
during any year in which we are a PFIC, subject to limited exceptions, the holder must file annual reports containing such information
as the U.S. Treasury may require on IRS Form 8621 (or any successor form) with respect to us, with the holder&rsquo;s federal
income tax return for that year. </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.S. Holders should consult their tax advisers
concerning our potential PFIC status and the potential application of the PFIC rules.</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"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries are subject to information reporting,
and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the
case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject
to backup withholding. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amount of any backup withholding from
a payment to a U.S. Holder will be allowed as a credit against the holder&rsquo;s U.S. federal income tax liability and may entitle
it to a refund, provided that the required information is timely furnished to the IRS.</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"><B><I>Information With Respect to Foreign Financial Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain U.S. Holders who are individuals
(and, under proposed regulations, certain entities) may be required to report information relating to an interest in our common
shares, subject to certain exceptions (including an exception for common shares held in accounts maintained by certain U.S. financial
institutions). U.S. Holders should consult their tax advisers regarding the effect, if any, of this legislation on their ownership
and disposition of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"> Dutch
Tax Considerations </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following is a general summary
of material Dutch tax consequences of the acquisition, ownership and disposal of our common shares. This summary does not purport
to describe all possible tax considerations or consequences that may be relevant to all categories of investors, some of which
may be subject to special treatment under applicable law (such as trusts or other similar arrangements), and in view of its general
nature, it should be treated with corresponding caution. To the extent this summary relates to legal conclusions under current
Dutch tax law, and subject to the qualifications it contains, it represents the opinion of NautaDutilh N.V., our special Dutch
counsel. Holders should consult with their tax advisors with regard to the tax consequences of investing in the common shares
in their particular circumstances. The discussion below is included for general information purposes only. </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">Please note that this summary does not
describe the tax considerations for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD> holders of
                                         common shares if such holders, and in the case of individuals, his/her partner or certain
                                         of their relatives by blood or marriage in the direct line (including foster children),
                                         have a substantial interest or deemed substantial interest in us under the Dutch Income
                                         Tax Act 2001 (<I>Wet inkomstenbelasting 2001</I>). A holder of securities in a company
                                         is considered to hold a substantial interest in such company if such holder alone or,
                                         in the case of individuals, together with his/her partner (statutorily defined term),
                                         directly or indirectly holds (i) an interest of 5% or more of the total issued and outstanding
                                         capital of that company or of 5% or more of the issued and outstanding capital of a certain
                                         class of shares of that company; or (ii) rights to acquire, directly or indirectly, such
                                         interest; or (iii) certain profit sharing rights in that company that relate to 5% or
                                         more of the company&rsquo;s annual profits and/or to 5% or more of the company&rsquo;s
                                         liquidation proceeds. A deemed substantial interest may arise if a substantial interest
                                         (or part thereof) in a company has been disposed of, or is deemed to have been disposed
                                         of, on a non-recognition basis; </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD> a holder of
                                         common shares that is not an individual for which its shareholdings qualify or qualified
                                         as a participation or are subject to the participation credit for purposes of the Dutch
                                         Corporate Income Tax Act 1969 (<I>Wet op de vennootschapsbelasting 1969</I>). A taxpayer&rsquo;s
                                         shareholding of 5% or more in a company&rsquo;s nominal paid-up share capital qualifies
                                         as a participation. A holder may also have a participation if such holder does not have
                                         a 5% shareholding but a related entity (statutorily defined term) has a participation
                                         or if the company in which the shares are held is a related entity (statutorily defined
                                         term); </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>holders of common shares who are individuals for whom the common shares or any benefit derived from the common shares are a
remuneration or deemed to be a remuneration for (employment) activities performed by such holders or certain individuals related
to such holders (as defined in the Dutch Income Tax Act 2001); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>pension funds, investment institutions (<I>fiscale beleggingsinstellingen</I>), exempt investment institutions (<I>vrijgestelde
beleggingsinstellingen</I>) and other entities that are, in whole or in part, not subject to or exempt from corporate income tax
in the Netherlands, as well as entities that are exempt from corporate income tax in their country of residence, such country of
residence being another state of the European Union, Norway, Liechtenstein, Iceland or any other state with which the Netherlands
have agreed to exchange information in line with international standards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise indicated, this summary
only addresses Dutch national tax legislation and published regulations, whereby the Netherlands and Dutch law means the part of
the Kingdom of the Netherlands located in Europe and its law respectively, as in effect on the date hereof and as interpreted in
published case law until this date as available in printed form, without prejudice to any amendment introduced (or to become effective)
at a later date and/or implemented with or without retroactive effect. The applicable tax laws or interpretations thereof may change,
or the relevant facts and circumstances may change, and such changes may affect the contents of this section, which will not be
updated to reflect any such changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividend withholding tax </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We are required to withhold Dutch dividend
withholding tax at a rate of 15 % from dividends distributed by us (which withholding tax will not be borne by us, but will be
withheld by us from the gross dividends paid on the common shares). However, as long as we continue to have our place of management
in Germany, and not in the Netherlands, under the Convention between the Federal Republic of Germany and the Netherlands for the
avoidance of double taxation with respect to taxes on income of 2012, we will be considered to be exclusively tax resident in
Germany and we should not be required to withhold Dutch dividend withholding tax. This exemption from withholding does not apply
to dividends distributed by us to a holder who is resident or deemed to be resident in the Dutch for Dutch income tax purposes
or Dutch corporation tax purposes or to holders of common shares that are neither resident nor deemed to be resident of the Netherlands
if the common shares are attributable to a Dutch permanent establishment of such non-resident holder, in which events the following
applies. See &ldquo;Risk factors&mdash;If we pay dividends, we may need to withhold tax on such dividends in both Germany and
the Netherlands.&rdquo; </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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt"> Dividends distributed by us to individuals
and corporate legal entities who are resident or deemed to be resident in the Netherlands for Dutch tax purposes (&ldquo;Dutch
Resident Individuals&rdquo; and &ldquo;Dutch Resident Entities&rdquo; as the case may be) or to holders of common shares that
are neither resident nor deemed to be resident of the Netherlands if the common shares are attributable to a Dutch permanent establishment
of such non-resident holder are subject to Dutch dividend withholding tax at a rate of 15%. The expression &ldquo;dividends distributed&rdquo;
includes, among other things: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>distributions in cash or in kind, deemed and constructive distributions and repayments of paid-in capital not recognized for
Dutch dividend withholding tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>liquidation proceeds, proceeds of redemption of shares, or proceeds of the repurchase of shares by us or one of our subsidiaries
or other affiliated entities to the extent such proceeds exceed the average paid-in capital of those shares as recognized for purposes
of Dutch dividend withholding tax, unless, in case of a repurchase, a particular statutory exemption applies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>an amount equal to the par value of shares issued or an increase of the par value of shares, to the extent that it does not
appear that a contribution, recognized for purposes of Dutch dividend withholding tax, has been made or will be made; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>partial repayment of the paid-in capital, recognized for purposes of Dutch dividend withholding tax, if and to the extent that
we have net profits (zuivere winst), unless the holders of shares have resolved in advance at a general meeting to make such repayment
and the par value of the shares concerned has been reduced by an equal amount by way of an amendment of our articles of association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt"> Dutch Resident Individuals and Dutch
Resident Entities can generally credit the Dutch dividend withholding tax against their income tax or corporate income tax liability.
The same applies to holders of shares that are neither resident nor deemed to be resident of the Netherlands if the shares are
attributable to a Dutch permanent establishment of such non-resident holder. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt"> Pursuant to legislation to counteract
&ldquo;dividend stripping,&rdquo; a reduction, exemption, credit or refund of Dutch dividend withholding tax is denied if the
recipient of the dividend is not the beneficial owner as described in the Dutch Dividend Withholding Tax Act 1965. This legislation
targets situations in which a shareholder retains its economic interest in shares but reduces the withholding tax costs on dividends
by a transaction with another party. It is not required for these rules to apply that the recipient of the dividends is aware
that a dividend stripping transaction took place. The Dutch State Secretary of Finance takes the position that the definition
of beneficial ownership introduced by this legislation will also apply in the context of a double taxation convention. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxes on income and capital gains </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"><I>Dutch Resident Individuals </I></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: 0.25in">If a holder of common shares is a Dutch
Resident Individual, any benefit derived or deemed to be derived from the shares is taxable at the progressive income tax rates
(with a maximum of 52%, rate for 2017), if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the shares are attributable to an enterprise from which the Dutch Resident Individual derives a share of the profit, whether
as an entrepreneur or as a person who has a co-entitlement to the net worth (<I>medegerechtigd </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<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: 0.25in"></TD><TD STYLE="width: 0.25in">&nbsp;</TD><TD><I>tot het vermogen</I>) of such enterprise, without being an entrepreneur or a shareholder in such enterprise, as defined in the
Dutch Income Tax Act 2001; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the holder of the shares is considered to perform activities with respect to the shares that go beyond ordinary asset management
(<I>normaal, actief vermogensbeheer</I>) or derives benefits from the shares that are taxable as benefits from other activities
(<I>resultaat uit overige werkzaamheden</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the above-mentioned conditions (i) and
(ii) do not apply to the individual holder of common shares, such holder will be taxed annually on a deemed, variable return (with
a maximum of, currently, 5.39%) of his or her net investment assets for the year at an income tax rate of 30%.</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">The net investment assets for the year
are the fair market value of the investment assets less the allowable liabilities on January 1 of the relevant calendar year. The
common shares are included as investment assets. A tax free allowance may be available. Actual income, gains or losses in respect
of the common shares are as such not subject to Dutch income tax. For the net investment assets on January 1, 2017, a deemed return
between 2.87% and 5.39% (depending on the amount of such holder's net investments assets on January 1, 2017) will be applied. The
deemed, variable return will be adjusted annually.</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"><I>Dutch Resident Entities </I></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: 0.25in"> Any benefit derived or deemed to be
derived from the shares held by Dutch Resident Entities, including any capital gains realized on the disposal thereof, will be
subject to Dutch corporate income tax at a rate of 25% (a corporate income tax rate of 20% applies with respect to taxable profits
up to &euro;200,000, rates for 2017). </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"><I>Non-residents of the Netherlands </I></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: 0.25in">A holder of shares that is neither a Dutch
Resident Individual nor a Dutch Resident Entity will not be subject to Dutch taxes on income or on capital gains in respect of
any payment under shares or any gain realized on the disposal or deemed disposal of the shares, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>such holder does not have an interest in an enterprise or a deemed enterprise (statutorily defined term) which, in whole or
in part, is either effectively managed in the Netherlands or is carried out through a permanent establishment, a deemed permanent
establishment or a permanent representative in the Netherlands and to which enterprise or part of an enterprise the shares are
attributable; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>in the event such holder is an individual, such holder does not carry out any activities in the Netherlands with respect to
the shares that go beyond ordinary asset management and does not derive benefits from the shares that are taxable as benefits from
other activities in the Netherlands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Gift and inheritance taxes </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"><I>Residents of the Netherlands </I></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: 0.25in">Gift and inheritance taxes will arise in
the Netherlands with respect to a transfer of the shares by way of a gift by, or on the death of, a holder of shares who is resident
or deemed to be resident in the Netherlands at the time of the gift or his/her death.</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"><I>Non-residents of the Netherlands </I></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: 0.25in">No Dutch gift or inheritance taxes will
arise on the transfer of the shares by way of gift by, or on the death of, a holder of shares who is neither resident nor deemed
to be resident in the Netherlands, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>in the case of a gift of shares by an individual who at the date of the gift was neither resident nor deemed to be resident
in the Netherlands, such individual dies within 180 days after the date of the gift, while being resident or deemed to be resident
in the Netherlands; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the transfer is otherwise construed as a gift or inheritance made by, or on behalf of, a person who, at the time of the gift
or death, is or is deemed to be resident in the Netherlands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of Dutch gift and inheritance
taxes, amongst others, a person that holds the Dutch nationality will be deemed to be resident in the Netherlands if such person
has been resident in the Netherlands at any time during</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">the ten years preceding the date of the
gift or his/her death. Additionally, for purposes of Dutch gift tax, amongst others, a person not holding the Dutch nationality
will be deemed to be resident in the Netherlands if such person has been resident in the Netherlands at any time during the twelve
months preceding the date of the gift. Applicable tax treaties may override deemed residency.</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"><B>Other taxes and duties </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No Dutch value added tax (<I>omzetbelasting</I>)
and no Dutch registration tax, stamp duty or any other similar documentary tax or duty will be payable by a holder of shares on
any payment in consideration for the acquisition, ownership or disposal of the shares (other than a payment for financial services
that are not exempt from Dutch value added tax and that are rendered to the holder shares that is resident in Netherlands for Dutch
tax purposes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">German Tax
Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The
following section describes the material German tax  considerations that may become relevant when holding or transferring the
Company&rsquo;s shares. Assumption is made that the Company will have its place of management in Germany and should,
therefore, qualify as a corporation subject to German unlimited income taxation. This section is not meant to be a
comprehensive or complete description of all German tax aspects that may be relevant for shareholders. The summary is based
on the German tax law applicable as of the date of this Prospectus. It should be noted that the law may change following the
issuance of this Prospectus and that such changes may have retroactive effect. </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; text-indent: 0.25in"> The material German
tax principles of purchasing, owning and transferring of shares are described in the following. This discussion is intended only
as a descriptive summary and does not purport to be a comprehensive or complete analysis or listing of all potential tax effects
of the purchase, ownership or disposition of shares. All of the following is subject to change. Such changes could apply retroactively
and could affect the consequences described below. This summary does not refer to any foreign account tax compliance act (FATCA)
aspects. </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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Shareholders are advised
to consult their own tax advisers with regard to the application of German tax law to their particular situations, in particular
with respect to the procedure to be complied with to obtain a relief of withholding tax on dividends and on capital gains (<I>Kapitalertragsteuer</I>)
and with respect to the influence of double tax treaty provisions, as well as any tax consequences arising under the laws of any
state, local or other foreign jurisdiction. For German tax purposes, a shareholder may include an individual who or an entity that
does not have the legal title to the shares, but to whom nevertheless the shares are attributed, based either on such individual
or entity owning a beneficial interest in the shares or based on specific statutory provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary does not
constitute a legal opinion or tax advice. Potential purchasers of the Company&rsquo;s shares are urged to consult their own tax
advisers regarding the tax consequences of the purchase, ownership and disposition of shares in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Taxation of dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Withholding tax on dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Dividends distributed
from a company to its shareholders are subject to withholding tax, subject to certain exemptions (for example, repayments of capital
from the tax equity account (<I>steuerliches Einlagekonto</I>)), as the case may be. The withholding tax rate is 25% plus 5.5%
solidarity surcharge (<I>Solidarit&auml;tszuschlag</I>) thereon (in total 26.375%) of the gross dividend approved by the ordinary
shareholders&rsquo; meeting. Withholding tax is to be withheld and passed on for the account of the shareholders by a domestic
branch of a domestic or foreign credit or financial services institution (<I>Kredit- und Finanzdienstleistungsinstitut</I>), by
the domestic securities trading company (<I>inl&auml;ndisches Wertpapierhandelsunternehmen</I>) or a domestic securities trading
bank (<I>inl&auml;ndische Wertpapierhandelsbank</I>) which keeps and administers the shares and disburses or credits the dividends
or disburses the dividends to a foreign agent, or by the securities custodian bank (<I>Wertpapiersammelbank</I>) to which the
shares were entrusted for collective custody if the dividends are distributed to a foreign agent by such securities custodian
bank (which is referred to as the <I>&ldquo;</I>Dividend Paying Agent&rdquo;). In case the shares are not held in collective deposit
with a Dividend Paying Agent, the Company is responsible for withholding and remitting the tax to the competent tax office. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In principle, such
withholding tax is levied and withheld irrespective of whether and to what extent the dividend distribution is taxable at the level
of the shareholder and whether the shareholder is a person residing in Germany or in a foreign country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of dividends
distributed to a company within the meaning of Art. 2 of the amended EU Directive 2011/96/EU of the Council of November 30, 2011
(&ldquo;EU Parent Subsidiary Directive&rdquo;) domiciled in another Member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State of the European Union, an exemption
from withholding tax will be granted upon request if further prerequisites are satisfied <I>(Freistellung im Steuerabzugsverfahren).
</I>This also applies to dividends distributed to a permanent establishment located in another Member State of the European Union
of such a parent company or of a parent company tax resident in Germany if the participation in the Company is effectively connected
with this permanent establishment. The key prerequisite for the application of the EU Parent Subsidiary Directive is that the shareholder
has held a direct participation in the share capital of the Company of at least 10 % for at least one year. In certain other cases,
companies domiciled in another European Union or European Economic Area Member State may be entitled to a refund of withholding
tax, although the minimum holding requirements of the EU Parent Subsidiary Directive are not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The withholding
tax on distributions to other foreign resident shareholders is reduced in accordance with a double taxation treaty if Germany
has concluded such double taxation treaty with the country of residence of the shareholder and if the shareholder does not hold
his shares either as part of the assets of a permanent establishment or a fixed place of business in Germany or as business assets
for which a permanent representative has been appointed in Germany. The reduction of the withholding tax should be procedurally
granted in such a manner that the difference between the total amount withheld, including the solidarity surcharge, and the tax
liability determined on the basis of the tax rate set forth in the applicable double taxation treaty (15% unless further qualifications
are met) is refunded by the German tax administration upon request (Federal Central Office for Taxes <I>(Bundeszentralamt f&uuml;r
Steuern),</I> main office in Bonn-Beuel, An der K&uuml;ppe 1, D-53225 Bonn). </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; text-align: justify; text-indent: 0.25in"> In the case of
dividends received by corporations whose statutory seat and effective place of management are not located in Germany and who are
therefore not tax resident in Germany, two-fifths of the withholding tax deducted and remitted should be refunded in principle
without the need to fulfill all prerequisites required for such refund under the EU Parent Subsidiary Directive or under a double
taxation treaty or if no double taxation treaty has been concluded between the state of residence of the shareholder. </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; text-align: justify; text-indent: 0.25in"> In order to receive
a refund pursuant to a double taxation treaty or the aforementioned option for foreign corporations, the shareholder has to submit
a completed form for refund (available at the Federal Central Office for Taxes (<FONT STYLE="color: black"><U>http://www.bzst.de</U></FONT>)
as well as at the German embassies and consulates) together with a withholding tax certificate (<I>Kapitalertragsteuerbescheinigung</I>)
issued by the institution that withheld the tax. </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; text-align: justify"></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; text-align: justify; text-indent: 0.25in">The exemption from
withholding tax in accordance with the EU Parent Subsidiary Directive or a double tax treaty and the aforementioned options for
a refund of the withholding tax (with or without protection under a double taxation treaty) depend on whether certain additional
prerequisites (in particular so-called substance requirements) are fulfilled. The applicable withholding tax relief will only be
granted if the preconditions of the German anti avoidance rules (so called Directive Override or Treaty Override), in particular
Section&nbsp;50d paragraph&nbsp;3 German Income Tax Act (<I>Einkommensteuergesetz</I>) are fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The aforementioned
reductions of (or exemptions from) withholding tax are further restricted if (i) the applicable double taxation treaty provides
for a tax reduction resulting in an applicable tax rate of less than 15 % and (ii) the shareholder is not a corporation that directly
holds at least 10 % in the equity capital of the Company and is subject to tax on its income and profits in its state of residence
without being exempt. In this case, the reduction of (or exemption from) withholding tax is subject to the following three cumulative
prerequisites: (i) the shareholder must qualify as beneficial owner of the shares in the Company for a minimum holding period of
45 consecutive days occurring within a period of 45 days prior and 45 days after the due date of the dividends, (ii) the shareholder
has to bear at least 70 % of the change in value risk related to the shares in the Company during the minimum holding period without
being directly or indirectly hedged, and (iii) the shareholder must not be required to fully or largely compensate directly or
indirectly the dividends to third parties. However, these further prerequisites do not apply if the shareholder has been the beneficial
owner of the shares in the Company for at least one uninterrupted year upon receipt of the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> For individual or corporate shareholders
tax resident outside Germany not holding the shares through a permanent establishment (<I>Betriebsst&auml;tte</I>) in Germany
or as business assets (<I>Betriebsverm&ouml;gen</I>) for which a permanent representative (<I>st&auml;ndiger Vertreter</I>) has
been appointed in Germany, the remaining and paid withholding tax (if any) should be final (i.e. not refundable) and, in principle,
settles the shareholder's limited tax liability in Germany. For individual or corporate shareholders tax resident in Germany (that
are, for example, shareholders whose residence, </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> domicile, registered office or place
of management is located in Germany) holding their shares as business assets, as well as for shareholders tax resident outside
of Germany holding their shares through a permanent establishment in Germany or as business assets for which a permanent representative
has been appointed in Germany, the withholding tax withheld (including solidarity surcharge) should be credited against the shareholder&rsquo;s
personal income tax or corporate income tax liability in Germany. Any withholding tax (including solidarity surcharge) in excess
of such tax liability is refunded. For individual shareholders tax resident in Germany holding the Company&rsquo;s shares as private
assets, the withholding tax is, in principle, a final tax (<I>Abgeltungsteuer</I>), subject to certain exceptions, as described
in the following section. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Pursuant to
special rules on the restriction of withholding tax credit, the credit of withholding tax is subject to the following three
cumulative prerequisites: (i) the shareholder must qualify as beneficial owner of the shares in the Company for a minimum
holding period of 45 consecutive days occurring within a period of 45 days prior and 45 days after the due date of the
dividends, (ii) the shareholder has to bear at least 70% of the change in value risk related to the shares in the Company
during the minimum holding period without being directly or indirectly hedged, and (iii) the shareholder must not be required
to fully or largely compensate directly or indirectly the dividends to third parties. Absent the fulfillment of all of the
three prerequisites, three fifths of the withholding tax imposed on the dividends must not be credited against the
shareholder's (corporate) income tax liability, but may, upon application, be deducted from the shareholder's tax base for
the relevant assessment period. A shareholder that has received gross dividends without any deduction of withholding tax due
to a tax exemption without qualifying for a full tax credit has to notify the competent local tax office accordingly and has
to make a payment in the amount of the omitted withholding tax deduction. The special rules on the restriction of withholding
tax credit do not apply to a shareholder whose overall dividend earnings within an assessment period do not exceed
&euro;20,000 or that has been the beneficial owner of the shares in the Company for at least one uninterrupted year upon
receipt of the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as private assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> For individual
shareholders (individuals) resident in Germany holding the Company&rsquo;s shares as private assets, dividends are subject to
a flat rate tax which is in principle satisfied by the withholding tax actually withheld (<I>Abgeltungsteuer</I>). Accordingly,
dividend income will be taxed at a flat tax rate of 25% plus 5.5% solidarity surcharge thereon (in total 26.375%) and, as the
case may be, church tax. An automatic procedure for deduction of church tax by way of withholding will apply to shareholders being
subject to church tax unless the shareholder has filed a blocking notice (<I>Sperrvermerk</I>) with the German Federal Tax Office
(details related to the computation of the concrete tax rate including church tax are to be discussed with the individual tax
adviser of the relevant shareholder). Except for an annual lump sum savings allowance (<I>Sparer-Pauschbetrag</I>) of up to &euro;801
(for individual filers) or up to &euro;1,602 (for married couples and for partners in accordance with the registered partnership
law (<I>Gesetz &uuml;ber die Eingetragene Lebenspartnerschaft</I>) filing jointly), private individual shareholders will not be
entitled to deduct expenses incurred in connection with the capital investment from their dividend income. </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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The income tax owed
for the dividend income is in general satisfied by the withholding tax withheld by the Dividend Paying Agent. However, there are
certain exceptions, according to which the final withholding tax is not applicable. <I>Inter alia</I>, if the flat tax results
in a higher tax burden as opposed to the private shareholder&rsquo;s individual tax rate, the private shareholder may opt for taxation
at his individual personal income tax rate. In that case, the final withholding tax will be credited against the income tax. However,
pursuant to the German tax authorities and a court ruling, private shareholders are nevertheless not entitled to deduct expenses
incurred in connection with the capital investment from their income, different views are taken by scholars in this respect. The
option may be exercised only for all capital income from capital investments received in the relevant assessment period uniformly
and married couples as well as partners in accordance with the registered partnership law filing jointly may only jointly exercise
the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Exceptions from the
flat rate tax (satisfied by withholding at source) (<I>Abgeltungsteuer</I>) may apply&mdash;that is,&nbsp;only upon application&mdash;for
shareholders who have a shareholding of at least 25% in a company and for shareholders who have a shareholding of at least 1% in
the Company and work for a company in a professional capacity. In such a case, the same rules apply as for sole proprietors holding
the shares as business assets (see below <I>&ldquo;&mdash;</I>Taxation of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets&mdash;Sole proprietors&rdquo;).</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"><I>Taxation of dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a shareholder holds
the Company&rsquo;s shares as business assets, the taxation of the dividend income depends on whether the respective shareholder
is a corporation, a sole proprietor or a partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Dividend income
of corporate shareholders should be exempt from corporate income tax, provided that the incorporated entity holds a direct participation
of at least 10% in the share capital of a company at the beginning of the calendar year in which the dividends are paid. The acquisition
of a participation of at least 10% in the course of a calendar year is deemed to have occurred at the beginning of such calendar
year for the purpose of this rule. Participations in the share capital of the Company which a corporate shareholder holds through
a partnership, including co-entrepreneurships (<I>Mitunternehmerschaften</I>), are attributable to such corporate shareholder
only on a pro rata basis at the ratio of the interest share of the corporate shareholder in the assets of the relevant partnership.
However, 5% of the tax exempt dividends are deemed to be non-deductible business expenses for tax purposes and therefore are subject
to corporate income tax (plus solidarity surcharge) and trade tax; i.e.&nbsp;tax exemption of 95%. Business expenses incurred
in connection with the dividends received are entirely tax deductible. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For trade tax purposes
the entire dividend income is subject to trade tax (i.e.&nbsp;the tax exempt dividends must be added back when determining the
trade taxable income), unless the corporation shareholder holds at least 15% of the Company&rsquo;s registered share capital at
the beginning of the relevant tax assessment period (<I>Erhebungszeitraum</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> If the shareholding
is below 10% in the share capital, dividends should be taxable at the applicable corporate income tax rate of 15% plus 5.5% solidarity
surcharge thereon and trade tax (the rate of which depends on the municipalities the corporate shareholder resides in). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special regulations
may apply which may abolish the 95% tax exemption, if the Company&rsquo;s shares are held by a credit institution, a financial
service institution or a financial enterprise within the meaning of the German Banking Act (<I>Kreditwesengesetz</I>) as well as
by a life insurance company, a health insurance company or a pension fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sole proprietors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For sole proprietors
(individuals) resident in Germany holding shares as business assets dividends are subject to the partial income rule (<I>Teileink&uuml;nfteverfahren</I>).
Accordingly, only (i) 60% of the dividend income will be taxed at his /her individual personal income tax rate plus 5.5% solidarity
surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible
for tax purposes. In addition, the dividend income is entirely subject to trade tax if the shares are held as business assets of
a permanent establishment in Germany within the meaning of the German Trade Tax Act (<I>Gewerbesteuergesetz</I>), unless the shareholder
holds at least 15% of the Company&rsquo;s registered share capital at the beginning of the relevant assessment period. The trade
tax levied, depending on the applicable municipal trade tax rate and the individual tax situation, may partly or entirely be credited
against the shareholder&rsquo;s personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Partnerships</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case shares are
held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax. In this regard, corporate
income tax or personal income tax (and church tax, if applicable) as well as solidarity surcharge are levied only at the level
of the partner with respect to their relevant part of the profit and depending on their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is a
corporation, the dividend income will be subject to corporate income tax plus solidarity surcharge (see &ldquo;<I>&mdash;</I>Corporations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> If the partner
is a sole proprietor (individual), the dividend income will be subject to the partial income rule (see &ldquo;&mdash;Sole proprietors&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The dividend income
is subject to trade tax at the level of the partnership (provided that the partnership is liable to trade tax), unless the partnership
holds at least 15% of a company&rsquo;s registered share capital at the beginning of the relevant assessment period, in which
case the dividend income is exempt from trade tax. However, if and to the extent a corporation is partner, the tax base is only
reduced to 5%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a partner is an
individual, depending on the applicable municipal trade tax rate and the individual tax situation, the trade tax paid at the level
of the partnership may partly or entirely be credited against the partner&rsquo;s personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case of a corporation
being a partner, special regulations will apply with respect to credit institutions, financial service institutions or financial
enterprises within the meaning of the German Banking Act (<I>Kreditwesengesetz</I>) or life insurance companies, health insurance
companies or pension funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Thus, the actual
trade tax charge, if any, at the level of the partnership depends on the shareholding quota of the partnership and the nature
of the partners (e.g. individual or corporation). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of dividend income of shareholders tax resident
outside of Germany</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For foreign individual
or corporate shareholders tax resident outside of Germany not holding the shares through a permanent establishment in Germany or
as business assets for which a permanent representative has been appointed in Germany, the deducted withholding tax (possibly reduced
by way of a tax relief under a double tax treaty or domestic tax law, such as in connection with the EU Parent Subsidiary Directive)
is final (that is, not refundable) and, in principle, settles the shareholder's limited tax liability in Germany. In some cases,
the shareholder is entitled to apply for a withholding tax refund or exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In contrast, individual
or corporate shareholders tax resident outside of Germany holding the Company&rsquo;s shares through a permanent establishment
in Germany or as business assets for which a permanent representative has been appointed in Germany are subject to the same rules
as applicable (and described above) to shareholders resident in Germany holding the shares as business assets. The withholding
tax withheld (including solidarity surcharge) is credited against the shareholder&rsquo;s personal income tax or corporate income
tax liability in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of capital gains</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"><I>Withholding tax on capital gains</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Capital gains
realized on the disposal of shares are only subject to withholding tax in certain limited cases and if a German branch of a German
or foreign credit or financial institution, a German securities trading Company or a German securities trading bank stores or
administrates or carries out the sale of the shares and pays or credits the capital gains. In those cases the institution (and
not the company) is required to deduct the withholding tax at the time of payment for the account of the shareholder and has to
pay the withholding tax to the competent tax authority. In case the shares in InflaRx N.V. are held (i) as business assets by
a sole proprietor, a partnership or a corporation and such shares are attributable to a German permanent establishment or (ii)
in case of a corporation being subject to unlimited corporate income tax liability in Germany, the capital gains are not subject
to withholding tax. In case of (i), the withholding tax exemption is subject to the condition that the paying agent has been notified
by the beneficiary (<I>Gl&auml;ubiger</I>) that the capital gains are exempt from withholding tax. The respective notification
has to be filed by using the officially prescribed form. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
in Germany holding shares as private assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For individual shareholders
(natural persons) resident in Germany holding shares as private assets, capital gains realized on the disposal of shares are in
principle subject to final withholding tax. Accordingly, capital gains will be taxed at a flat tax rate of 25% plus 5.5% solidarity
surcharge thereon (in total 26.375%) and, as the case may be, church tax. An automatic procedure for deduction of church tax by
way of withholding will apply to shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">being subject to church tax unless the
shareholder has filed a blocking notice (<I>Sperrvermerk</I>) with the German Federal Tax Office (details related to the computation
of the concrete tax rate including church tax are to be discussed with the individual tax adviser of the relevant shareholder).
The taxable capital gain is calculated by deducting the acquisition costs of the shares and the expenses directly related to the
disposal from the proceeds of the disposal. Apart from that, except for an annual lump sum savings allowance (<I>Sparer- Pauschbetrag</I>)
of up to &euro;801 (for individual filers) or up to &euro;1,602 (for married couples and for partners in accordance with the registered
partnership law (<I>Gesetz &uuml;ber die Eingetragene Lebenspartnerschaft</I>) filing jointly), private individual shareholders
will not be entitled to deduct expenses incurred in connection with the capital investment from their capital gain.</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; text-indent: 0.25in">There are certain exceptions
according to which the final withholding tax is not applicable. Among other things, if the flat tax results in a higher tax burden
as opposed to the private shareholder&rsquo;s individual tax rate the private shareholder may opt for taxation at his individual
personal income tax rate. In that case, the withholding tax (including solidarity surcharge) withheld will be credited against
the income tax. However, pursuant to the German tax authorities the private shareholders are nevertheless not entitled to deduct
expenses incurred in connection with the capital investment from their income, different views are taken by scholars in this respect.
The option may be exercised only for all capital income from capital investments received in the relevant assessment period uniformly
and married couples as well as for partners in accordance with the registered partnership law filing jointly may only jointly exercise
the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital losses arising
from the sale of the shares may only be offset against other capital gains resulting from the disposition of the shares or shares
in other stock corporations during the same calendar year. Offsetting of overall losses with other income (such as business or
rental income) and other capital income is not possible. Such losses are to be carried forward and to be offset against positive
capital gains deriving from the sale of shares in stock corporations in future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The final withholding
tax will not apply if the seller of the shares or in case of gratuitous transfer, its legal predecessor has held, directly or indirectly,
at least 1% of the Company&rsquo;s registered share capital at any time during the five years prior to the disposal. In that case
capital gains are subject to the partial income rule. Accordingly, only (i) 60% of the capital gains will be taxed at his individual
personal income tax rate plus 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses
related to the capital gains are deductible for tax purposes. The withholding tax withheld (including solidarity surcharge) will
be credited against the shareholder&rsquo;s personal income tax liability in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a shareholder holds
shares as business assets, the taxation of capital gains realized on the disposal of such shares depends on whether the respective
shareholder is a corporation, a sole proprietor or a partnership:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Capital gains
realized on the disposal of shares by a corporate shareholder are in principle exempt from corporate income tax and trade tax.
However, 5% of the tax exempt capital gains are deemed to be non-deductible business expenses for tax purposes and therefore are
subject to corporate income tax (plus solidarity surcharge) and trade tax; i.e.&nbsp;tax exemption of 95%. Business expenses incurred
in connection with the capital gains are entirely tax deductible. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Investors should
note that there is a political discussion pending pursuant to which a capital gain derived by a corporate shareholder from the
disposal of shares shall no longer be effectively 95% exempt from corporate income tax (and solidarity surcharge) and trade tax
if the corporate shareholder holds less than 10% in the registered share capital of a company. At the time of this Prospectus,
details have not yet been made available. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital losses incurred
upon the disposal of shares or other impairments of the share value are not tax deductible. A reduction of profit is also defined
as any losses incurred in connection with a loan or security in the event the loan or the security is granted by a shareholder
or by a related party thereto or by a third person with the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">right of recourse against the before mentioned
persons and the shareholder holds directly or indirectly more than 25% of the company&rsquo;s registered share capital.</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; text-indent: 0.25in">Special regulations
may apply, if the shares are held by a credit institution, a financial service institution or a financial enterprise within the
meaning of the German Banking Act (<I>Kreditwesengesetz</I>) as well as by a life insurance company, a health insurance company
or a pension fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sole proprietors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the shares are held
by a sole proprietor, capital gains realized on the disposal of the shares are subject to the partial income rule. Accordingly,
only (i) 60% of the capital gains will be taxed at his /her individual personal income tax rate plus 5.5% solidarity surcharge
thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible for
tax purposes. In addition, 60% of the capital gains are subject to trade tax if the shares are held as business assets of a permanent
establishment in Germany within the meaning of the German Trade Tax Act (<I>Gewerbesteuergesetz</I>). The trade tax levied, depending
on the applicable municipal trade tax rate and the individual tax situation, may partly or entirely be credited against the shareholder&rsquo;s
personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Partnerships</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> In case the shares
are held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax (and church tax)
since partnerships qualify as transparent for German tax purposes. In this regard, corporate income tax or personal income tax
as well as solidarity surcharge (and church tax, if applicable) are levied only at the level of the partner with respect to their
relevant part of the profit and depending on their individual circumstances. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is a
corporation, the capital gains will be subject to corporate income tax plus solidarity surcharge (see &ldquo;<I>&mdash;</I>Corporations&rdquo;).
Trade tax will be levied additionally at the level of the partner insofar as the relevant profit of the partnership is not subject
to trade tax at the level of the partnership. However, with respect to both corporate income and trade tax, the 95%-exemption rule
as described above should apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is a
sole proprietor (individual), the capital gains are subject to the partial income rule (see &ldquo;<I>&mdash;</I>Sole proprietors&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if the
partnership is liable to trade tax, 60% of the capital gains are subject to trade tax at the level of the partnership, to the extent
the partners are individuals, and 5% of the capital gains are subject to trade tax, to the extent the partners are corporations.
However, if a partner is an individual, depending on the applicable municipal trade tax rate and the individual tax situation,
the trade tax paid at the level of the partnership may partly or entirely be credited against the partner&rsquo;s personal income
tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With regard to corporate
partners, special regulations may apply if they are credit institutions, financial service institutions or financial enterprises
within the meaning of the German Banking Act or life insurance companies, health insurance companies or pension funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
outside of Germany</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital gains realized
on the disposal of the shares by a shareholder tax resident outside of Germany are subject to German taxation provided that (i)
the Company&rsquo;s shares are held as business assets of a permanent establishment or as business assets for which a permanent
representative has been appointed in Germany, or (ii) the shareholder or, in case of a gratuitous transfer, its legal predecessor
has held, directly or indirectly at least 1% of the company's shares capital at any time during a five years period prior to the
disposal. In this case, in principle, capital gains are subject to the same rules as described above for shareholders resident
in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, except for
the cases referred to in (i) above, some of the double tax treaties concluded with Germany provide for a full exemption from German
taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Inheritance and gift tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The transfer of
the Company&rsquo;s shares to another person by way of succession or donation is subject to German inheritance and gift tax (<I>Erbschaft-
und Schenkungsteuer</I>) if </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> (i) </TD><TD STYLE="text-align: justify"> the decedent, the donor, the heir,
                                         the donee or any other beneficiary has his/her/its residence, domicile, registered office
                                         or place of management in Germany at the time of the transfer, or is a German citizen
                                         who has not stayed abroad for more than five consecutive years without having a residence
                                         in Germany; or </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">(irrespective of the personal circumstances) the shares are held by the decedent or donor as
                                                            business assets for which a permanent establishment in Germany is maintained or a permanent representative is appointed in
                                                            Germany; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">(irrespective of the personal circumstances) at least 10% of the shares are held directly or indirectly
by the decedent or person making the gift, himself or together with a related party in terms of Section&nbsp;6 Foreign Tax Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Special regulations
may apply to certain German citizens who maintain neither a residence nor their domicile in Germany and to former German citizens.
The few double tax treaties on inheritance and gift tax which Germany has entered into provide that German inheritance and gift
tax is levied only in case (i)&nbsp;and, with certain restrictions, in case (ii). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Other taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No German capital transfer
tax (<I>Kapitalverkehrsteuer</I>), value added tax (<I>Umsatzsteuer</I>), stamp duty (<I>Stempelgeb&uuml;hr</I>) or similar taxes
are levied when acquiring, holding or transferring the Company&rsquo;s shares. However, in case of certain conditions being met,
entrepreneurs may opt for value added tax on a transaction that would normally be tax exempt. Net wealth tax (<I>Verm&ouml;gensteuer</I>)
is currently not levied in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> On January 22,
2013, the Council of the European Union approved the resolution of the ministers of finance from eleven EU member states (including
Germany) to introduce Financial Transaction Tax (&quot;FTT&quot;) within the framework of enhanced cooperation. On February 14,
2013, the European Commission accepted the proposal for a Council Directive implementing enhanced cooperation in the area of financial
transaction tax. The plan focuses on levying a financial tax of 0.1% (0.01% for derivates) on the purchase and sale of financial
instruments. </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; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A joint statement issued
by ten of the eleven participating EU member states in October 2016 reaffirmed the intention to introduce FTT. However, at the
moment not many details are available. Thus, it is not known to what extent the elements of the European Commission's proposal
outlined in the preceding paragraph will be followed in relation to the taxation of shares. The FTT proposal remains subject to
negotiation between the participating Member States and is subject to political discussion. It may therefore be altered prior to
the implementation, the timing of which remains unclear. Additional EU member states may decide to participate. Prospective holders
of the shares are advised to seek their own professional advice in relation to FTT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Shares Eligible
for Future Sale</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering, no public market
existed for our common shares. Future sales of our common shares in the public market, or the availability of such shares for sale
in the public market, could adversely affect market prices prevailing from time to time. As described below, only a limited number
of common shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless,
sales of our common shares in the public market after such restrictions lapse, or the perception that those sales may occur, could
adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.</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">Based on the number of shares outstanding
as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
upon the closing of this offering, after giving effect to the corporate reorganization and assuming no exercise of outstanding
options or of the underwriters&rsquo; option to purchase additional shares to cover overallotments,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares will be outstanding. All of the common shares sold in this offering will be freely tradable without restrictions
or further registration under the Securities Act, except for any shares sold to our &ldquo;affiliates,&rdquo; as that term is defined
under Rule 144 under the Securities Act. The remaining &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares held by existing shareholders are &ldquo;restricted securities,&rdquo; as that term is defined in Rule 144 under the Securities
Act. Restricted securities may be sold in the public market only if registered or if their resale qualifies for exemption from
registration described below under Rule 144 promulgated under the Securities Act or another available exemption.</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">As a result of the lock-up agreements described
below and the provisions of Rules 144 and 701 under the Securities Act, the common shares that will be deemed restricted securities
after this offering will be available for sale in the public market as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>none of the existing restricted shares will be eligible for immediate sale upon the completion of this offering; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>restricted shares will be eligible for sale in the public market upon expiration of lock-up agreements 180 days after the date
of this prospectus, subject in certain circumstances to the volume, manner of sale and other limitations under Rule 144 and Rule
701 under the Securities Act, which are summarized below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Rule 144 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, non-affiliate persons who have
beneficially owned restricted common shares for at least six months, and any affiliate of the company who owns either restricted
or unrestricted common shares, are entitled to sell their securities without registration with the SEC under an exemption from
registration provided by Rule 144 under the Securities Act.</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: 0in"><B><I>Non-affiliates </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person who is not deemed to have been
one of our affiliates at the time of, or at any time during the three months preceding, a sale may sell an unlimited number of
restricted securities under Rule 144 if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the restricted securities have been held for at least six months, including the holding period of any prior owner other than
one of our affiliates (subject to certain exceptions);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>we are current in our Exchange Act reporting at the time of sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person who is not deemed to have been
an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities
for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell
an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic
reporting or whether we are current in our Exchange Act reporting. Non-affiliate resales are not subject to the manner of sale,
volume limitation or notice filing provisions of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Affiliates </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Persons seeking to sell restricted securities
who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions
described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner
of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities
that does not exceed the greater of either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>1% of the number of common shares then outstanding, which will equal approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
immediately after the completion of this offering based on the number of shares outstanding as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the average weekly trading volume of our common shares on the stock exchange on which our shares are listed during the four
calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, persons who are our affiliates
at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of
Rule 144 described above, without regard to the six month holding period of Rule 144, which does not apply to sales of unrestricted
securities.</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: 0in"><B>Rule 701 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule 701 under the Securities Act, as in
effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain
restrictions of Rule 144, including the holding period requirement. Most of our employees, executive officers or directors who
purchased shares under a written compensatory plan or contract may be entitled to rely on the resale provisions of Rule 701, but
all holders of Rule 701 shares are required to wait until 90 days after the date of this prospectus before selling their shares.
However, substantially all Rule 701 shares are subject to lock-up agreements as described below and in the section titled &ldquo;Underwriting&rdquo;
and will become eligible for sale upon the expiration of the restrictions set forth in those agreements.</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: 0in"><B>Form S-8 registration statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to file one or more registration
statements on Form S-8 under the Securities Act to register all common shares subject to outstanding options and common shares
issued or issuable under our 2016 Plan and 2017 Plan. We expect to file the registration statement covering shares offered pursuant
to our plans as soon as practicable after the closing of this offering, permitting the resale of such shares by non-affiliates
in the public market without restriction under the Securities Act and the sale by affiliates in the public market, subject to compliance
with the resale provisions of Rule 144 and expiration or release from the terms of the lock-up agreements described above.</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: 0in"><B>Lock-up agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our directors, executive officers
and certain of our significant shareholders have agreed, subject to limited exceptions, not to offer, pledge, announce the intention
to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the common shares or such other securities for a period of
180 days after the date of this prospectus, subject to certain exceptions, without the prior written consent of certain of the
underwriters. See &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Underwriting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are offering the common shares described
in this prospectus through a number of underwriters. J.P. Morgan Securities LLC, Leerink Partners LLC and BMO Capital Markets Corp.
are acting as joint book-running managers of the offering and as representatives of the underwriters. We have entered into an underwriting
agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the
underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts
and commissions set forth on the cover page of this prospectus, the number of common shares listed next to its name in the following
table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%"><B><U>Name</U></B></TD>
    <TD STYLE="width: 10%; text-align: center"><B>Number of <BR>
<U>Shares</U></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>J.P. Morgan Securities LLC &#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Leerink Partners LLC &#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>BMO Capital Markets Corp.&#9; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Total&#9;</TD>
    <TD>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<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">The underwriters are committed to purchase
all the common shares offered by us if they purchase any shares. The underwriting agreement also provides that if an underwriter
defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.</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">The underwriters propose to offer the common
shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain
dealers at that price less a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share.
Any such dealers may resell common shares to certain other brokers or dealers at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share from the initial public offering price. After the initial offering of the common shares to the public, the offering price
and other selling terms may be changed by the underwriters. Sales of common shares made outside of the United States may be made
by affiliates of the underwriters.</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">The underwriters have an overallotment
option to buy up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional common shares from us to cover sales
of common shares by the underwriters which exceed the number of common shares specified in the table above. The underwriters have
30&nbsp;days from the date of this prospectus to exercise this option to purchase additional shares. If any common shares are purchased
with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown
in the table above. If any additional common shares are purchased, the underwriters will offer the additional shares on the same
terms as those on which the common shares are being offered.</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">The underwriting fee is equal to the public
offering price per common share less the amount paid by the underwriters to us per common share. The underwriting fee is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters
assuming both no exercise and full exercise of the underwriters&rsquo; overallotment option to purchase additional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 78%; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Without
exercise of</B><BR>
<B>overallotment option to purchase additional shares</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With
full exercise of</B><BR>
<B>overallotment option to purchase additional shares</B><BR>
<B>exercise</B>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per Share&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;$&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;$&#9;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 78%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;$&#9;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;$&#9;</FONT></TD></TR>
</TABLE>
<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">We estimate that the total expenses of
this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding
the underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which
includes the amounts for which we have agreed to reimburse the underwriters for certain FINRA-related expenses incurred by them
in connection with this offering.</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">A prospectus in electronic format may be
made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the offering.
The underwriters may agree to allocate a number of common shares to underwriters and selling group members for sale to their online
brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and selling group members
that may make Internet distributions on the same basis as other allocations.</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">We have agreed that we will not (i) offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or file with
the Securities and Exchange Commission a registration statement under the Securities Act relating to, any common shares or securities
convertible into or exchangeable or exercisable for any common shares, or publicly disclose the intention to make any offer, sale,
pledge, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic
consequences associated with the ownership of any common shares or any such other securities (regardless of whether any of these
transactions are to be settled by the delivery of common shares or such other securities, in cash or otherwise), in each case without
the prior written consent of the representatives for a period of 180 days after the date of this prospectus, other than the common
shares to be sold in the offering by us and any common shares issued upon the exercise of options granted under our existing share-based
compensation plans.</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">Our directors and executive officers, and
certain of our significant shareholders have entered into lock-up agreements with the underwriters prior to the commencement of
this offering pursuant to which each of these persons or entities, with limited exceptions, for a period of 180&nbsp;days after
the date of this prospectus, may not, without the prior written consent of the representatives, (1)&nbsp;offer, pledge, announce
the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any common shares
or any securities convertible into or exercisable or exchangeable for our common shares (including, without limitation, common
shares or such other securities which may be deemed to be beneficially owned by such directors, executive officers, managers and
members in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a share option
or warrant) or (2)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences
of ownership of the common shares or such other securities, whether any such transaction described in clause&nbsp;(1) or&nbsp;(2)
above is to be settled by delivery of common shares or such other securities, in cash or otherwise, or (3) make any demand for
or exercise any right with respect to the registration of any common shares or any security convertible into or exercisable or
exchangeable for our common shares.</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">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act of 1933.</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">We intend to apply to have our common shares
approved for listing on the Nasdaq Stock Market under the symbol &ldquo;IFRX&rdquo;.</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">In connection with this offering, the underwriters
may engage in stabilizing transactions, which involves making bids for, purchasing and selling common shares in the open market
for the purpose of preventing or retarding a decline in the market price of the common shares while this offering is in progress.
These stabilizing transactions may include making short sales of the common shares, which involves the sale by the underwriters
of a greater number of common shares than they are required to purchase in this offering, and purchasing common shares on the open
market to cover positions created by short sales. Short sales may be &ldquo;covered&rdquo; shorts, which are short positions in
an amount not greater than the underwriters&rsquo; option to purchase additional shares referred to above, or may be &ldquo;naked&rdquo;
shorts, which are short positions in excess of that amount. The underwriters may close out any covered short position either by
exercising their option to purchase additional shares, in whole or in part, or by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">purchasing shares in the open market. In
making this determination, the underwriters will consider, among other things, the price of shares available for purchase in the
open market compared to the price at which the underwriters may purchase shares through the option to purchase additional shares.
A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of the common shares in the open market that could adversely affect investors who purchase in this offering. To the extent
that the underwriters create a naked short position, they will purchase shares in the open market to cover the position.</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">The underwriters have advised us that,
pursuant to Regulation&nbsp;M of the Securities Act of 1933, they may also engage in other activities that stabilize, maintain
or otherwise affect the price of the common shares, including the imposition of penalty bids. This means that if the representatives
of the underwriters purchase common shares in the open market in stabilizing transactions or to cover short sales, the representatives
can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.</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">These activities may have the effect of
raising or maintaining the market price of the common shares or preventing or retarding a decline in the market price of the common
shares, and, as a result, the price of the common shares may be higher than the price that otherwise might exist in the open market.
If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions
on the &nbsp;Nasdaq Stock Market, in the over-the-counter market or otherwise.</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">Prior to this offering, there has been
no public market for our common shares. The initial public offering price will be determined by negotiations between us and the
representatives of the underwriters. In determining the initial public offering price, we and the representatives of the underwriters
expect to consider a number of factors including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the information set forth in this prospectus and otherwise available to the representatives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>our prospects and the history and prospects for the industry in which we compete;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>an assessment of our management;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>our prospects for future earnings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the general condition of the securities markets at the time of this offering;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>the recent market prices of, and demand for, publicly traded common shares of generally comparable companies; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD>other factors deemed relevant by the underwriters and us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the underwriters can assure
investors that an active trading market will develop for our common shares, or that the shares will trade in the public market
at or above the initial public offering price.</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">Other than in the United States, no action
has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any
jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly
or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of
any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised
to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This
prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
in any jurisdiction in which such an offer or a solicitation is unlawful.</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"><B>Notice to Prospective Investors in the European Economic
Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In relation to each Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a &ldquo;Relevant Member State&rdquo;), with effect
from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, no offer of common
shares may be made to the public in that Relevant Member State other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>to any legal entity which is a qualified investor as defined in the Prospectus Directive;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject
to obtaining the prior consent of the representatives of the underwriters for any such offer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>in any other circumstances falling within Article 3(2) of the Prospectus Directive,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided that no such offer of shares shall require
us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Directive and each person in a Relevant Member
State who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed
that it is a &ldquo;qualified investor&rdquo; within the meaning of the law in that Relevant Member State implementing Article
2(1)(e) of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the case of any shares being offered to a financial
intermediary as that term is used in Article 3(2) of the Prospectus Directive, each such financial intermediary will be deemed
to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give
rise to an offer of any shares to the public other than their offer or resale in a Relevant Member State to qualified investors
as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer
or resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For the purposes of this provision, the expression
an &ldquo;offer of shares to the public&rdquo; in relation to any shares in any Relevant Member State means the communication in
any form and by means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor
to decide to purchase shares, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus
Directive in that Member State, the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC (as amended, including
by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in the United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in the United Kingdom, this
document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons
who are &ldquo;qualified investors&rdquo; (as defined in the Prospectus Directive) (i) who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the &ldquo;Order&rdquo;) and/or (ii) who are high net worth companies (or persons to whom it may otherwise be
lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as &ldquo;relevant
persons&rdquo;) or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares
in the United Kingdom within the meaning of the Financial Services and Markets Act 2000.</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">Any person in the United Kingdom that is
not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action.
In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by
relevant persons.</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"><B>Notice to Prospective Investors in Canada </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument
31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance
with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</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">Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">that the remedies for rescission or damages
are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province
or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province
or territory for particulars of these rights or consult with a legal advisor.</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">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105
regarding underwriter conflicts of interest in connection with this offering.</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"><B>Notice to Prospective Investors in Switzerland </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares may not be publicly offered
in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any other stock exchange or regulated
trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without
regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the
disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock
exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating
to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.</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">Neither this document nor any other offering
or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss
regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the
Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under
the Swiss Federal Act on Collective Investment Schemes (&quot;CISA&quot;). The investor protection afforded to acquirers of interests
in collective investment schemes under the CISA does not extend to acquirers of shares.</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"><B>Notice to Prospective Investors in Japan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares have not been and will not be
registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares nor
any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any &ldquo;resident&rdquo;
of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under
the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident
of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant
time.</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"><B>Notice to Prospective Investors in Hong Kong </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares have not been offered or sold
and will not be offered or sold in Hong Kong, by means of any document, other than (a) to &ldquo;professional investors&rdquo;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other
circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning
of that Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may
be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents
of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws
of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or
only to &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.</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">The contents of this document have not
been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are
in any doubt about any of the contents of this document, you should obtain independent professional advice.&rdquo;</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"><B>Notice to Prospective Investors in Singapore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may the
shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter
289 of Singapore (the &ldquo;SFA&rdquo;), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section
275(1A), and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA.</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">Where the shares are subscribed or purchased
under Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to
hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of
the trust is an individual who is an accredited investor,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">securities (as defined in Section 239(1) of
the SFA) of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the
SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an
offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>where no consideration is or will be given for the transfer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>where the transfer is by operation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>as specified in Section 276(7) of the SFA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(e)</TD><TD>as specified in Regulation 32 of the Securities and Futures
(Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to prospective investors in the Netherlands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">No offer of common
shares, which are the subject of the offering contemplated by this prospectus, has been made or will be made to the public in the
Netherlands, unless in reliance on Article 3(2) of the Prospectus Directive and provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">A.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>such offer is made exclusively to persons or entities which are qualified investors (<I>gekwalificeerde beleggers</I>) as defined in Article 2(1)(e) of the Prospectus Directive; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">B.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>standard exemption logo and wording are disclosed as required by article 5:20(5) of the Dutch Financial Supervision Act (<I>Wet op het financieel toezicht</I>, or the FSA); or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">C.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>such offer is otherwise made in circumstances in which article 5:20(5) of the FSA is not applicable.</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"><B>Notice to prospective investors in Germany</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">No offer of shares,
which are the subject of the offering contemplated by this prospectus, has been made or will be made in Germany, unless in reliance
on section 3(2) of the German Securities Prospectus Act (<I>Wertpapierprospektgesetz</I>) if such offer is made exclusively to
persons or entities which are qualified investors (<I>qualifizierte Anleger</I>) as defined in section 2 No. 6 of the German Securities
Prospectus Act or, to fewer than 150 natural or legal persons (other than qualified investors). This document does not constitute
a securities prospectus within the meaning of Article 5 para. 3 of Directive 2003/71/EC of the European Parliament and the Council
of 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; background-color: white; text-align: left">November 2003
(as amended, inter alia, by Directive 2010/73/EU); it has not been and will not be submitted for approval to the German Financial
Services Supervisory Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Other relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the underwriters and their affiliates
have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking,
financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business,
for which they have received and may continue to receive customary fees and commissions. In addition, from time to time, certain
of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on
behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Expenses
Of The Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that our expenses in connection
with this offering, other than underwriting discounts and commissions, will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 79%; border: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>EXPENSES</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>AMOUNT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">U.S. Securities and Exchange Commission registration fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Stock exchange listing fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">FINRA filing fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Printing and engraving expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Legal fees and expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Accounting fees and expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Miscellaneous costs &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double">
</TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All amounts in the table are estimates
except the U.S. Securities and Exchange Commission registration fee, the listing fee and the FINRA filing fee. The Company will
pay all of the expenses of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Legal Matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the issuance of the common
shares and certain other matters of Dutch law will be passed upon for us by NautaDutilh N.V. Certain matters of U.S. federal and
New York State law will be passed upon for us by Davis Polk &amp; Wardwell LLP, New York, New York. Goodwin Procter LLP, New York,
New York is U.S. federal and New York State law counsel for the underwriters in connection with this offering. Certain legal matters
with respect to Dutch law in connection with this offering will be passed upon for the underwriters by Loyens &amp; Loeff N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The statement of financial position
of Fireman B.V. as of  June 23, 2017 has been included herein in reliance upon the report of KPMG AG
Wirtschaftspr&uuml;fungsgesellschaft, Leipzig, Germany, independent registered public accounting firm, appearing elsewhere
herein, and upon authority of said firm as experts in accounting and auditing.</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">The consolidated financial statements of
InflaRx GmbH as of December 31, 2015 and 2016 and for each of the years in the two-year period ended December 31, 2016 have been
included herein in reliance upon the report of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft, Leipzig, Germany, independent registered
public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Enforcement
of Judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">We are a private
company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) incorporated under the laws of the
Netherlands and our headquarters is located in Germany. Substantially all of our assets are located outside the United States.
The majority of our executive officers and directors reside outside the United States. As a result, it may not be possible for
investors to effect service of process within the United States upon such persons or to enforce against them or us in U.S. courts,
including judgments predicated upon the civil liability provisions of the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The United States
and the Netherlands currently do not have a treaty providing for the reciprocal recognition and enforcement of judgments, other
than arbitration awards, in civil and commercial matters. Consequently, a final judgment for payment given by a court in the United
States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in the
Netherlands. In order to obtain a judgment which is enforceable in the Netherlands, the party in whose favor a final and conclusive
judgment of the U.S. court has been rendered will be required to file its claim with a court of competent jurisdiction in the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">This court will
have discretion to attach such weight to the judgment rendered by the relevant U.S. court as it deems appropriate. Under current
practice, the courts of the Netherlands may be expected to render a judgment in accordance with the judgment of the relevant foreign
court, provided that such judgment (i) is a final judgment and has been rendered by a court which has established its jurisdiction
vis-&agrave;-vis the relevant Dutch companies or Dutch company, as the case may be, on the basis of internationally accepted grounds
of jurisdiction, (ii) has not been rendered in violation with the principles of proper procedure (<I>behoorlijke rechtspleging</I>),
(iii) is not contrary to the public policy of the Netherlands, and (iv) is not incompatible with (a) a prior judgment of a Dutch
court rendered in a dispute between the same parties, or (b) a prior judgment of a foreign court rendered in a dispute between
the same parties, concerning the same subject matter and based on the same cause of action, provided that such prior judgment is
recognizable in the Netherlands. Dutch courts may deny the recognition and enforcement of punitive damages or other awards. Moreover,
a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary
to compensate actual losses or damages. Enforcement and recognition of judgments of U.S. courts in the Netherlands are solely governed
by the provisions of the Dutch Civil Procedure Code. If no leave to enforce is granted, claimants must litigate the claim again
before a Dutch competent court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Dutch civil procedure
differs substantially from U.S. civil procedure in a number of respects. Insofar as the production of evidence is concerned, U.S.
law and the laws of several other jurisdictions based on common law provide for pre-trial discovery, a process by which parties
to the proceedings may prior to trial compel the production of documents by adverse or third parties and the deposition of witnesses.
Evidence obtained in this manner may be decisive in the outcome of any proceeding. No such pre-trial discovery process exists under
Dutch law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The United States
and Germany currently do not have a treaty providing for the reciprocal recognition and enforcement of judgments, in civil and
commercial matters. Consequently, a final judgment for payment or declaratory judgments given by a court in the United States,
whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in Germany. German
courts may deny the recognition and enforcement of a judgment rendered by a U.S. court if they consider the U.S. court not to be
competent or the decision to be in violation of German public policy principles. For example, judgments awarding punitive damages
are generally not enforceable in Germany. A German court may reduce the amount of damages granted by a U.S. court and recognize
damages only to the extent that they are necessary to compensate actual losses or damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">In addition, actions
brought in a German court against us, our directors, our senior management and the experts named herein to enforce liabilities
based on U.S. federal securities laws may be subject to certain restrictions. In particular, German courts generally do not award
punitive damages. Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect
to the taking and admissibility of evidence, the conduct of the proceedings and the allocation of costs. German procedural law
does not provide for pre-trial discovery of documents, nor does Germany support pre-trial discovery of documents under the 1970
Hague Evidence Convention. Proceedings in Germany would have to be conducted in the German language and all documents submitted
to the court would, in principle, have to be translated into German. For these reasons, it may be difficult for a U.S. investor
to bring an original action in a German court predicated upon the civil liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; background-color: white; text-align: left">provisions of
the U.S. federal securities laws against us, our directors, our senior management and the experts named in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Where You
Can Find More Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed with the U.S. Securities
and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1
under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information
set forth in the registration statement and the exhibits and schedules to the registration statement. For further information,
we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document
has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each
statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.</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">Upon completion of this offering, we will
become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other
information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. We will file a Form 20-F annual report
with the SEC within four months following the end of our fiscal year. You may inspect and copy reports and other information filed
with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet website that contains
reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.</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">As a foreign private issuer, we are exempt
under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our
directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section
16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements
with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.</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">We will send the transfer agent a copy
of all notices of shareholders&rsquo; meetings and other reports, communications and information that are made generally available
to shareholders that are not made available on the SEC&rsquo;s website. The transfer agent has agreed to mail to all shareholders
a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders
received by the transfer agent and will make available to all shareholders such notices and all such other reports and communications
received by the transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Index to
Consolidated Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></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: 95%; text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt"><B>InflaRx GmbH - Consolidated Financial Statements</B></TD>
    <TD STYLE="width: 5%; text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Report of independent registered public accounting firm</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Consolidated statements of comprehensive loss</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Consolidated statements of financial position</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Consolidated statements of changes
    in equity</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Consolidated statements of cash flows</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Notes to the consolidated financial statements</TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt"><B>Fireman B.V. - Financial statement</B></TD>
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Report of independent registered public accounting firm</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Statement of financial position </TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.25in">Notes to the financial statement</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; text-align: right">F-28</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Report of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying consolidated
statements of financial position of InflaRx GmbH and subsidiary (the Company) as of December 31, 2016 and 2015, and the related
consolidated statements of comprehensive loss, changes in equity and cash flows for each of the years in the two-year period ended
December 31, 2016. These consolidated financial statements are the responsibility of the Company's management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audit.</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">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.</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">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the consolidated financial position of InflaRx GmbH at December
31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the two years in the period ended
December 31, 2016, in conformity with International Financial Reporting standards, as issued by the International Accounting Standards
Board.</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">/s/ KPMG AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wirtschaftspr&uuml;fungsgesellschaft</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leipzig, Germany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Consolidated statements of
comprehensive loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note*</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">(in &euro; thousand)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 66%; text-align: left">Other income and expenses (net)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">4</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">134</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">5</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,478</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,844</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss before interest and income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,782</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,891</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Finance income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance costs &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,140</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,049</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Finance costs (net)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,048</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss before income taxes &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Income taxes &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,917</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,939</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Items that may be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Exchange differences on translating foreign operations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income for the period&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>2</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>1</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive loss&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(4,915</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(8,938</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss per common share (basic and diluted)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(175</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(318</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Consolidated statements of financial position
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">As of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">(in &euro; thousand)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Note*</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2015</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-current assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 66%; text-align: left; padding-left: 0.25in">Intangible assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Laboratory and office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>117</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>137</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">11</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,302</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,117</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,469</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,381</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>3,586</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,518</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">EQUITY AND LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Other reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,116</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,055</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">12</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(17,619</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(25,689</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in">Preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,744</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Deferred income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>20,769</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>53,461</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,534</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">436</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,746</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total equity and liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>3,586</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,518</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Consolidated statements of changes in
equity</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B></B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Other reserves</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note*</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issued capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">currency translation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">share based payments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Own shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total equity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 26%; font-weight: bold">Balance as of January 1, 2015&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">31</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">7</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">565</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(13,199</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(350</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(12,946</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Exchange differences on translating foreign operations&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,917</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,915</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Recognition of equity-settled share-based payments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">13</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Balance as of December 31, 2015 / January 1, 2016&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">807</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(18,116</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(350</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,619</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Exchange differences on translating foreign operations&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,939</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,938</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Recognition of equity-settled share-based payments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">13</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2016</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>31</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>10</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>1,675</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(27,055</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(350</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(25,689</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B></B>&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Consolidated statements of cash flows</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Note*</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flow from operating activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left">Loss for the period&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(4,917</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(8,939</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments for the period:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&ndash; Depreciation and amortization &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&ndash; Expenses recognized in respect of equity-settled share-based payments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&ndash; Finance costs (net)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">8</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,048</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,990</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Change in other assets &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in trade and other payables and deferred income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest paid (received)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net cash used in operating activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,308</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,993</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Purchase of intangible assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchase of leasehold improvements and equipment&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Net cash used in investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(13</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(53</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from issuance of preferred shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Share issue costs paid&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">14</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash generated from financing activities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>0</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>30,860</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net changes to cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,321</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,814</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange gains on cash and cash equivalents &#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at the end of the year&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>3,302</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,117</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;*&#9;The notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Notes to the consolidated financial statements</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></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: 28.35pt">(1)</TD><TD>Reporting entity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH (in the following &ldquo;InflaRx&rdquo;
or the &ldquo;Company&rdquo;) is a German private limited liability company formed in 2007 and is registered in the Commercial
Register of the Jena local court HRB&nbsp;502149. The Company&rsquo;s registered office is at Winzerlaer Stra&szlig;e 2 in 07745
Jena, Germany.</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">InflaRx is a clinical-stage biopharmaceutical
company focused on applying its proprietary technology to discover and develop first-in-class, potent and specific inhibitors
of the complement activation factor known as C5a.</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">The consolidated financial statements of
InflaRx comprise the Company and its wholly owned subsidiary, InflaRx Inc., Ann Arbor, Michigan,USA (together, the &ldquo;Group&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(2)</TD><TD>Basis for preparing the consolidated financial statements</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.1pt"><B>a)</B></TD><TD><B>Statement of compliance</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
InflaRx GmbH have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB).</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">The consolidated financial statements were
authorized for issuance by management on June&nbsp;23, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 25.1pt"><B>b)</B></TD><TD><B>Basis of measurement</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have
been prepared on the historical cost basis except for certain financial assets and share-based payments that are measured at fair
value, as required by IFRS. The Group did not opt to designate the outstanding preferred shares at fair value through profit or
loss.</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">The assets and liabilities included in
the consolidated financial statements are recognized and measured in accordance with the accounting policies and valuation methods
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 25.1pt"><B>c)</B></TD><TD><B>Consolidation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company controls an entity when it
has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control
is transferred to the Company. It is deconsolidated from the date control ceases.</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">Intercompany transactions, balances and
unrealized gains on transactions between group companies are eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 25.1pt"><B>d)</B></TD><TD><B>Functional and presentation currency</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
and the related notes are presented in thousands of Euro, which is also InflaRx GmbH&rsquo;s functional currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(3)</TD><TD>Accounting policies and valuation methods</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies and valuation methods
set out below have been applied consistently to all periods presented in these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>a)</B></TD><TD><B>Current and non-current distinction</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx presents current and non-current
assets and current and non-current liabilities as separate classifications in the statement of financial position. InflaRx classifies
all investments in financial instruments held for trading or available-for-sale and assets expected to be recovered or liabilities
to be settled within twelve months after the reporting period as current and all other amounts as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>b)</B></TD><TD><B>Foreign currency translation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in a foreign currency
are initially translated into the respective functional currency using the spot rate prevailing on the date of the relevant
transaction. Monetary items which are not denominated in the functional currency are subsequently translated using the rate
applicable at the end of the period. The resulting currency gains and losses are recognized directly in profit or loss.</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">The assets and liabilities of InflaRx
Inc. whose functional currency is the U.S. Dollar are translated using the spot rate at the end of the period into the
reporting currency (Euro). Expenses and income are translated using the rates on the date of the relevant transaction. All
cumulative differences resulting from the currency translation of the shareholders&rsquo; equity of InflaRx Inc. are
recognized in other reserves.</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">The following exchange rates have been applied:</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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">exchange rate</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange rate at the end of period </FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">exchange rate</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange rate at the end of period</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Dollar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1095</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0887</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1069</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0541</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 28.35pt"><B>c)</B></TD><TD><B>Notes to the cash flow statement</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash flow statement has been prepared
using the indirect method for cash flows from operating activities. The cash disclosed in the cash flow statement is comprised
of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are short-term bank deposits and
money market investment funds and are not subject to a significant risk of changes in value. Interest paid and received is included
in the cash from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>d)</B></TD><TD><B>Research and development</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research expenses are recognized as expense when they are incurred. They comprise third-party services,
wages and salaries, cost of materials, relevant depreciation of equipment and amortization of intangibles as well as overhead.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development expenses must be
capitalized if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because
management does not believe all the recognition criteria of IAS 38 had been met. This assessment is due to the general
uncertainties in drug development and the unpredictability of regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intellectual property-related expenses
for patents are part of the expenditure for research and development projects. Therefore, registration expenses for patents
are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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: 28.35pt"><B>e)</B></TD><TD><B>Employee benefits</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Short-term employee benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term employee benefit obligations
are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount
expected to be paid under a short-term cash bonus, if the Group has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee, and the obligation can be estimated reliably.</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"><B>Share-based payment transactions</B></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; text-align: justify">The grant-date fair value of equity-settled
share-based payment awards granted to employees is generally recognized as a non-current liability, with a corresponding increase
in equity, over the vesting period of the awards. At each balance sheet date, the amount recognized as an expense is adjusted
to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognized is based on the number of awards that meet any related service and non-market performance
conditions at the vesting date. For share-based payment awards with non-market vesting conditions, the grant-date fair value of
the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual
outcomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: 28.35pt"><B>f)</B></TD><TD><B>Government grants</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">The Group receives certain government grants that support its research efforts in defined projects. These
grants generally provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of
grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant
are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.
Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive loss over the period
corresponding to the incurrence of costs they are intended to compensate.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants whose primary condition
is that the Group purchase non-current assets are recognized as deferred income in the consolidated statement of financial position
and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.</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">When the cash in relation to recognized
government grants is not yet received the amount is included as a receivable on the statement of financial position.</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">The Group recognizes income from government
grants under &lsquo;other income and expenses (net)&rsquo; in the consolidated statement of profit or loss and other comprehensive
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>g)</B></TD><TD><B>Lease payments</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments made under operating leases are
recognized in profit or loss on a straight-line basis over the term of the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>h)</B></TD><TD><B>Finance income and finance costs</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance income is derived from interest-bearing
financial assets, including cash equivalents. Interest income is recognized as it accrues using the effective interest method.</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">Finance costs comprise interest expense
on preferred shares (see note 14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>i)</B></TD><TD><B>Intangible assets</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets mainly comprise acquired technology licenses and software. Intangible assets are initially
measured at acquisition cost, including any directly attributable costs of preparing the asset for its intended use less accumulated
amortization. Amortization begins when an asset is available for use and amortization is calculated using the straight-line method
to allocate the cost over the assets&rsquo; estimated useful lives, as follows:</P>

<P STYLE="margin: 0pt 0">&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: 17.85pt"><FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD STYLE="text-align: justify">Technology licenses: 8 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Software: 3 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group only owns intangible assets with
a definite useful life.</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">The useful lives of intangible assets are
reviewed at each reporting date. The effect of any adjustment to useful lives is recognized prospectively as a change of accounting
estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>j)</B></TD><TD><B>Laboratory and office equipment </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laboratory and office equipment are stated
at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition
of the items.</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">All repairs and maintenance are charged
to profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset.</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">Depreciation on leasehold improvements
and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Laboratory equipment: </FONT>3 to 23 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Office equipment: </FONT>1 to 5 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets&rsquo; residual values and useful
lives are reviewed, and adjusted if appropriate, at the end of each reporting period.</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">Gains and losses on disposals are determined
by comparing the proceeds with the carrying amount and are recognized within &lsquo;other income and expenses (net)&rsquo; in the
consolidated statement of profit or loss and other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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: 28.35pt"><B>k)</B></TD><TD><B>Financial instruments</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial instrument is any contract
that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.</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"><B>Financial assets&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents comprise cash
balances, investments in money-market funds and bank deposits with original maturities of three months or less.</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">The investments in money-market funds that are traded in an active market or can be reedeemed are classified
as held for trading. These investments are stated at fair value at the end of each reporting period, and the difference from the
prior reporting period is recongized through profit or loss.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial liabilities&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s financial liabilities
comprise trade and other payables and preferred shares. The Group initially recognizes non-derivative financial liabilities on
the date that they are originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes
a financial liability when its contractual obligations are discharged, cancelled or expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>l)</B></TD><TD><B>Income taxes</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes comprise current and deferred
taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly
in equity or in other comprehensive loss.</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">Current tax is the expected tax payable
or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date,
and any adjustment to tax payable in respect of previous years.</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">Deferred tax is recognized in respect of
temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction
which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting
nor taxable profit or loss.</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">Deferred tax is measured at the tax rates
that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively
enacted by the reporting date.</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">Deferred tax assets and liabilities are
presented net if there is a legally enforceable right to offset.</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">A deferred tax asset is recognized for
unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to
the extent that it is no longer probable that the related tax benefit will be realized.</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">Due to its stage of development, the Company
does not report deferred tax assets on its statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<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: 28.35pt"><B>m)</B></TD><TD><B>Fair Value Measurement </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All assets and liabilities for which
fair value is recognized in the consolidated financial statements are organized in accordance with the following fair value
hierarchy, based on the lowest level input parameter that is significant on the whole for fair value measurement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level 1 &ndash; Quoted prices in active markets for identical assets or liabilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level 2 &ndash; Inputs other than quoted prices included within Level&nbsp;1 that are observable
for the instrument, either directly (as prices) or indirectly (derived from prices).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level 3 &ndash; Inputs for instruments that are not based on observable market data (unobservable&nbsp;inputs).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of all financial instruments
other than preferred shares (see note 14) approximates their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>n)</B></TD><TD><B>Critical judgments and account estimates</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</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">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing these financial statements, the critical judgments made by management in applying the Group's accounting policies involve
the determination of the grant date fair value of share-based payment awards (see note 13) and the classification and measurement
of preferred shares (see note 14).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt"><B>o)</B></TD><TD><B>New standards and interpretations applied for the first time </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of amendments to standards and
new or amended interpretations are effective for annual periods beginning on or before January 1, 2016, and have been applied in
preparing these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 81%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standard/Interpretation</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective date<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual Improvements to IFRSs 2012-2014 Cycle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 16, 38 <I>Clarification of acceptable methods
of depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 1 <I>Disclosure Initiative</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IFRS 10, 12 and IAS 28 <I>Investment Entities</I></FONT></TD>
    <TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendment to IFRS 11 <I>Accounting for Acquisitions of Interests in Joint Operations</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></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"><FONT STYLE="font-size: 10pt"><SUP>1 </SUP></FONT>Shall
apply for periods beginning on or after shown in the effective date column.</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">None of these amendments to standards and
new or amended interpretations had a significant effect on the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<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: 28.35pt"><B>p)</B></TD><TD><B>New standards and interpretations not yet adopted </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following standards, amendments to
standards and interpretations are effective for annual periods beginning after December 31, 2016, and have not yet been applied
in preparing these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 81%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standard/Interpretation</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective date<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 9 <I>Financial Instruments</I> (2014)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 7 <I>Disclosure Initiative</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 16 <I>Leases</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Clarifications to IFRS 15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IFRS 2 <I>Classification and Measurement of </I></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Share-based Payment Transactions</I></FONT></TD>
    <TD STYLE="text-align: right"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual Improvements to IFRSs 2014-2016 Cycle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></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"><FONT STYLE="font-size: 10pt"><SUP>1 </SUP></FONT>Shall
apply for periods beginning on or after shown in the effective date column.</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">The Group is assessing the potential impact
that IFRS 9 or 16 could have on its consolidated financial statements. The other new or amended standards and interpretations are
not expected to have a significant effect on the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notes to the consolidated statements
of comprehensive loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(4)</TD><TD>Other income and expenses - net</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in &euro; thousand)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Government grants&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">123</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">222</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Others&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other income&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>141</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>238</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Charitable donations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Others&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(7</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(7</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Other income and expenses, net&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>134</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>231</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 28.35pt">(5)</TD><TD>Research and development expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Third-party services</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,960</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">3,757</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Personnel expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,153</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,293</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Legal and consulting fees</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Cost of materials</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Amortisation and depreciation</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">196</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,478</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,278</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></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">In 2016, personnel expenses include expenses
for equity-settled share-based payments of k&euro;&nbsp;294 (2015: k&euro;&nbsp;144).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(6)</TD><TD>General and administrative expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Personnel expenses&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">309</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Legal, consulting and audit fees&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">316</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>438</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,844</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></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">In 2016, personnel expenses include expenses
for equity-settled share-based payments of k&euro;&nbsp;575 (2015: k&euro;&nbsp;98).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<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: 28.35pt">(7)</TD><TD>Employee benefits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the items of
employee benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Wages and salaries&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,124</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,468</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share-based payment expenses&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">868</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Social security expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">96</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">126</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Employee benefits&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,462</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,462</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 28.35pt">(8)</TD><TD>Finance costs (net)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs (net) comprise the following
items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in &euro; thousand)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left">Finance income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest on preferred shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,056</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,836</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Cost of issuing preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,140</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Finance costs (net)&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(1,135</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(2,048</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 28.35pt">(9)</TD><TD>Income taxes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group did not incur any material income
tax. As of December 31, 2016 and 2015, temporary differences resulting from tax loss carryforwards or share-based payments have
not been recognized as deferred tax assets as no sufficient probable future taxable profits or offsetting deferred tax liabilities
are available.</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">A reconciliation between current income
taxes recognized in profit or loss and the product of loss before tax multiplied by the Company's applicable tax rate is presented
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Loss before taxes&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Tax benefits at tax rate of 30.53%&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,729</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Tax losses for which no deferred income tax
    asset was recognized&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,501</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,729</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>0</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>0</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></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">In Germany, the  Company has tax
losses carried forward of &euro;&nbsp;19,200 (2015: &euro;&nbsp;12,900) for corporate income tax and trade tax purposes that
are available indefinitely for offset against future taxable profits of that entity. Restrictions on the utilization of tax
losses were mitigated through Economic Growth Acceleration Act (Wachstumsbeschleunigungsgesetz). According to the provisions
of this Act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent
they are compensated by an excess of the fair value of equity for tax purposes above its carrying amount of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company. Deferred tax assets have not been
recognized in respect of these losses as no sufficient taxable profits of the Company are expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notes to the consolidated statements
of financial position</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(10)</TD><TD>Other assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><BR>(<B>in
&euro; thousand</B>)</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>December
31, 2015</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>December
31, 2016</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left">VAT receivables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">130</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Government grant receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Other assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>167</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>264</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 28.35pt">(11)</TD><TD>Cash and cash equivalents</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group&rsquo;s cash and cash equivalents comprise deposits held at banks of &euro;1,120 (2015: &euro;3,302)
as well as <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">money market funds in the amount of &euro;27,997
(2015: &euro;0).</FONT></P>

<P STYLE="margin: 0pt 0"></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: 28.35pt">(12)</TD><TD>Equity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issued capital &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH was established with an issued
capital of &euro;&nbsp;25, divided into 25,000 shares with a nominal value of &euro;&nbsp;1 each. Subsequently, the issued capital
was increased to &euro;&nbsp;31.</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"><B>Other reserves &ndash; currency translation reserve&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The translation reserve comprises all foreign
currency differences arising from the translation of the financial statements of foreign operations.</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"><B>Own shares&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH holds 2,803 of its own
shares at December 31, 2016 and 2015.</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"><B>Authorized capital&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on shareholders&rsquo;
resolutions management is authorized to increase the Company&rsquo;s issued capital by up to &euro; 16 through the issuance
of new shares, including preference shares that are reported as financial liabilities, through October 26, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(13)</TD><TD>Share-based payments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><B>2016 Plan</B></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; text-align: justify">InflaRx GmbH established an equity-settled
share-based payment program in 2016 (the &ldquo;2016 Plan&rdquo;). Pursuant to the 2016 Plan, the Company has granted to its managing
directors, certain executive officers and key employees options to acquire common shares. Each option grant vests on a graded pattern
over a period of 36 months following the initial grant date, with one-twelfth of the options within such grant vesting every three
months during the total vesting period. However, the vesting of options will automatically accelerate upon the occurrence of certain
events such as an initial public offering or an exit event, as defined in the terms of the preferred shares (see note 14).</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; text-align: justify">&nbsp;</P>


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<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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH is a private company with
no active market for its shares. Therefore, the determination of fair value at the grant dates of our share-based payment awards
requires significant judgment and involves the use of unobservable inputs that are defined as level 3 inputs in IFRS 13.</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">The fair value of stock options granted
under the 2016 Plan has been measured using a hybrid method which <FONT STYLE="font-family: Times New Roman, Times, Serif">considers
the value of InflaRx as a whole and allocates it to the common shares and the various tranches of preferred shares under an option-pricing
model, taking into account the probabilities of various scenarios such as an initial public offering or a future sale of the Company.
The inputs used in the measurement of the fair values at grant date of the awards granted under the 2016 Plan were as follows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Fair value of stock option in &euro;</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">212</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Fair value of common share in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">431</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Exercise price in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">656</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Volatility (weighted average)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">63%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Expected life (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4.25 to 7 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Dividend yield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Risk-free rate (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-0.33 to 0.17%</FONT></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">Expected volatility was based on an evaluation
of the historical and implied volatility of a peer group of companies. The range of outcomes for the expected life of the instruments
was based on expectations of option holder behavior in the scenarios considered.</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">The number of share options under the 2016
Plan were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted in 2016</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested at December 31, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></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"><B>Other share-based awards</B></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; text-align: justify">In 2016, InflaRx also established a share-based
payment plan for its nonexecutive board members (the &ldquo;Board Plan&rdquo;) and granted 484 shares of common stock. Grants under
the Board Plan are not subject to service or performance conditions.</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">In prior years, InflaRx had granted to
its managing directors and certain executive officers options to purchase common shares for a nominal price (the &ldquo;2012 Plan&rdquo;).
Vesting of the awards for 5,114 common shares issued in 2012 was subject to non-market performance conditions comprising the achievement
of milestones of development projects. All such awards were vested at December 31, 2016. Options to acquire 974 shares issued after
2012 to key employees required the completion of an initial public offering or other exit event as a vesting condition, which was
waived in 2016, resulting in vesting of all such options.</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">In 2016 and 2015, compensation expenses
of k&euro;868 and k&euro;242 were recognized in aggregate for share-based payment awards.</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">None of the share-based payments awards
were dilutive in determining earnings per share due to the loss situation of the Company.</P>

<P STYLE="margin: 0pt 0">&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; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(14)</TD><TD>Preferred shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has issued voting preferred
shares for cash to investors in several financing rounds to fund its development activities. The preferred shares do not contain
a redemption feature. The preferred shareholders are entitled to a disproportionate share of the net assets of the Company in
case of certain &ldquo;exit events.&rdquo; These exit events include the insolvency, dissolution or liquidation of the Company,
a sale of at least 50% of the shares or total assets of the Company, a merger or take-over or any other event pursuant to which
the current shareholders own less than a majority of the voting rights in the Company or the combined entities or a reverse takeover
by way of a share swap or merger. Upon the occurrence of an exit event, the preferred shares are entitled, prior to and in preference
to the holders of common shares, to unpaid accreted dividends of 8% per annum on the issue price of the Series A preferred shares
(6% p.a. on Series B and C preferred shares). Any net assets of the Company remaining after the preference is paid shall be distributed
pro rata to each share of common or preferred. If the proceeds are not sufficient for the preference payments, then the entire
proceeds from the event shall be distributed among the holders of preferred shares.</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">In the third quarter of 2016, the
Company issued 47,246 Series C preferred shares for cash contributions of &euro;30,993. The carrying amount of the preferred
shares at a certain date is determined as the amortized cost using the effective interest rate method based on the
contractual cash flows of the instrument. The Company did not elect to recognize the preferred shares at fair value through
profit or loss.</P>

<P STYLE="margin: 0pt 0"></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"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other disclosures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(15)</TD><TD>Contractual obligations and commitments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the contractual
obligations as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left">Within one year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between one and three years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Between three and five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">More than five years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Operating lease obligations</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">461</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</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"><B>Operating lease obligations&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease obligations consist of
payments pursuant to non-cancellable operating lease agreements relating to leases of office space. The lease term of the Group&rsquo;s
premises in Jena, Germany expires in December 2019. The lease term of the Group&rsquo;s premises in Munich, Germany expires in
December 2018. The lease period is extended automatically until June 30, 2022.</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"><B>Contingencies&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group enters into contracts in the
normal course of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert
advice and other vendors for clinical supply manufacturing or other services. These contracts are not included in the table above
as they provide for termination on notice, and therefore are cancelable contracts and do not include any minimum purchase commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(16)</TD><TD>Related parties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s key management personnel
comprised its managing directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Professor Niels C. Riedemann &ndash; Chief Executive Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Professor Renfeng Guo &ndash; Chief Scientific Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Mr. Arnd Christ &ndash; Chief Financial Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Mr. Othmar Zenker &ndash; Chief Medical Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation of key management personnel
comprised  the following components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">(<FONT STYLE="font-size: 10pt">in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Short-term employee benefits&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">785</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">604</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Share-based payments&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">660</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Compensation of key management
    personnel&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,027</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,264</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Remuneration of InflaRx&rsquo;s managing
directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive supplementary
benefits such as fringe benefits and allowances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The InflaRx GmbH&rsquo;s supervisory board
comprised the following persons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Nicolas Fulpius (Chairman)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Katrin Uschmann</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Mark Kuebler</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Lina Ma</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The supervisory directors of InflaRx GmbH
did not receive compensation for their services on the supervisory board. In 2016, InflaRx granted awards to three directors under
the terms of the Board Plan (see note 14) and recorded compensation expense of &euro;208.</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">In connection with the Series C preferred
share financing, certain members of the supervisory board were engaged to assist in sourcing potential new investors. Mr. Kuebler
was paid &euro;160 and Mr. Fulpius was paid &euro;72,000 upon the closing of the series C preferred share financing transaction
in exchange for their respective introductions of certain investors in the financing transaction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(17)</TD><TD>Financial risk management</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial risk management objectives
and policies&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s principal financial assets
comprise short-term deposits at commercial banks with a maturity on inception of three months or less and investments in money-market
funds. The main purpose of these financial instruments is to provide funds for the Group's development activities. The Group has
some other financial assets and liabilities such as trade and other payables, which arise directly from its operations.</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">The main risks arising from the Group's
financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized
below.</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"><B>Credit risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of financial assets,
including cash and cash equivalents, represents the maximum exposure to counterparty credit risk of &euro; 29,100 (2015: &euro;
33,300).</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">The cash and cash equivalents are held
with banks, which are rated BBB to A based on Standard &amp; Poor&rsquo;s and Moody&rsquo;s. The issuer of the money-market funds
also has a high credit rating.</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"><B>Interest rate risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The group&rsquo;s interest rate risk arises
from its investments and cash equivalents of &euro; 29,100.</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">As of December 31, 2016, there was no significant
interest rate risk, as the interest income obtained in the current market environment was de minimis. However, the introduction
of negative interest rates on financial assets by financial institutions might expose the Group to additional interest rate risks
in the future.</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"><B>Foreign currency risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign exchange risk arises when commercial
transactions or recognized assets or liabilities are denominated in a currency that is not an entity&rsquo;s functional currency.
InflaRx GmbH is exposed to the exchange rate between the Euro and the US Dollar (USD).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, if the Euro had weakened/strengthened
by 10% against the US dollar with all other variables held constant, the loss would have been &euro; 7 higher/&euro; 6 lower, mainly
as a result of foreign exchange gains/losses on translation of US dollar-denominated expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidity risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Group
will encounter difficulties in meeting the obligations which are typically settled by delivering cash. The Group&rsquo;s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due.</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">The Group continually monitors its risk
of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities.
The management team undertakes regular reviews of the budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In the third quarter of 2016,
InflaRx raised significant funding that it estimates will enable the group to fund operating expenses and capital
expenditure requirements in the subsequent years. </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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to require additional
funding to continue to advance the development of product candidates In addition, the Group expects to require additional capital
to commercialize the products if regulatory approval were received.</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"><B>Capital management&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary objective of the Group's capital
management is to ensure that it maintains its liquidity in order to finance its development activities and meet its liabilities
when due.</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">The Group manages its capital structure
through equity and the issuance of preferred shares to investors.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Report of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Management Board of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fireman B.V.:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
audited the accompanying statement of financial position of Fireman B.V. (the Company) as of June&nbsp;23, 2017. This financial
statement is the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on this financial
statement based on our audit.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We conducted
our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial position is free of
material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the
statement of financial position, assessing the accounting principles used and significant estimates made by management, and evaluating
the overall presentation of the statement of financial position. We believe that our audit of the statement of financial position
provides a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In our opinion,
the statement of financial position referred to above presents fairly, in all material respects, the financial position of Fireman
B.V. as of June&nbsp;23, 2017, in conformity with International Financial Reporting Standards, as issued by the International
Accounting Standards Board.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">/s/ KPMG AG</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Wirtschaftspr&uuml;fungsgesellschaft</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Leipzig, Germany</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">June&nbsp;23, 2017<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Fireman B.V.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Statement of financial position</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 75%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As of</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">(<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>in &euro;)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 23, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; border-bottom: Black 0.5pt solid">0.12&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total current assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="border-bottom: Black 2.5pt double; text-align: center"><B>0.12&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EQUITY</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issued capital</FONT></TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; border-bottom: Black 0.5pt solid"><B>0.12&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">
        <P STYLE="border-bottom: Black 2.5pt double; text-align: center"><B>0.12&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">*&#9;The
notes are an integral part of this  financial statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Fireman B.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> <B>Notes to the financial statement</B> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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: 28.35pt">(1)</TD><TD>Reporting entity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireman B.V. (in the following, &ldquo;Fireman&rdquo;
or the &ldquo;Company&rdquo;) is a Dutch private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>)
formed on June 6, 2017 with its corporate seat in Amsterdam, The Netherlands, and registered in the Commercial Register of The
Netherlands Chamber of Commerce Business Register under CCI number 68904312. The Company&rsquo;s registered office is at Winzerlaer
Stra&szlig;e 2 in 07745 Jena, Germany.</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">Fireman was formed for the purpose of a
corporate reorganization of InflaRx GmbH (the predecessor) in preparation of an initial public offering. Pursuant to the terms
of such corporate reorganization that will be completed prior to the consummation of the initial public offering, all of the equity
interests in InflaRx GmbH will be exchanged for newly issued common shares of Fireman, and as a result, InflaRx GmbH will become
a wholly owned subsidiary of Fireman. Subsequently, Fireman intends to convert its legal form under Dutch law from a private company
with limited liability to a public company with limited liability (N.V. or <I>naamloze vennootschap</I>) and to change its name
from Fireman B.V. to InflaRx N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: 28.35pt">(2)</TD><TD>Basis of preparation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt"><B>a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Statement of compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This financial statement has been prepared
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).</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">This financial statement was authorized
for issuance by the management board on June 23, 2017.</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 0pt 28.35pt; text-indent: -28.35pt"><B>b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Omission of statements of comprehensive loss, cash-flow and changes in equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To this date, the Company has not commenced
any activities other than those incident to its formation, the contemplated corporate reorganization and the initial public offering.
As of June 23, 2017, Fireman was not capitalized. Accordingly, statements of comprehensive income, cash flows and changes in equity
have been omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 28.35pt">(3)</TD><TD>Equity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has issued one share to its
sole shareholder in a nominal amount of &euro;0.12. This amount is fully paid-in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in">(4)</TD><TD>Formation expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2017, InflaRx GmbH agreed to
reimburse Fireman B.V. for all formation expenses and costs related to the contemplated corporate reorganization and preparation
of an initial public offering, incurred as of the date of the agreement and in the future.</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">&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; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 28pt">Fireman
B.V.</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="InflaRx GmbH" STYLE="height: 75px; width: 250px"></P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRELIMINARY PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">J.P. Morgan</P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Leerink Partners<BR>
BMO Capital Markets<BR>
<BR>
</P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating
in this offering, may be required to deliver a prospectus. This is in addition to a dealer&rsquo;s obligation to deliver a prospectus
when acting as an underwriter and with respect to an unsold allotment or subscription.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of directors and officers</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; text-indent: 0.25in">Our current and former directors (and such
other current or former officer or employee as designated by the board of directors) have the benefit of the following indemnification
provisions in our Articles of Association:</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">Indemnified persons shall be reimbursed
for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>any financial losses or damages incurred by such indemnified person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;any
expense reasonably paid or incurred by such indemnified person in connection with any threatened, pending or completed suit, claim,
action or legal proceedings of a civil, criminal, administrative or other nature, formal or informal, in which he becomes involved:</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">in each case to the extent this relates
to his current or former position with the company and/or a group company and in each case to the extent permitted by applicable
law.</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">There shall be no entitlement to reimbursement
as referred to above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>if a competent court or arbitral tribunal has established that the acts or omissions of such indemnified person that led to
the financial losses, damages, expenses, suit, claim, action or legal proceedings as described above are of an unlawful nature
(including acts or omissions which are considered to constitute malice, gross negligence, intentional recklessness and/or serious
culpability attributable to such indemnified person);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>to the extent that his financial losses, damages and expenses are covered under an insurance and the relevant insurer has settled,
or has provided reimbursement for, these financial losses, damages and expenses (or has irrevocably undertaken to do so); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>in relation to proceedings brought by such indemnified person against the company, except for proceedings brought to enforce
indemnification to which he is entitled pursuant to the Articles of Association, pursuant to an agreement between such indemnified
person and the company which has been approved by the board of directors or pursuant to an insurance taken out by the company for
the benefit of such indemnified person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors may stipulate additional
terms, conditions and restrictions in relation to the indemnification referred to above. We also intend to enter into indemnification
agreements with each of our directors and executive officers upon the consummation of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Recent sales of unregistered securities</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; text-indent: 0.25in">Set forth below is information regarding
all securities issued by Fireman B.V.&rsquo;s predecessor, InflaRx GmbH, without registration under the Securities Act since January
1, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 11, 2014,
InflaRx GmbH issued 9,341 Series B preferred shares. In addition to the nominal value of the shares (&euro;9,000), the shareholders
made cash contributions into the Company&rsquo;s capital reserves of &euro;2.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> In the third quarter
of 2016, InflaRx issued 47,246 Series C preferred shares.&nbsp; In addition to the nominal value of the shares (&euro;47,000),
the shareholders made cash contributions into the Company&rsquo;s capital reserves of &euro;31.0 million. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From December 31, 2013 through December
31, 2016, InflaRx issued options to purchase 12,681 common shares to its employees, senior management and directors with an exercise
price of &euro;656 per share.</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">The issuances of restricted securities
in the transactions described above were deemed to be exempt from registration under the Securities Act in reliance upon the Section
4(a)(2) of the Securities Act and/or Regulation S promulgated under the Securities Act.</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits and financial statement schedules</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; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed as part of this registration statement:</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></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: 13%; padding: 2pt; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font-size: 10pt">Exhibit
                                         Number</FONT> </P></TD>
    <TD STYLE="width: 87%; padding: 2pt"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <FONT STYLE="font-size: 10pt">Description&nbsp;</FONT> </P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">1.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">3.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Articles of Association</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">4.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of Certificate of common shares of Fireman B.V.</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">5.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of opinion of NautaDutilh N.V., Dutch
    counsel of Fireman B.V., as to the validity of the common shares</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of opinion of NautaDutilh N.V., Dutch counsel of Fireman B.V.,
    as to Dutch tax matters</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.2*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Opinion of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten
    as to German tax matters</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.3*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell LLP as to U.S. tax matters</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.1**</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">English language summary of Lease Agreement
    dated January 15, 2008 between InflaRx GmbH and Ernst-Abbe-Stiftung, as amended and supplemented from time to time</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.2**</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">English language summary of Lease Agreement
    dated April 10, 2017 between InflaRx GmbH and Immoprojekt Grundst&uuml;cksveraltungsgesellschaft mbh</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.3&dagger;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">Co-Development Agreement dated December
    28, 2015 between InflaRx GmbH and Beijing Defengrei Biotechnology Co. Ltd., as supplemented by Addendum No. 1 dated December
    28, 2015</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">14.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Code of Ethics of Fireman B.V.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">21*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Subsidiaries of the registrant</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.2*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of NautaDutilh N.V. (included in Exhibit 5.1 and 8.1)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.3*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten
    (included in Exhibit 8.2)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.4*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp
    </FONT>(included in Exhibit 8.3)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">24.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Powers of Attorney (included on signature page to the registration
    statement)</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be filed by amendment.&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously
filed.</FONT> </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt">&dagger;&#9;Application has
been made to the Securities and Exchange Commission for confidential treatment of certain provisions. Omitted material for which
confidential treatment has been requested has been filed separately with the Securities and Exchange Commission.</FONT> </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following financial statement schedule is filed as part of this registration statement:</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">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 17. Undertakings</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; text-indent: 0.25in">The undersigned registrant hereby undertakes:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement certificates
in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the 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 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 hereunder, 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 of whether such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that:</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 0pt 0.5in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of
prospectus 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Jena, Germany on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>&nbsp;</TD>
    <TD COLSPAN="3">FIREMAN B.V.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 32%; padding-right: 2pt; padding-left: 2pt">Niels Riedemann</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 199; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Niels Riedemann, Arnd Christ, and each of them, his or her true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration
statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, and to file
the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission,
granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every act in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her substitute or substitutes
may lawfully do or cause to be done by virtue hereof.</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">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 39%; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 24%; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer<BR>
    (principal executive officer)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Niels Riedemann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer<BR>
    (principal financial and accounting officer)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Arnd Christ</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Authorized
        Representative</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">in
        the United States</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2017</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: 13%; padding: 2pt; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font-size: 10pt">Exhibit
                                         Number</FONT> </P></TD>
    <TD STYLE="width: 87%; padding: 2pt"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <FONT STYLE="font-size: 10pt">Description&nbsp;</FONT> </P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">1.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">3.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Articles of Association</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">4.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of Certificate of common shares of Fireman B.V.</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">5.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of opinion of NautaDutilh N.V., Dutch
    counsel of Fireman B.V., as to the validity of the common shares</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Form of opinion of NautaDutilh N.V., Dutch counsel of Fireman B.V.,
    as to Dutch tax matters</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.2*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Opinion of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten
    as to German tax matters</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">8.3*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell LLP as to U.S. tax matters</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.1**</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">English language summary of Lease Agreement
    dated January 15, 2008 between InflaRx GmbH and Ernst-Abbe-Stiftung, as amended and supplemented from time to time</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.2**</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">English language summary of Lease Agreement
    dated April 10, 2017 between InflaRx GmbH and Immoprojekt Grundst&uuml;cksveraltungsgesellschaft mbh</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">10.3&dagger;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt"> <FONT STYLE="font-size: 10pt">Co-Development Agreement dated December
    28, 2015 between InflaRx GmbH and Beijing Defengrei Biotechnology Co. Ltd., as supplemented by Addendum No. 1 dated December
    28, 2015</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">14.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Code of Ethics of Fireman B.V.</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">21*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Subsidiaries of the registrant</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.2*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of NautaDutilh N.V. (included in Exhibit 5.1 and 8.1)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.3*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten
    (included in Exhibit 8.2)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">23.4*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Consent of Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp
    </FONT>(included in Exhibit 8.3)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 2pt"> <FONT STYLE="font-size: 10pt">24.1*</FONT> </TD>
    <TD STYLE="padding: 2pt"> <FONT STYLE="font-size: 10pt">Powers of Attorney (included on signature page to the registration
    statement)</FONT> </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be filed by amendment.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously
filed.</FONT> </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt">&dagger;&#9;Application has
been made to the Securities and Exchange Commission for confidential treatment of certain provisions. Omitted material for which
confidential treatment has been requested has been filed separately with the Securities and Exchange Commission.</FONT> </P>

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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 10.3</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX -
    BDB contract - confidential information</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page 1 of 30</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>CONFIDENTIAL TREATMENT REQUESTED UNDER
RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED.</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>[*****] INDICATES OMITTED MATERIAL
THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED
SEPERATELY WITH THE COMMISSION.</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Co-Development Agreement</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>effective as of December 28<SUP>th</SUP>
2015 </B><BR>
(hereinafter referred to as &ldquo;<B>Agreement</B>&rdquo;)<BR>
between<BR>
<BR>
<B>lnflaRx GmbH</B><BR>
a corporation established under the law of Germany<BR>
Winzerlaer Strasse 2, 07745 Jena/Germany<BR>
(hereinafter referred to as &ldquo;<B>INFLARX</B>&rdquo;)<BR>
<BR>
and<BR>
<BR>
<B>Beijing Defengrei Biotechnology Co.Ltd &nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="ex1003-p1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">a corporation established under the law of P.R. China<BR>
36 Jinghai Er Road. BDA<BR>
Beijing 100176<BR>
P.R. China<BR>
(hereinafter referred to as &ldquo;<B>BDB</B>&rdquo;)<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(INFLARX or BDB hereinafter also referred
to as &ldquo;<B>Party</B>&rdquo; and together as &ldquo;<B>Parties</B>&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>PREAMBLE</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">INFLARX possesses certain intellectual property rights, whether patented or not, know how, material,
cell lines, drug substance, drug product, development know-how, data, etc. all related to monoclonal anti-human complement C5a
antibodies referred to as IFX-1 (as further defined within this Agreement) and further humanized versions thereof (collectively
&quot;IFX-2&quot; as further defined within this Agreement).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">BDB wishes to utilize said intellectual property of INFLARX in order to manufacture, research and
develop a drug candidate (referred to and defined within this Agreement as BDB-1 and/or BDB-2) and later sell and commercialize
this inside the territory of the P.R. China.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">INFLARX is prepared to grant to BDB appropriate rights under said intellectual property of INFLARX
to the extent necessary and under certain monetary and development requirements and other conditions set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">D.</TD><TD STYLE="text-align: justify">BDB on the other hand possesses intellectual property rights, know-how, technology, access to research
models etc. which may be useful for the further development of IFX-1 and/or IFX-2 by INFLARX and may, by developing INFLARX Intellectual
Property (including but not being limited to IFX-1, IFX-2 and corresponding cell lines) lead to the generation of new know-how,
data, material in any form, intellectual property, insights for use and application of IFX-1 and/or IFX-2, whether patentable or
not, and which INFLARX seeks to use, make use of, patent, pursue, commercialize, sell, license or sublicense or otherwise exploit
in any form worldwide unless otherwise specified in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">E.</TD><TD STYLE="text-align: justify">BDB is prepared to grant to INFLARX appropriate rights under said intellectual property of BDB
under conditions set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">F.</TD><TD STYLE="text-align: justify">The Parties intend to enable by this Agreement the defined R&amp;D collaborative and/or co-development
efforts as well as future drug development and commercialization</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">efforts of
the Parties and set the rules and conditions for such co-development as in principle set forth above (hereinafter also referred
to as the &ldquo;<B>Purpose</B>&rdquo; of this Agreement).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">G.</TD><TD STYLE="text-align: justify">The Parties further acknowledge that they have entered into an earlier agreement covering some
aspects which are related to the Purpose dated February 12<SUP>th</SUP>, 2014 (the &ldquo;<B>Base Agreement</B>&rdquo;) and that
by executing this Agreement the Parties wish to terminate and fully coordinate the provisions of said Base Agreement from the time
point of execution of this Agreement onwards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Now, therefore, the Parties agree as
follows:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 1 &mdash;
DEFINITIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">In
this Agreement, unless otherwise expressly provided, the following terms shall have meanings ascribed to them below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliates</B>&rdquo; means: (i) any person, corporation, firm, joint venture, entity
or other organization, which directly or indirectly controls either Party; or (ii) any person, corporation, firm, joint venture,
entity or other organization which is directly or indirectly controlled by either Party; or (iii) any person, corporation, firm,
joint venture, entity or other organization, which is controlled, directly or indirectly, by the ultimate parent company of either
Party. The term &ldquo;control&rdquo; as used herein means the possession of the power to direct or cause the direction of the
management and the policies of an entity, whether through the ownership of a majority of the outstanding voting security or by
contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Laws</B>&rdquo; means all national, state and local laws and the rules, regulations,
guidances, guidelines and requirements of all competent Governmental Authorities and pharmacopoeias in effect from time to time
applicable to the activities intended under the Frame of Co-Development (as defined below), including without limitation the handling,
manufacturing, processing, packaging and quality control of any Product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">&ldquo;<B>Approved Third Parties</B>&rdquo; means those Third Parties being approved by INFLARX
for secondary transfer of IFX-1 and/or the IFX-1 Cell Line within the territory of the P.R. China in accordance with Section <B>&lrm;</B>4.8ii.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">&ldquo;<B>Base Agreement</B>&rdquo; means the agreement between the Parties dated February 12<SUP>th</SUP>,
2014.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB-1</B>&rdquo; means a monoclonal antibody directed against the human complement factor
C5a which is being developed in full responsibility by BDB under granted rights from INFLARX inside the BDB Territory <U>and</U>
which is manufactured and produced using the IFX-1 Cell Line under BDB's full responsibility and which is covered in part or in
whole by the same INFLARX Intellectual Property as IFX-1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB Intellectual Property</B>&rdquo; means all Intellectual Property Controlled by BDB
as of the Effective Date and during the term of this Agreement that is useful and/or necessary for the activities intended under
the Frame of Co-Development (as defined below) and/or for the further development of Products and the corresponding cell lines
by or on behalf of INFLARX. For the avoidance of doubt, any INFLARX Intellectual Property, any Intellectual Property generated
under the Base Agreement and any Intellectual Property relating to Co-Development Findings shall not be considered BDB Intellectual
Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB Territory</B>&rdquo; means the territory of the P.R. China.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Applicable Laws to be closed in Jena (Germany) or Beijing (P.R. China).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.9</TD><TD STYLE="text-align: justify">&ldquo;<B>Calendar Year</B>&rdquo; means a period of 12 calendar months commencing on January 1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.10</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.11</TD><TD STYLE="text-align: justify">&ldquo;<B>Co-Development</B>&rdquo; means any development effort undertaken by either Party in
order to fulfill the Purpose of this Agreement and as set forth in the Frame of Co-Development (as defined below).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.12</TD><TD STYLE="text-align: justify">&ldquo;<B>Co-Development Finding(s)</B>&rdquo;means any Know-How, scientific knowledge, data or
material in any format or form including but not being limited to development insights about potential use, manufacturing changes
and improvements, effects and side effects of use and any other Know-How, whether patentable or not, resulting from BDB's use of
the INFLARX Intellectual Property in accordance with this Agreement and from the Parties' activities within the Frame of Co-Development
and the Purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.13</TD><TD STYLE="text-align: justify">&ldquo;<B>Commercialization</B>&rdquo; and &ldquo;<B>Commercialize</B>&rdquo; shall refer to all
activities undertaken relating to the manufacture for commercial sale, pre-marketing, marketing, distribution and sale of a product,
and the process of Commercialization, respectively.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.14</TD><TD STYLE="text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo; means all secret technical and non-technical information
of any kind relating to INFLARX Intellectual Property, as well as to the BDB Intellectual Property furnished to or obtained by
a Party (hereinafter the &ldquo;<B>Receiving Party</B>&rdquo;) from the other Party (hereinafter the &ldquo;<B>Disclosing Party</B>&rdquo;)
under this Agreement or under the Base Agreement. Confidential Information shall include but not being limited to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">research knowledge, materials (especially antibodies), experimental work, data, amino acid or nucleic
acid sequences, cDNA libraries, plasmids, cells, cell lines, antibodies and fragments thereof, other biological substances, apparatus,
equipment, technical or animal models, proposals, specifications, manufacturing details, the Manufacturing Process, purchasing
requirements, business forecasts, business plans or financial, operational, and marketing plans, sales, agreements etc;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">all inventions, improvements, modifications or discoveries, whether patentable or not, unpublished
patent applications, copyrights, trade secrets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">any and all Co-Development Findings which may arise out of the Co-Development, it being understood
that all Co-Development Findings are Confidential Information of INFLARX; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">any textual, numerical, graphical drawing or image fixed on paper, any electronic medium, any like
media or any storage device containing such media, containing or embodying Confidential Information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any information disclosed or transferred
by the Disclosing Party will be considered Confidential Information of the Disclosing Party by the Receiving Party if such information
is marked as &ldquo;Confidential&rdquo; or &ldquo;Proprietary&rdquo;, or if the Receiving Party should know by virtue of the circumstances
in which the Receiving Party learned the information, including through visual or other inspections, audits or other inspections,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">that such information is not generally
known to the public or to anyone who is not bound to the Disclosing Party by obligations of confidentiality.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.15</TD><TD STYLE="text-align: justify">&ldquo;<B>Control</B>&rdquo; or &ldquo;<B>Controlled</B>&rdquo; means with respect to any item
of information, Know-How, Patent Right or other Intellectual Property, possession of the right, whether directly or indirectly,
and whether by ownership, license or otherwise, to assign, or to grant a license or sublicense as provided for herein without violating
the terms of any agreement or other arrangement with a Third Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.16</TD><TD STYLE="text-align: justify">&ldquo;<B>cPoC</B>&rdquo; means clinical Proof of Concept, the stage in the drug development process
where the clinical efficacy of a novel drug candidate has been verified and proven for the first time in a clinical trial in man.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.17</TD><TD STYLE="text-align: justify">&ldquo;<B>Drug Approval Application</B>&rdquo; means an application for Regulatory Approval required
before commercial sale or use of a Product as a drug in a regulatory jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.18</TD><TD STYLE="text-align: justify">&ldquo;<B>Effective Date</B>&rdquo; shall mean the date of this Agreement as set forth on the front
page.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.19</TD><TD STYLE="text-align: justify">&ldquo;<B>EMA</B>&rdquo; means the European Medicines Agency or any successor Governmental Authority
with responsibility for regulating the development, manufacture and sale of human pharmaceutical products.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.20</TD><TD STYLE="text-align: justify">&ldquo;<B>Exploit</B>&rdquo; or &ldquo;<B>Exploiting</B>&rdquo; means to research or have researched,
develop or have developed, register or have registered in its own name, patent or have patented in its own name, modify or have
modified, enhance or have enhanced, improve or have improved, manufacture or have manufactured, hold or keep or have held and kept
(whether for disposal or otherwise), formulate or have formulated, optimize or have optimized, import or have imported, export
or have exported, transport or have transported, distribute or have distributed, offer for sale or have offered for sale, promote
or have promoted, market or have marketed, sell or have sold or otherwise commercialize or have commercialized a product or process.
&ldquo;Exploitation&rdquo; means the act of Exploiting a product or process.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.21</TD><TD STYLE="text-align: justify">&ldquo;<B>FDA</B>&rdquo; means the United States Food and Drug Administration of the Department
of Health and Human Services, or any successor Governmental Authority with responsibility for regulating the development, manufacture
and sale of human pharmaceutical products.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.22</TD><TD STYLE="text-align: justify">&ldquo;<B>First Commercial Sale</B>&rdquo; means the initial transfer of a Product by or on behalf
of either Party or its Affiliates, or Sub-Licensees to a Third Party distributor or end user customer in exchange for cash or some
equivalent to which value can be assigned in any country pursuant to a Regulatory Approval and after all other applicable approvals
required to market and sell Product, including pricing and reimbursement approvals, have been granted, or otherwise permitted,
by the Governmental Authorities of such country.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.23</TD><TD STYLE="text-align: justify">&ldquo;<B>GCP</B>&rdquo; shall mean all current laws and regulations established for Good Clinical
Practice i.e. those established within the International Conference on Harmonization of Technical Requirements for Registration
of Pharmaceuticals for Human Use (CPMP/ICH/135/95) Harmonized Tripartite Guideline for Good Clinical Practice as amended from time
to time and the principles set out in the Declaration of Helsinki as revised from time to time and any equivalent or relating regulatory
requirements inside the territory of the P.R. China.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.24</TD><TD STYLE="text-align: justify">&ldquo;<B>GMP</B>&rdquo; shall mean all current laws and regulations related to Good Manufacturing
Practices as specified in Directive 2003/94/EEC, the Guidelines to Good Manufacturing</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Practice of
Medicinal Products for Human and Veterinary Use of the European Union and the US Code of Federal Regulations, Title 21, Chapter
I, Parts 210 and 211 as well as the ICH Q7 Guideline, as well as any respective Chinese regulations pertaining to the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.25</TD><TD STYLE="text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo; means any court, agency authority, department, regulatory
body or other instrumentality of any government or country or of any national, federal, state, provincial, regional, county, city
or other political subdivision of any such government or any supranational organization of which any such country is a member.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.26</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.27</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-1</B>&rdquo; means a specific monoclonal antibody directed against the human complement
factor C5a which is being developed and manufactured by INFLARX or on behalf of INFLARX and which is produced in the IFX-1 Cell
Line and which is defined by a related antibody sequence (the &ldquo;IFX-1 Sequence&rdquo; as detailed within the <B>Attachment
I</B>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.28</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-1 Cell Line</B>&rdquo; means the Chinese Hamster Ovarian (CHO) Cell Line producing
lFX-1 which has been generated on behalf of INFLARX by [*****] and which is owned by INFLARX (after initiation of a contractually
defined sale process) and which may contain or require for use Intellectual Property, whether patented or not, owned by [*****]
and appropriately granted to INFLARX. Within this Agreement, the term IFX-1 Cell Line shall also be used and understood as relevant
cell line for manufacturing BDB-1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.29</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-2 and BDB-2</B>&rdquo; means any monoclonal antibody directed against the human complement
factor C5a which is being derived from the underlying gene sequence of IFX-1 by any type of humanization effort and which is not
developed or manufactured by use of the IFX-1 Cell Line. Such antibody may be generated by the underlying gene sequences as detailed
in <B>Attachment II</B> or other gene sequences which are substantially similar to the gene sequence of lFX-1 [*****], whereas
the term IFX-2 shall be reserved for any development and use of such antibody by or on behalf and under responsibility of INFLARX
and the term BDB-2 shall be reserved for any development and use of such antibody by and under responsibility of BDB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.30</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-2 Cell Line and BDB-2 Cell Line</B>&rdquo; shall be defined as any corresponding
cell line developed by the respective Party to manufacture lFX-2 or BDB-2.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.31</TD><TD STYLE="text-align: justify">&ldquo;<B>Indication</B>&rdquo; means any disease or condition for which a Product can be used
to treat or prevent, which use is the subject of a separate Drug Approval Application and/or of a separate Regulatory Approval
process. For the avoidance of doubt, all sub-classes of a main-class of disease shall be treated only as one and the same Indication.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.32</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Inspection Rights</B>&rdquo; has the meaning as defined in Section <B>&lrm;</B>4.7.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.33</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Intellectual Property</B>&rdquo; means the INFLARX Patent Rights and all other
Intellectual Property that is Controlled by INFLARX at the Effective Date or during the term of this Agreement and that relates
to the IFX-1 Cell Line and/or IFX-1 and/or IFX-2 and/or any IFX-2 Cell Line as well as BDB-1, BDB-2 and/or any BDB-2 Cell Line.
For the avoidance of doubt, all Intellectual Property generated under the Base Agreement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">and all Intellectual
Property with respect to Co-Development Findings is INFLARX Intellectual Property.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.34</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Patent Rights</B>&rdquo; means all Patent Rights Controlled by INFLARX at the
Effective Date or during the term of this Agreement and relating to IFX-1, IFX-2, IFX-1 Cell Line and/or IFX-2 Cell Line and/or
BDB-1, BDB-2 and/or BDB-2 Cell Line, including without limitation the international patent application with the title [*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.35</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Territory</B>&rdquo; means all countries of the world except the territory of
the P.R. China.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.36</TD><TD STYLE="text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo; or &ldquo;<B>IP</B>&rdquo; means any and all legally
established rights in and to ideas, inventions, discoveries, Know-How, data, databases, documentation, reports, materials, writings,
designs, computer software, processes, principles, methods, techniques and other information, including Patent Rights, trade secrets,
trademarks, service marks, trade names, registered designs, design rights, copyrights (including rights in computer software and
database rights), domain names and any rights or property similar to any of the foregoing in any part of the world arising under
statutory or common law, whether or not perfected and whether registered or not, together with the right to apply for the registration
of any such rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.37</TD><TD STYLE="text-align: justify">&ldquo;<B>Know-How</B>&rdquo; means any information, records, chemical structure information, methods,
techniques, processes, discoveries, inventions, innovations, unpatentable processes, specifications, recipes, formulae, designs,
plans, documentation, drawings, data and other technical information and data which is secret and not in the public domain, particularly
not disclosed in a Patent Right, and identified or identifiable in a tangible form, including, without limitation of the foregoing,
biological, chemical, pharmacological, toxicological, preclinical and clinical information, materials and data as well as information,
data and specifications regarding manufacturing processes, formulation, quality control, sourcing and testing, and related know-how
and trade secrets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.38</TD><TD STYLE="text-align: justify">&ldquo;<B>Manufacturing Process</B>&rdquo; means the entire process necessary for manufacturing
of IFX-1 and/or BDB-1 with the underlying cell line, including materials and media used, data and development reports, batch production
records and CMC documents of any kind, up-stream and downstream processes, viral clearance procedures, formulation, filling, packaging,
handling of drug substance and drug product and other processes as maybe involved and necessary to manufacture drug substance and
final drug product (filled, packaged and labeled and ready to use) and release the same for any application</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.39</TD><TD STYLE="text-align: justify">&ldquo;<B>Net Sales</B>&rdquo; means the gross amount invoiced by the relevant Party, its Affiliates
or Sub-Licensees for sales of a Product to unaffiliated Third Parties less the following deductions:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">[*****] of gross amount for transportation, freight insurance, distribution, packing and handling;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">sales and excise taxes or customs duties paid by the relevant Party, its Affiliates or Sub-Licensees
or any other governmental charges imposed upon the sale of a Product and paid by the relevant Party, its Affiliates or Sub-Licensees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">rebates and premiums granted or allowed by the relevant Party, its Affiliates or Sub Licensees
in connection with the sale of a Product;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">allowances or credits granted by the relevant Party, its Affiliates or Sub-Licensees to customers
on account of governmental requirements, rejection, outdating, returns, billing errors or recalls of a Product; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">trade, cash and quantity discounts, bonuses or chargebacks granted by the relevant Party, its Affiliates
or Sub-Licensees in connection with the sale of a Product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of calculating
Net Sales, the Parties recognize that: (a) customers may include persons in the chain of commerce who enter into agreements with
the relevant Party, its Affiliates or Sub-Licensees as to price even though title to the Product does not pass directly from the
relevant Party, its Affiliates or Sub-Licensees to such customers and even though payment for such Product is not made by such
customers directly to the relevant Party, its Affiliates or Sub-Licensees; and (b) in such cases, chargebacks paid by the relevant
Party, its Affiliates or Sub-Licensees to or through a Third Party (such as a wholesaler) can be deducted by the relevant Party,
its Affiliates or Sub-Licensees from gross revenue in order to calculate Net Sales. Furthermore, for the purpose of calculating
Net Sales the deductions referred to under iii. and v. shall not exceed the upper threshold common in the relevant market of competitive
Products; in the case of dispute the Party obliged to royalty payments shall prove that the amount of the relevant deductions are
common in the relevant market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.40</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Patent Rights</B>&rdquo; means (a) all national, regional
and international patents and patent applications, including provisional patent applications, (b) all patent applications filed
either from such patents, patent applications or provisional applications or from an application claiming priority from either
of these, including divisionals, continuations, continuations-in-part, provisionals, converted provisionals, and continued prosecution
applications, (c) any and all patents that have issued or in the future issue from the foregoing patent applications ((a) and (b)),
including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations
by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including
any supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b) and (c)), and
(e) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction
patent or registration patent or patent of additions to any such foregoing patent applications and patents.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.41</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Phase II Clinical Trials</B>&rdquo; shall mean a clinical
trial in human patient population to explore the therapeutic efficacy and to determine the safe and effective dose range in the
proposed therapeutic Indication as more fully described in the ICH Harmonized Tripartite Guideline entitled &ldquo;General Considerations
for Clinical Trials E-8&rdquo;, as amended .</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.42</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Product</B>&rdquo; means any medicinal product containing
IFX-1 or IFX-2 or BDB-1 or BDB-2 as at least one (1) active pharmaceutical ingredient.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.43</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Regulatory Approval</B>&rdquo; means with respect to a
regulatory jurisdiction, any and all approvals, product and/or establishment licenses, registrations or authorizations of any Governmental
Authority, including without limitation the SFDA, the EMA and the FDA, necessary for the use (including in a clinical trial), storage,
import, export, transport and Commercialization of a Product in such regulatory jurisdiction, including, where applicable, (a)
pricing and reimbursement approval in such regulatory jurisdiction, (b) pre- and post-approval marketing authorizations (including
any prerequisite </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">manufacturing
approval or authorization related thereto), (c) labeling approval and (d) technical, medical and scientific licenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.44</TD><TD STYLE="text-align: justify">&ldquo;<B>SFDA</B>&rdquo; means the Chinese State Food and Drug Administration, or any successor
Governmental Authority with responsibility for regulating the development, manufacture and sale of human pharmaceutical products.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.45</TD><TD STYLE="text-align: justify">&ldquo;<B>Sub-Licensee</B>&rdquo; means a Third Party to whom INFLARX granted a license or respectively
sub-license under its rights reserved under Section <B>&lrm;</B>6.5 and Section <B>&lrm;</B>6.7 after execution of said reserved
rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.46</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party</B>&rdquo; means any entity other than the Parties or any Affiliate of either
Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 2 &mdash;
Scope of this Agreement/ Frame of Co-Development</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify"><U>Scope of this Agreement / Further agreements.</U> The Parties understand that this Agreement
sets the frame and principle understanding between the Parties in order to fulfill the Purpose but it may not fully cover all aspects
of such future development. The Parties understand that additional future contractual work and agreements may be necessary to fully
cover aspects of future development, including but not limited to aspects of clinical development, manufacturing or Commercialization
or others. The Parties therefore agree that they will jointly work together in good faith on such future contractual agreements
as may be deemed appropriate or wished for by either Party, it being understood that the principle frame and conditions set forth
in this Agreement are binding and shall be fully reflected in any such future agreements unless agreed differently in writing by
both Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify"><U>Frame of Co-Development</U>. The Parties hereto agree that in order to serve and fulfill the
Purpose of this Agreement, the Parties shall engage in the following Co-Development steps and conditions, of which some or all
are further specified and conditional to defined terms as set forth in detail elsewhere in this Agreement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB shall appropriately handle and store the IFX-1 Cell Line under its strict oversight, create
a master- or working cell bank and develop and build the Manufacturing Process according to GMP standards either by itself or together
with Approved Third Parties inside the BDB Territory in order to manufacture GMP standard drug product BDB-1 solely to be used
for defined development and later Commercialization inside the BDB Territory in accordance with further detailed obligations as
set forth in this Agreement and under its sole and full responsibility.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB may develop and generate under its sole and full responsibility a BDB-2 Cell Line only inside
the BDB Territory, create a master- or working cell bank and develop and build the Manufacturing Process according to GMP standards
and manufacture GMP standard drug product BDB-2 solely for the purpose to develop and Commercialize BDB-2 solely within and for
the BDB Territory. INFLARX shall have the right to Exploit such BDB-2 Cell Line under its own responsibility to develop, manufacture
and Commercialize IFX-2 anywhere in</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">the INFLARX
Territory and BDB shall assist and transfer appropriate amounts of material (i.e. vials of the BDB-2 Cell Line etc.) to INFLARX
to enable such Exploitation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">BDB shall conduct pre-clinical animal and in vitro studies inside the BDB Territory using IFX-1
(to be transferred separately to BDB by INFLARX under the terms of this Agreement) and/or BDB-1 and/or IFX-2 and/or BDB-2, and
BDB shall promptly share all related Co-Development Findings and ensure data sharing with INFLARX and put in place reporting tools
for all development areas.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">BDB shall conduct clinical trials using BDB-1 and/or BDB-2 in compliance with all Applicable Laws,
including GCP and with the provisions of this Agreement inside the BDB Territory and ensure data sharing with INFLARX and put in
place reporting tools and potentially necessary data exchange agreements with INFLARX as may be deemed appropriate by INFLARX.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">BDB shall be granted appropriate usage rights under lNFLARX Intellectual Property to the extent
necessary for development, manufacture and Commercialization of BDB-1 and BDB-2 solely inside the BDB Territory and pay in return
royalties to INFLARX as set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">vii.</TD><TD STYLE="text-align: justify">INFLARX shall be granted and/or transferred exclusive Exploitation rights and ownership in all
Co-Development Findings by BDB and shall be granted usage rights under BDB Intellectual Property to the extent necessary or useful
to Exploit the rights set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">viii.</TD><TD STYLE="text-align: justify">The Parties shall cooperate and help in putting in place appropriate more detailed agreements if
needed from either side or if useful for successful development and Commercialization of BDB-1 and/or BDB-2 by BDB within the BDB
Territory and of IFX-1 and/or IFX-2 by lNFLARX.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ix.</TD><TD STYLE="text-align: justify">Unless agreed differently between the Parties in writing, each Party shall fully cover its own
costs and expenses and have sole and full responsibility for any of its own Co-Development effort and activity agreed in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">x.</TD><TD STYLE="text-align: justify">BDB shall in no event make or engage any Third Party in making additional changes, alterations
or any humanization efforts of any kind to IFX-1, BDB-1 and/or IFX-2 and/or BDB-2 and/or the IFX-1 Cell Line and/or IFX-2 Cell
Line and/or the BDB-2 Cell Line unless agreed expressly differently between the Parties in writing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These Co-Development steps and
conditions shall collectively be understood as the &ldquo;<B>Frame of Co-Development</B>&rdquo; which will be conditional to the
terms and provisions set forth in this Agreement and shall solely serve the Purpose of this Agreement. The Parties agree that the
development of any combination therapy involving IFX-1, IFX-2, BDB-1 or BDB-2 as active pharmaceutical ingredient is not part of
the Frame of Co-Development and shall be excluded from the grant of any rights to BDB under this Agreement; the Parties may agree
on development of such combination therapies in a separate agreement or addendum to this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify"><U>Coordination of Co-Development.</U> The Parties understand that for the time being the Co-Development
can be reasonably coordinated through the reporting in accordance with Article 5. If either Party at a certain stage of Co-Development
deems it useful or necessary for coordination of the Parties development activities to install a Joint Development Committee, the
Parties shall establish such Joint Development</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Committee with
members having the necessary scientific and regulatory skills with respect to the relevant stage of development and shall agree
on competence and governance rules of such Joint Development Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify"><U>Coordination with Base Agreement.</U> The Parties agree that the Base Agreement shall terminate
at the Effective Date. Articles 5, 8, 9 and 10.5 of the Base Agreement shall survive its termination. The Parties further agree
that any materials provided by INFLARX to BDB under the Base Agreement shall be further handled in accordance with the relevant
provisions regarding such material transfer under this Agreement. The Parties understand and agree that all &ldquo;Research Findings&rdquo;
as this term is defined in the Base Agreement shall be Confidential Information of INFLARX under this Agreement and all &ldquo;Confidential
Information&rdquo; as this term is defined under the Base Agreement and which were exchanged by the Parties under the Base Agreement
shall be and treated as Confidential Information under this Agreement. For the avoidance of doubt, all rights in the &ldquo;Research
Findings&rdquo; as this term is defined in the Base Agreement shall be INFLARX Intellectual Property under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 3 &mdash;
Transfer of Cell Line</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify"><U>Transfer.</U> Under the conditions and terms set forth within this Agreement and conditional
to the receipt of the [*****] (as defined below) by [*****] from BDB and receipt of the [*****] by INFLARX from [*****], INFLARX
shall request that [*****] makes 22 vials containing aliquots from the master cell bank of the IFX-1 Cell Line which is currently
stored at [*****], available to INFLARX for further shipment to BDB (hereinafter referred to as the &ldquo;<B>Transfer</B>&rdquo;).
The Transfer shall take place under the following conditions and terms:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">upon [*****] (as defined below) from BDB and [*****] by INFLARX from [*****], INFLARX shall in
due course furnish a written transfer request to [*****] and obtain approval for the Transfer ;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">upon receipt of approval from [*****] by INFLARX, BDB shall provide the vendor and shipment details,
as well as process details and all necessary documents to INFLARX for the Transfer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB understands and agrees that it will cover all costs for shipment to BDB as well as any associated
risk for the Transfer once shipment has left [*****] premises and that it may seek insurance coverage for the Transfer if deemed
appropriate; for the avoidance of doubt, neither INFLARX nor [*****] is obliged to furnish any replacement if any or all of the
22 vials containing aliquots from the master cell bank of the IFX-1 Cell Line are destroyed during the shipment or are not viable
upon receipt by BDB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">[*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If and to the extent that INFLARX
is held liable for payment of any taxes, duties or other amounts by any Governmental Authority of any country with respect to the
[*****] and/or in connection with this indemnification and reimbursement obligation of BDB, BDB shall indemnify and hold INFLARX
harmless from and reimburse to INFLARX any such amount assessed against INFLARX (and/or paid by INFLARX).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify"><U>Transfer of IFX-1.</U> INFLARX may, from time to time as may be agreed between the Parties,
transfer IFX-1, which may or may not have been manufactured according to GMP standards or GMP equivalent standards under INFLARX'
responsibility and oversight. Any quantity of IFX-1 transferred by INFLARX to BDB may be used by BDB solely to serve the Purpose
of this Agreement, in the BDB Territory and to foster the development of BDB-1 within the BDB Territory. BDB shall under no circumstances
use IFX-1 for any application in humans and treat IFX-1 strictly confidential and not transfer IFX-1 to any Third Party without
the express prior written consent from INFLARX.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 4 &mdash;
BDB Use of the IFX-1 Cell Line, IFX-1, BDB-1, BDB-2 Cell Line, BDB-2 and IFX-2 and IFX-2 Cell Line</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify"><U>BDB's Right to Use the IFX-1-Cell Line.</U> INFLARX hereby grants to BDB an exclusive right
to use the IFX-1 Cell Line solely within the BDB Territory and solely for the Purpose and the Co-Development under this Agreement
and subject to compliance of BDB with all terms and conditions set forth in this Agreement. BDB hereby accepts this grant. INFLARX
reserves the right to develop and/or manufacture IFX-1 and Products containing IFX-1 inside the BDB Territory with a Third Party
solely for the purpose of Exploitation and Commercialization of such IFX-1 or such Product containing IFX-1 in the INFLARX Territory,
and reserves the right to use the IFX-1 Cell Line within the BDB Territory for other non-commercial purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify"><U>INFLARX and </U>[*****] <U>Intellectual Property.</U> BDB acknowledges and understands that
the IFX-1 Cell Line represents INFLARX Intellectual Property which was manufactured by [*****] based on at least in part [*****]
proprietary technology and Intellectual Property, including but not limited to the [*****], and that nothing in this Agreement
is meant to transfer to BDB any [*****] or any rights in the [*****] nor any INFLARX Intellectual Property unless expressly provided
differently within this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify"><U>Use of the IFX-1 Cell Line.</U> BDB shall use the IFX-1 Cell Line solely within the Frame of
Co-Development and in order to fulfill the Purpose: Such use shall solely include and be limited to the development and implementation
of a Manufacturing Process for the manufacturing of BDB-1 for developing (pre-clinical and clinical), testing, seeking Regulatory
Approval for Commercialization of BDB-1 within the BDB Territory, all being conditional to any relevant term and obligation set
forth in this Agreement. BDB expressly agrees and acknowledges that the Transfer to BDB shall not be construed as a license or
as permission to (A) independently make, utilize or copy the [*****] or (B) modify or derive portions of the IFX-1 Cell Line for
the development of any other cell line or product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify"><U>Monitoring by INFLARX and </U>[*****]<U>.</U> BDB hereby grants to INFLARX and to [*****] the
right to monitor BDB and any of its Approved Third Parties for compliance with the Sections <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.3(A)
and <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.3(B). This right to monitor includes any reasonable measure</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">considered necessary
by INFLARX and/or [*****], including without limitation the right to request and receive documents and the right to inspect the
premises of BDB and any of its Approved Third Parties. Any involvement of an Approved Third Party by BDB shall be conditioned on
the prior assurance that such Approved Third Party will respect and comply with INFLARX' and [*****] monitoring right. [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify"><U>Quality Adherence and BDB Oversight.</U> BDB undertakes and warrants to INFLARX that it will
strictly adhere to any applicable GMP, GCP or other Applicable Laws when storing, handling, manufacturing, developing, Commercializing
or otherwise using the IFX-1 Cell Line, IFX-1 or BDB-1, any IFX-2 Cell Line, IFX-2, any BDB-2 Cell Line and BDB-2 and that it will
ensure any of its Approved Third Parties to strictly comply with such Applicable Laws as well. BDB shall have the sole responsibility
to establish and ensure strict oversight of any and all use and quality adherence of the IFX-1 Cell Line or parts thereof as well
as IFX-1, BDB-1 or parts thereof, as well as any future BDB-2 Cell Line and BDB-2 or any parts thereof as well as any IFX-2 Cell
Line and IFX-2 or parts thereof within the BDB Territory and shall keep complete and up-to-date records about such oversight. Such
oversight records shall establish for each of the above mentioned components the exact storage place, storage conditions, amount
and handling responsibility, reasons for transfer and all other information reasonably required for proving compliance as set forth
herein and shall also include any audit and inspections reports and certificates of any Approved Third Party. A copy of such oversight
records shall be furnished in copy to INFLARX within [*****] upon request at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify"><U>Quality Agreements.</U> BDB undertakes to execute with INFLARX, upon the latter request, appropriate
quality assurance agreements including but not limited to aspects of oversight, clarification of responsibilities, handling, storage
and manufacturing conditions, clinical trial aspects, reporting of incidences and adverse events/reactions etc., safety data exchange
agreements or pharmacovigilance agreements as may be deemed appropriate or useful by INFLARX in order to assure adherence to applicable
external or internal quality regulations or guidelines and to Applicable Laws which may be applicable to INFLARX.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify"><U>lNFLARX Inspection Rights.</U> BDB acknowledges that INFLARX may need to keep global oversight
over any and all manufacturing and developing efforts regarding the IFX-1 Cell Line and that lNFLARX may be liable or otherwise
bound by regulatory requirements under any Applicable Laws or any order or decision of a competent Governmental Authority to ensure
such global oversight and adherence to quality regulations or guidelines and Applicable Laws (including without limitation GMP
and GCP). Therefore, BDB shall cooperate with and assist INFLARX in any reasonable way to ensure such oversight and to ensure that
lNFLARX is able to fulfill its legal and/or regulatory responsibilities. BDB hereto agrees that INFLARX and any of its successors
with respect to the rights granted under this Agreement to BDB, as well as any competent Governmental Authority, including but
not limited to the FDA and the EMA, the German or other European Governmental Authorities or other Governmental Authorities that
are in charge of inspections of INFLARX manufacturing or development programs or Regulatory Approvals of any form with respect
to IFX-1 and/or IFX-2 shall have the right to audit and inspect BDB, its facilities, its documentation and its adherence to quality
regulations or guidelines and any other Applicable Laws (collectively understood as &ldquo;<B>INFLARX Inspection Rights</B>&rdquo;).
BDB shall contractually ensure that any Approved Third Party as defined under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.8
of this Agreement shall be obligated to grant the INFLARX Inspection Rights to the same extent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify"><U>Secondary Transfer of the IFX-1 Cell Line, IFX-1, IFX-2 Cell Line, IFX-2. BDB-1, BDB-2 Cell
Line and BDB-2.</U> The following rules shall apply for any transfer of the IFX-1 Cell Line, IFX-1 and BDB-1 as well as the IFX-2
Cell Line and IFX-2 and the BDB-2 Cell Line and BDB-2 outside the primary direct control and the premises of BDB:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall under no circumstances transfer the IFX-1 Cell Line, IFX-1 and BDB-1 or any part thereof
or the IFX-2 Cell Line or IFX-2 or any part thereof or the BDB-2 Cell Line or BDB-2 or any parts thereof outside the BDB Territory
unless expressly authorized previously by INFLARX in writing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Inside the BDB Territory, BDB shall not transfer, store, develop or otherwise use the IFX-1 Cell
Line and IFX-1 or any part thereof or the IFX-2 Cell Line or IFX-2 or any part thereof to any facility, manufacturer, company,
entity, person or institution of any kind or any other Third Party without the express prior written consent from INFLARX. If BDB
wishes to transfer the IFX-1 Cell Line or IFX-1 or any parts thereof or the IFX-2 Cell Line or IFX-2 or any part thereof to any
Third Party inside the BDB Territory, BDB shall request consent from INFLARX for such transfer in writing and inform INFLARX within
this request in detail about (a) the exact place of business of such Third Party, (b) the exact location of storage and location
of use and manufacture, (c) the exact purpose and conditions for such transfer and amount transferred, (d) confirmation of such
Third Party that it will adhere to GMP, GCP or any other Applicable Laws and that it will protect the INFLARX Intellectual Property
and any parts thereof from any unauthorized access and to grant INFLARX and [*****] monitoring rights at least to the extent as
set forth in Section 4.4 and to grant the INFLARX Inspection Rights. INFLARX shall, upon review of completeness of such request,
issue consent for such secondary transfer (the entire procedure shall be collectively understood as &ldquo;<B>Transfer Consent</B>&rdquo;
and any Third Party consented to gain access as &ldquo;<B>Approved Third Party</B>&rdquo;). Such Transfer Consent shall be granted
in writing by an INFLARX authorized representative within 7 Business Days upon receipt of INFLARX of a complete request for a Transfer
Consent and shall not be unreasonably withheld. INFLARX shall not be obliged to issue any Transfer Consent if the request of BDB
is not complete, or if the purpose for any collaboration stated within the request falls outside the Purpose and the Frame of Co-Development
as set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Inside the BDB Territory, BDB may transfer BDB-1 and or BDB-2 and or the BDB-2 Cell Line to designated
Third Parties solely to fulfill the Purpose of this Agreement and within the Frame of Co-Development. BDB shall strictly document
any such transfer, including the purpose, the amount and detailed description of transferred material and furnish to INFLARX a
copy of such documentation within 10 Business Days thereafter. BDB shall also notify INFLARX about any such transfer within the
quarterly reports. BDB shall only arrange for any such transfer if strict rules for confidentiality and safe handling and prohibition
of further transfer and granting access to other Third Parties are in place substantially similar to the ones set forth in this
Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify"><U>Manufacturing of BDB-1 and BDB-2</U>. BDB and its Approved Third Parties shall manufacture BDB-1
and or BDB-2 using the IFX-1 Cell Line or any BDB-2 Cell Line under their sole and full responsibility and under strict compliance
with GMP, GCP and other Applicable Laws as may be applicable for the BDB Territory and shall ensure that INFLARX is informed in
detail about the Manufacturing Process.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify"><U>Use in Humans.</U> The following rules and conditions shall apply for any use of IFX-1 or BDB-1
or BDB-2 or parts thereof in humans:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB warrants that it will not use any transferred IFX-1 for any application in humans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB warrants that it will not and will assure that any Approved Third Party will not use, apply
or administer BDB-1 or BDB-2 or any part thereof in/to humans unless all required Regulatory Approvals and consents of any competent
Governmental Authority, including without limitation of the SFDA, and of any ethics committee have been obtained previously and
that it will conduct any clinical application using BDB-1 or BDB-2 under strict GCP compliance and compliance with other Applicable
Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Before BDB engages in any first clinical application of BDB-1 or BDB-2 in humans it shall consult
with INFLARX at least [*****] before submission of the respective Regulatory Approval application whether INFLARX needs any quality
assurance agreement, safety data exchange agreements and/or pharmacovigilance agreements to be put in place and INFLARX shall furnish
a written decision about this question within [*****] upon receipt of the request. If no decision has been made and communicated
by INFLARX to BDB whether any of such agreements should be concluded on [*****] after receipt of such notice from BDB, then BDB
may proceed with submission of its application for the relevant Regulatory Approval. If INFLARX establishes the need for such agreements
upon receipt of such notice from BDB or before, then BDB shall fully cooperate to execute such additional agreements and put in
place related documents and procedures.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">Before any application of BDB-1 and BDB-2 in humans in any form, BDB shall notify INFLARX at the
earliest possible time point but in any case at least [*****] before any document submission for application for a respective Regulatory
Approval to the respective Chinese authorities, including without limitation the SFDA and the competent ethic committee about the
purpose of such use and the intended frame (i.e. clinical trial phase X) in English language: including a complete outline of the
study detailing the Indication, the inclusion and exclusion criteria as well as the intended primary and secondary or other endpoints
as well as the regulatory status (collectively the &ldquo;<B>Use In Human Announcement</B>&rdquo;). INFLARX shall acknowledge receipt
of such Use in Human Announcement via email within [*****] upon receipt and be granted a [*****] time frame &middot;upon receipt
to consult with BDB and comment on such development effort also with respect to its own development efforts in similar or substantially
same areas of Indication it being understood that &ldquo;substantially same areas of Indications&rdquo; are concerned if there
is an overlap in targeted sub-groups of patients in the Indications pursued in development of the Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.11</TD><TD STYLE="text-align: justify"><U>Use in Animals.</U> The following rules and conditions shall apply for any use of IFX-1 or IFX-2
or BDB-1 or BDB-2 or parts thereof in animals:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall not apply IFX-1 or BDB-1 or BDB-2 or any parts thereof to animals unless all required
Regulatory Approvals and consents of any competent Governmental Authority and of any ethics committee have been obtained previously.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Within a reasonable time frame before any and each use of IFX-1 or IFX-2 or BDB-1 or BDB-2 in primates
or other monkeys, BDB shall deliver to INFLARX a written report about the purpose of such use and the intended frame including
a study synopsis. INFLARX shall acknowledge receipt of such notice or report</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 5 &mdash;
BDB Reporting Obligations</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><U>BDB Reporting</U>. BDB shall establish a regular reporting in English language to be delivered
to INFLARX quarterly by email (within [*****] after each quarter passed - i.e. until [*****] for Q1, until [*****] for Q2 and until
[*****] for Q3 of the same year and until [*****] for Q4 of the preceding Calendar Year) and which shall summarize its development
progress and efforts according to the different areas of development: manufacturing (including any progress and change in the Manufacturing
Process, and its results in terms of protein yield and quality), pre-clinical development (any data pertaining to in vitro, in
vivo experimental analysis of BDB-1, IFX-1 and BDB-2), clinical development (any planned and conducted clinical trial, reports,
analysis etc. related to BDB-1 and or BDB-2), regulatory (any regulatory consultation and its results with respect to any and all
aspects of the BDB-1 and or BDB-2 development in the BDB Territory), strategic (any strategic considerations, plans and conduct
pertaining to the use of BDB-1 within the BDB Territory within pre-clinical and clinical studies and other development), commercial
and sales (any relevant sale and commercial plans, figures, considerations, pricing issues etc.), other areas (other development
aspects not captured within any of the above mentioned areas). In addition, BDB shall report and furnish to INFLARX in English
language the up to date version of the lnvestigational Medicinal Product Dossier (&ldquo;<B>IMPD</B>&rdquo;) or parts thereof and
study synopsis within [*****] upon written request (email sufficient).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><U>Reporting of Clinical Trial Data</U>. Before document submission for Regulatory Approval of
any application of BDB-1 and or BDB-2 in humans in any clinical trial, BDB shall make a Use in Humans Announcement to INFLARX as
set forth in Section <B>&lrm;</B>4.10. BDB shall be responsible for informing INFLARX without undue delay about any of the following
events within any active clinical trial:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any regulatory decision regarding a trial (approval, stop, change etc.)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FPFV = First Patient First Visit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any results from a planned interim analysis</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any results from a planned and unplanned interim safety review</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any substantial change in the study protocol / substantial amendment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>IDMC &mdash; Recommendations = Independent data monitoring committee recommendations</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LPLV = Last Patient Last Visit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Data availability upon un-blinding</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BDB agrees hereby that INFLARX
shall be granted access to any and all data recorded within the clinical trial, including but not being limited to raw data, for
calculation of any endpoints without undue delay upon closure of the data base and un-blinding of any clinical trial and that INFLARX
shall be furnished copies of such data upon request. BDB shall furnish to INFLARX without undue delay and without further request
the final study report including all appendices and line listings and any other attached or referenced data in English language.
INFLARX shall be entitled to use such report and raw data for its own development programs and benefit and, if applicable, also
for discussions with competent Governmental Authorities and for application for Regulatory Approvals. Without prejudice to the
aforementioned usage rights, INFLARX shall handle any and all such data under strict confidentiality and in accordance with Applicable
Laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BDB shall en<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">s</FONT>ure
that such use of clinical trial data by INFLARX shall be openly declared to patients participating in any clinical trial and to
the respective Governmental Authorities and ethics committees in charge of approving the respective clinical trial. As such, data
use and handling by INFLARX shall expressly be addressed within and be<BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">part of the informed consent sheet,
the approval documents, the data safety handling sheet or any other applicable or equivalent sheet.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 6 &mdash;
Intellectual Property/ Handling of Co-Development Findings</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><U>Ownership</U>. Nothing in this Agreement is meant and shall be construed to transfer ownership
of or title to any INFLARX Intellectual Property to BDB or any existing BDB Intellectual Property to INFLARX unless explicitly
stated differently in this Agreement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify"><U>BDB-1 and BDB-2 Development and Commercialization Rights.</U> INFLARX grants to BDB the exclusive,
non-transferrable right under the INFLARX Intellectual Property to develop, to manufacture for development and to Commercialize
BDB-1 and BDB-2 solely within and for the BDB Territory. BDB hereby accepts this grant. For the avoidance of doubts, this exclusive
right of BDB is subject to INFLARX' rights set forth in Sections <B>&lrm;</B>6.6 and <B>&lrm;</B>6.7. BDB's right granted under
this Section <B>&lrm;</B>6.2 shall be conditional to performance of any and all obligations BDB and subject to terms and conditions
set forth in this Agreement. BDB shall bear all related costs and risks for such development and manufacture for development and
Commercialization of BDB-1 and BDB-2 within the BDB Territory. BDB is not entitled to grant sub-licenses to any Third Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">BDB shall not use the term IFX-1
or IFX-2 for its own development programs. The term IFX-1 and IFX-2 shall be reserved for the INFLARX development only. Furthermore,
BDB shall not use the same or confusingly similar product names as INFLARX uses for its Products containing IFX-1 or IFX-2 for
Commercialization of Products containing BDB-1 or BDB-2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify"><U>Non-exclusive License under BDB Intellectual Property to INFLARX.</U> BDB hereby grants to INFLARX
a non-exclusive, transferable and sublicenseable right of use under all BDB Intellectual Property to the extent necessary to Exploit
and Commercialize IFX-1 and/or IFX-2 within the INFLARX Territory. INFLARX hereby accepts this license grant._lf and to the extent
INFLARX exercises its reserved right to Exploit and Commercialize BDB-1 or BDB-2 within the INFLARX Territory pursuant to Section
<B>&lrm;</B>6.5, this non-exclusive license under BDB Intellectual Property shall automatically also cover such Exploitation and
Commercialization of BDB-1 and BDB-2 by INFLARX. If and to the extent INFLARX exercises its optional development right to Exploit
and Commercialize IFX-1 or IFX-2 in any Indication pursuant to Section <B>&lrm;</B>6.7, this nonexclusive license under BDB Intellectual
Property shall automatically also cover such Exploitation and Commercialization of IFX-1 and IFX-2 in the relevant Indication by
INFLARX within the BDB Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify"><U>Handling of and Ownership in Co-Development Findings</U>. BDB agrees that INFLARX shall have
all title to and all rights in any and all Co-Development Findings and that any Intellectual Property with respect to Co-Development
Findings shall be regarded as INFLARX Intellectual Property and INFLARX shall be entitled to its free choice to fully Exploit such
Co-Development Findings and the respective INFLARX Intellectual Property worldwide, it being understood that the rights granted
to BDB under INFLARX Intellectual Property according to this Agreement within the BDB Territory shall stay in place. In order to
facilitate this sole and exclusive ownership of INFLARX in the Co-Development Findings the following provisions shall apply:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall document all Co-Development Findings in accordance with good scientific practice and
shall promptly inform INFLARX of and make available to INFLARX all scientific information being Co-Development Findings in form
of data, tables and calculations as well as full reports. Outside any regular BDB reporting as set forth under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>5.1,
this rule especially pertains to receipt of</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">Co-Development
Findings related to any manufacturing, pre-clinical in vitro and animal studies and any clinical trial or clinical application.
INFLARX shall notify BDB of the receipt of such Co-Development Findings reporting/information immediately.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB hereby assigns to INFLARX its entire worldwide right, title and interest in and to all such
Co-Development Findings in advance and INFLARX accepts such assignment. If and to the extent such transfer of ownership to INFLARX
is not legally enforceable for any reason (e.g. in case of copyrights), BDB hereby grants to INFLARX the exclusive, royalty-free
and timely and territorially unlimited right to use and/or utilize such Co-Development Findings, which is unlimited with regard
to the scope of use and particularly covers all known as well as currently unknown kinds of use, and INFLARX hereby accepts such
grant of rights. BDB shall undertake all precautionary measures in relation to its employees and Approved Third Parties to secure
effective transfer right, title and interest in or respectively grant of exclusive Exploitation rights with respect to all Co-Development
Findings to INFLARX in accordance with Applicable Laws. The transfer or respectively grant of exclusive Exploitation rights to
INFLARX [*****] for by the delivery of the IFX-1 Cell Line and the granting of the developing rights for BDB-1 and BDB-2 to BDB
as set forth in Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">INFLARX shall bear [*****] for the Exploitation of the Co-Development Findings and the respective
Intellectual Property in the INFLARX Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">In case of inventions within the Co-Development Findings, INFLARX shall declare whether it wishes
to file a Patent Right application or expand existing Patent Rights with the Co-Development Findings within [*****] after receipt
of the relevant information. BDB will cooperate with INFLARX and execute and shall secure that its employees and Approved Third
Parties will execute all documents necessary to enable INFLARX to apply for Patent Right protection for such Inventions in INFLARX'
name and at INFLARX' expense with an employee of BDB being named as inventor or co-inventor as the case may be, BDB will, at INFLARX'
request, provide all necessary declarations and cooperate with INFLARX, as reasonably required, to enable Patent Rights to be issued.
Particularly, all employee inventions of BDB's employees and of BDB's Approved Third Parties being Co-Development Findings must
be reported to INFLARX promptly, completely and in writing. BDB shall undertake all precautionary measures to secure effective
transfer of such inventions to INFLARX in accordance with Applicable Laws. BDB is solely responsible for any compensation or respectively
remuneration owed to its employees according to the Applicable Laws with regard to any service inventions being Co-Development
Findings transferred to INFLARX hereunder .and INFLARX does not assume any liability or obligation vis-a-vis BDB and/or any BDB
employee in this regard.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Should INFLARX in case of an invention within the Co-Development Findings decline from pursuing
Patent Right protection for such Co-Development Finding within the BDB Territory, then INFLARX shall inform BDB within reasonable
time after making such decision. Any such decline of INFLARX shall be only valid when provided in writing by INFLARX to BDB (dated
and signed by an authorized representative). Upon BDB's request INFLARX shall grant BDB the right to pursue such protection within
the BDB Territory on its own cost and risk unless INFLARX has any reasonable interest that the relevant Co-Development Finding
remains secret. If BDB applies for a Patent Right for any Co-Development Finding in accordance with the aforementioned provisions,
INFLARX shall retain</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">a non-exclusive
right to Exploit such Co-Development Finding and the respective Patent Right in the BDB Territory subject to the rights granted
to BDB under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2 and shall retain the exclusive right to Exploit such
Co-Development Finding in the INFLARX Territory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.5</TD><TD STYLE="text-align: justify"><U>INFLARX Reserved Rights to BDB-1 and BDB-2.</U> INFLARX reserves the right to decide &mdash;
in sole discretion &mdash; to Exploit and Commercialize BDB-1 and/or BDB-2 in the INFLARX Territory particularly in the event that
INFLARX determines that, for whatever reasons, any Indication cannot be or will not be developed in the INFLARX Territory using
IFX-1 or IFX-2. In such an event, INFLARX shall pay royalties to BDB as set forth under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.2
and INFLARX and BDB shall execute an appropriate transfer agreement or supply agreement in case INFLARX chooses to get BDB-1 and/or
BDB-2 supply directly from BDB or its Approved Third Party. In addition, BDB shall grant to INFLARX access to any relevant documents
(such as the IMPD, clinical trial data and reports, manufacturing data and reports etc.) as may be necessary for use of BDB-1 and/or
BDB-2 within the INFLARX Territory. Any costs arising out of such information and document transfer and BDB-1 or BDB-2 supply shall
be [*****] unless agreed upon differently by the Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD STYLE="text-align: justify"><U>Retained INFLARX rights with respect to certain development of IFX-1 and IFX-2 inside the BDB
Territory.</U> INFLARX reserves the right to include patients in clinical trials inside the BDB Territory for its global development
efforts for IFX-1 and or IFX-2 solely for the purpose to gain Regulatory Approval for Commercialization of a Product containing
IFX-1 and or IFX-2 within the INFLARX Territory</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.7</TD><TD STYLE="text-align: justify"><U>Optional Development</U><I>.</I> In the event that INFLARX is being granted any Regulatory Approval
for Commercialization of a Product containing IFX-1 or IFX-2 anywhere in the INFLARX Territory for an Indication and if the same
or a substantially similar Indication at that time is not pursued by BDB inside the BDB Territory, as evidenced by any initiated
(FPFV) Phase II Clinical Trial for cPoC sponsored by BDB, with respect to BDB-1 or BDB-2, then INFLARX &mdash; upon INFLARX request
in writing &mdash; shall be granted the right to pursue Regulatory Approval for and to Exploit and Commercialize such Product containing
IFX-1 and or IFX-2 in that respective Indication inside the BDB Territory. In such event, BDB shall be entitled to royalty payments
as set forth in Section <B>&lrm;</B>7.2. For the purpose of this provision, it is understood that a &ldquo;substantially similar
Indication&rdquo; is concerned if there is an overlap in targeted sub-groups of patients in the Indications pursued in development
of the Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 7 &mdash;
Royalty, Royalty Reporting and other Payments</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to INFLARX.</U> For the granting of the exclusive license under lNFLARX
Intellectual Property with respect to development and Commercialization of BDB-1 and BDB-2 inside the BDB Territory as set forth
in Section <B>&lrm;</B>6.2, BDB shall pay to INFLARX royalties amounting to [*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify"><U>Conditional Royalties to be paid to BDB.</U> INFLARX may pay royalties to BDB under this Agreement
conditional to defined circumstances outlined as following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX chooses to exercise its reserved right to Exploit and Commercialize
BDB-1 and/or BDB-2, and not IFX-1 and/or IFX-2, anywhere in the INFLARX Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.5,
then INFLARX shall pay to BDB royalties amounting to [*****] arising from such Commercialization of a Product containing BDB-1
or BDB-2. For the avoidance of doubt INFLARX [*****] to BDB for any INFLARX' Exploitation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">and Commercialization
of Products containing IFX-1 and/or IFX-2 in the INFLARX Territory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX Exploits and Commercializes any Product containing IFX-1 and/or
IFX-2 for any Indication inside the BDB Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.7, then
BDB shall be entitled to [*****] arising out of such Commercialization of Products containing IFX-1 or IFX-2 inside the BDB Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify"><U>Payment of Royalties.</U> The Parties agree that royalty payments shall be made [*****] and
shall be due upon the [*****]. All royalty payments made under this Agreement will be payable in United States Dollar (USD) regardless
of the countries in which sales are made. Net Sales made in currencies other than in USD will be converted into USD using the average
exchange rate for the applicable calendar quarter sourced from the Federal Reserve Bank of the United States. The royalty payments
will be made to the bank account last notified by the other Party to the Party being obliged to make payment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify"><U>Royalty Reports.</U> After the First Commercial Sale of a Product for which either Party owes
royalties according to this Agreement, such Party shall submit in writing to the other Party quarterly royalty reports on or before
the [*****] following the [*****] Each quarterly royalty report shall cover the reporting Party's (and each Affiliate's and Sub-Licensee's)
most recently [*****] and shall show for the relevant Products</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the gross sales of Products and Net Sales during the most recently completed calendar quarter and
the royalties payable with respect thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">the number of each type of Product sold;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the method used to calculate the royalties; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">the exchange rates used.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If no sales of Products have been
made by the relevant Party, its Affiliates and/or SubLicensees during any reporting period, that Party shall so report. The quarterly
royalty report shall be certified as correct by an authorized representative of the relevant Party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify"><U>Late Payments.</U> Failure to conduct outstanding payments shall be regarded as breach of this
Agreement and the Party entitled to such payments shall have the right to charge an additional interest rate on such outstanding
payments of [*****] or, if lower, to the extent as then being minimally permitted by law at the place of jurisdiction of the charging
Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.6</TD><TD STYLE="text-align: justify"><U>Taxes.</U> Unless explicitly provided differently in this Agreement (such as, but without limitation
to, in Sections <B>&lrm;</B>3.2 and <B>&lrm;</B>7.8), the following shall apply with respect to taxes applicable with respect to
any payment to be made under this Agreement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any Party required to make a payment
under this Agreement (&ldquo;<B>Paying Party</B>&rdquo;) shall be entitled to deduct and withhold from the amount payable the tax
which the Paying Party is liable under any provisions of applicable tax law. If the withholding tax rate is reduced according to
the regulations in the Double Tax Treaty, no deduction shall be made or a reduced amount shall be deducted only if Paying Party
is timely furnished with necessary documents by the Party receiving such payment (&ldquo;<B>Payee</B>&rdquo;) issued by the competent
tax authority, certifying that the payment is exempt from tax or subject</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">to a reduced tax rate. Any withheld
tax shall be treated as having been paid by Paying Party to Payee for all purposes of this Agreement. Paying Party shall timely
forward the tax receipts certifying the payments of withholding tax on behalf of Payee. In case Paying Party cannot deduct the
withholding tax due to fulfillment of payment obligation by settlement or set-off, Payee will pay the withholding tax to Paying
Party separately. If Paying Party missed to deduct withholding tax but is still required by tax law to pay withholding tax on account
of Payee to the tax authorities, Payee shall assist Paying Party with regard to all procedures required in order to obtain reimbursement
by tax authorities or, in case tax authorities will not reimburse withholding tax to Paying Party, Payee will immediately refund
the tax amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.7</TD><TD STYLE="text-align: justify"><U>Record &amp; Audits.</U> The Party obliged to make royalty payments under this Agreement shall
keep, and shall require its Affiliates and Sub-Licensees to keep, accurate and complete records of all Products manufactured, used,
and sold under this Agreement in accordance with the International Financial Reporting Standards (IFRS). Such records shall be
retained by that Party for [*****] following a given reporting period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All records shall be available
during normal business hours for inspection at the expense of the other Party by a public accountant bound by professional secrecy
selected by the other Party and reasonably acceptable to record keeping Party and in compliance with the other terms of this Agreement
for the sole purpose of verifying reports and payments. The other Party shall provide written notice that it is requesting an audit
not less than [*****] prior to such audit is planned. In an exceptional case, the record keeping Party may request a reasonable
adjournment of the audit in written form explaining the reason why the audit on the planned date would be mistimed, but in case
of such request the audit shall not take place later than [*****] after provision of the other Party's notice. Such inspection
shall not take place more often than [*****] every Calendar Year, and shall cover the Calendar Year in which the inspection is
made and the preceding [*****] Calendar Years only. Such inspector shall not disclose any information other than information relating
to the accuracy of quarterly royalty reports and payments made under this Agreement. In the event that any such inspection shows
an underpayment for any [*****], then the Party owing the royalty payments, within [*****] of receiving the final audit report,
shall pay any additional sum that would have been payable if reported correctly plus an interest calculated according to Section
&lrm;7.5 on the amount due from the day the payment becomes overdue. In the event that any such inspection shows an underpayment
for any [*****] period in excess of [*****], then the record keeping Party shall, in addition to the amount payable under the preceding
sentence, pay the costs of the audit. In the event that any such inspection shows an overpayment for any [*****] period, then the
relevant Party may deduct, commencing with the next royalty report due after receipt of the final audit report, from future royalties
the amount of such overpayment without interest charges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.8</TD><TD STYLE="text-align: justify"><U>Conditional Milestone Payment.</U> In any event of [*****] for Commercialization of any Product
containing BDB-1 within the BDB Territory by the SFDA, BDB shall notify INFLARX within [*****]. Solely in the event that BDB shall
be granted such Regulatory Approval inside the BDB Territory before any such equivalent Regulatory Approval for any Indication
shall have been granted to INFLARX for Commercialization of a Product containing IFX-1 in any country of the INFLARX Territory,
then BDB shall pay to INFLARX a milestone of [*****] plus any taxes (including without limitation withholding tax as the case may
be), duties and other amounts (but excluding income and franchise tax) assessed by any Governmental Authority of any country with
respect to or in connection with the payment of the aforementioned sum and/or indemnification from or reimbursement of any such
tax, duties or other amount assess by any Governmental</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Authority for
the purpose that INFLARX shall fulfill its milestone payment obligations vis-&aacute;-vis [*****] for any [*****] for Commercialization
of a Product</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">anywhere in
the world based on the use of the IFX-1 Cell Line. The aforementioned payment shall be due within [*****] after receipt of such
Regulatory Approval for Commercialization of a Product containing BDB-1. The Parties may agree that alternatively BDB assumes from
INFLARX said milestone payment obligation vis-&agrave;-vis [*****] and any resulting tax, duty or other payment obligation in connection
with said payment. The Parties understand that such milestone payment by BDB, irrespective whether it is made through INFLARX or
directly to [*****], shall be seen as loan to INFLARX not bearing any interest and INFLARX shall pay back to BDB such amount actually
paid by BDB with respect to the aforementioned event upon receipt of its [*****] containing IFX-1 in any country of the INFLARX
Territory, due within the same time span.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 8 &mdash;
Confidentiality/ Publications/ Press Releases</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify"><U>Mutual Confidentiality Obligation.</U> Each Party agrees to treat the Confidential Information
of or obtained from the other Party as strictly confidential and not to disclose it to any Third Party for any purpose whatsoever
without obtaining the prior written consent of the other Party and not make use of the Confidential Information of or obtained
from the other Party or any part thereof other than as permitted under this Agreement and solely for the stated Purpose and within
the Frame of Co-Development of this Agreement and to treat it with at least the same care and in the same manner as its own secret
and valuable information but not less than according to the common standards in the pharmaceutical industry. Each Party may disclose
all or any part of the Confidential Information of or obtained from the other Party to its Affiliates, provided, however, that
such Party ensures that such Affiliates comply with the provisions of this this Article 8 This requirement of non-use, confidentiality
and non-disclosure shall not apply, however, to Confidential Information which:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the Receiving Party already knew without any confidentiality obligation being in place, the prior
knowledge of which it can document by prior written records;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">is or becomes public knowledge other than through the Receiving Party's breach of its confidentiality
obligations herein;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the Receiving Party independently develops, discovers or arrives at without use of or reference
to the Confidential Information of or obtained from the Disclosing Party; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">is obtained by the Receiving Party from a Third Party who is lawfully in possession of such information
and is not subject to an obligation of confidentiality or non-use owed to the Disclosing Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Receiving Party bears the
burden of proof in case it relies on one of the above mentioned exemptions under numbers i) to iv). Specific aspects or details
of Confidential Information shall not be deemed to be within the public domain or in the possession of the Receiving Party merely
because the Confidential Information is embraced by more general information in the public domain or in the possession of the Receiving
Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of
the Receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession
of the Receiving Party unless the combination and its principles are in the public domain or in the possession of the Receiving
Party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify"><U>Legally Required Disclosure.</U> If the Receiving Party becomes legally required to disclose
any Confidential Information of or obtained from the Disclosing Party, the Receiving Party will give, to the extent reasonably
possible, the Disclosing Party prompt notice of such fact so that the Disclosing Party may obtain a protective order or other appropriate
remedy concerning such disclosure and/or waive compliance with the non-disclosure provision of this Agreement The Receiving Party
will reasonably cooperate with the Disclosing Party in connection with the Disclosing Party's efforts to obtain any such order
or other remedy. If any such order or other remedy does not fully preclude disclosure of Confidential Information or the Disclosing
Party waives such compliance, the Receiving Party will make such disclosure of Confidential Information only to the extent that
such disclosure is legally required and will use its reasonable efforts to have confidential treatment accorded to the disclosed
information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify"><U>Handling of Confidential Information.</U> The Parties agree that Confidential Information (including
handling of any transferred material or technology) is only handled and used by such officers and employees who need to know such
Information or need to handle any material in order to fulfill the Purpose within the Frame of Co-Development of this Agreement.
The Receiving Party will make best efforts to ensure that any employee or officer to whom it discloses Confidential Information
of or obtained from the Disclosing Party will retain such information in strict confidence and is held under strict confidentiality
rules as set forth in this Agreement. The Receiving Party further undertakes that it will make best efforts to keep Confidential
Information of or obtained from the Disclosing Party and especially also any transferred material or technology of or obtained
from the other Party safe and to restrict access of non-authorized personnel to it wherever reasonably possible (e.g. keep materials
locked or guarded etc.).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify"><U>Return of Confidential Information.</U> Upon termination of this Agreement, or upon ending of
any Co-Development established under this Agreement or subsequent agreements between the Parties, the Receiving Party shall upon
the other Party's written request, either return any material and Confidential Information of or obtained from the other Party
within [*****] back to the other Party, or destroy such material and/or Confidential Information entirely and certify to the other
Party the complete destruction, or in case no such request has been made, store the material and Confidential Information at a
secure place without access of Third Parties at its own expenses and risks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify"><U>Breach of Confidentiality Obligation.</U> In case any Party breaches the confidentiality obligation
arising from the provisions of this Article 8 and causes through misconduct trade secrets, material or Confidential Information
to be disclosed to Third Parties, it shall be obligated to cover any damages resulting from this breach. Furthermore, the Receiving
Party acknowledges that unauthorized disclosure or use of Confidential Information of or obtained from the Disclosing Party could
cause great and/or irreparable injury to the Disclosing Party and that pecuniary compensation would not afford adequate relief
or it would be extremely difficult to ascertain the amount of compensation which would afford adequate relief. Therefore, the Receiving
Party agrees that, in the event of such unauthorized disclosure or use of Confidential Information, the Disclosing Party will have
the right to seek and obtain injunctive relief in addition to any other rights and remedies it may have.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties agree the confidentiality
obligation of BDB under this Article 8 shall extend also to the IFX-1 Cell Line and the [*****] and any information related thereto
and obtained from INFLARX and that [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify"><U>Publications.</U> BDB is not entitled to make any publication in oral or written form (including
but not limited to articles, abstracts, posters, presentations at any symposia,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">national, international
or regional professional meeting or in any journal, thesis, dissertation, newspaper or press releases or otherwise of its own choosing)
(hereinafter referred to as &ldquo;<B>Publication(s)</B>&rdquo;) covering or relating to the INFLARX Intellectual Property, Co-Development
Findings or other Confidential Information of or obtained from INFLARX. If and to the extent that any Publication planned by BDB
is related to BDB-1 and/or BDB-2, BDB shall request INFLARX prior written approval at least [*****] before planned submission of
the manuscript of such publication. INFLARX shall not unreasonably withhold its approval but is entitled to request from BDB delay
and/or amendments to the planned Publication in order to ensure patentability and/or protection of high-sensitive Confidential
Information. For the avoidance of doubt, any planned Publication shall not be deemed approved by INFLARX simply by expiry of any
deadline for response set by BDB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify"><U>Press Release.</U> Neither Party shall issue any press release relating to this Agreement without
obtaining the prior written consent of the other Party. Prior to being released or made, a copy of all press releases which a Party
intends to issue or make regarding this Agreement shall be provided to the other Party for approval, which approval shall not be
unreasonably withheld.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 9 &mdash;
WARRANTIES and LIABILITY</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify"><U>Mutual Warranties.</U> Each Party hereby warrants and represents that as of the Effective Date:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">it is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">execution of this Agreement and the performance of its obligations hereunder have been duly authorized;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">this Agreement has been duly executed and delivered on behalf of it, and constitutes a legal, valid,
binding obligation, enforceable against it in accordance with the terms hereof;&#9;&middot;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">the execution, delivery and performance of this Agreement by it does not conflict with and does
not create a breach or default of any agreement, instrument or understanding, oral or written, to which it is a party or by which
it is bound, nor violate any laws or regulations of any court or Governmental Authority having jurisdiction over it which may result
in the invalidity of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify"><U>BDB Warranties and Limitation of Liability.</U> BDB warrants to INFLARX that</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">it will strictly adhere to all obligations established within this Agreement, including but not
being limited to those under Article 4 and Article 5;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">it will adhere to and ensure that its Approved Third Parties will adhere to all necessary regulatory,
ethical and legal guidelines and Applicable Laws applicable to manufacturing, developing, testing and Commercializing BDB-1 and
or BDB-2 inside the BDB Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BDB makes no further representations
or warranties including but not being limited to implied warranties of patentability, merchantability, fitness for a particular
purpose of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">any Co-Development Findings and
assumes no responsibility with respect to any Exploitation of such Co-Development Findings by INFLARX. Save for death or personal
injuries caused by negligence or for cases of gross negligence or willful misconduct or a case of Third Party claim indemnification
set forth in this Agreement, in no event shall BDB, including its officers and employees and agents, be responsible or liable for
any direct, indirect, special, incidental, or consequential damages or lost profits or other economic loss or damage resulting
out of INFLARX' Exploitation of Co-Development Findings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify"><U>INFLARX Warranties and Limitation of Liability.</U> INFLARX warrants that it has all rights,
or where applicable, the right to use and sublicense, for transferring the IFX-1 Cell Line to BDB and granting the development
rights inside the BDB Territory as set forth under Section <B>&lrm;</B>6.2. INFLARX makes no further representations or warranties
that any INFLARX Intellectual Property, including but not being limited to the IFX-1 Cell Line or IFX-1, nor derived products such
as BDB-1 or BDB-2 will not infringe any Patent Right or other Intellectual Property of any Third Party. In addition INFLARX makes
no warranties of any kind, including but not being limited to the implied warranties of merchantability, or fitness for a particular
purpose and assumes no responsibility with respect to design, development, manufacture, use, sale or other disposition arising
out of the use of the IFX-1 Cell Line transferred hereunder, or BDB-1 or BDB-2 or rights granted hereunder. Save for death or personal
injuries caused by negligence or for cases of gross negligence or willful misconduct or a case of Third Party claim indemnification
set forth in this Agreement, in no event shall INFLARX, including its officers and employees and agents, be responsible or liable
for any direct, indirect, special, incidental, or consequential damages or lost profits or other economic loss or damage in relation
to any rights granted to BDB or to INFLARX Intellectual Property and materials transferred to BDB within the Frame of Co-Development
of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 10 &mdash;
Third Party Claim Indemnification</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify"><U>Indemnification Obligation of BDB.</U> BDB shall defend, indemnify and hold INFLARX and/or [*****]
including their directors, officers, employees, and agents (hereinafter the &ldquo;<B>INFLARX lndemnitees</B>&rdquo;) harmless
and shall require any Approved Third Party to defend, indemnify and hold the INFLARX Indemnities harmless from and against any
and all claims, demands, damages, losses, and costs or expenses of any nature (including reasonable attorneys' fees and other reasonable
litigation expenses) (hereinafter the &ldquo;<B>Losses</B>&rdquo;), resulting from any Third Party claim arising from or in connection
with any use by BDB of the IFX-1 Cell Line, IFX-1, IFX-2 Cell Line, IFX-2, BDB-1 and/or BDB-2 or BDB-2 Cell Line or any INFLARX
Intellectual Property, except to the extent that any such Losses and/or Third Party claims arise out of the gross negligence, willful
misconduct or bad faith of any INFLARX lndemnitees and except to the extent INFLARX must indemnify BDB from such Losses pursuant
to Section <B>&lrm;</B>10.2. This indemnification shall include, but not be limited to, any product liability. [*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify"><U>Indemnification Obligation of INFLARX.</U> INFLARX shall defend, indemnify and hold BDB including
its directors, officers, employees and agents (hereinafter the &ldquo;<B>BDB lndemnitees</B>&rdquo;) harmless from and against
any and all Losses resulting from any Third Party claim arising from or in connection with, any Exploitation of Co-Development
Findings or, as the case may be, of BDB-1 or BDB-2 by INFLARX, except to the extent that any such Losses and/or Third Party claims
arise out of the gross negligence, willful misconduct or bad faith of any BDB lndemnitees and except to the extent BDB must indemnify
INFLARX from such Losses pursuant to Section <B>&lrm;</B>10.1. This indemnification shall include, but not be limited to, any product
liability.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify"><U>Indemnification Procedure.</U> In the event that a Party (or [*****]) seeks indemnification
hereunder or under any provision in this Agreement with respect to a Third Party claim, the Party (or [*****]) seeking indemnification
(the &ldquo;<B>Indemnified Party</B>&rdquo;) shall promptly notify the other Party (the &ldquo;<B>Indemnifying Party</B>&rdquo;)
in writing of any Third Party claim in respect of which it intends to claim indemnification under this Article 10, provided, however,
that any failure to provide the Indemnifying Party with any such notice will not relieve the Indemnifying Party from any liability
that it may have to the Indemnified Party under this Article 10, except to the extent that the ability of the Indemnifying Party
to defend such claim is materially prejudiced by the Indemnified Party's failure to give such notice. If the Indemnifying Party
assumes such defense, the Indemnified Party will have the right to participate in the defense thereof and to employ counsel, at
its own expense, separate from the counsel employed by the Indemnifying Party. If the Indemnified Party has been advised by its
counsel that (i) there are one or more legal defenses available to it that are different from or additional to those available
to the Indemnifying Party or (ii) that there is otherwise a potential conflict between the interests of the Indemnified Party and
the Indemnifying Party, the reasonable fees and expenses of such separate counsel will be paid by the Indemnifying Party. If the
Indemnifying Party does not assume control of the defense of a Third Party claim within [*****] after the receipt by the Indemnifying
Party &middot; of the notice required pursuant to this Section <B>&lrm;</B>10.3, the Indemnified Party will have the right to defend
such claim in such manner as it may deem appropriate at the reasonable cost and expense of the Indemnifying Party, but - for the
avoidance of doubt - the Indemnifying Party is not released from its indemnification obligation hereunder. The Indemnified Party
shall cooperate as may be reasonably requested in order to ensure the proper and adequate defense of any action, claim or liability
covered by this indemnification. The Indemnifying Party may not settle or otherwise dispose of any Third Party claim without the
prior written consent of the Indemnified Party unless such settlement (i) includes only the payment of monetary damages (which
are fully paid by the Indemnifying Party); (ii) does not impose any injunctive or equitable relief upon the Indemnified Party;
(iii) does not require any admission or acknowledgment of liability or fault of the Indemnified Party and (iv) contains an unconditional
release of the Indemnified Party in respect of such Third Party claim. The Indemnified Party may not settle or otherwise dispose
of any Third Party claim for which the Indemnifying Party may be liable for damages or indemnification under this Agreement without
the prior written consent of the Indemnifying Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 11 &mdash;
TERM AND TERMINATION</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify"><U>Term.</U> This Agreement will become effective and binding to the Parties as of the Effective
Date and will continue in effect unless termination occurs according to the terms set forth within this Article 11</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify"><U>Termination upon Agreement of the Parties.</U> This Agreement shall stay in effect unless the
Parties agree on terminating or amending this Agreement in writing, dated and signed by both Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify"><U>Termination for Good Cause.</U> Either Party may terminate this Agreement based on &ldquo;good
cause&rdquo;. A termination shall be considered based on good cause if the terminating Party establishes any of the following faults
caused by the other Party:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">breach of any term or obligation established within this Agreement and failure to cure such breach
within a given time frame as set forth in Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>11.5;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">contesting or challenging the ownership of the other Party in the other Party's Intellectual Property
for which the contesting Party is granted any usage right under this Agreement or the validity of any Patent Right within the other
Party's Intellectual Property for which the contesting Party is granted any usage right under this Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">breach of any obligation under the confidentiality provision set forth under Article 8;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">willful misconduct;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">filing for bankruptcy or insolvency or any comparable circumstance including but not being limited
to the case in which a Party fails to pay its creditors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify"><U>Consequences of Termination.</U> In the event that this Agreement is terminated for good cause,
the following rules shall apply:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the rights granted to BDB by INFLARX under this Agreement as outlined within Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2
shall cease immediately and BDB shall immediately cease any development, manufacture and Commercialization of BDB-1 and/or BDB-2;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB shall return to INFLARX or destroy any material received from INFLARX including but not limited
to the IFX-1 Cell Line and IFX-1 upon written request by INFLARX;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB shall, upon INFLARX' written request, destroy any and all amounts of BDB-1, BDB-2 and the corresponding
BDB-2 Cell Line;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">any ownership rights of INFLARX with respect to Co-Development Findings generated until the day
of termination shall remain fully intact and Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.4 shall further apply to
any Co-Development Findings made until the day of such termination;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">INFLARX shall retain the non-exclusive license under BDB Intellectual Property that shall extend
worldwide from the date of termination;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">only in the case that INFLARX files for bankruptcy or insolvency then the foregoing rules under
Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>11.4 <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>i - <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>iii
shall not apply and BDB shall be entitled to keep its rights as granted under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2
also for the case that the underlying INFLARX Intellectual Property related to the IFX-1 Cell Line and/or BDB-1 and/or IFX-2 and/or
BDB-2 and/or BDB-2 Cell Line shall be bought or acquired by or transferred in some way to any Third Party within this insolvency
process. In case no such transfer occurs in such insolvency case relating to INFLARX, then BDB shall have the right to acquire
the ownership in INFLARX Intellectual Property existing in the BDB Territory and related to the !FX-1 Cell Line and use of BDB-1
and/or BDB-2 at no additional costs, other than actual or accumulated patent or other maintenance costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">vii.</TD><TD STYLE="text-align: justify">only for the event that BDB terminates the Agreement for a breach of INFLARX responsibility to
pay royalties as set forth in this Agreement after INFLARX has started Exploitation and Commercialization of BDB-1 and/or BDB-2
in the INFLARX Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.5, then INFLARX shall cease any
such Exploitation and Commercialization of BDB-1 and or BDB-2 in the INFLARX Territory and shall owe no further royalty payments
from the time of receipt of such termination while INFLARX shall remain obliged to make any outstanding royalty payments until
the day of termination; INFLARX shall be granted a sell-off right with respect to all Products containing BDB-1 or BDB-2 on stock
at the time of termination subject to the royalty payment obligation as set forth in this Agreement; if and to the extent any Governmental
Authority requires from lNFLARX the further supply of the Products containing BDB-1 or BDB-2 into the relevant market, the Parties
will negotiate in good faith on measures in order to fulfill such requirements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">viii.</TD><TD STYLE="text-align: justify">for the avoidance of doubt, any payment or royalty payment received by either Party under this
Agreement before receipt of any termination from the other Party shall then not be refunded;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ix.</TD><TD STYLE="text-align: justify">for further avoidance of doubt, termination of this Agreement shall be without prejudice to any
rights and/or claims (including for payment of royalties) either Party may have against the other arising prior to expiry or termination.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify"><U>Breach.</U> Unless expressly stated otherwise within this Agreement any breach detected by a
Party shall be communicated as soon as reasonably possible to the breaching Party in writing (email with confirmation of receipt
shall be deemed appropriate) and the breaching Party shall have [*****] from the day of receipt of such notice onwards to cure
such breach and confirm such cure in detail back to the notifying Party. If no cure can be established within these [*****] and
unless the Parties have agreed on a prolongation of the cure period, then any such breach shall be deemed permanent and the Parties
agree that this establishes a cause for an immediate termination of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.6</TD><TD STYLE="text-align: justify"><U>Survival.</U> The following provisions shall survive any termination of this Agreement: Article
1, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>2.4, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.1,
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.3, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.4 (without
v. but maintaining all retained rights already existing at termination under v.), Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.4
(for any royalty payment outstanding at termination), Sections <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.5 through <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.7,
Articles 8 through 10, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>11.4, this Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>11.6,
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.2, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.3 and
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.6. To extent the aforementioned provisions refer to another provision
of this Agreement such referred provision shall continue in full force and in accordance with their terms, notwithstanding the
expiration or termination of this Agreement for any reason.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 12 &mdash;
MISCELLANEOUS PROVISIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify"><U>Transfer of Agreement.</U> This Agreement shall automatically stay intact if BDB or INFLARX
will undergo any name changes or if either Party becomes partially or completely part of another company or entity and therefore
be binding for such entities. The rights granted under this Agreement to BDB as set forth under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.2
shall not be transferrable, sold or granted further by BDB to any Third Party without the prior written consent and approval hereto
from INFLARX, dated and signed by a duly authorized representative of INFLARX. In case INFLARX decides to sell or exclusively license
IFX-1 and or IFX-2 and/or its related INFLARX Intellectual Property to any Third Party, than INFLARX shall bind such Third Party
to accept this Agreement to its full extent and assume any resulting INFLARX responsibilities under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify"><U>Governing Law.</U> This Agreement shall be construed, governed, interpreted and applied according
to the German law, excluding its conflict of laws provisions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify"><U>Dispute Resolution.</U> The Parties agree to attempt to settle any dispute arising out of or
in relation to this Agreement through consultation and negotiation in good faith and spirit of mutual cooperation. If and to the
extent such out of court settlement could not be reached by the Parties within [*****] after receipt of either Party of a respective
notice in writing from the other Party, any unresolved dispute will be finally settled by binding arbitration without recourse
to the ordinary courts of law according to the Rules of the German Institute of Arbitration (DIS) (&ldquo;<B>DIS Rules</B>&rdquo;)
as modified hereunder by a panel of 3 arbitrators, who shall also have knowledge of the pharmaceutical business. Within [*****]
after receipt of an arbitration notice from a Party, each Party shall appoint one independent arbitrator, the both Party appointed
arbitrators then shall jointly appoint a third arbitrator, who shall act as chairman. If the both Party appointed arbitrators are
unable to appoint the third arbitrator within [*****] after the appointment of the last of the both Party appointed arbitrators,
the third arbitrator shall be appointed by the DIS in accordance with the DIS Rules. The panel of 3 arbitrators shall conduct the
arbitration in accordance with the DIS Rules. All arbitrators shall be required to speak write and read fluently in English. The
language of the arbitration shall be in English. Arbitration shall take place in Cologne, Germany. The International Bar Association
Rules on the Taking of Evidence in International Commercial Arbitration shall govern the taking of evidence in any such proceeding.
The Parties hereto agree mutually that any arbitral award will be binding, final and enforceable. The prevailing Party shall be
entitled to reimbursement of its expenses including reasonable attorney fees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.4</TD><TD STYLE="text-align: justify"><U>Severability.</U> If a court of competent jurisdiction or any competent Governmental Authority
in charge for either Parties development programs, finds any term of this Agreement invalid, illegal or unenforceable, that term
will be curtailed, limited or deleted, or changed but only to the extent necessary to remove the invalidity, illegality or unenforceability
by keeping the terms as close as possible to the originally intended term and without in any way affecting or impairing the validity
and enforceability of the remaining terms of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.5</TD><TD STYLE="text-align: justify"><U>No waiver.</U> No waiver by either Party of any breach of this Agreement, no matter how long
continuing or how often repeated, is a waiver of any subsequent breach thereof, nor is any delay or omission on the part of either
Party to exercise or insist on any right, power, or privilege hereunder a waiver of such right, power or privilege. In no event
shall any waiver be deemed valid unless it is in writing and signed by an authorized representative of each Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.6</TD><TD STYLE="text-align: justify"><U>Confidential Agreement.</U> Both Parties agree that this Agreement shall be deemed confidential
and handled as outlined hereunder within this Agreement. However, either Party shall be entitled to disclose this agreement to
a public accountant bound by professional secrecy in case of an audit as well as to any of its shareholders if this is required
under the internal corporate guidelines. [*****] Furthermore, either Party may disclose the existence and the content of this Agreement
in the course of any sale of or investment into its business subject to prior conclusion of an appropriate confidentiality agreement
with the relevant Third Party as well as the existence and key figures of this Agreement may be disclosed in any investment brochure
or prospect to the extent required by Applicable Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.7</TD><TD STYLE="text-align: justify"><U>Independent Collaborators:</U> The relationship between the Parties is that of independent collaborators.
Neither Party shall act as an agent of the other Party, especially not</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">when in connection
with the exercise of any rights hereunder, and neither has any right or authority to assume or create any obligation or responsibility
on behalf of the other.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 13 &mdash;
NOTICES</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Unless explicitly provided differently,
any notice, request, or report required or permitted to be given or made under this contract by either Party is effective when
mailed if sent by recognized overnight carrier, certified or registered mail, or electronic mail electronic proof of delivery,
to the address set forth below or such other address as such Party specifies by written notice given in conformity herewith. Any
notice, request, or report not so given is not effective until actually received by the other Party. if under this Agreement any
notice is required to be given in writing, such notice shall be deemed received by the other Party upon the date and time of electronic
receipt acknowledgment notice if an electronic copy of the relevant written notice is send by email (dated and signed by an duly
authorized representative) and mailed by certified mail carrier with undue delay thereafter (receipt within [*****] required &mdash;
or, if exceeding [*****], the day of the actual receipt of the signed and dated notice shall be considered the official date of
receipt).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left"><U>TO INFLARX:</U></TD>
    <TD STYLE="width: 50%; text-align: left"><U>To BDB:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>lnflaRx GmbH </B><BR>
<B>Winzerlaer Str. 2</B><BR>
<B>07745 Jena </B><BR>
<B>Germany</B></TD>
    <TD STYLE="text-align: left"><B>Beijing Defengrei Biotechnology Co.Ltd </B><BR>
<B>36 Jinghai Er Road. BDA</B><BR>
<B>Beijing 100176 </B><BR>
<B>P.R.China</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Tel.:49-3641-508180</TD>
    <TD STYLE="text-align: left">Tel: 86-13522096085</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">[*****]</TD>
    <TD STYLE="text-align: left">[*****]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Signature page follows:</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto have
executed this contract in duplicate originals by their duly authorized officers or representatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>FOR INFLARX:</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FOR BDB:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Niels C. Riedemann</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Shusheng Geng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Niels C. Riedemann, CEO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Dr. Shusheng Geng, CEO)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;Dec 28<SUP>th</SUP> 2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;12/01/ 2015</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Renfeng Guo</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Lina Ma</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Renfeng Guo, CSO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">11/30/2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Addendum I to the<BR>
Co-Development Agreement</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>effective as of December 28<SUP>th</SUP>
2015 </B><BR>
(hereinafter referred to as &ldquo;<B>Addendum</B>&rdquo;)<BR>
between<BR>
<BR>
<B>lnflaRx GmbH</B><BR>
a corporation established under the law of Germany<BR>
Winzerlaer Strasse 2, 07745 Jena/Germany<BR>
(hereinafter referred to as &ldquo;<B>INFLARX</B>&rdquo;)<BR>
<BR>
and<BR>
<BR>
<B>Beijing Defengrei Biotechnology Co.Ltd</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B><IMG SRC="ex1003-p1.jpg" ALT=""><BR>
a corporation established under the law of P.R. China<BR>
36 Jinghai Er Road. BDA<BR>
Beijing 100176<BR>
P.R. China<BR>
(hereinafter referred to as &ldquo;<B>BDB</B>&rdquo;)<BR>
<BR></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(INFLARX or BDB hereinafter also referred
to as &ldquo;<B>Party</B>&rdquo; and together as &ldquo;<B>Parties</B>&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>PREAMBLE</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">The Parties have executed a Co-Development Agreement effective as of December<BR>
28<SUP>th</SUP> 2015 with respect to monoclonal anti-human complement C5a antibodies (the<BR>
&ldquo;<B>Co-Development Agreement</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">The Parties envisage additional collaborative work for the creation and development of additional
molecules (hereinafter referred to as IFX-x and BDB-x and defined below) on the basis of the INFLARX Intellectual Property and
the BDB Intellectual Property (as defined in the Co-Development Agreement) and wish to include the creation testing and potential
further development of such additional molecules into the Purpose of the Co-Development Agreement by expanding the Frame of Co-Development
(as both defined in the Co-Development Agreement) as outlined in this Addendum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">The Parties wish to provide for a timely limited option right of BDB in order to choose to further
develop, manufacture and commercialize any specific Established IFX-x (as defined below) solely inside of the BDB Territory (as
defined in the Co-Development Agreement) subject to the terms of the Co-Development Agreement and this Addendum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">D.</TD><TD STYLE="text-align: justify">The development work described in B above and the grant of the option right described in C above
requires supplementing some of the provisions of the Co-Development Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Now, therefore, the Parties conclude
this Addendum:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 1 &mdash;
DEFINITIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">All defined terms used in this Addendum shall have the same meaning as defined in the Co-Development
Agreement unless expressively altered, broadened or changed within this Addendum</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">&ldquo;<B>Development Phase</B>&rdquo; means the period of time during which INFLARX and BDB will
execute development activities as described in Article 2 below, having a duration of [*****] from the Effective Date which may
be prolonged upon both Parties' written agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">&ldquo;<B>Established IFX-x</B>&rdquo; has the meaning as defined in Section &lrm;2.3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">&quot;<B>IFX-x</B>&quot; means one or more bi- or multiple specific molecule(s) (i) which is/are
developed on the basis of the INFLARX Intellectual Property and the BDB Intellectual Property and which is developed and derived
in part or in whole from the antibody sequence of IFX-1 or from IFX-2 and which is binding to the complement component C5a, and
(ii) contain in addition at least one other molecular entity bound or linked to the part described in (i), which binds or interacts
with any molecular target or targets other than the complement component C5a, and (iii) which bi- or multiple specific molecule(s)
is/ are developed under the full responsibility of INFLARX. It is understood that IFX-x is not manufactured/ generated in the IFX-1
Cell Line.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB-x</B>&rdquo; means any specific Established IFX-x (as defined below) which is being
developed under the full responsibility of BDB in accordance with the provisions of the Co-Development Agreement as altered by
this Addendum after BDB has exercised its option right with respect to such specific Established IFX-x as set forth under Article
3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 2 &mdash;
Creation and Establishing of IFX-x molecules<BR>
during the Development Phase</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">BDB shall, during the Development Phase, create and generate one or more IFX-x molecule(s) (numbered
in order of the creation starting with IFX-3, IFX-4 and so forth) on the basis of the INFLARX Intellectual Property and any applicable
BDB Intellectual Property. These IFX-x molecules shall, besides interacting with C5a, bind and/or interact with one or more of
the following targets: [*****]. Additional targets may be added upon approval by both Parties in writing. INFLARX will assist this
creation and generation of the IFX-x molecules reasonably. BDB shall not create or engage in the creation of any IFX-x with respect
to any target other than the targets set forth herein without the prior written approval of INFLARX. The Parties shall use their
best reasonable efforts to create or generate such IFX-x molecules free of any Third Party Intellectual Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">BDB shall then test and establish the binding, inhibition or other interaction of such molecule
to any established target other than C5a in-house and deliver to INFLARX without undue delay any results of such testing. BDB shall
deliver to INFLARX together with said test results such IFX-x in order for INFLARX to test and establish the binding to C5a and/or
the inhibition of C5a-induced biological effects by such IFX x and INFLARX shall furnish the results of such testing without undue
delay to BDB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">If, according to the test results, any IFX-x molecule is established by INFLARX and by BDB to bind
to or interact with the additional target(s) as described in Section &lrm;2.1</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">above and C5a
in a satisfactory manner to both Parties, this IFX-x molecule will be recognized as established by both Parties by written notice
dated and signed by both Parties (such established IFX-x molecule hereinafter the &ldquo;<B>Established IFX-x</B>&rdquo;). The
Parties understand that weak or partial binding or blocking activity below [*****] of a suitable reference standard, i.e. IFX-1
performance for C5a binding, shall generally be deemed as not suitable. Such written notice determining an Established IFX-x shall
become effective upon the date of the last signature. However, neither Party shall withhold unreasonably its signature of such
notice for longer than [*****] after receipt of the dated and signed notice by the other Party if the test results show that the
respective IFX-x is suitable as described before.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">The Parties agree that all activities as set forth in this Article 2 during the Development Phase
shall be part of the Frame of Co-Development and all provisions of the Co-Development Agreement (as supplemented by this Addendum)
shall apply to such activities unless specifically and explicitly provided differently in this Addendum. For the avoidance of doubt,
INFLARX, at its sole discretion, cost coverage and its sole responsibility shall have the exclusive right to fully Exploit any
IFX-x and shall, wherever applicable, be granted and/or transferred exclusive Exploitation rights to and ownership in IFX-x and
all Co-Development Findings by BDB and shall be granted and transferred usage rights under BDB Intellectual Property to the extent
necessary or useful to Exploit such rights in any IFX-x and any Co-Development Findings subject to the option right of BDB as set
forth under Article&nbsp;3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 3 &mdash;
BDB Option Right</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Within [*****] of receipt of the notice of INFLARX according to Section &lrm;2.3 above for any
Established IFX-x (the &ldquo;<B>Option Period</B>&rdquo;), BDB has an option right for such Established IFX-x in order to further
pursue it solely and exclusively in the BDB Territory as BDB-x in accordance with and subject to all provisions of the Co-Development
Agreement as altered in this Addendum. The option right is exercised if INFLARX receives written notice to this effect from BDB
for the relevant Established IFX-x during the Option Period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">If BDB exercises its option right for a specific Established IFX-x in accordance with Section &lrm;3.1
above, all provisions of the Co-Development Agreement (as altered or supplemented in this Addendum) will fully apply to this specific
Established IFX-x and the respective BDB-x and any product containing this specific BDB-x (and the respective Established IFX-x),
it being understood that such products shall be covered by the &quot;Product&quot;-definition. For the avoidance of doubt, the
Frame of Co-Development will be supplemented with respect to any Established IFX-x and the respective BDB-x for which BDB has exercised
its option right in accordance with Section &lrm;3.1 as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.55pt"></TD><TD STYLE="width: 35.45pt">i.</TD><TD STYLE="text-align: justify">BDB may, at its sole discretion, cost coverage and its sole responsibility establish any BDB-x
Cell Line, GMP Manufacturing Process for the relevant BDB-x and conduct pre-clinical animal and in vitro studies inside the BDB
Territory using the relevant BDB-x as well as later clinical trials and studies inside the BDB Territory in compliance with all
Applicable Laws including GCP and with the provisions of the Co-Development Agreement. BDB shall promptly share all related Co-Development
Findings and ensure data sharing with INFLARX and put in place reporting tools for all development areas equivalent to those required
for BDB-1 and BDB-2 under the Co-Development Agreement. INFLARX shall grant appropriate rights to BDB for such manufacturing, development
and Commercialization exclusively and solely within the BDB Territory equivalent to the rights granted for development of BDB-2
and the corresponding cell line within the Co-Development Agreement. INFLARX shall be limited with respect to Commercialization
of any molecule binding to the same targets of the Established IFX-x and the respective BDB-x inside the BDB Territory as set forth
in Section &lrm;5.2.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.55pt"></TD><TD STYLE="width: 35.45pt">ii.</TD><TD STYLE="text-align: justify">INFLARX, at its sole discretion, cost coverage and its sole responsibility shall retain and have
the exclusive right to fully Exploit the relevant Established IFX x and shall, wherever applicable, be granted and/or transferred
exclusive Exploitation rights to and ownership in the relevant IFX-x and all Co-Development Findings by BDB and shall be granted
and transferred usage rights under BDB Intellectual Property to the extent necessary or useful to Exploit such rights equivalent
to those established within the Co-Development Agreement for IFX-2 and any Co-Development Findings subject to the rights granted
to BDB with respect to the BDB Territory under the Co-Development Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">If BDB does not exercise its option right in accordance with Section &lrm;3.1 with respect to any
Established IFX-x, INFLARX will have all exclusive rights to develop, manufacture, Exploit and Commercialize the relevant Established
IFX-x through itself or through a Third Party also within the BDB Territory. BDB shall grant, and INFLARX hereby accepts such grant,
all usage rights under BDB Intellectual Property to the extent necessary or useful to Exploit such Established IFX-x, the relevant
INFLARX Intellectual Property and any relevant Co-Development Findings also within the BDB Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 4 &mdash;
BDB Use of Cell Lines and IFX-x and BDB-x</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">All terms and conditions established within Sections &lrm;4.1 through &lrm;4.11 of the Co-Development
Agreement regarding IFX-2 and the IFX-2 Cell Line shall be fully applicable to IFX-x and its corresponding cell line/ manufacturing
process and all terms and conditions established therein for BDB-2 and the corresponding BDB-2 Cell Line as well as IFX-2 and the
IFX-2 Cell Line shall be fully applicable to BDB-x and the corresponding cell line/ manufacturing process. For the avoidance of
doubt, any right to use IFX-2 and the IFX-2 Cell Line as set forth in Sections &lrm;4.1 through &lrm;4.11 of the Co-Development
Agreement shall be limited to the use necessary for the development works as described under Article 2 above during the Development
Phase, and use of IFX-2 and the IFX-2 Cell Line for further development, manufacture and Commercialization of any IFX-x and BDB-x
and the corresponding cell lines and/or manufacturing process as set forth in the Co-Development Agreement is subject to the exercise
of the option right in accordance with Section &lrm;3.1 above for the respective Established IFX-x.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">BDB shall in no event make or engage any Third Party in making additional changes, alterations
or any humanization efforts of any kind to any IFX-x and/or BDB-x and any corresponding cell line unless agreed upon differently
between the Parties in writing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 5 &mdash;
Intellectual Property / Handling of Co-Development Findings</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">During the Development Phase, INFLARX grants to BDB the non-exclusive, non transferrable right
under the INFLARX Intellectual Property to research and develop IFX-x only as set forth under Article 2 and solely within the BDB
Territory. BDB hereby accepts this grant. BDB's rights granted under this Section &lrm;5.1 shall be conditional to performance
of any and all its obligations by BDB and subject to the terms and conditions set forth in this Addendum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">Subject to Section &lrm;5.1 above and subject to the provisions in Sections &lrm;3.2 and &lrm;3.3
above, all terms and conditions established within Sections &lrm;6.1 through &lrm;6.7 of the Co-Development Agreement with respect
to BDB-2/IFX-2 and the corresponding BDB-2/IFX-2 Cell Line shall be fully applicable to BDB-x/IFX-x and its corresponding cell
line/ manufacturing process. The Parties agree that the usage rights granted to BDB under Section &lrm;6.2 of the Co-Development
Agreement and BDB&rsquo;s right to be offered to pursue patent protection within the BDB Territory for any invention within the
Co-Development Findings relating to the relevant Established IFX-x (and the respective BDB-x) as set forth on Section &lrm;6.4
&lrm;v. of the Co-Development Agreement shall be granted only and from the date of exercise of the option right by BDB with respect
to the relevant Established IFX-x in accordance with Section &lrm;3.1 above. If and to the extent that BDB exercises its option
right for any Established IFX-x, INFLARX shall from the date of execution of the option right by BDB in accordance with Section
&lrm;3.1 not engage in any Commercialization either alone or together with or through a Third Party of any product containing any
other independently developed molecule targeting the human complement factor C5a and the respective other target(s) to which the
Established IFX-x and the respective BDB-x, for which BDB has exercised its option right, is binding within the BDB Territory.
For the avoidance of doubt, INFLARX retains the right to develop and/or manufacture any other independently developed molecule
targeting the human complement factor C5a and the respective other target(s) to which the Established IFX-x and the respective
BDB-x, for which BDB has exercised its option right, is binding and any product containing such molecule inside the BDB Territory
alone or together with or through a Third Party solely for the purpose of Exploitation and Commercialization of a product containing
such molecule in the INFLARX Territory, and to Exploit such molecule within the BDB Territory for non-commercial purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">For the avoidance of doubt, IFX-x and BDB-x and including the respective cell lines and manufacturing
processes and all Know-How generated by the Parties with respect thereto shall be considered Co-Development Findings and shall
be handled as such in accordance with the relevant provisions set forth in the Co-Development Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 6 &mdash;
Royalty, Royalty Reporting and other Payments</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For any Established IFX-x and
respective BDB-x the following royalty scheme should apply instead of the royalty scheme set forth in Sections &lrm;7.1 and &lrm;7.2
of the Co-Development Agreement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to INFLARX for the development of BDB-x:</U> For the granting of the exclusive
license under INFLARX Intellectual Property with respect to</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">development
and Commercialization of any BDB-x, for which (or respectively for the respective Established IFX-x) BDB has exercised its option
right in accordance with Section &lrm;3.1 above, inside the BDB Territory in accordance to Section &lrm;6.2 of the Co-Development
Agreement, BDB shall pay to INFLARX royalties amounting to [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to BDB for the development of Established IFX-x:</U> In the event that
INFLARX chooses to develop and to Exploit and Commercialize any Established IFX-x within the INFLARX Territory, then INFLARX shall
pay to BDB royalties amounting to [*****] arising from such Commercialization of a Product containing the relevant Established
IFX-x.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify"><U>Conditional Royalties for IFX-x and BDB-x development</U>:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.55pt"></TD><TD STYLE="width: 35.45pt">i.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX chooses to exercise its reserved right to Exploit and Commercialize
any BDB-x, for which (or respectively for the respective Established IFX-x) BDB has exercised its option right in accordance with
Section &lrm;3.1 above, and not the respective Established IFX-x anywhere in the INFLARX Territory pursuant to Section &lrm;6.5
of the Co-Development Agreement, then INFLARX shall pay to BDB royalties amounting to [*****] arising from such Commercialization
of a Product containing the relevant BDB-x.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.55pt"></TD><TD STYLE="width: 35.45pt">ii.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX Exploits and Commercializes any Product containing any Established
IFX-x, for which BDB has exercised its option right in accordance with Section &lrm;3.1 above, for any Indication inside the BDB
Territory pursuant to Section &lrm;6.7 of the Co-Development Agreement, then BDB shall be entitled to [*****] arising out of such
Commercialization of Products containing the relevant IFX-x inside the BDB Territory.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify"><U>Conditions for Royalty payments for IFX-x and BDB-x:</U> For the avoidance of doubt, all terms
and conditions established within the Sections &lrm;7.3 through &lrm;7.7 of the Co-Development Agreement shall be fully applicable
in connection with royalty payments established regarding relevant Established IFX-x and respective BDB-x.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 7 &mdash;
WARRANTIES and LIABILITY</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition to the warranties
made by BDB under Section &lrm;9.2 of the Co-Development Agreement, BDB hereby warrants to the best of its knowledge that it has
all right and title to apply the necessary Know-How or technology for the generation of any IFX-x and any BDB-x including but not
being limited to necessary manufacturing steps and that it does not violate or infringe existing Third Party Intellectual Property
by the creation of any IFX-x and/or the respective BDB-x. For the avoidance of doubt, this supplementing warranty shall apply already
with respect to the Development Phase and the activities conducted in the Development Phase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 8 &mdash;
TERM AND TERMINATION</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">This Addendum will become effective and binding to the Parties as of the Effective Date and will
continue in effect unless the Co-Development Agreement is terminated pursuant to Article 11 of the Co-Development Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">Notwithstanding Section &lrm;8.1 above, this Addendum may also be terminated by either Party at
any time during the Development Phase without termination of the Co-Development Agreement by [*****] prior written notice to the
other Party. Upon such termination, BDB shall immediately stop any development works then conducted in accordance with Article
2 and shall provide and transfer to INFLARX all results of the development works conducted under Article 2. All rights and obligations
of the Parties accrued under this Addendum prior to such termination shall be maintained. Any option right of BDB already accrued
with respect to any Established IFX-x at the time of such termination shall be maintained and BDB may still exercise such option
right after such termination becomes effective unless and until the Co-Development Agreement is terminated. If and to the extent
BDB has already exercised its option right with respect to any Established IFX-x at the time of such termination by INFLARX, BDB
will retain all rights granted under this Addendum and the Co-Development Agreement with respect to such Established IFX-x, for
which BDB has already exercised its option right, for the further development, manufacture and Commercialization of the respective
BDB-x solely within the BDB Territory, unless and until the Co-Development Agreement is terminated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">The following provisions of this Addendum shall survive its termination: Article 1, Section &lrm;2.5,
Sections &lrm;3.1 and &lrm;3.2 to the extent required under Section &lrm;8.2, Section &lrm;3.3, Sections &lrm;5.2 and &lrm;5.3,
Article 6 to the extent required under Section &lrm;8.2, Article 7, Section &lrm;8.2 and Article 9. To the extent the aforementioned
provisions refer to another provision of this Addendum and of the Co-Development Agreement, such referred provision shall continue
in full force and in accordance with their terms, notwithstanding the expiration or termination of this Addendum for any reason.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 9 &mdash;
MISCELLANEOUS PROVISIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties agree that nothing
in this Addendum is meant to alter, invalidate, change or dismiss any term or condition of the Co-Development Agreement unless
expressively stated so differently within this Addendum. The Parties conclude that this Addendum and the Co-Development Agreement
shall constitute the entire contractual understanding between the Parties with respect to their subject matters as of the Effective
Date. The Co-Development Agreement shall fully apply to all activities of the Parties under this Addendum unless specifically und
explicitly provided differently in this Addendum.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Signature page follows:</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto have
executed this Addendum in duplicate originals by their duly authorized officers or representatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>FOR INFLARX:</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FOR BDB:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Niels C. Riedemann</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Shusheng Geng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Niels C. Riedemann, CEO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Dr. Shusheng Geng, CEO)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;Dec 28<SUP>th</SUP> 2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;12/01/ 2015</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Renfeng Guo</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Lina Ma</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Renfeng Guo, CSO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">11/30/2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
