<SEC-DOCUMENT>0001437749-20-010606.txt : 20200513
<SEC-HEADER>0001437749-20-010606.hdr.sgml : 20200513
<ACCEPTANCE-DATETIME>20200513165235
ACCESSION NUMBER:		0001437749-20-010606
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
REFERENCES 429:			333-206408
REFERENCES 429:			333-218060
REFERENCES 429:			333-226782
REFERENCES 429:			333-233381
FILED AS OF DATE:		20200513
DATE AS OF CHANGE:		20200513
EFFECTIVENESS DATE:		20200513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Diffusion Pharmaceuticals Inc.
		CENTRAL INDEX KEY:			0001053691
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				300645032
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238233
		FILM NUMBER:		20873831

	BUSINESS ADDRESS:	
		STREET 1:		2020 AVON COURT
		STREET 2:		SUITE 4
		CITY:			CHARLOTTESVILLE
		STATE:			VA
		ZIP:			22902
		BUSINESS PHONE:		(434) 220-0718

	MAIL ADDRESS:	
		STREET 1:		2020 AVON COURT
		STREET 2:		SUITE 4
		CITY:			CHARLOTTESVILLE
		STATE:			VA
		ZIP:			22902

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RestorGenex Corp
		DATE OF NAME CHANGE:	20140307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Stratus Media Group, Inc
		DATE OF NAME CHANGE:	20080722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FERIS INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20080228
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dffn20200422_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<html><head>
	<title>dffn20200422_s8.htm</title>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>As filed with the Securities and Exchange Commission on May 13, 2020.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b>Registration No. 333-________</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Washington, DC 20549</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>FORM S-8</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>REGISTRATION STATEM</b><b>ENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">&nbsp;</p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>DIFFUSION PHARMACEUTICALS INC.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of Registrant as specified in its charter)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

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			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align: top; width: 44%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1317 Carlton Avenue, Suite 200</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Charlottesville, VA 22902</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(434) 220-0718</b></p>
			</td>
			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>30-0645032</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State of Incorporation)</p>
			</td>
			<td nowrap="true" style="vertical-align: top; width: 44%; padding: 0px;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address, including zip code, and telephone number, including</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">area code, of registrant&#8217;s principal executive offices)</p>
			</td>
			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer<br>
			Identification No.)</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">

		<tr style="font-family: &quot;Times New Roman&quot;; font-size: 14pt;">
			<td colspan="3" style="vertical-align: top; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>&nbsp;DIFFUSION PHARMACEUTICALS INC.</b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>2015 EQUITY INCENTIVE PLAN, AS AMENDED</b></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center;">(Full Title of the Plan)&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>David G. Kalergis</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Chief Executive Officer</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1317 Carlton Avenue, Suite 200</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(434) 220-0718</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name, address including zip code, and telephone number, including area code, of agent for service)</p>
			</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">With a Copy to:</p>
			</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">David S. Rosenthal, Esq.<br>
			Dechert LLP<br>
			Three Bryant Park<br>
			New York, New York 10036<br>
			(212) 698-3500</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. &nbsp;See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221;&nbsp;and &#8220;emerging growth company&#8221;&nbsp;in Rule 12b-2 of the Exchange Act.</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 50%;">Large accelerated filer&nbsp;&nbsp;&#9744;</td>
			<td style="width: 50%;">Accelerated filer&nbsp;&nbsp;&#9744;</td>
		</tr>
		<tr>
			<td>Non-accelerated filer&nbsp;&nbsp;&#9746;</td>
			<td>Smaller reporting company&nbsp;&#9746;</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td>Emerging Growth Company&nbsp;&nbsp;&#9744;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CALCULATION OF REGISTRATION FEE</b><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td colspan="9" style="vertical-align: bottom; width: 100%; border-bottom: 3px double black;">
			<p style="font-size:1pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title Of&nbsp;Securities</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">To Be Registered</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Amount</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">To Be Registered<sup style="vertical-align:top;line-height:120%;font-size:pt">(1</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Proposed</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Maximum Offering<br>
			Price Per Share</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Proposed</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Maximum</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Aggregate</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Offering Price</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Amount Of<br>
			Registration Fee</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:10pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-10pt;">Common Stock, par value $0.001 per share<sup style="vertical-align:top;line-height:120%;font-size:pt">(2</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">971,600</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$0.47<sup style="vertical-align:top;line-height:120%;font-size:pt">(4</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$456,652.00<sup style="vertical-align:top;line-height:120%;font-size:pt">(</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">4</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$59.27</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:10pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-10pt;">Common Stock, par value $0.001 per share<sup style="vertical-align:top;line-height:120%;font-size:pt">(3</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">367,615</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$0.87<sup style="vertical-align:top;line-height:120%;font-size:pt">(5</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$319,825.05<sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup><sup style="vertical-align:top;line-height:120%;font-size:pt">(5</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$41.51</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 3px double black;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 19pt; text-align: left; text-indent: -10pt;">Total</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">1,339,215</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">--</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$776,477.05</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$100.78</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">This Registration Statement relates to 1,339,215 shares of common stock of Diffusion Pharmaceuticals Inc. (the &#8220;Registrant&#8221;) not previously registered and available for issuance under the Registrant&#8217;s 2015 Equity Incentive Plan, as amended (the &#8220;Plan&#8221;). Pursuant to Rule 416 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of the Registrant&#8217;s common stock which become issuable under the Plan pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant&#8217;s outstanding shares of common stock.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(2)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Represents shares of the Registrant&#8217;s common stock not previously registered and subject to awards outstanding under the Plan.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(3)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Represents shares of the Registrant&#8217;s common stock not previously registered and available for issuance under the Plan.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(4)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(h) of the Securities Act and based on the weighted average exercise price of the awards outstanding under the Plan.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(5)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(c) and (h)&nbsp;of the Securities Act of 1933 on the basis of the average of the high and low selling price per share of common stock of the Registrant on May 12, 2020, as reported by the Nasdaq Capital Market.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<div class="hf-cell PGNUM">- 2 -</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REGISTRATION OF ADDITIONAL SHARES PURSUANT TO GENERAL INSTRUCTION E</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Pursuant to General Instruction E of Form S-8, the Registrant is filing this Registration Statement with the Commission to register 1,339,215 additional shares of the Registrant&#8217;s common stock under the Plan, all of which are related to an automatic increase in the number of shares reserved for issuance under the Plan on January 1, 2020 pursuant to the provisions thereof. This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Commission on each of August 14, 2015 (Registration No. 333-206408), May 17, 2017 (Registration No. 333-218060), August 10, 2018 (Registration No. 333-226782) and August 20, 2019 (Registration No. 333-233381) (collectively, the &#8220;Previous Registration Statements&#8221;). The additional shares are of the same class as other securities relating to the Plan for which the Registrant&#8217;s registration statements on Form S-8 were filed with the Commission on each of the Previous Registration Statements.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART&nbsp;I</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN SECTION&nbsp;10(a)&nbsp;PROSPECTUS</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Information required in Part&nbsp;I of Form&nbsp;S-8 to be contained in a prospectus meeting the requirements of Section&nbsp;10(a)&nbsp;of the Securities Act is not required to be filed with the Commission and is omitted from this Registration Statement in accordance with the explanatory note to Part&nbsp;I of Form&nbsp;S-8 and Rule&nbsp;428 under the Securities Act.&nbsp; The documents containing the information specified in Part&nbsp;I of Form&nbsp;S-8 will be sent or given to directors, officers, employees and consultants as specified by Rule&nbsp;428(b)(1)&nbsp;of the Securities Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART II</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 63pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item 3.</b></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Incorporation of Documents by Reference.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Registrant is registering additional securities under the Plan covered hereby for which the Previous Registration Statements are currently effective.&nbsp; This registration statement is filed solely to register an additional 1,339,215 additional shares of the Registrant&#8217;s common stock for issuance under the Plan. Pursuant to General Instruction E to Form&nbsp;S-8, this Registration Statement hereby incorporates by reference the contents of the Previous Registration Statements, including periodic reports that the Company filed with the Commission pursuant to the Exchange Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 63pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><b>Item 8. </b></font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Exhibits.</b></p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">See the attached Exhibit Index, which is incorporated herein by reference.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:198pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-18pt;"><b>EXHIBIT INDEX</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td nowrap="true" style="vertical-align: top; width: 12%; padding: 0px;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>Exhibit Number</u></p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>Description</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774919005256/ex_137220.htm" style="-sec-extract:exhibit;">Certificate of Incorporation of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-37942), filed March 19, 2019). (https://www.sec.gov/Archives/edgar/data/1053691/000143774919005256/ex_137220.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.2</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774916028395/ex3-4.htm" style="-sec-extract:exhibit;">Bylaws of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.4 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-24477), filed March 25, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916028395/ex3-4.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.3</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d2.htm" style="-sec-extract:exhibit;">Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K (File No. 001-24477) as filed on June 18, 2015). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d2.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.4</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774916033633/dffn20160607_def14a.htm" style="-sec-extract:exhibit;">Amendment No. 1 to Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Appendix B to the Registrant&#8217;s Definitive Proxy Statement (File No. 001-24477) on Schedule 14A filed on June 10, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916033633/dffn20160607_def14a.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.5</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d3.htm" style="-sec-extract:exhibit;">Form of 2015 Incentive Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31,&nbsp;2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d3.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.6</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d4.htm" style="-sec-extract:exhibit;">Form of 2015 Non-Statutory Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31,&nbsp;2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d4.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">4.7</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774918006050/ex_108103.htm" style="-sec-extract:exhibit;">Form of Diffusion Pharmaceuticals Inc. Stock Option Award Agreement (incorporated by reference to Exhibit 10.5 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 000-24477), filed April 2, 2018). (https://www.sec.gov/Archives/edgar/data/1053691/000143774918006050/ex_108103.htm)</a></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
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<div class="hf-cell PGNUM">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td style="vertical-align: top; width: 12%;"><u>Exhibit Number</u></td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;"><u>Description</u></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">5.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_182329.htm" style="-sec-extract:exhibit;">Opinion of Dechert LLP (counsel to the Registrant) as to the legality of the securities being registered.&nbsp;</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">23.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_182330.htm" style="-sec-extract:exhibit;">Consent of KPMG LLP</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">23.2</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_182329.htm" style="-sec-extract:exhibit;">Consent of Dechert LLP (included in Exhibit 5.1 hereto).</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">24.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="#poa" style="-sec-extract:exhibit;">Power of Attorney (included in the signature page to this Registration Statement).</a></p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i>The Registrant</i>. Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Charlottesville, Commonwealth of Virginia, on this 13th day of May, 2020.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="text-indent: 0; width: 100%;font-family: 'Times New Roman', Times, serif; font-size: 10pt">

		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;">DIFFUSION PHARMACEUTICALS INC.</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>David G. Kalergis</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">David G. Kalergis</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Chief Executive Officer</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">(Principal Executive Officer)</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:50.7%;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><a id="poa" name="poa" title="poa"></a>POWER OF ATTORNEY</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">KNOWN TO ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David G. Kalergis, Chief Executive Officer and Chairman of Diffusion Pharmaceuticals Inc. and William Hornung, Chief Financial Officer of Diffusion Pharmaceuticals Inc., or either of them, his true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments to this Registration Statement and registration statements filed pursuant to Rule 429 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents or any of them or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument. Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">&nbsp;</p>

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		<tr>
			<td style="vertical-align:top;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><u>Signature</u></b></p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><u>Title</u></b></p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><u>Date</u></b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ David G. Kalergis</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Chief Executive Officer and Chairman (Principal</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Executive Officer)</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">David G. Kalergis</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ William Hornung</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Chief Financial Officer (Principal Financial</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Officer and Accounting Officer)</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">William Hornung</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Robert Adams</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Robert Adams</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Robert J. Cobuzzi</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Robert J. Cobuzzi</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ John L. Gainer</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 36.6%; text-align: center;">John L. Gainer</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 36.6%; border-bottom: 1px solid black;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 5.05pt; text-indent: -5.05pt;">/s/ Mark T. Giles</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Mark T. Giles</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:36.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Alan Levin</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.05pt;margin-top:0pt;text-align:center;">Alan Levin</p>
			</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; width: 36.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
		</tr>

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<p style="margin: 0pt;">&nbsp;</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex_182329.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html><head>
	<title>ex_182329.htm</title>

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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; padding:0in .1in;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 5.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

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			<div><img alt="" src="img01.jpg"></div>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">1095 Avenue of the Americas<br>
			New York, NY 10036-6797</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">+1 212 698 3500 Main</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">+1 212 698 3599 Fax</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">www.dechert.com</p>
			</td>
		</tr>
		<tr>
			<td style="width: 80%; vertical-align: top;">&nbsp;</td>
			<td style="width: 20%; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">May 13, 2020</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Diffusion Pharmaceuticals Inc.<br>
			1317 Carlton Avenue, Suite 200<br>
			Charlottesville, VA 22902</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Re:&nbsp; &nbsp; &nbsp;&nbsp;<u>REGISTRATION STATEMENT ON FORM S-8</u></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Ladies and Gentlemen:</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have acted as counsel to Diffusion Pharmaceuticals Inc., a Delaware corporation<b> </b>(the &#8220;<u>Company</u>&#8221;), in connection with the filing with the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) of a registration statement on Form S-8 (the &#8220;<u>Registration Statement</u>&#8221;) for the purpose of registering under the Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;), 1,339,215 shares of its common stock, par value $0.001 per share (the &#8220;<u>Shares</u>&#8221;), issuable under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan, as amended (the &#8220;<u>Plan</u>&#8221;).</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This opinion (the &#8220;<u>Opinion</u>&#8221;) is being furnished to the Company in connection with the requirements of Item&nbsp;601(b)(5)&nbsp;of Regulation&nbsp;S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement other than as expressly stated herein with respect to the Shares.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with this Opinion, we have examined originals or copies (in each case signed, certified or otherwise proven to our satisfaction to be genuine) of: (i)&nbsp;the Plan; (ii)&nbsp;the Company&#8217;s Certificate of Incorporation, as amended (the &#8220;<u>Charter</u>&#8221;); (iii)&nbsp;the Bylaws of the Company, as amended; and (iv)&nbsp;resolutions approving the corporate action of the Company authorizing the issuance and sale of the Shares. &nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents, and the conformity to original documents of all documents submitted to us as copies, the legal capacity of natural persons who are signatories to the documents examined by us and the legal power and authority of all persons signing on behalf of parties (other than the Company) to all documents.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In rendering the opinion expressed below, we have assumed that prior to the issuance of any of the Shares, there will exist under the Charter the requisite number of authorized but unissued shares of common stock. In addition, we have assumed (i)&nbsp;the resolutions authorizing the Company to issue the Shares in accordance with the terms and conditions of the Plan will remain in effect and unchanged at all times during which the&nbsp;Shares are issued by the Company, and (ii)&nbsp;the Registration Statement, and any amendments thereto, at the time of issuance of the Shares, will continue to be effective under the Securities Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Diffusion Pharmaceuticals Inc.</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">May 13, 2020</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Page 2</p>
			</td>
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</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Subject to the foregoing and the other matters set forth herein, it is our opinion that when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the holder and have been issued by the Company against payment therefor (not less than par value) in the circumstances contemplated by the Plan, assuming in each case that the individual issuances, grants or awards under the Plan are duly issued, granted or awarded and exercised in accordance with the requirements of law and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and non-assessable.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are members of the Bar of the State of New York<b> </b>and the foregoing Opinion is limited to the General Corporation Law of the State of Delaware.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We hereby consent to the filing of this Opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align:middle;width:100%;">&nbsp;</td>
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			<td style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Very truly yours,</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Dechert LLP</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex_182330.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;"><b>Exhibit&nbsp;23.1</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Consent of Independent Registered Public Accounting Firm</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Board of Directors</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Diffusion Pharmaceuticals Inc.:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We consent to the use of our report incorporated by reference herein.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our report dated March 17, 2020 contains an explanatory paragraph that states that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities that raise substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ KPMG LLP</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">McLean, Virginia</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">May 13, 2020</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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