<SEC-DOCUMENT>0001213900-16-019433.txt : 20161215
<SEC-HEADER>0001213900-16-019433.hdr.sgml : 20161215
<ACCEPTANCE-DATETIME>20161215090103
ACCESSION NUMBER:		0001213900-16-019433
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161215
DATE AS OF CHANGE:		20161215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMMUCELL CORP /DE/
		CENTRAL INDEX KEY:			0000811641
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010382980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214641
		FILM NUMBER:		162052437

	BUSINESS ADDRESS:	
		STREET 1:		56 EVERGREEN DR
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
		BUSINESS PHONE:		2078782770

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>f424b3121416_immucell.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 57.55pt; text-align: right"><B>Registration No. 333-214641</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 57.55pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>Prospectus&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 106.15pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 106.15pt 0; text-align: center"><FONT STYLE="font-size: 10pt">IMMUCELL
CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>659,880
</B></FONT><B>Shares <FONT STYLE="letter-spacing: 0.05pt">of</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>Common
</B></FONT><B>Stock<FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
<FONT STYLE="letter-spacing: -0.05pt">prospectus covers the</FONT> sale, <FONT STYLE="letter-spacing: -0.05pt">transfer</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">other disposition</FONT> of <FONT STYLE="letter-spacing: -0.05pt">up to 659,880 shares
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">common stock</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders, which,</FONT> as used <FONT STYLE="letter-spacing: -0.05pt">herein, includes</FONT> donees, <FONT STYLE="letter-spacing: -0.05pt">pledgees,
transferees, and other successors-in-interest selling shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock
</FONT>received <FONT STYLE="letter-spacing: -0.05pt">after</FONT> the date of <FONT STYLE="letter-spacing: -0.05pt">this</FONT>
prospectus from a Selling Stockholder as a <FONT STYLE="letter-spacing: -0.05pt">gift, pledge, partnership distribution</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">other transfer, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">the Selling Stockholders.
The Selling Stockholders may, </FONT>from <FONT STYLE="letter-spacing: -0.05pt">time to</FONT> time, <FONT STYLE="letter-spacing: -0.05pt">sell,
transfer</FONT> or <FONT STYLE="letter-spacing: -0.05pt">otherwise </FONT>dispose of <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">all</FONT> of <FONT STYLE="letter-spacing: -0.05pt">their shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>common stock on any stock <FONT STYLE="letter-spacing: -0.05pt">exchange, market,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">trading
facility</FONT> on <FONT STYLE="letter-spacing: -0.05pt">which the shares</FONT> are traded or <FONT STYLE="letter-spacing: -0.05pt">in
private transactions.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">dispositions</FONT> may be at <FONT STYLE="letter-spacing: -0.05pt">fixed
prices,</FONT> at <FONT STYLE="letter-spacing: -0.05pt">prevailing market</FONT> prices at <FONT STYLE="letter-spacing: -0.05pt">the
time</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">sale,</FONT> at prices related
<FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> prevailing <FONT STYLE="letter-spacing: -0.05pt">market
</FONT>price, at <FONT STYLE="letter-spacing: -0.05pt">varying</FONT> prices <FONT STYLE="letter-spacing: -0.05pt">determined
</FONT><FONT STYLE="letter-spacing: 0.05pt">at</FONT> <FONT STYLE="letter-spacing: -0.05pt">the time</FONT> of <FONT STYLE="letter-spacing: -0.05pt">sale,
</FONT>or at <FONT STYLE="letter-spacing: -0.05pt">negotiated prices.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">ImmuCell
is not offering</FONT> <FONT STYLE="font-size: 10pt">any <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common stock <FONT STYLE="letter-spacing: -0.05pt">for
sale under this prospectus.</FONT> We <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
receive</FONT> any <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> proceeds from
<FONT STYLE="letter-spacing: -0.05pt">the sale</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other disposition</FONT> of the
<FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common stock <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders.</FONT></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify">Our
common stock is listed on the NASDAQ Capital Market under the symbol &ldquo;ICCC.&rdquo; The aggregate market value of our outstanding
common stock held by non-affiliates was approximately $24,938,632 based on 4,847,390 shares of outstanding common stock, of which
863,583 shares are held by affiliates, and a price of $6.26 per share, which was the last reported sale price of our common stock
as quoted on NASDAQ Capital Market on December 13, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">INVESTING
IN OUR COMMON STOCK INVOLVES <FONT STYLE="letter-spacing: -0.05pt">RISKS.</FONT> YOU SHOULD REVIEW <FONT STYLE="letter-spacing: -0.05pt">CAREFULLY
</FONT><FONT STYLE="letter-spacing: 0.05pt">THE</FONT> RISKS <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> UNCERTAINTIES DESCRIBED
UNDER <FONT STYLE="letter-spacing: 0.05pt">THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">HEADING &ldquo;RISK</FONT> FACTORS&rdquo;
<FONT STYLE="letter-spacing: -0.05pt">CONTAINED HEREIN</FONT> AND IN OUR ANNUAL REPORT ON <FONT STYLE="letter-spacing: -0.05pt">FORM
</FONT>10-K FOR <FONT STYLE="letter-spacing: 0.05pt">THE</FONT> YEAR ENDED DECEMBER <FONT STYLE="letter-spacing: 0.05pt">31,</FONT>
2015, <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> UNDER SIMILAR <FONT STYLE="letter-spacing: -0.05pt">HEADINGS</FONT> IN
<FONT STYLE="letter-spacing: 0.05pt">THE</FONT> OTHER DOCUMENTS THAT ARE INCORPORATED BY <FONT STYLE="letter-spacing: -0.05pt">REFERENCE
</FONT>INTO THIS PROSPECTUS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">NEITHER
<FONT STYLE="letter-spacing: 0.05pt">THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">SECURITIES AND</FONT> EXCHANGE <FONT STYLE="letter-spacing: -0.05pt">COMMISSION
</FONT>NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR <FONT STYLE="letter-spacing: -0.05pt">DETERMINED
</FONT>IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. <FONT STYLE="letter-spacing: -0.05pt">ANY</FONT> REPRESENTATION <FONT STYLE="letter-spacing: 0.05pt">TO
THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">CONTRARY</FONT> IS A CRIMINAL OFFENSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">The
date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus is December</FONT> 14, 2016.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF <FONT STYLE="letter-spacing: -0.05pt">CONTENTS&nbsp;</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#CAUTIONARY"><FONT STYLE="letter-spacing: -0.05pt"><B>CAUTIONARY
    </B></FONT><B>NOTE <FONT STYLE="letter-spacing: -0.05pt">REGARDING FORWARD-LOOKING STATEMENTS</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#ABOUT"><FONT STYLE="letter-spacing: -0.05pt"><B>ABOUT
    THIS PROSPECTUS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#ABOUTIMMUCELL"><FONT STYLE="letter-spacing: -0.05pt"><B>ABOUT
    IMMUCELL CORPORATION</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#PRIVATEPLACEMENT"><FONT STYLE="letter-spacing: -0.05pt"><B>PRIVATE
    PLACEMENT</B></FONT><B> OF <FONT STYLE="letter-spacing: -0.05pt">COMMON SHARES</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#THEOFFERING"><FONT STYLE="letter-spacing: -0.05pt"><B>THE
    OFFERING</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#WHEREYOU"><FONT STYLE="letter-spacing: -0.05pt"><B>WHERE
    YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#INCORPORATION"><FONT STYLE="letter-spacing: -0.05pt"><B>INCORPORATION
    </B></FONT><B>OF <FONT STYLE="letter-spacing: -0.05pt">INFORMATION BY REFERENCE</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#RISKFACTORS"><FONT STYLE="letter-spacing: -0.05pt"><B>RISK
    FACTORS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#DESCRIPTIONOFCOMMON"><FONT STYLE="letter-spacing: -0.05pt"><B>DESCRIPTION
    </B></FONT><B>OF COMMON <FONT STYLE="letter-spacing: -0.05pt">STOCK</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#PLANOFDISTRIBUTION"><FONT STYLE="letter-spacing: -0.05pt"><B>PLAN
    </B></FONT><B>OF <FONT STYLE="letter-spacing: -0.05pt">DISTRIBUTION</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#SELLINGSTOCKHOLDERS"><FONT STYLE="letter-spacing: -0.05pt"><B>SELLING
    STOCKHOLDERS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#LEGALMATTERS"><FONT STYLE="letter-spacing: -0.05pt"><B>LEGAL
    MATTERS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#EXPERTS"><FONT STYLE="letter-spacing: -0.05pt"><B>EXPERTS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; line-height: 107%; text-indent: 0; text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><A HREF="#INTERESTSOFNAMED"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>INTERESTS
</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OF <FONT STYLE="letter-spacing: -0.05pt">NAMED
EXPERTS AND COUNSEL</FONT></FONT></B></A></P></TD>
    <TD STYLE="padding: 0; line-height: 107%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 10pt; text-align: center"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"></P>

<P STYLE="font: 10pt/1.5pt Times New Roman, Times, Serif; margin: 0 0 0 56.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.9pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="CAUTIONARY"></A>CAUTIONARY
NOTE <FONT STYLE="letter-spacing: -0.05pt">REGARDING</FONT></FONT> <FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Some
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">statements
</FONT><FONT STYLE="letter-spacing: 0.05pt">in </FONT>this <FONT STYLE="letter-spacing: -0.05pt">prospectus constitute &ldquo;forward-looking
statements&rdquo; within the meaning </FONT>of Section 27A of the <FONT STYLE="letter-spacing: -0.05pt">Securities Act</FONT>
of 1933 <FONT STYLE="letter-spacing: -0.05pt">and Section</FONT> 21E of the <FONT STYLE="letter-spacing: -0.05pt">Securities Exchange
Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>1934. These <FONT STYLE="letter-spacing: -0.05pt">statements</FONT> relate
<FONT STYLE="letter-spacing: -0.05pt">to future </FONT>events concerning our <FONT STYLE="letter-spacing: -0.05pt">business and
to our future</FONT> revenues, <FONT STYLE="letter-spacing: -0.05pt">operating results</FONT> and <FONT STYLE="letter-spacing: -0.05pt">financial
condition.</FONT> In some cases, <FONT STYLE="letter-spacing: -0.05pt">you </FONT>can identify <FONT STYLE="letter-spacing: -0.05pt">forward-looking
statements</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT>terminology such as <FONT STYLE="letter-spacing: -0.05pt">&ldquo;may&rdquo;,
&ldquo;will&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;, &ldquo;expect&rdquo;, &ldquo;plan&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;aim&rdquo;, &ldquo;intend&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;target&rdquo;,
&ldquo;forecast&rdquo;, &ldquo;predict&rdquo;,</FONT> &ldquo;project&rdquo;, <FONT STYLE="letter-spacing: -0.05pt">&ldquo;propose&rdquo;,
&ldquo;potential&rdquo;,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">&ldquo;continue&rdquo;, </FONT>or the <FONT STYLE="letter-spacing: -0.05pt">negative
</FONT>of those terms or <FONT STYLE="letter-spacing: -0.05pt">other </FONT>comparable <FONT STYLE="letter-spacing: -0.05pt">terminology.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
<FONT STYLE="letter-spacing: -0.05pt">forward-looking statements contained</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT>
<FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> are only estimates or <FONT STYLE="letter-spacing: -0.05pt">predictions
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">future events</FONT> based on <FONT STYLE="letter-spacing: -0.05pt">information
</FONT>currently <FONT STYLE="letter-spacing: -0.05pt">available to our management and management&rsquo;s current beliefs </FONT>about
the <FONT STYLE="letter-spacing: -0.05pt">potential outcome</FONT> of <FONT STYLE="letter-spacing: -0.05pt">future events. Whether
these future events will occur</FONT> as <FONT STYLE="letter-spacing: -0.05pt">management anticipates, whether</FONT> we will
<FONT STYLE="letter-spacing: -0.05pt">achieve our</FONT> business <FONT STYLE="letter-spacing: -0.05pt">objectives,</FONT> and
<FONT STYLE="letter-spacing: -0.05pt">whether our revenues, operating </FONT>results or <FONT STYLE="letter-spacing: -0.05pt">financial
</FONT>condition will be <FONT STYLE="letter-spacing: -0.05pt">sustained</FONT> or improve <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">future</FONT> periods are subject <FONT STYLE="letter-spacing: -0.05pt">to numerous
</FONT>risks. There are a number of <FONT STYLE="letter-spacing: -0.05pt">important factors that could cause actual</FONT> results
<FONT STYLE="letter-spacing: -0.05pt">to differ materially</FONT> from the <FONT STYLE="letter-spacing: -0.05pt">results anticipated
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">these forward-looking statements.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">important
factors include those that</FONT> we discuss <FONT STYLE="letter-spacing: -0.05pt">under the heading &ldquo;Risk</FONT> Factors&rdquo;
<FONT STYLE="letter-spacing: -0.05pt">and in other sections</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT>
Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for the year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and
our</FONT> Form 10-Q for <FONT STYLE="letter-spacing: -0.05pt">the</FONT> quarterly period <FONT STYLE="letter-spacing: -0.05pt">ended
September</FONT> 30, 2016, <FONT STYLE="letter-spacing: -0.05pt">all filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">Exchange Commission (&ldquo;SEC&rdquo;),</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">well</FONT> as <FONT STYLE="letter-spacing: 0.05pt">in</FONT> our <FONT STYLE="letter-spacing: -0.05pt">other
</FONT>reports <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> from <FONT STYLE="letter-spacing: -0.05pt">time to time with
</FONT>the SEC that are incorporated by <FONT STYLE="letter-spacing: -0.05pt">reference into this prospectus.</FONT> You <FONT STYLE="letter-spacing: -0.05pt">should
</FONT>read <FONT STYLE="letter-spacing: -0.05pt">these</FONT> factors <FONT STYLE="letter-spacing: -0.05pt">and the other</FONT>
cautionary <FONT STYLE="letter-spacing: -0.05pt">statements made in this prospectus and in</FONT> the documents we incorporate
by <FONT STYLE="letter-spacing: -0.05pt">reference into</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
</FONT>being applicable <FONT STYLE="letter-spacing: -0.05pt">to all related forward-looking statements wherever they</FONT> appear
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> this prospectus or the documents we incorporate <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">reference into this</FONT> prospectus. If <FONT STYLE="letter-spacing: -0.05pt">one
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">these factors materialize,
</FONT>or <FONT STYLE="letter-spacing: 0.05pt">if any</FONT> <FONT STYLE="letter-spacing: -0.05pt">underlying</FONT> assumptions
prove incorrect, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> actual <FONT STYLE="letter-spacing: -0.05pt">results, performance
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">achievements</FONT> may vary <FONT STYLE="letter-spacing: -0.05pt">materially
</FONT>from <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">future</FONT> results, <FONT STYLE="letter-spacing: -0.05pt">performance
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">achievements expressed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">implied
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> these <FONT STYLE="letter-spacing: -0.05pt">forward-looking statements.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">undertake no</FONT> obligation <FONT STYLE="letter-spacing: 0.05pt">to</FONT>
publicly <FONT STYLE="letter-spacing: -0.05pt">update</FONT> any forward-looking <FONT STYLE="letter-spacing: -0.05pt">statements,
whether</FONT> as a <FONT STYLE="letter-spacing: -0.05pt">result</FONT> of new <FONT STYLE="letter-spacing: -0.05pt">information,
future events</FONT> or <FONT STYLE="letter-spacing: -0.05pt">otherwise,</FONT> except as <FONT STYLE="letter-spacing: -0.05pt">required
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">law.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ABOUT"></A><FONT STYLE="letter-spacing: -0.05pt">ABOUT
</FONT>THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
<FONT STYLE="letter-spacing: -0.05pt">document is called</FONT> a <FONT STYLE="letter-spacing: -0.05pt">prospectus and is</FONT>
part of a registration <FONT STYLE="letter-spacing: -0.05pt">statement</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT>
<FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">SEC,</FONT> using a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;shelf&rdquo;
registration</FONT> process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
<FONT STYLE="letter-spacing: -0.05pt">there</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> any inconsistency between the
<FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">information</FONT> incorporated by <FONT STYLE="letter-spacing: -0.05pt">reference
having</FONT> a <FONT STYLE="letter-spacing: -0.05pt">later</FONT> date, <FONT STYLE="letter-spacing: -0.05pt">you</FONT> should
<FONT STYLE="letter-spacing: -0.05pt">rely</FONT> on the incorporated <FONT STYLE="letter-spacing: -0.05pt">information having
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">later</FONT> date. We <FONT STYLE="letter-spacing: -0.05pt">urge you to</FONT>
read <FONT STYLE="letter-spacing: -0.05pt">carefully this prospectus, together with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">information
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">herein</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference
</FONT><FONT STYLE="letter-spacing: 0.05pt">as</FONT> described under <FONT STYLE="letter-spacing: -0.05pt">the heading &ldquo;Where
</FONT>You <FONT STYLE="letter-spacing: -0.05pt">Can Find</FONT> More <FONT STYLE="letter-spacing: -0.05pt">Information,&rdquo;
</FONT>before <FONT STYLE="letter-spacing: -0.05pt">buying</FONT> <FONT STYLE="letter-spacing: 0.05pt">any of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
securities being</FONT> offered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">You
<FONT STYLE="letter-spacing: -0.05pt">should rely</FONT> only on <FONT STYLE="letter-spacing: -0.05pt">the information</FONT>
<FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">have</FONT> provided or <FONT STYLE="letter-spacing: -0.05pt">incorporated
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference in this prospectus.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">have
not,</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the Selling Stockholders have not,</FONT> authorized <FONT STYLE="letter-spacing: -0.05pt">anyone
to</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">you with different information.</FONT> No dealer, <FONT STYLE="letter-spacing: -0.05pt">salesperson
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">other</FONT> person <FONT STYLE="letter-spacing: -0.05pt">is authorized to give
</FONT>any information or <FONT STYLE="letter-spacing: -0.05pt">to represent anything not contained in this</FONT> prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Neither
the</FONT> <FONT STYLE="font-size: 10pt">delivery <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this
prospectus nor</FONT> any <FONT STYLE="letter-spacing: -0.05pt">sale made under it implies that there</FONT> has been <FONT STYLE="letter-spacing: -0.05pt">no
change in our affairs</FONT> or <FONT STYLE="letter-spacing: -0.05pt">that the information in this prospectus is</FONT> correct
as of any date <FONT STYLE="letter-spacing: -0.05pt">after the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.
</FONT>You should <FONT STYLE="letter-spacing: -0.05pt">assume</FONT> that the <FONT STYLE="letter-spacing: -0.05pt">information
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">is
</FONT><FONT STYLE="letter-spacing: -0.05pt">accurate</FONT> only <FONT STYLE="letter-spacing: 0.05pt">as</FONT> of the date on
<FONT STYLE="letter-spacing: -0.05pt">the front</FONT> of this <FONT STYLE="letter-spacing: -0.05pt">prospectus, and</FONT> that
<FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT> we <FONT STYLE="letter-spacing: -0.05pt">have
incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference is accurate</FONT> only as <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> date of the <FONT STYLE="letter-spacing: -0.05pt">document</FONT> incorporated
by <FONT STYLE="letter-spacing: -0.05pt">reference, regardless</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">time</FONT>
of delivery <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> or any
sale of a <FONT STYLE="letter-spacing: -0.05pt">security.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT>
contains summaries <FONT STYLE="letter-spacing: 0.05pt">of</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">provisions
contained</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">some </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT>
the documents described <FONT STYLE="letter-spacing: -0.05pt">herein, but reference </FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">made
to the actual</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">for complete information.</FONT> <FONT STYLE="letter-spacing: -0.1pt">All </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT>
summaries are <FONT STYLE="letter-spacing: -0.05pt">qualified</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">their </FONT>entirety
by the actual <FONT STYLE="letter-spacing: -0.05pt">documents. </FONT>Copies of <FONT STYLE="letter-spacing: -0.05pt">some</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">referred to</FONT> herein <FONT STYLE="letter-spacing: -0.05pt">have</FONT>
been <FONT STYLE="letter-spacing: -0.05pt">filed, will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">incorporated </FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> <FONT STYLE="letter-spacing: 0.05pt">as </FONT><FONT STYLE="letter-spacing: -0.05pt">exhibits
to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement </FONT>of <FONT STYLE="letter-spacing: -0.05pt">which
this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a part, and <FONT STYLE="letter-spacing: -0.05pt">you</FONT>
may obtain copies of <FONT STYLE="letter-spacing: -0.05pt">those</FONT> documents as described below under <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Where </FONT>You <FONT STYLE="letter-spacing: -0.05pt">Can
Find</FONT> More <FONT STYLE="letter-spacing: -0.05pt">Information&rdquo;.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">this prospectus, unless</FONT> the <FONT STYLE="letter-spacing: -0.05pt">context otherwise
requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;</FONT> or <FONT STYLE="letter-spacing: -0.05pt">similar
terms,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">well</FONT> as <FONT STYLE="letter-spacing: -0.05pt">references to &ldquo;ImmuCell&rdquo;
</FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">the &ldquo;Company&rdquo;, refer to
ImmuCell Corporation.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></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: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ABOUTIMMUCELL"></A><FONT STYLE="letter-spacing: -0.05pt">ABOUT
IMMUCELL</FONT> CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are a <FONT STYLE="letter-spacing: -0.05pt">growing</FONT> animal <FONT STYLE="letter-spacing: -0.05pt">health</FONT> company
<FONT STYLE="letter-spacing: -0.05pt">whose</FONT> purpose <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">to
create scientifically-proven and practical</FONT> products <FONT STYLE="letter-spacing: -0.05pt">that result in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">measurable
economic impact</FONT> on animal <FONT STYLE="letter-spacing: -0.05pt">health and productivity in</FONT> the dairy and beef <FONT STYLE="letter-spacing: -0.05pt">industries.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">were original</FONT> incorporated <FONT STYLE="letter-spacing: -0.05pt">in Maine
in</FONT> 1982 <FONT STYLE="letter-spacing: -0.05pt">and reincorporated in Delaware in</FONT> 1987, <FONT STYLE="letter-spacing: -0.05pt">in
conjunction with our initial public offering</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">have
</FONT>developed products <FONT STYLE="letter-spacing: -0.05pt">that</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">significant,
</FONT>immediate immunity <FONT STYLE="letter-spacing: -0.05pt">to newborn</FONT> dairy <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>beef <FONT STYLE="letter-spacing: -0.05pt">cattle and</FONT> are <FONT STYLE="letter-spacing: -0.05pt">in the late stages
</FONT>of developing a new product <FONT STYLE="letter-spacing: -0.05pt">that</FONT> addresses <FONT STYLE="letter-spacing: -0.05pt">mastitis,
the most</FONT> significant <FONT STYLE="letter-spacing: -0.05pt">cause</FONT> of <FONT STYLE="letter-spacing: -0.05pt">economic
loss to</FONT> the dairy <FONT STYLE="letter-spacing: -0.05pt">industry.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Across
all product lines, our product <FONT STYLE="letter-spacing: -0.05pt">sales for the year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">increased
</FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT>35%, <FONT STYLE="letter-spacing: 0.05pt">or </FONT>$2,632,000, <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>$10,229,000 <FONT STYLE="letter-spacing: -0.05pt">from</FONT> $7,597,000 <FONT STYLE="letter-spacing: -0.05pt">in </FONT>2014,
<FONT STYLE="letter-spacing: -0.05pt">and gross margins</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> a <FONT STYLE="letter-spacing: -0.05pt">percentage
</FONT>of product sales <FONT STYLE="letter-spacing: -0.05pt">were</FONT> 61% <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
2015, as <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> 59% <FONT STYLE="letter-spacing: -0.05pt">during</FONT> 2014.
<FONT STYLE="letter-spacing: -0.05pt">Growth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">sales
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">our lead</FONT> product, <FONT STYLE="letter-spacing: -0.05pt"><B>First</B></FONT><B>
Defense</B>&reg; and <FONT STYLE="letter-spacing: -0.05pt">related</FONT> product <FONT STYLE="letter-spacing: -0.05pt">line extensions,
has</FONT> driven <FONT STYLE="letter-spacing: -0.05pt">the</FONT> increase <FONT STYLE="letter-spacing: -0.05pt">in our total
</FONT>product <FONT STYLE="letter-spacing: -0.05pt">sales. Sales</FONT> of <FONT STYLE="letter-spacing: -0.05pt"><B>First Defense</B>&reg;,
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">related product line extensions, aggregated</FONT> 92.8% <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>91.6% of <FONT STYLE="letter-spacing: -0.05pt">our total</FONT> product sales during the <FONT STYLE="letter-spacing: -0.05pt">years
</FONT>ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2014,
<FONT STYLE="letter-spacing: -0.05pt">respectively. Sales</FONT> of <B>First Defense</B>&reg; <FONT STYLE="letter-spacing: -0.05pt">and
related</FONT> product <FONT STYLE="letter-spacing: -0.05pt">line extensions increased</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>36%, 27% and 14% <FONT STYLE="letter-spacing: -0.05pt">during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">years</FONT>
ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015, 2014 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2013,
<FONT STYLE="letter-spacing: -0.05pt">respectively, in</FONT> comparison <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> prior
<FONT STYLE="letter-spacing: -0.05pt">years. <B>First Defense</B>&reg; is manufactured</FONT> from <FONT STYLE="letter-spacing: -0.05pt">hyperimmune
</FONT>cows&rsquo; colostrum (the <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> that a <FONT STYLE="letter-spacing: 0.05pt">cow
</FONT>produces immediately <FONT STYLE="letter-spacing: -0.05pt">after</FONT> giving <FONT STYLE="letter-spacing: -0.05pt">birth)
utilizing our proprietary vaccine</FONT> and <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> protein <FONT STYLE="letter-spacing: -0.05pt">purification
technologies.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">target disease, bovine enteritis (calf scours),</FONT> causes <FONT STYLE="letter-spacing: -0.05pt">diarrhea
and dehydration</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">newborn</FONT> calves
<FONT STYLE="letter-spacing: -0.05pt">and</FONT> often leads <FONT STYLE="letter-spacing: -0.05pt">to serious sickness</FONT>
and even <FONT STYLE="letter-spacing: -0.05pt">death.</FONT> <B>First <FONT STYLE="letter-spacing: -0.05pt">Defense</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;
is the</FONT> only USDA- <FONT STYLE="letter-spacing: -0.05pt">licensed,</FONT> orally delivered scours <FONT STYLE="letter-spacing: -0.05pt">preventive
</FONT>product on <FONT STYLE="letter-spacing: -0.05pt">the market for calves with claims against</FONT> <I>E. coli</I> K99 <FONT STYLE="letter-spacing: -0.05pt">and
coronavirus (two</FONT> leading causes of <FONT STYLE="letter-spacing: -0.05pt">scours). <B>First</B></FONT><B> Defense</B>&reg;
provides <FONT STYLE="letter-spacing: -0.05pt">bovine</FONT> antibodies <FONT STYLE="letter-spacing: -0.05pt">that</FONT> newborn
<FONT STYLE="letter-spacing: -0.05pt">calves need but </FONT>are <FONT STYLE="letter-spacing: -0.05pt">unable to</FONT> produce
on <FONT STYLE="letter-spacing: -0.05pt">their</FONT> own immediately <FONT STYLE="letter-spacing: -0.05pt">after birth. Our milk
</FONT>antibody products provide <FONT STYLE="letter-spacing: -0.05pt"><B>Immediate</B></FONT><B> Immunity</B>&trade; <FONT STYLE="letter-spacing: -0.05pt">during
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">first</FONT> few critical days <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">life</FONT> when calves <FONT STYLE="letter-spacing: -0.05pt">need</FONT> this protection
<FONT STYLE="letter-spacing: -0.05pt">most. Studies have shown</FONT> that calves <FONT STYLE="letter-spacing: -0.05pt">that</FONT>
scour are <FONT STYLE="letter-spacing: -0.05pt">more susceptible to other diseases later</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">life and</FONT> under-perform calves that do <FONT STYLE="letter-spacing: -0.05pt">not
contract scours.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016, <FONT STYLE="letter-spacing: -0.05pt">our total product
</FONT>sales <FONT STYLE="letter-spacing: -0.05pt">declined</FONT> 20%, or $504,000, <FONT STYLE="letter-spacing: -0.05pt">to
$1,968,000</FONT> from $2,472,000 <FONT STYLE="letter-spacing: -0.05pt">during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">same
</FONT>period <FONT STYLE="letter-spacing: -0.05pt">in </FONT>2015. For <FONT STYLE="letter-spacing: -0.05pt">the nine-month</FONT>
period <FONT STYLE="letter-spacing: -0.05pt">ended September</FONT> 30, 2016, <FONT STYLE="letter-spacing: -0.05pt">our total
</FONT>product <FONT STYLE="letter-spacing: -0.05pt">sales declined</FONT> 3%, or $204,000, <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>$7,330,000 <FONT STYLE="letter-spacing: -0.05pt">from </FONT>$7,534,000 <FONT STYLE="letter-spacing: -0.05pt">during the
same</FONT> period <FONT STYLE="letter-spacing: -0.05pt">in </FONT><FONT STYLE="letter-spacing: 0.05pt">2015.We</FONT> <FONT STYLE="letter-spacing: -0.05pt">experienced
net operating income </FONT>of $50,000 <FONT STYLE="letter-spacing: -0.05pt">during the third quarter</FONT> of 2016 <FONT STYLE="letter-spacing: -0.05pt">(compared
to</FONT> $627,000 <FONT STYLE="letter-spacing: -0.05pt">in the third quarter</FONT> of <FONT STYLE="letter-spacing: -0.05pt">2015).
</FONT>We recorded <FONT STYLE="letter-spacing: -0.05pt">net operating income</FONT> of $771,000 <FONT STYLE="letter-spacing: -0.05pt">during
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">nine-month</FONT> period <FONT STYLE="letter-spacing: -0.05pt">ended September
</FONT>30, 2016, <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $1,661,000 <FONT STYLE="letter-spacing: -0.05pt">during
the comparable</FONT> period of 2015. <FONT STYLE="letter-spacing: -0.05pt">We</FONT> recorded <FONT STYLE="letter-spacing: -0.05pt">net
income </FONT>of $35,000, or <FONT STYLE="letter-spacing: -0.05pt">$0.01</FONT> per <FONT STYLE="letter-spacing: -0.05pt">diluted
share, during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> <FONT STYLE="letter-spacing: 0.05pt">of 2016
</FONT><FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $351,000, or $0.11 per <FONT STYLE="letter-spacing: -0.05pt">diluted
share during the</FONT> comparable period of 2015. We <FONT STYLE="letter-spacing: -0.05pt">recorded net income</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>$478,000, or <FONT STYLE="letter-spacing: -0.05pt">$0.11</FONT> per <FONT STYLE="letter-spacing: -0.05pt">diluted share,
during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">nine-month</FONT> period <FONT STYLE="letter-spacing: -0.05pt">ended September
30,</FONT> 2016 <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $924,000, <FONT STYLE="letter-spacing: 0.05pt">or </FONT>$0.29
per <FONT STYLE="letter-spacing: -0.05pt">diluted share, during the</FONT> comparable period of 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">believe that the</FONT> declines <FONT STYLE="letter-spacing: -0.05pt">experienced in</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016 <FONT STYLE="letter-spacing: -0.05pt">in <B>First Defense</B>&reg;
sales</FONT> are <FONT STYLE="letter-spacing: -0.05pt">attributable to several factors:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Customer
                                         </FONT><FONT STYLE="font-size: 10pt">order <FONT STYLE="letter-spacing: -0.05pt">patterns
                                         were disrupted during the</FONT> prolonged period of order <FONT STYLE="letter-spacing: -0.05pt">backlog
                                         </FONT>from <FONT STYLE="letter-spacing: -0.05pt">first quarter</FONT> of 2015 <FONT STYLE="letter-spacing: -0.1pt">until
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> early part of <FONT STYLE="letter-spacing: -0.05pt">the
                                         third quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">After
                                         </FONT><FONT STYLE="font-size: 10pt">completing a <FONT STYLE="letter-spacing: -0.05pt">significant
                                         investment to</FONT> double <FONT STYLE="letter-spacing: -0.05pt"><B>First</B></FONT><B>
                                         Defense&reg;</B> production capacity during early 2016, <FONT STYLE="letter-spacing: -0.05pt">the
                                         distribution</FONT> chain <FONT STYLE="letter-spacing: -0.05pt">was re-supplied </FONT><FONT STYLE="letter-spacing: -0.1pt">with
                                         </FONT>product <FONT STYLE="letter-spacing: -0.05pt">largely</FONT> during <FONT STYLE="letter-spacing: -0.05pt">the
                                         second quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">When
                                         customers were unable to secure</FONT> <FONT STYLE="font-size: 10pt">supply of <FONT STYLE="letter-spacing: -0.05pt"><B>First
                                         Defense&reg;</B>,</FONT> some <FONT STYLE="letter-spacing: -0.05pt">moved to other products
                                         (with and without claims), and some </FONT>opted <FONT STYLE="letter-spacing: -0.05pt">to
                                         use no scours preventative </FONT>at <FONT STYLE="letter-spacing: -0.05pt">all.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         <FONT STYLE="letter-spacing: -0.05pt">competitive</FONT> product, <FONT STYLE="letter-spacing: -0.05pt">that
                                         experienced interrupted</FONT> supply <FONT STYLE="letter-spacing: -0.05pt">to the market
                                         during late</FONT> 2014 <FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">through
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">first half</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>2015, <FONT STYLE="letter-spacing: -0.05pt">has returned to the market. Some customers
                                         have reverted</FONT> back <FONT STYLE="letter-spacing: -0.05pt">to </FONT>using <FONT STYLE="letter-spacing: -0.05pt">this
                                         </FONT>product.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s sales</FONT> team needs <FONT STYLE="letter-spacing: -0.05pt">to
                                         regain momentum</FONT> lost <FONT STYLE="letter-spacing: -0.05pt">when it was not</FONT>
                                         able <FONT STYLE="letter-spacing: -0.05pt">to focus</FONT> <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">acquiring </FONT>new <FONT STYLE="letter-spacing: -0.05pt">customers
                                         during</FONT> the period of <FONT STYLE="letter-spacing: -0.05pt">scarce product supply.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based
                                         on <FONT STYLE="letter-spacing: -0.05pt">our informal</FONT> survey <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">market sources, the</FONT> value of a <FONT STYLE="letter-spacing: -0.05pt">bull
                                         </FONT>calf <FONT STYLE="letter-spacing: -0.05pt">has</FONT> dropped <FONT STYLE="letter-spacing: -0.05pt">from
                                         approximately </FONT>$450 <FONT STYLE="letter-spacing: -0.05pt">last year</FONT> <FONT STYLE="letter-spacing: 0.05pt">to
                                         </FONT>about $50 <FONT STYLE="letter-spacing: -0.05pt">to </FONT>$200 <FONT STYLE="letter-spacing: -0.05pt">presently.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         <FONT STYLE="letter-spacing: -0.05pt">average Class</FONT> III <FONT STYLE="letter-spacing: -0.05pt">milk
                                         </FONT>price <FONT STYLE="letter-spacing: -0.05pt">has</FONT> declined from $15.80 per
                                         <FONT STYLE="letter-spacing: -0.05pt">hundred pounds during</FONT> <FONT STYLE="letter-spacing: 0.05pt">2015
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">(compared to</FONT> $22.34 <FONT STYLE="letter-spacing: -0.05pt">for
                                         </FONT>2014) <FONT STYLE="letter-spacing: -0.05pt">to</FONT> $14.38 <FONT STYLE="letter-spacing: -0.05pt">during
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">first</FONT> <FONT STYLE="letter-spacing: -0.1pt">nine
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">months </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>2016. The <FONT STYLE="letter-spacing: -0.05pt">average</FONT> price of $13.48
                                         <FONT STYLE="letter-spacing: -0.05pt">during the first</FONT> six <FONT STYLE="letter-spacing: -0.05pt">months
                                         </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">year increased to</FONT> $16.18 <FONT STYLE="letter-spacing: -0.05pt">during
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Although
</FONT><FONT STYLE="font-size: 10pt">some of <FONT STYLE="letter-spacing: -0.05pt">these</FONT> unfavorable <FONT STYLE="letter-spacing: -0.05pt">conditions
</FONT>appear <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">improving,</FONT> <FONT STYLE="letter-spacing: -0.15pt">we
</FONT>do <FONT STYLE="letter-spacing: -0.05pt">not</FONT> expect <FONT STYLE="letter-spacing: -0.05pt">to see total sales for
</FONT>2016 <FONT STYLE="letter-spacing: -0.05pt">reaching</FONT> the <FONT STYLE="letter-spacing: -0.05pt">historic high</FONT>
levels <FONT STYLE="letter-spacing: -0.05pt">experienced</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
majority of <FONT STYLE="letter-spacing: -0.05pt">our </FONT>product <FONT STYLE="letter-spacing: -0.05pt">development budget
</FONT>from 2000 <FONT STYLE="letter-spacing: -0.05pt">through</FONT> 2016 <FONT STYLE="letter-spacing: -0.05pt">has</FONT> been
<FONT STYLE="letter-spacing: -0.05pt">focused </FONT>on <FONT STYLE="letter-spacing: -0.05pt">the development</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Nisin-based
intramammary treatment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">subclinical mastitis</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">lactating</FONT> <FONT STYLE="letter-spacing: 0.05pt">dairy </FONT><FONT STYLE="letter-spacing: -0.05pt">cows.
During the</FONT> 16.75-year period <FONT STYLE="letter-spacing: -0.05pt">that</FONT> began on January 1, 2000 <FONT STYLE="letter-spacing: -0.05pt">(the
year</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> began <FONT STYLE="letter-spacing: -0.05pt">the</FONT> development of
<B>Mast Out</B>&reg;) <FONT STYLE="letter-spacing: -0.05pt">and</FONT> ended on September <FONT STYLE="letter-spacing: 0.05pt">30,
</FONT>2016, <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">invested</FONT> the <FONT STYLE="letter-spacing: -0.05pt">aggregate
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> approximately $12,271,000 <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
the development of <B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;.</FONT>
This estimated <FONT STYLE="letter-spacing: -0.05pt">allocation to</FONT> <B>Mast Out</B>&reg; <FONT STYLE="letter-spacing: -0.05pt">reflects
</FONT>only direct <FONT STYLE="letter-spacing: -0.05pt">expenditures</FONT> and <FONT STYLE="letter-spacing: -0.05pt">includes
no</FONT> allocation of product development <FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">administrative
overhead expenses. Approximately</FONT> $2,891,000 of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> investment <FONT STYLE="letter-spacing: -0.05pt">was
</FONT>offset <FONT STYLE="letter-spacing: 0.05pt">by </FONT>product <FONT STYLE="letter-spacing: -0.05pt">licensing</FONT> revenues
<FONT STYLE="letter-spacing: -0.05pt">and grant</FONT> income <FONT STYLE="letter-spacing: -0.05pt">related to</FONT> <B>Mast Out</B>&reg;.
Nisin <FONT STYLE="letter-spacing: -0.05pt">is</FONT> an antibacterial peptide <FONT STYLE="letter-spacing: -0.05pt">that has
</FONT>been <FONT STYLE="letter-spacing: -0.05pt">demonstrated</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">clinical
</FONT>studies <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be an <FONT STYLE="letter-spacing: -0.05pt">effective</FONT> aid
<FONT STYLE="letter-spacing: -0.05pt">in the reduction</FONT> of <FONT STYLE="letter-spacing: -0.05pt">mastitis-causing organisms
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> dairy <FONT STYLE="letter-spacing: -0.05pt">cows.</FONT> Mastitis <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>a very common infection <FONT STYLE="letter-spacing: 0.05pt">in</FONT> dairy cows that results <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>inflammation <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> mammary gland.
<FONT STYLE="letter-spacing: -0.05pt">Because</FONT> dairy producers are <FONT STYLE="letter-spacing: -0.05pt">required to discard
milk</FONT> for a period <FONT STYLE="letter-spacing: -0.05pt">during</FONT> and <FONT STYLE="letter-spacing: -0.05pt">after</FONT>
treatment <FONT STYLE="letter-spacing: -0.05pt">with all currently</FONT> marketed <FONT STYLE="letter-spacing: -0.05pt">mastitis
treatment</FONT> products <FONT STYLE="letter-spacing: -0.05pt">due to</FONT> concerns about <FONT STYLE="letter-spacing: -0.05pt">antibiotic
residue in</FONT> <FONT STYLE="letter-spacing: -0.1pt">milk,</FONT> <FONT STYLE="letter-spacing: -0.05pt">it is generally current
practice to</FONT> only <FONT STYLE="letter-spacing: -0.05pt">treat mastitis when the</FONT> disease has <FONT STYLE="letter-spacing: -0.05pt">progressed
to the clinical</FONT> stage <FONT STYLE="letter-spacing: -0.05pt">where the milk</FONT> from <FONT STYLE="letter-spacing: 0.05pt">an
</FONT>infected cow cannot be sold. We <FONT STYLE="letter-spacing: -0.05pt">believe </FONT>that <B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">could
revolutionize the way</FONT> that <FONT STYLE="letter-spacing: -0.05pt">mastitis is treated</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">making earlier treatment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">subclinically
infected cows</FONT> economically feasible <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>requiring a <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> discard <FONT STYLE="letter-spacing: -0.05pt">during,</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">for</FONT> a period of <FONT STYLE="letter-spacing: -0.05pt">time after, treatment.</FONT>
No <FONT STYLE="letter-spacing: -0.05pt">other</FONT> FDA-approved <FONT STYLE="letter-spacing: -0.05pt">mastitis treatment</FONT>
product on <FONT STYLE="letter-spacing: -0.05pt">the market</FONT> can <FONT STYLE="letter-spacing: -0.05pt">offer this value
proposition.</FONT> Commercial <FONT STYLE="letter-spacing: -0.05pt">introduction</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">United States
</FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">to approval</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>New <FONT STYLE="letter-spacing: -0.05pt">Animal</FONT> Drug <FONT STYLE="letter-spacing: -0.05pt">Application</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> U.S. Food <FONT STYLE="letter-spacing: -0.05pt">and</FONT> Drug <FONT STYLE="letter-spacing: -0.05pt">Administration&rsquo;s
Center for</FONT> Veterinary Medicine <FONT STYLE="letter-spacing: -0.05pt">(FDA), which</FONT> approval <FONT STYLE="letter-spacing: -0.05pt">cannot
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">assured. Foreign</FONT> regulatory approvals <FONT STYLE="letter-spacing: -0.05pt">would
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">required for sales in</FONT> key <FONT STYLE="letter-spacing: -0.05pt">markets
</FONT>outside of the <FONT STYLE="letter-spacing: -0.05pt">United States, which would involve some similar and</FONT> some <FONT STYLE="letter-spacing: -0.05pt">different
requirements.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">During
</FONT><FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016, <FONT STYLE="letter-spacing: -0.15pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">began</FONT> construction of a <FONT STYLE="letter-spacing: -0.05pt">major expansion
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">our manufacturing facilities to enable us to</FONT> produce <FONT STYLE="letter-spacing: -0.05pt">Nisin
</FONT>for <FONT STYLE="letter-spacing: -0.05pt">use in the</FONT> production and <FONT STYLE="letter-spacing: -0.05pt">sale</FONT>
of <B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out&reg;</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">anticipate
that construction</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the building</FONT> will be completed by <FONT STYLE="letter-spacing: -0.05pt">the
end</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the third quarter </FONT>of 2017, <FONT STYLE="letter-spacing: -0.05pt">and
that </FONT>equipment <FONT STYLE="letter-spacing: -0.05pt">installation will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">completed
during the first quarter</FONT> of 2018. This facility <FONT STYLE="letter-spacing: -0.05pt">would then</FONT> produce <FONT STYLE="letter-spacing: -0.05pt">validation
</FONT>batches <FONT STYLE="letter-spacing: -0.05pt">for submittal to and</FONT> review by FDA, and the <FONT STYLE="letter-spacing: -0.05pt">facility
will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">inspected</FONT> by <FONT STYLE="letter-spacing: -0.05pt">FDA,</FONT> as
part of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> NADA <FONT STYLE="letter-spacing: -0.05pt">application</FONT> process,
<FONT STYLE="letter-spacing: -0.05pt">which</FONT> we hope <FONT STYLE="letter-spacing: -0.05pt">will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">complete
</FONT>in 2019, <FONT STYLE="letter-spacing: -0.05pt">enabling commercial</FONT> sales of <B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">to
commence.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The <FONT STYLE="letter-spacing: -0.05pt">estimated</FONT>
cost <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this </FONT>production <FONT STYLE="letter-spacing: -0.05pt">facility</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT>
$20 <FONT STYLE="letter-spacing: -0.05pt">million. </FONT>As of <FONT STYLE="letter-spacing: -0.05pt">September</FONT> 30, <FONT STYLE="letter-spacing: 0.05pt">2016,</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
cash</FONT> and cash <FONT STYLE="letter-spacing: -0.05pt">equivalents totaled</FONT> $9,607,000 <FONT STYLE="letter-spacing: -0.05pt">(including </FONT>approximately
$5.3 <FONT STYLE="letter-spacing: -0.05pt">million</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> net proceeds <FONT STYLE="letter-spacing: -0.05pt">from</FONT>
our <FONT STYLE="letter-spacing: -0.05pt">public offering</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock
completed in</FONT> February 2016 <FONT STYLE="letter-spacing: -0.05pt">and excluding</FONT> $343,000 <FONT STYLE="letter-spacing: -0.05pt">held
temporarily in escrow).</FONT> We <FONT STYLE="letter-spacing: -0.05pt">previously arranged for secured</FONT> credit <FONT STYLE="letter-spacing: -0.05pt">facilities</FONT>
provided by <FONT STYLE="letter-spacing: 0.05pt">TD </FONT>Bank <FONT STYLE="letter-spacing: -0.05pt">totaling</FONT> $4.5 <FONT STYLE="letter-spacing: -0.05pt">million</FONT>
and a <FONT STYLE="letter-spacing: -0.05pt">line</FONT> of credit totaling $500,000 <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">available to fund</FONT> a portion of the cost <FONT STYLE="letter-spacing: 0.05pt">of
the</FONT> Nisin production <FONT STYLE="letter-spacing: -0.05pt">facility. Approximately</FONT> $651,000 <FONT STYLE="letter-spacing: -0.05pt">had
been</FONT> paid <FONT STYLE="letter-spacing: -0.05pt">towards</FONT> this project as <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">September</FONT>
30, 2016. The <FONT STYLE="letter-spacing: -0.05pt">remaining</FONT> cost of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
production <FONT STYLE="letter-spacing: -0.05pt">facility</FONT> (approximately $4.4 <FONT STYLE="letter-spacing: -0.05pt">million)</FONT>
we expect <FONT STYLE="letter-spacing: -0.05pt">to fund with the </FONT></FONT>approximately <FONT STYLE="font-size: 10pt">$3.2 <FONT STYLE="letter-spacing: -0.05pt">million</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">net </FONT>proceeds <FONT STYLE="letter-spacing: -0.05pt">from</FONT>
the common <FONT STYLE="letter-spacing: -0.05pt">stock issuance </FONT>described <FONT STYLE="letter-spacing: -0.05pt">in
&ldquo;Private Placement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Common Shares&rdquo;, and with</FONT> a combination
of cash <FONT STYLE="letter-spacing: -0.05pt">generated </FONT>by operations <FONT STYLE="letter-spacing: -0.05pt">in </FONT>the <FONT STYLE="letter-spacing: -0.05pt">fourth
quarter </FONT>of 2016 <FONT STYLE="letter-spacing: -0.05pt">and the first and second quarters</FONT> of 2017 <FONT STYLE="letter-spacing: -0.05pt">and
possibly some additional</FONT> bank borrowings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
principal executive</FONT> <FONT STYLE="font-size: 10pt">offices are <FONT STYLE="letter-spacing: -0.05pt">located</FONT> at 56
<FONT STYLE="letter-spacing: -0.05pt">Evergreen Drive,</FONT> Portland, ME 04103. <FONT STYLE="letter-spacing: -0.05pt">Our telephone
number is </FONT>(207) 878-2770. <FONT STYLE="letter-spacing: -0.05pt">Our website is located</FONT> at <FONT STYLE="letter-spacing: -0.05pt">www.immucell.com.
</FONT>Information <FONT STYLE="letter-spacing: -0.05pt">contained </FONT>on, or <FONT STYLE="letter-spacing: -0.05pt">that</FONT>
can be <FONT STYLE="letter-spacing: -0.05pt">accessed through, our website is not</FONT> part of <FONT STYLE="letter-spacing: -0.05pt">this
prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">PRIVATE
<A NAME="PRIVATEPLACEMENT"></A><FONT STYLE="letter-spacing: -0.05pt">PLACEMENT </FONT>OF <FONT STYLE="letter-spacing: -0.05pt">COMMON
</FONT>SHARES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">On
October 17, 2016 <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">entered into</FONT> a <FONT STYLE="letter-spacing: -0.05pt">purchase
agreement (the &ldquo;Securities Purchase Agreement&rdquo;) with institutional and accredited</FONT> investors <FONT STYLE="letter-spacing: 0.05pt">as
</FONT>part <FONT STYLE="letter-spacing: 0.05pt">of</FONT> a private placement <FONT STYLE="letter-spacing: -0.05pt">pursuant
to which</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">agreed to issue</FONT> a <FONT STYLE="letter-spacing: -0.05pt">total
</FONT>of 659,880 <FONT STYLE="letter-spacing: -0.05pt">share</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common
stock <FONT STYLE="letter-spacing: -0.05pt">(the &ldquo;Shares&rdquo;) for</FONT> an <FONT STYLE="letter-spacing: -0.05pt">aggregate
purchase</FONT> price of $3,464,370. <FONT STYLE="letter-spacing: -0.05pt">Closing </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">private
placement pursuant to the Securities Purchase Agreement occurred</FONT> on October <FONT STYLE="letter-spacing: -0.05pt">21,</FONT>
2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">connection with the Securities Purchase Agreement,</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT>also entered <FONT STYLE="letter-spacing: -0.05pt">into</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Registration Rights
Agreement</FONT> (the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Registration Rights Agreement&rdquo;) pursuant to which</FONT>
<FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the SEC <FONT STYLE="letter-spacing: -0.05pt">the
registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which this prospectus</FONT> forms a part, <FONT STYLE="letter-spacing: -0.05pt">relating
to the offer</FONT> and <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other disposition
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the holders</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Shares.
Pursuant to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Registration Rights Agreement,
</FONT><FONT STYLE="letter-spacing: -0.1pt">we</FONT> are <FONT STYLE="letter-spacing: -0.05pt">obligated to file</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration
statement</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">November</FONT> 16, 2016 <FONT STYLE="letter-spacing: -0.05pt">and
to use commercially</FONT> reasonable efforts <FONT STYLE="letter-spacing: -0.05pt">to</FONT> cause the <FONT STYLE="letter-spacing: -0.05pt">registration
statement to</FONT> be declared <FONT STYLE="letter-spacing: -0.05pt">effective</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>January 15, 2017, <FONT STYLE="letter-spacing: -0.1pt">which</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> 90 <FONT STYLE="letter-spacing: -0.05pt">days
</FONT>from the date of <FONT STYLE="letter-spacing: -0.05pt">the Securities Purchase Agreement. Failure to meet</FONT> those
<FONT STYLE="letter-spacing: -0.05pt">and related obligations,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">failure to maintain
the effective registration</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the Shares, will</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">ImmuCell
to payment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">liquidated damages.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Copies
of <FONT STYLE="letter-spacing: -0.05pt">the Securities</FONT> Purchase <FONT STYLE="letter-spacing: -0.05pt">Agreement</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Registration <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement</FONT>
are <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> as <FONT STYLE="letter-spacing: -0.05pt">exhibits
to the registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">forms
</FONT>a part. The <FONT STYLE="letter-spacing: -0.05pt">foregoing</FONT> summaries of each <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the transaction</FONT> documents, <FONT STYLE="letter-spacing: -0.05pt">including
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">warrants,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">qualified in their
</FONT>entirety <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference to such</FONT> documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="letter-spacing: 0.05pt">THE
</FONT><A NAME="THEOFFERING"></A><FONT STYLE="letter-spacing: -0.05pt">OFFERING</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; 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: 43%"><FONT STYLE="font-size: 10pt">Common stock outstanding:</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 10pt">&#9;4,847,390 <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Common</FONT> <FONT STYLE="font-size: 10pt">Stock that <FONT STYLE="letter-spacing: -0.05pt">may
    </FONT>be sold or <FONT STYLE="letter-spacing: -0.05pt">otherwise </FONT>disposed of by the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders:</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#9;659,880 <FONT STYLE="letter-spacing: -0.05pt">shares</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">NASDAQ Capital Market symbol for common <FONT STYLE="letter-spacing: -0.05pt">stock:</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#9;ICCC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Use of proceeds:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">We <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
    receive</FONT> <FONT STYLE="letter-spacing: 0.05pt">any of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the proceeds from the
    sale or other disposition of the Shares covered</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">this
    prospectus</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Risk factors:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&#9;See &ldquo;Risk</FONT> <FONT STYLE="font-size: 10pt">Factors&rdquo;
    <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT> Report on Form 10-K
    <FONT STYLE="letter-spacing: -0.05pt">for </FONT>the <FONT STYLE="letter-spacing: -0.05pt">year </FONT>ended <FONT STYLE="letter-spacing: -0.05pt">December
    </FONT>31, 2015 as <FONT STYLE="letter-spacing: -0.1pt">well</FONT> as <FONT STYLE="letter-spacing: -0.05pt">our subsequently
    filed</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">and current </FONT>reports, <FONT STYLE="letter-spacing: -0.05pt">for
    </FONT>a <FONT STYLE="letter-spacing: -0.05pt">discussion</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">factors
    to consider</FONT> before <FONT STYLE="letter-spacing: -0.05pt">investing </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT>
    <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of our common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">The
                                         number</FONT> <FONT STYLE="font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">shares
                                         </FONT>shown to <FONT STYLE="letter-spacing: -0.05pt">be </FONT>outstanding is <FONT STYLE="letter-spacing: -0.05pt">based
                                         </FONT>on <FONT STYLE="letter-spacing: -0.05pt">the number</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>our <FONT STYLE="letter-spacing: -0.05pt">common </FONT>stock outstanding <FONT STYLE="letter-spacing: -0.05pt">as
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 1, 2016, <FONT STYLE="letter-spacing: -0.05pt">and
                                         </FONT>does not <FONT STYLE="letter-spacing: -0.05pt">include shares reserved for issuance
                                         </FONT>upon the <FONT STYLE="letter-spacing: -0.05pt">exercise </FONT>of options <FONT STYLE="letter-spacing: -0.05pt">granted
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">available under stock option</FONT> plans.</FONT> </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.65pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><A NAME="WHEREYOU"></A>WHERE
YOU <FONT STYLE="letter-spacing: -0.05pt">CAN FIND</FONT> ADDITIONAL INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the SEC a <FONT STYLE="letter-spacing: -0.05pt">registration statement
</FONT>on <FONT STYLE="letter-spacing: 0.05pt">Form</FONT> <FONT STYLE="letter-spacing: -0.05pt">S-3 under the Securities Act</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933, as <FONT STYLE="letter-spacing: -0.05pt">amended (&ldquo;Securities Act&rdquo;),
with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to the securities</FONT> covered <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus. This <FONT STYLE="letter-spacing: -0.05pt">prospectus, which
is</FONT> a part of <FONT STYLE="letter-spacing: -0.05pt">the registration statement,</FONT> does not <FONT STYLE="letter-spacing: -0.05pt">contain
all</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> information <FONT STYLE="letter-spacing: -0.05pt">set
forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the registration statement</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">the exhibits and schedules filed therewith.</FONT> For <FONT STYLE="letter-spacing: -0.05pt">further
</FONT>information <FONT STYLE="letter-spacing: -0.05pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to us and</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> covered by <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus,
<FONT STYLE="letter-spacing: -0.05pt">please see the registration statement and the </FONT>exhibits <FONT STYLE="letter-spacing: -0.05pt">filed
with the registration statement.</FONT> A copy <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
registration statement and the</FONT> exhibits <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> with the registration <FONT STYLE="letter-spacing: -0.05pt">statement
</FONT>may be <FONT STYLE="letter-spacing: -0.05pt">inspected without charge</FONT> at <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Public <FONT STYLE="letter-spacing: -0.05pt">Reference </FONT>Room <FONT STYLE="letter-spacing: -0.05pt">maintained</FONT>
by the <FONT STYLE="letter-spacing: -0.05pt">SEC, located</FONT> at 100 F <FONT STYLE="letter-spacing: -0.05pt">Street,</FONT>
N.E., <FONT STYLE="letter-spacing: -0.05pt">Washington, D.C.</FONT> 20549. Please <FONT STYLE="letter-spacing: -0.05pt">call the
SEC</FONT> at 1-800-SEC-0330 <FONT STYLE="letter-spacing: -0.05pt">for more information</FONT> about the operation of <FONT STYLE="letter-spacing: -0.05pt">the
Public Reference Room.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">SEC also</FONT> maintains a <FONT STYLE="letter-spacing: -0.05pt">website
that contains</FONT> reports, proxy and <FONT STYLE="letter-spacing: -0.05pt">information statements</FONT> and <FONT STYLE="letter-spacing: -0.05pt">other
information</FONT> regarding <FONT STYLE="letter-spacing: -0.05pt">registrants</FONT> that <FONT STYLE="letter-spacing: -0.05pt">file
</FONT>electronically <FONT STYLE="letter-spacing: -0.05pt">with the SEC. The</FONT> address of <FONT STYLE="letter-spacing: -0.05pt">the
website</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">http://www.sec.gov.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are <FONT STYLE="letter-spacing: -0.05pt">subject to the information and</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">reporting
requirements</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Securities Exchange Act</FONT> of 1934, as <FONT STYLE="letter-spacing: -0.05pt">amended
(the &ldquo;Exchange Act&rdquo;) and, in</FONT> accordance <FONT STYLE="letter-spacing: -0.05pt">therewith,</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">file</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">reports,</FONT> proxy
<FONT STYLE="letter-spacing: -0.05pt">statements and</FONT> other <FONT STYLE="letter-spacing: -0.05pt">information with</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">SEC.</FONT> Such periodic reports, proxy <FONT STYLE="letter-spacing: -0.05pt">statements
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">other</FONT> information are <FONT STYLE="letter-spacing: -0.05pt">available
for inspection and copying</FONT> at the <FONT STYLE="letter-spacing: -0.05pt">Public Reference</FONT> Room <FONT STYLE="letter-spacing: -0.05pt">and
website</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> SEC <FONT STYLE="letter-spacing: -0.05pt">referred to above.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">maintain</FONT> a <FONT STYLE="letter-spacing: -0.05pt">website</FONT> at <FONT STYLE="letter-spacing: -0.05pt">www.immucell.com.
</FONT>You <FONT STYLE="letter-spacing: 0.05pt">may</FONT> access <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT> Report
on Form 10-K, <FONT STYLE="letter-spacing: -0.05pt">Quarterly</FONT> Reports on Form 10-Q, <FONT STYLE="letter-spacing: -0.05pt">Current
</FONT>Reports on Form 8-K <FONT STYLE="letter-spacing: -0.05pt">and amendments to those</FONT> reports <FONT STYLE="letter-spacing: -0.05pt">filed
pursuant to Sections</FONT> 13(a) <FONT STYLE="letter-spacing: -0.05pt">or</FONT> 15(d) of <FONT STYLE="letter-spacing: -0.05pt">the
Exchange Act with the</FONT> SEC <FONT STYLE="letter-spacing: -0.05pt">free</FONT> of <FONT STYLE="letter-spacing: -0.05pt">charge
</FONT>at <FONT STYLE="letter-spacing: -0.05pt">our website</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> soon as reasonably
<FONT STYLE="letter-spacing: -0.05pt">practicable after such material is electronically filed with, or furnished</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>SEC. <FONT STYLE="letter-spacing: -0.05pt">Our website</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> information
<FONT STYLE="letter-spacing: -0.05pt">contained</FONT> on <FONT STYLE="letter-spacing: -0.05pt">that site,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">connected
to that site,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">not incorporated into and</FONT> are <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>a part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="INCORPORATION"></A>INCORPORATION
OF INFORMATION BY <FONT STYLE="letter-spacing: -0.05pt">REFERENCE</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">SEC allows us to &ldquo;incorporate </FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference&rdquo;
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">file
with it, which means</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT> can <FONT STYLE="letter-spacing: -0.05pt">disclose
important</FONT> information <FONT STYLE="letter-spacing: -0.05pt">to you</FONT> by <FONT STYLE="letter-spacing: -0.05pt">referring
you to</FONT> those documents. The <FONT STYLE="letter-spacing: -0.05pt">information</FONT> we <FONT STYLE="letter-spacing: -0.05pt">incorporate
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> an <FONT STYLE="letter-spacing: -0.05pt">important
</FONT>part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus,</FONT> and <FONT STYLE="letter-spacing: -0.05pt">certain
</FONT>information that <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">later
file with</FONT> the SEC <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">automatically update
and supersede this information.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">incorporate</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference
the</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">listed below,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">well
</FONT>as any <FONT STYLE="letter-spacing: -0.05pt">future filings made with the </FONT>SEC under <FONT STYLE="letter-spacing: -0.05pt">Sections
</FONT>13(a), <FONT STYLE="letter-spacing: -0.05pt">13(c),</FONT> 14 or 15(d) of the <FONT STYLE="letter-spacing: -0.05pt">Exchange
Act </FONT>from the date of the initial <FONT STYLE="letter-spacing: -0.05pt">registration statement and</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to
the effectiveness</FONT> of <FONT STYLE="letter-spacing: -0.05pt">this registration statement, and</FONT> any <FONT STYLE="letter-spacing: -0.05pt">filings
made after the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">until
we sell all</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> under <FONT STYLE="letter-spacing: -0.05pt">this
</FONT>prospectus, <FONT STYLE="letter-spacing: -0.05pt">except</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT> do
<FONT STYLE="letter-spacing: -0.05pt">not incorporate any</FONT> document or portion of a <FONT STYLE="letter-spacing: -0.05pt">document
</FONT>that <FONT STYLE="letter-spacing: -0.05pt">was furnished and deemed</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the rules</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">SEC not to have</FONT> been
<FONT STYLE="letter-spacing: -0.05pt">filed:</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Annual</FONT> <FONT STYLE="font-size: 10pt">Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for
                                         the fiscal year ended December</FONT> 31, 2015, <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with the SEC</FONT> <FONT STYLE="letter-spacing: 0.05pt">on </FONT>March <FONT STYLE="letter-spacing: 0.05pt">25,
                                         </FONT>2016;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Quarterly</FONT> <FONT STYLE="font-size: 10pt">Reports on Form 10-Q <FONT STYLE="letter-spacing: -0.05pt">for
                                         the quarters ended</FONT> March 31, 2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>30, <FONT STYLE="letter-spacing: -0.05pt">2016 and September</FONT> <FONT STYLE="letter-spacing: 0.05pt">30,
                                         </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">SEC,
                                         respectively,</FONT> on May 11, 2016, <FONT STYLE="letter-spacing: -0.1pt">August </FONT>11,
                                         2016 <FONT STYLE="letter-spacing: -0.05pt">and November</FONT> 10, 2016;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Current</FONT> <FONT STYLE="font-size: 10pt">Reports on Form <FONT STYLE="letter-spacing: -0.05pt">8-K
                                         filed with </FONT>the <FONT STYLE="letter-spacing: -0.05pt">SEC</FONT> <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT>January 7, 2016, January 29, 2016, January 29, 2016, February 3, 2016, <FONT STYLE="letter-spacing: -0.05pt">February
                                         </FONT>10, 2016, March 7, 2016, March 31, 2016, May 11, 2016, May 23, 2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">15, </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>16, <FONT STYLE="letter-spacing: -0.05pt">2016, August</FONT> <FONT STYLE="letter-spacing: 0.05pt">11,
                                         </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">October 11, 2016, October 18,</FONT>
                                         2016, October 18, 2016, <FONT STYLE="letter-spacing: -0.05pt">October 21,</FONT> 2016
                                         <FONT STYLE="letter-spacing: -0.05pt">and November</FONT> 10, 2016; <FONT STYLE="letter-spacing: -0.1pt">and</FONT></FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         definitive</FONT> <FONT STYLE="font-size: 10pt">proxy statement on <FONT STYLE="letter-spacing: -0.05pt">Schedule
                                         </FONT>14A <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> on <FONT STYLE="letter-spacing: -0.05pt">April
                                         </FONT>28, 2016 <FONT STYLE="letter-spacing: -0.05pt">for our annual meeting</FONT> of
                                         <FONT STYLE="letter-spacing: -0.05pt">shareholders held</FONT> on <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>15, 2016.</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         </FONT><FONT STYLE="font-size: 10pt">Form 8-A <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with</FONT> the SEC on March 18, 1987 <FONT STYLE="letter-spacing: -0.05pt">with</FONT>
                                         respect <FONT STYLE="letter-spacing: -0.05pt">to our Common Stock.</FONT></FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         </FONT><FONT STYLE="font-size: 10pt">Form 8-A <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with</FONT> the SEC on <FONT STYLE="letter-spacing: -0.05pt">September </FONT>13, 1995,
                                         as <FONT STYLE="letter-spacing: -0.05pt">amended </FONT><FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT>Form 8-A/A <FONT STYLE="letter-spacing: -0.05pt">filed with the SEC</FONT> on
                                         <FONT STYLE="letter-spacing: -0.05pt">June</FONT> 30, 2008, <FONT STYLE="letter-spacing: -0.05pt">with
                                         </FONT>respect <FONT STYLE="letter-spacing: -0.05pt">to our Common</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Purchase
                                         Rights.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Additionally,
all</FONT> <FONT STYLE="font-size: 10pt">reports and <FONT STYLE="letter-spacing: -0.05pt">other</FONT> documents subsequently
<FONT STYLE="letter-spacing: -0.05pt">filed </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">us
pursuant to</FONT> Sections 13(a), 13(c), 14 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 15(d) of <FONT STYLE="letter-spacing: -0.05pt">the
Exchange Act</FONT> after <FONT STYLE="letter-spacing: -0.05pt">(i) the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">the
initial registration statement and</FONT> prior <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">effectiveness
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> registration <FONT STYLE="letter-spacing: -0.05pt">statement;</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">(ii) </FONT>the date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus and</FONT>
prior <FONT STYLE="letter-spacing: -0.05pt">to </FONT>the <FONT STYLE="letter-spacing: -0.05pt">termination</FONT> or completion
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> this offering, <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be deemed <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference in this
</FONT>prospectus and <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be part <FONT STYLE="letter-spacing: -0.05pt">hereof</FONT>
from the date <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">filing</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">such</FONT> reports and other <FONT STYLE="letter-spacing: -0.05pt">documents.</FONT>
Any <FONT STYLE="letter-spacing: -0.05pt">information that</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">subsequently
file with the SEC that is incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> as described <FONT STYLE="letter-spacing: -0.05pt">above
will automatically update and supersede</FONT> any previous <FONT STYLE="letter-spacing: -0.05pt">information</FONT> that <FONT STYLE="letter-spacing: 0.05pt">is
</FONT>part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">hereby undertake to</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">without charge
to</FONT> each person, <FONT STYLE="letter-spacing: -0.05pt">including</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">beneficial
</FONT>owner, <FONT STYLE="letter-spacing: -0.05pt">to whom</FONT> a <FONT STYLE="letter-spacing: 0.05pt">copy</FONT> of <FONT STYLE="letter-spacing: -0.05pt">this
</FONT>prospectus <FONT STYLE="letter-spacing: -0.05pt">is delivered,</FONT> upon <FONT STYLE="letter-spacing: -0.05pt">written
</FONT>or oral <FONT STYLE="letter-spacing: -0.05pt">request</FONT> of any such <FONT STYLE="letter-spacing: -0.05pt">person,
</FONT>a copy of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> and <FONT STYLE="letter-spacing: -0.05pt">all</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>information <FONT STYLE="letter-spacing: -0.05pt">that has</FONT> been or <FONT STYLE="letter-spacing: -0.05pt">may</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference in</FONT> this
<FONT STYLE="letter-spacing: -0.05pt">prospectus, other</FONT> than <FONT STYLE="letter-spacing: -0.05pt">exhibits to</FONT> such
documents. <FONT STYLE="letter-spacing: -0.05pt">Requests for such</FONT> copies <FONT STYLE="letter-spacing: -0.05pt">should
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">directed to our </FONT>Corporate <FONT STYLE="letter-spacing: -0.05pt">Secretary
</FONT>at 56 <FONT STYLE="letter-spacing: -0.05pt">Evergreen Drive, </FONT>Portland, ME 04103. <FONT STYLE="letter-spacing: -0.05pt">Our
telephone </FONT>number <FONT STYLE="letter-spacing: -0.05pt">is</FONT> (207) 878-2770.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="RISKFACTORS"></A><FONT STYLE="letter-spacing: -0.05pt">RISK
</FONT>FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">An
<FONT STYLE="letter-spacing: -0.05pt">investment</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock involves risks.</FONT> Prior <FONT STYLE="letter-spacing: -0.05pt">to
making</FONT> a <FONT STYLE="letter-spacing: -0.05pt">decision</FONT> about <FONT STYLE="letter-spacing: -0.05pt">investing in
our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock, you should</FONT> consider <FONT STYLE="letter-spacing: -0.05pt">carefully
the risks together with</FONT> all <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the other information <FONT STYLE="letter-spacing: -0.05pt">contained
</FONT>or incorporated <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference in this prospectus,
</FONT>including any risks described <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> section <FONT STYLE="letter-spacing: -0.05pt">entitled
&ldquo;Risk Factors&rdquo; contained in our Annual</FONT> Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for the fiscal
year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and our subsequent</FONT> filings <FONT STYLE="letter-spacing: -0.05pt">with
the SEC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="DESCRIPTIONOFCOMMON"></A>DESCRIPTION
OF COMMON STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">description</FONT> below <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>common stock and <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">our certificate</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> incorporation <FONT STYLE="letter-spacing: -0.05pt">and
bylaws</FONT> are <FONT STYLE="letter-spacing: -0.05pt">summaries</FONT> and are <FONT STYLE="letter-spacing: -0.05pt">qualified
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">certificate</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">incorporation and the bylaws.</FONT> These documents are filed as <FONT STYLE="letter-spacing: -0.05pt">exhibits
to the registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus
is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">part.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
authorized capital stock consists</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt">10,000,000
<FONT STYLE="letter-spacing: -0.05pt">shares </FONT>of common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT> As <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>December 1, 2016, <FONT STYLE="letter-spacing: -0.05pt">there were</FONT> 4,847,390 <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of common stock <FONT STYLE="letter-spacing: -0.05pt">outstanding.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">holders
</FONT>of common stock are <FONT STYLE="letter-spacing: -0.05pt">entitled to receive</FONT> ratably <FONT STYLE="letter-spacing: -0.05pt">dividends,
if any,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be declared <FONT STYLE="letter-spacing: -0.05pt">from time
to time</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Board of <FONT STYLE="letter-spacing: -0.05pt">Directors out
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">funds</FONT> legally <FONT STYLE="letter-spacing: -0.05pt">available for that
</FONT>purpose. In <FONT STYLE="letter-spacing: -0.05pt">the event</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
liquidation,</FONT> dissolution or <FONT STYLE="letter-spacing: -0.05pt">winding up, whether voluntary</FONT> or <FONT STYLE="letter-spacing: -0.05pt">involuntary,
the</FONT> holders <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common stock are <FONT STYLE="letter-spacing: -0.05pt">entitled
to share </FONT>ratably <FONT STYLE="letter-spacing: 0.05pt">in</FONT> all <FONT STYLE="letter-spacing: -0.05pt">assets remaining
after payment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> or provision <FONT STYLE="letter-spacing: -0.05pt">for liabilities.
</FONT>The common <FONT STYLE="letter-spacing: -0.05pt">stock has no preemptive</FONT> or <FONT STYLE="letter-spacing: -0.05pt">conversion
</FONT>rights or <FONT STYLE="letter-spacing: -0.05pt">other subscription rights.</FONT> There are <FONT STYLE="letter-spacing: -0.05pt">no
redemption</FONT> or sinking <FONT STYLE="letter-spacing: -0.05pt">fund provisions</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock. All</FONT> outstanding <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of common stock are fully paid <FONT STYLE="letter-spacing: -0.05pt">and nonassessable, and the shares</FONT> of common
<FONT STYLE="letter-spacing: -0.05pt">stock to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">issued</FONT> upon the <FONT STYLE="letter-spacing: -0.05pt">closing
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this</FONT> offering will be <FONT STYLE="letter-spacing: -0.05pt">fully
</FONT>paid <FONT STYLE="letter-spacing: -0.05pt">and nonassessable.</FONT></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">holders</FONT> of <FONT STYLE="letter-spacing: -0.05pt">common</FONT> stock are <FONT STYLE="letter-spacing: -0.05pt">entitled
to one vote</FONT> per <FONT STYLE="letter-spacing: -0.05pt">share</FONT> on <FONT STYLE="letter-spacing: -0.05pt">all matters
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">voted</FONT> upon by <FONT STYLE="letter-spacing: -0.05pt">the shareholders.
</FONT>There <FONT STYLE="letter-spacing: -0.05pt">is no cumulative voting.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Effect
</FONT><FONT STYLE="font-size: 10pt">of Certain <FONT STYLE="letter-spacing: -0.05pt">Provisions</FONT> of our <FONT STYLE="letter-spacing: -0.05pt">Certificate
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">Incorporation,</FONT> Bylaws and <FONT STYLE="letter-spacing: -0.05pt">Common
</FONT>Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Provisions
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">our
certificate</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of </FONT><FONT STYLE="font-size: 10pt">incorporation,
<FONT STYLE="letter-spacing: -0.05pt">our bylaws,</FONT> our Common <FONT STYLE="letter-spacing: -0.05pt">Stock Rights</FONT>
Plan or <FONT STYLE="letter-spacing: -0.05pt">Delaware</FONT> law may <FONT STYLE="letter-spacing: -0.05pt">discourage, </FONT>delay
or <FONT STYLE="letter-spacing: -0.05pt">prevent</FONT> a <FONT STYLE="letter-spacing: -0.05pt">merger,</FONT> acquisition or
other <FONT STYLE="letter-spacing: -0.05pt">change</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">control
</FONT>that <FONT STYLE="letter-spacing: -0.05pt">stockholders may</FONT> consider <FONT STYLE="letter-spacing: -0.05pt">favorable,
including transactions</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> which <FONT STYLE="letter-spacing: -0.05pt">stockholders
might otherwise receive</FONT> a premium <FONT STYLE="letter-spacing: -0.05pt">for</FONT> their <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common stock. These <FONT STYLE="letter-spacing: -0.05pt">provisions
</FONT>may also <FONT STYLE="letter-spacing: -0.05pt">prevent</FONT> or <FONT STYLE="letter-spacing: -0.05pt">frustrate attempts
</FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">our stockholders to</FONT> replace
or <FONT STYLE="letter-spacing: -0.05pt">remove our management.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">provisions
</FONT>include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">limitations
                                         </FONT><FONT STYLE="font-size: 10pt">on the <FONT STYLE="letter-spacing: -0.05pt">removal
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">directors; advance notice requirements
                                         for stockholder proposals and nominations;</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">the
                                         </FONT><FONT STYLE="font-size: 10pt">ability <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         to alter</FONT> or repeal <FONT STYLE="letter-spacing: -0.05pt">our bylaws;</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">the
                                         </FONT><FONT STYLE="font-size: 10pt">ability of <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>Board of Directors <FONT STYLE="letter-spacing: -0.05pt">to refuse to</FONT> redeem
                                         rights <FONT STYLE="letter-spacing: -0.05pt">issued </FONT>under <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>Common Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> Plan or <FONT STYLE="letter-spacing: -0.05pt">otherwise
                                         to limit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">suspend its</FONT> operation
                                         <FONT STYLE="letter-spacing: -0.05pt">that would work to dilute the stock ownership</FONT>
                                         of a <FONT STYLE="letter-spacing: -0.05pt">potential hostile</FONT> acquirer, likely
                                         <FONT STYLE="letter-spacing: -0.05pt">preventing acquisitions</FONT> that <FONT STYLE="letter-spacing: -0.05pt">have
                                         not </FONT>been approved by <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of
                                         <FONT STYLE="letter-spacing: -0.05pt">Directors; and</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
                                         </FONT><FONT STYLE="font-size: 10pt">203 of <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>Delaware <FONT STYLE="letter-spacing: -0.05pt">General </FONT>Corporation <FONT STYLE="letter-spacing: -0.05pt">Law,
                                         which prohibits</FONT> a <FONT STYLE="letter-spacing: -0.05pt">publicly-held Delaware
                                         </FONT>corporation from <FONT STYLE="letter-spacing: -0.05pt">engaging </FONT><FONT STYLE="letter-spacing: 0.05pt">in
                                         </FONT>a <FONT STYLE="letter-spacing: -0.05pt">business</FONT> combination <FONT STYLE="letter-spacing: -0.05pt">with
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: -0.05pt">interested
                                         stockholder</FONT> (generally <FONT STYLE="letter-spacing: -0.05pt">defined </FONT><FONT STYLE="letter-spacing: 0.05pt">as
                                         </FONT>a person <FONT STYLE="letter-spacing: -0.05pt">which together with its affiliates
                                         owns,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">within the</FONT> last three <FONT STYLE="letter-spacing: -0.05pt">years
                                         has</FONT> owned, 15% of <FONT STYLE="letter-spacing: -0.05pt">our voting stock, for
                                         </FONT>a period of <FONT STYLE="letter-spacing: -0.05pt">three years after</FONT> the
                                         date <FONT STYLE="letter-spacing: 0.05pt">of the</FONT> <FONT STYLE="letter-spacing: -0.05pt">transaction
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">which
                                         </FONT>the person <FONT STYLE="letter-spacing: -0.05pt">became </FONT>an <FONT STYLE="letter-spacing: -0.05pt">interested
                                         stockholder) unless the business</FONT> combination <FONT STYLE="letter-spacing: -0.05pt">is
                                         </FONT>approved <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a prescribed <FONT STYLE="letter-spacing: -0.05pt">manner.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 67.1pt 0 0.8in; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 67.1pt 0 0.8in; text-indent: 35.95pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">existence</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
foregoing provisions</FONT> and <FONT STYLE="letter-spacing: -0.05pt">anti-takeover measures could</FONT> depress the <FONT STYLE="letter-spacing: -0.05pt">trading
</FONT>price of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> or
<FONT STYLE="letter-spacing: -0.05pt">limit</FONT> the price <FONT STYLE="letter-spacing: -0.05pt">that investors might</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">willing to</FONT> <FONT STYLE="letter-spacing: 0.05pt">pay in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">future
for shares</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT>
They <FONT STYLE="letter-spacing: -0.05pt">could also</FONT> deter <FONT STYLE="letter-spacing: -0.05pt">potential acquirers</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">our Company,</FONT> thereby <FONT STYLE="letter-spacing: -0.05pt">reducing</FONT> the
likelihood of <FONT STYLE="letter-spacing: -0.05pt">obtaining</FONT> a premium <FONT STYLE="letter-spacing: -0.05pt">for our</FONT>
common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> <FONT STYLE="letter-spacing: 0.05pt">in an</FONT> <FONT STYLE="letter-spacing: -0.05pt">acquisition.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">These
<FONT STYLE="letter-spacing: -0.05pt">provisions,</FONT> summarized <FONT STYLE="letter-spacing: -0.05pt">below,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">expected
to discourage coercive takeover</FONT> practices <FONT STYLE="letter-spacing: -0.05pt">and inadequate takeover</FONT> bids <FONT STYLE="letter-spacing: -0.05pt">and
to promote stability in our management.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> are <FONT STYLE="letter-spacing: -0.05pt">also
designed to encourage persons</FONT> seeking <FONT STYLE="letter-spacing: -0.05pt">to acquire control</FONT> of us <FONT STYLE="letter-spacing: -0.05pt">to
first negotiate with</FONT> our board of <FONT STYLE="letter-spacing: -0.05pt">directors.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Shareholder
                                         Meetings</U>. Our bylaws</FONT> <FONT STYLE="font-size: 10pt">provide that a <FONT STYLE="letter-spacing: -0.05pt">special
                                         meeting</FONT> of <FONT STYLE="letter-spacing: -0.05pt">shareholders </FONT>may be <FONT STYLE="letter-spacing: -0.05pt">called
                                         </FONT>only <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">President
                                         </FONT>or by <FONT STYLE="letter-spacing: -0.05pt">the </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         </FONT>or by <FONT STYLE="letter-spacing: -0.05pt">shareholders holding</FONT> a <FONT STYLE="letter-spacing: -0.05pt">majority
                                         </FONT>of the outstanding <FONT STYLE="letter-spacing: -0.05pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our </FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT></FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Requirements
                                         </U></FONT> <U><FONT STYLE="font-size: 10pt">for <FONT STYLE="letter-spacing: -0.05pt">Advance
                                         Notification </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Shareholder
                                         </FONT>Nominations <FONT STYLE="letter-spacing: -0.05pt">and </FONT>Proposals</FONT></U><FONT STYLE="font-size: 10pt">.
                                         <FONT STYLE="letter-spacing: -0.05pt">Our bylaws establish advance notice</FONT> procedures
                                         <FONT STYLE="letter-spacing: -0.05pt">with </FONT>respect <FONT STYLE="letter-spacing: -0.05pt">to
                                         shareholder proposals</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the nomination
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> candidates <FONT STYLE="letter-spacing: -0.05pt">for
                                         election </FONT>as <FONT STYLE="letter-spacing: -0.05pt">directors, other than nominations
                                         made</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT>or at <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>direction of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         </FONT>or a <FONT STYLE="letter-spacing: -0.05pt">committee</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors.</FONT></FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt"><U>Board
                                         <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         Vacancies</FONT></U><FONT STYLE="letter-spacing: -0.05pt">. Under our bylaws,</FONT>
                                         <FONT STYLE="letter-spacing: 0.05pt">any</FONT> vacancy <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors,
                                         including</FONT> a vacancy <FONT STYLE="letter-spacing: -0.05pt">resulting</FONT> from
                                         <FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: -0.05pt">enlargement
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors,
                                         may</FONT> only be <FONT STYLE="letter-spacing: -0.05pt">filled</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">vote </FONT>of a <FONT STYLE="letter-spacing: -0.05pt">majority
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> remaining <FONT STYLE="letter-spacing: -0.05pt">directors.
                                         Any</FONT> director <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">removed
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">vote
                                         </FONT>of the holders of a <FONT STYLE="letter-spacing: -0.05pt">majority </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the outstanding shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock.
                                         </FONT>The <FONT STYLE="letter-spacing: -0.05pt">limitations </FONT>on the <FONT STYLE="letter-spacing: -0.05pt">removal
                                         </FONT>of directors <FONT STYLE="letter-spacing: -0.05pt">and filling </FONT>of <FONT STYLE="letter-spacing: -0.05pt">vacancies
                                         would have</FONT> the <FONT STYLE="letter-spacing: -0.05pt">effect</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">making it more difficult for</FONT> a <FONT STYLE="letter-spacing: -0.05pt">third
                                         </FONT>party <FONT STYLE="letter-spacing: -0.05pt">to acquire control</FONT> of us, or
                                         of <FONT STYLE="letter-spacing: -0.05pt">discouraging </FONT>a <FONT STYLE="letter-spacing: -0.05pt">third
                                         </FONT>party from <FONT STYLE="letter-spacing: -0.05pt">acquiring control </FONT>of <FONT STYLE="letter-spacing: -0.05pt">us.</FONT></FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt"><U>Board
                                         of <FONT STYLE="letter-spacing: -0.05pt">Directors Size</FONT></U><FONT STYLE="letter-spacing: -0.05pt">.
                                         Within </FONT>the <FONT STYLE="letter-spacing: -0.05pt">range specified</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our bylaws, our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         determines</FONT> the <FONT STYLE="letter-spacing: -0.05pt">size </FONT>of <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>board <FONT STYLE="letter-spacing: -0.05pt">and may create</FONT> <FONT STYLE="letter-spacing: 0.05pt">new
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">directorships and elect</FONT> new directors,
                                         <FONT STYLE="letter-spacing: -0.1pt">which </FONT>may enable an incumbent board <FONT STYLE="letter-spacing: -0.05pt">to
                                         maintain control</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">adding
                                         </FONT>directors.</FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Indemnification</U>.
                                         Our certificate</FONT> <FONT STYLE="font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">incorporation
                                         and our bylaws,</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> amended, provide
                                         <FONT STYLE="letter-spacing: -0.05pt">that </FONT><FONT STYLE="letter-spacing: -0.15pt">we
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">will indemnify officers</FONT> and directors
                                         <FONT STYLE="letter-spacing: -0.05pt">against</FONT> losses as they <FONT STYLE="letter-spacing: -0.05pt">incur
                                         in investigations </FONT>and <FONT STYLE="letter-spacing: -0.05pt">legal</FONT> proceedings
                                         <FONT STYLE="letter-spacing: -0.05pt">resulting </FONT>from <FONT STYLE="letter-spacing: -0.05pt">their
                                         services to us, which</FONT> may <FONT STYLE="letter-spacing: -0.05pt">include service
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">connection
                                         with takeover defense measures.</FONT></FONT> </TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">September</FONT> 1995, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
</FONT>adopted a <FONT STYLE="letter-spacing: -0.05pt">Common Stock</FONT> Rights Plan <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>declared a <FONT STYLE="letter-spacing: -0.05pt">dividend</FONT> of <FONT STYLE="letter-spacing: -0.05pt">one</FONT> common
<FONT STYLE="letter-spacing: -0.05pt">share purchase</FONT> right (a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Right&rdquo;)
for</FONT> each of the then <FONT STYLE="letter-spacing: -0.05pt">outstanding shares</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>common stock of the <FONT STYLE="letter-spacing: -0.05pt">Company.</FONT> Each Right <FONT STYLE="letter-spacing: -0.05pt">entitles
</FONT>the registered <FONT STYLE="letter-spacing: -0.05pt">holder to purchase</FONT> from the Company <FONT STYLE="letter-spacing: -0.05pt">one
share</FONT> of common stock at an initial purchase price of $70.00 per <FONT STYLE="letter-spacing: -0.05pt">share, subject to
adjustment.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">description and</FONT> terms of the <FONT STYLE="letter-spacing: -0.05pt">Rights
</FONT><FONT STYLE="letter-spacing: 0.05pt">are</FONT> <FONT STYLE="letter-spacing: -0.05pt">set forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement</FONT> between <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
Company and <FONT STYLE="letter-spacing: -0.05pt">American</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Transfer</FONT>
&amp; Trust <FONT STYLE="letter-spacing: -0.05pt">Company, LLC,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">Rights Agent.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> (as amended) become <FONT STYLE="letter-spacing: -0.05pt">exercisable and
transferable</FONT> apart <FONT STYLE="letter-spacing: -0.05pt">from</FONT> the common <FONT STYLE="letter-spacing: -0.05pt">stock
upon</FONT> the <FONT STYLE="letter-spacing: -0.05pt">earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">i)</FONT> 10 <FONT STYLE="letter-spacing: -0.05pt">days
</FONT>following a <FONT STYLE="letter-spacing: -0.05pt">public announcement</FONT> that a person or group <FONT STYLE="letter-spacing: -0.05pt">(Acquiring
</FONT>Person) <FONT STYLE="letter-spacing: -0.05pt">has, without</FONT> the prior <FONT STYLE="letter-spacing: -0.05pt">consent
</FONT>of the <FONT STYLE="letter-spacing: -0.05pt">Continuing Directors</FONT> (as such term <FONT STYLE="letter-spacing: -0.05pt">is
defined</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement), acquired
</FONT>beneficial <FONT STYLE="letter-spacing: -0.05pt">ownership</FONT> of 20% or <FONT STYLE="letter-spacing: -0.05pt">more
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> outstanding common stock or <FONT STYLE="letter-spacing: -0.05pt">ii)
10 days following commencement</FONT> of a tender <FONT STYLE="letter-spacing: -0.05pt">offer</FONT> <FONT STYLE="letter-spacing: 0.05pt">or
</FONT><FONT STYLE="letter-spacing: -0.05pt">exchange offer the consummation</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which
would result in ownership</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> a person or <FONT STYLE="letter-spacing: -0.05pt">group
</FONT>of 20% or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the outstanding</FONT>
common stock <FONT STYLE="letter-spacing: -0.05pt">(the earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such</FONT> dates
being <FONT STYLE="letter-spacing: -0.05pt">called the Distribution</FONT> Date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon
<FONT STYLE="letter-spacing: -0.05pt">the Distribution Date,</FONT> the <FONT STYLE="letter-spacing: -0.05pt">holder</FONT> of
each Right <FONT STYLE="letter-spacing: -0.05pt">not</FONT> owned <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Acquiring</FONT> Person <FONT STYLE="letter-spacing: -0.05pt">would</FONT> be <FONT STYLE="letter-spacing: -0.05pt">entitled to
purchase</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> at a <FONT STYLE="letter-spacing: -0.05pt">discount
to the initial purchase</FONT> price of $70.00 per <FONT STYLE="letter-spacing: -0.05pt">share, effectively</FONT> equal <FONT STYLE="letter-spacing: -0.05pt">to
one</FONT> half of the <FONT STYLE="letter-spacing: -0.05pt">market</FONT> price of a <FONT STYLE="letter-spacing: -0.05pt">share
</FONT>of common stock on <FONT STYLE="letter-spacing: -0.05pt">the</FONT> date <FONT STYLE="letter-spacing: -0.05pt">the Acquiring
</FONT>Person <FONT STYLE="letter-spacing: -0.05pt">becomes</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person. <FONT STYLE="letter-spacing: -0.05pt">If, after the Distribution Date, the</FONT> Company <FONT STYLE="letter-spacing: -0.05pt">should
consolidate</FONT> or <FONT STYLE="letter-spacing: -0.1pt">merge </FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>other <FONT STYLE="letter-spacing: -0.05pt">entity</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company
were <FONT STYLE="letter-spacing: -0.05pt">not the surviving</FONT> company, or, <FONT STYLE="letter-spacing: -0.05pt">if the
</FONT>Company <FONT STYLE="letter-spacing: -0.05pt">were the surviving</FONT> company, <FONT STYLE="letter-spacing: -0.05pt">all
</FONT>or part of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company&rsquo;s common stock <FONT STYLE="letter-spacing: -0.1pt">were
</FONT><FONT STYLE="letter-spacing: -0.05pt">changed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">exchanged into the securities
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> other <FONT STYLE="letter-spacing: -0.05pt">entity,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">if
more than</FONT> 50% of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company&rsquo;s <FONT STYLE="letter-spacing: -0.05pt">assets
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">earning</FONT> power <FONT STYLE="letter-spacing: -0.1pt">were</FONT> sold, each
Right <FONT STYLE="letter-spacing: -0.05pt">would entitle</FONT> its <FONT STYLE="letter-spacing: -0.05pt">holder to purchase,
</FONT>at the Rights&rsquo; <FONT STYLE="letter-spacing: -0.05pt">then-current purchase</FONT> price, a <FONT STYLE="letter-spacing: -0.05pt">number
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">acquiring company&rsquo;s
</FONT>common stock <FONT STYLE="letter-spacing: -0.05pt">having</FONT> a <FONT STYLE="letter-spacing: -0.05pt">market value</FONT>
at <FONT STYLE="letter-spacing: -0.05pt">that time equal to twice</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Right&rsquo;s
</FONT>exercise price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">At
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">any</FONT> <FONT STYLE="font-size: 10pt">time <FONT STYLE="letter-spacing: -0.05pt">after
</FONT>a person or group <FONT STYLE="letter-spacing: -0.05pt">becomes</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person <FONT STYLE="letter-spacing: -0.05pt">and</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to the acquisition
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">such</FONT> person or <FONT STYLE="letter-spacing: -0.05pt">group
</FONT>of 50% or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> outstanding
common <FONT STYLE="letter-spacing: -0.05pt">stock,</FONT> the Board of <FONT STYLE="letter-spacing: -0.05pt">Directors</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company <FONT STYLE="letter-spacing: -0.05pt">may exchange the Rights</FONT>
(other <FONT STYLE="letter-spacing: -0.05pt">than Rights owned</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> such person
or <FONT STYLE="letter-spacing: -0.05pt">group which have become void), in whole</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>part, at an <FONT STYLE="letter-spacing: -0.05pt">exchange ratio</FONT> of <FONT STYLE="letter-spacing: -0.05pt">one</FONT>
share of common stock per <FONT STYLE="letter-spacing: -0.05pt">Right</FONT> (subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment).</FONT> <FONT STYLE="letter-spacing: -0.1pt">At</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">time
</FONT>prior <FONT STYLE="letter-spacing: -0.05pt">to</FONT> 14 <FONT STYLE="letter-spacing: -0.05pt">days</FONT> following <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>date that any person <FONT STYLE="letter-spacing: 0.05pt">or </FONT>group becomes an <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person (subject <FONT STYLE="letter-spacing: -0.05pt">to extension</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors), the</FONT> Board of
<FONT STYLE="letter-spacing: -0.05pt">Directors</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company may redeem
the then <FONT STYLE="letter-spacing: -0.05pt">outstanding Rights</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">whole,
but not in</FONT> part, at a price of $0.005 per <FONT STYLE="letter-spacing: -0.1pt">Right, </FONT>subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">On
<FONT STYLE="letter-spacing: -0.05pt">June</FONT> 8, 2005, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
voted to authorize</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement to extend the Final Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
an</FONT> <FONT STYLE="letter-spacing: -0.05pt">additional three years, to September</FONT> 19, 2008. <FONT STYLE="letter-spacing: -0.1pt">As
</FONT>of June 30, <FONT STYLE="letter-spacing: -0.05pt">2005, </FONT><FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">entered
into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to the Rights Agreement with the Rights Agent reflecting</FONT>
such <FONT STYLE="letter-spacing: -0.05pt">extension.</FONT> On June 6, 2008 <FONT STYLE="letter-spacing: -0.05pt">our Board</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">amendment
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement to extend the
Final Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by an</FONT> <FONT STYLE="letter-spacing: -0.05pt">additional
three years, to September</FONT> 19, 2011, <FONT STYLE="letter-spacing: -0.05pt">and to increase the ownership threshold for determining
&ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> from 15% <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>18%. As of <FONT STYLE="letter-spacing: -0.05pt">June</FONT> 30, 2008, <FONT STYLE="letter-spacing: -0.15pt">we</FONT>
entered <FONT STYLE="letter-spacing: -0.05pt">into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights
Agreement with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent reflecting such extension</FONT> and <FONT STYLE="letter-spacing: -0.05pt">threshold
increase.</FONT> On <FONT STYLE="letter-spacing: -0.05pt">August</FONT> 5, 2011, <FONT STYLE="letter-spacing: -0.05pt">our</FONT>
Board of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize amendments</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement to extend</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Final
Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> an additional <FONT STYLE="letter-spacing: -0.05pt">three
years to September</FONT> 19, 2014 <FONT STYLE="letter-spacing: -0.05pt">and to increase the ownership threshold for determining
&ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> from 18% <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>20%. <FONT STYLE="letter-spacing: -0.1pt">As</FONT> of <FONT STYLE="letter-spacing: -0.05pt">August</FONT> 9, 2011, <FONT STYLE="letter-spacing: -0.15pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">entered into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent
reflecting</FONT> such <FONT STYLE="letter-spacing: -0.05pt">extension</FONT> and <FONT STYLE="letter-spacing: -0.05pt">threshold
increase.</FONT> <FONT STYLE="letter-spacing: 0.05pt">On</FONT> <FONT STYLE="letter-spacing: -0.1pt">June</FONT> 10, 2014, <FONT STYLE="letter-spacing: -0.05pt">our
Board</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment
to the Rights Agreement to extend the final expiration</FONT> date by an additional <FONT STYLE="letter-spacing: -0.05pt">three
years to September</FONT> 19, <FONT STYLE="letter-spacing: -0.05pt">2017.</FONT> <FONT STYLE="letter-spacing: -0.1pt">As </FONT>of
<FONT STYLE="letter-spacing: -0.05pt">June</FONT> 16, 2014, <FONT STYLE="letter-spacing: -0.15pt">we </FONT><FONT STYLE="letter-spacing: -0.05pt">entered
into</FONT> an amendment <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Rights <FONT STYLE="letter-spacing: -0.05pt">Agreement
with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent reflecting</FONT> such <FONT STYLE="letter-spacing: -0.05pt">extension.
</FONT>As of <FONT STYLE="letter-spacing: -0.05pt">April</FONT> 15, 2015, <FONT STYLE="letter-spacing: -0.15pt">we</FONT> entered
<FONT STYLE="letter-spacing: -0.05pt">into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to the Rights Agreement with
the Rights Agent</FONT> deleting <FONT STYLE="letter-spacing: -0.05pt">the</FONT> provisions <FONT STYLE="letter-spacing: -0.05pt">requiring
</FONT>that redemptions of <FONT STYLE="letter-spacing: -0.05pt">the Rights, waivers</FONT> or <FONT STYLE="letter-spacing: -0.05pt">consents
avoiding &ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> or <FONT STYLE="letter-spacing: -0.05pt">certain
</FONT>amendments <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Rights <FONT STYLE="letter-spacing: -0.05pt">Agreement</FONT>
be approved by &ldquo;Continuing <FONT STYLE="letter-spacing: -0.05pt">Directors&rdquo;.</FONT> No <FONT STYLE="letter-spacing: -0.05pt">other
changes have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">made to the</FONT> terms <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the Rights</FONT> or <FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
</FONT><FONT STYLE="font-size: 10pt">Board of <FONT STYLE="letter-spacing: -0.05pt">Directors believes that</FONT> there <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>some risk <FONT STYLE="letter-spacing: -0.05pt">that</FONT> the <FONT STYLE="letter-spacing: -0.05pt">potential value</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <B>Mast Out</B>&reg; product <FONT STYLE="letter-spacing: -0.05pt">development
initiative</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">not fairly reflected in the
market</FONT> price of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock,</FONT>
as <FONT STYLE="letter-spacing: -0.05pt">it fluctuates</FONT> from time <FONT STYLE="letter-spacing: -0.05pt">to time, and</FONT>
that <FONT STYLE="letter-spacing: -0.05pt">opportunistic</FONT> buyers <FONT STYLE="letter-spacing: -0.05pt">could</FONT> take
<FONT STYLE="letter-spacing: -0.05pt">advantage</FONT> of that disparity <FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
detriment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> stockholders. If <FONT STYLE="letter-spacing: -0.05pt">this
were to</FONT> happen and <FONT STYLE="letter-spacing: -0.05pt">result</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a
<FONT STYLE="letter-spacing: -0.05pt">potential</FONT> threat <FONT STYLE="letter-spacing: -0.05pt">through</FONT> <FONT STYLE="letter-spacing: 0.05pt">an
</FONT><FONT STYLE="letter-spacing: -0.05pt">unsolicited</FONT> acquisition <FONT STYLE="letter-spacing: -0.05pt">effort</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">otherwise, our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors feels
</FONT>that the <FONT STYLE="letter-spacing: -0.05pt">Common</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT>
Plan could <FONT STYLE="letter-spacing: -0.05pt">enhance stockholder</FONT> value by providing <FONT STYLE="letter-spacing: -0.05pt">management
with negotiating leverage.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Listing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
</FONT><FONT STYLE="font-size: 10pt">common stock <FONT STYLE="letter-spacing: -0.05pt">is listed</FONT> on <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>NASDAQ <FONT STYLE="letter-spacing: -0.05pt">Capital</FONT> Market <FONT STYLE="letter-spacing: -0.05pt">under the symbol
&ldquo;ICCC&rdquo;.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Transfer
</FONT><FONT STYLE="font-size: 10pt">Agent and Registrar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">transfer agent</FONT> and <FONT STYLE="letter-spacing: -0.05pt">registrar for our common
</FONT>stock <FONT STYLE="letter-spacing: -0.05pt">is</FONT> American <FONT STYLE="letter-spacing: -0.05pt">Stock</FONT> Transfer
&amp; Trust <FONT STYLE="letter-spacing: -0.05pt">Company, LLC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="PLANOFDISTRIBUTION"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each
Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholder</FONT> (the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Selling Stockholders&rdquo;)
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares and <FONT STYLE="letter-spacing: 0.05pt">any</FONT> of <FONT STYLE="letter-spacing: -0.05pt">their
pledgees, assignees and successors-in-interest may, from time to time, sell</FONT> any or <FONT STYLE="letter-spacing: -0.05pt">all
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the Shares covered</FONT> hereby on <FONT STYLE="letter-spacing: -0.05pt">the
NASDAQ Capital</FONT> Market or <FONT STYLE="letter-spacing: -0.05pt">any other stock exchange, market</FONT> or <FONT STYLE="letter-spacing: -0.05pt">trading
</FONT>facility on <FONT STYLE="letter-spacing: -0.05pt">which the</FONT> Shares are traded or <FONT STYLE="letter-spacing: -0.05pt">in
private transactions. These sales may</FONT> be at <FONT STYLE="letter-spacing: -0.05pt">fixed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">negotiated
prices.</FONT> A <FONT STYLE="letter-spacing: -0.05pt">Selling</FONT> Stockholder <FONT STYLE="letter-spacing: -0.05pt">may</FONT>
use any one or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the following methods
when selling Shares:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">ordinary
                                         brokerage</FONT> <FONT STYLE="font-size: 10pt">transactions <FONT STYLE="letter-spacing: -0.05pt">and
                                         transactions</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">which
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer solicits purchasers;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block
                                         trades <FONT STYLE="letter-spacing: -0.05pt">in which</FONT> the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
                                         will attempt to</FONT> sell Shares as <FONT STYLE="letter-spacing: -0.05pt">agent</FONT>
                                         but <FONT STYLE="letter-spacing: -0.05pt">may </FONT>position <FONT STYLE="letter-spacing: -0.05pt">and
                                         resell</FONT> a portion of <FONT STYLE="letter-spacing: -0.05pt">the </FONT>block as
                                         principal <FONT STYLE="letter-spacing: -0.05pt">to facilitate</FONT> the <FONT STYLE="letter-spacing: -0.05pt">transaction;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">purchases
                                         </FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">by </FONT><FONT STYLE="font-size: 10pt">a
                                         <FONT STYLE="letter-spacing: -0.05pt">broker-dealer </FONT>as <FONT STYLE="letter-spacing: -0.05pt">principal
                                         and resale </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
                                         for its account;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         <FONT STYLE="letter-spacing: -0.05pt">exchange distribution</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
                                         </FONT>accordance <FONT STYLE="letter-spacing: -0.05pt">with the</FONT> rules of the
                                         applicable <FONT STYLE="letter-spacing: -0.05pt">exchange;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">privately
                                         negotiated transactions;</FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">settlement
                                         </FONT><FONT STYLE="font-size: 10pt">of short <FONT STYLE="letter-spacing: -0.05pt">sales;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">in
                                         transactions</FONT> <FONT STYLE="font-size: 10pt">through <FONT STYLE="letter-spacing: -0.05pt">broker-dealers
                                         that agree with the Selling Stockholders to sell</FONT> a <FONT STYLE="letter-spacing: -0.05pt">specified
                                         number</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such </FONT>Shares at a <FONT STYLE="letter-spacing: -0.05pt">stipulated
                                         </FONT>price per <FONT STYLE="letter-spacing: -0.05pt">Share;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">through
                                         </FONT><FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">writing
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">settlement </FONT>of <FONT STYLE="letter-spacing: -0.05pt">options
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">other </FONT>hedging <FONT STYLE="letter-spacing: -0.05pt">transactions,
                                         whether</FONT> through an <FONT STYLE="letter-spacing: -0.05pt">options exchange</FONT>
                                         or <FONT STYLE="letter-spacing: -0.05pt">otherwise;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         <FONT STYLE="letter-spacing: -0.05pt">combination</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>any <FONT STYLE="letter-spacing: -0.05pt">such methods</FONT> of <FONT STYLE="letter-spacing: -0.05pt">sale;
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         other <FONT STYLE="letter-spacing: -0.05pt">method permitted pursuant to</FONT> applicable
                                         <FONT STYLE="letter-spacing: -0.05pt">law.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may also sell</FONT> Shares under <FONT STYLE="letter-spacing: -0.05pt">Rule
</FONT>144 or any <FONT STYLE="letter-spacing: -0.05pt">other</FONT> exemption from <FONT STYLE="letter-spacing: -0.05pt">registration
under the Securities Act</FONT> of 1933, as <FONT STYLE="letter-spacing: -0.05pt">amended (the &ldquo;<U>Securities Act</U>&rdquo;),
if available, rather than under this prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Broker-dealers
engaged</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">by the</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Selling
Stockholders</FONT> <FONT STYLE="font-size: 10pt">may <FONT STYLE="letter-spacing: -0.05pt">arrange for other</FONT> broker-dealers
<FONT STYLE="letter-spacing: -0.05pt">to participate in sales. Broker-dealers may</FONT> receive <FONT STYLE="letter-spacing: -0.05pt">commissions
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">discounts </FONT>from <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Selling
<FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> (or, <FONT STYLE="letter-spacing: -0.05pt">if</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">broker-dealer </FONT>acts as <FONT STYLE="letter-spacing: -0.05pt">agent for the
purchaser</FONT> of <FONT STYLE="letter-spacing: -0.05pt">securities, </FONT>from <FONT STYLE="letter-spacing: -0.05pt">the purchaser)
in amounts to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">negotiated, but,</FONT> except as <FONT STYLE="letter-spacing: -0.05pt">set
forth in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">supplement to this prospectus, in</FONT> the case of an agency <FONT STYLE="letter-spacing: -0.05pt">transaction
not in</FONT> excess of a customary brokerage <FONT STYLE="letter-spacing: -0.05pt">commission</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">compliance with</FONT> FINRA <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 2440;
<FONT STYLE="letter-spacing: -0.05pt">and in the case </FONT>of a <FONT STYLE="letter-spacing: -0.05pt">principal transaction
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">markup </FONT>or <FONT STYLE="letter-spacing: -0.05pt">markdown</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">compliance with</FONT> FINRA IM-2440.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">connection with the sale</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Shares
</FONT>or interests therein, the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders may enter into</FONT> hedging <FONT STYLE="letter-spacing: -0.05pt">transactions
with</FONT> broker-dealers or <FONT STYLE="letter-spacing: -0.05pt">other financial institutions, which</FONT> may <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>turn <FONT STYLE="letter-spacing: -0.05pt">engage in</FONT> short <FONT STYLE="letter-spacing: -0.05pt">sales</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.1pt">the
</FONT><FONT STYLE="letter-spacing: -0.05pt">course</FONT> of hedging <FONT STYLE="letter-spacing: -0.05pt">the positions</FONT>
they <FONT STYLE="letter-spacing: -0.05pt">assume.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may</FONT>
also <FONT STYLE="letter-spacing: -0.05pt">sell</FONT> shares of common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> short
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">deliver Shares to close out their short positions,
</FONT>or loan or <FONT STYLE="letter-spacing: -0.05pt">pledge Shares to broker-dealers that in</FONT> turn may sell <FONT STYLE="letter-spacing: -0.05pt">Shares.
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may</FONT> also <FONT STYLE="letter-spacing: -0.05pt">enter
into</FONT> option or <FONT STYLE="letter-spacing: -0.05pt">other transactions with broker-dealers</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other
financial</FONT> institutions or <FONT STYLE="letter-spacing: -0.05pt">create one</FONT> or <FONT STYLE="letter-spacing: -0.05pt">more
derivative securities which require</FONT> the delivery <FONT STYLE="letter-spacing: -0.05pt">to such</FONT> broker-dealer or
<FONT STYLE="letter-spacing: -0.05pt">other financial institution</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Shares offered
</FONT>by this <FONT STYLE="letter-spacing: -0.05pt">prospectus, which</FONT> Shares such <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">other financial institution</FONT> may resell <FONT STYLE="letter-spacing: -0.05pt">pursuant
to</FONT> <FONT STYLE="letter-spacing: -0.1pt">this</FONT> <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT> (as <FONT STYLE="letter-spacing: -0.05pt">supplemented
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">amended to reflect such transaction).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders and</FONT> any broker-dealers or <FONT STYLE="letter-spacing: -0.05pt">agents
</FONT>that are <FONT STYLE="letter-spacing: -0.05pt">involved</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> selling the
<FONT STYLE="letter-spacing: -0.05pt">Shares</FONT> may be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">&ldquo;underwriters&rdquo;
within the meaning</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Securities Act in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with
such sales.</FONT> <FONT STYLE="letter-spacing: 0.05pt">In</FONT> such <FONT STYLE="letter-spacing: -0.05pt">event,</FONT> any
<FONT STYLE="letter-spacing: -0.05pt">commissions</FONT> received <FONT STYLE="letter-spacing: 0.05pt">by</FONT> such <FONT STYLE="letter-spacing: -0.05pt">broker-dealers
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agents</FONT> <FONT STYLE="letter-spacing: 0.05pt">and</FONT> any <FONT STYLE="letter-spacing: -0.05pt">profit
</FONT>on the <FONT STYLE="letter-spacing: -0.05pt">resale</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the Shares <FONT STYLE="letter-spacing: -0.05pt">purchased
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> them may be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">underwriting
commissions</FONT> or discounts under <FONT STYLE="letter-spacing: -0.05pt">the Securities Act.</FONT> Each <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholder has</FONT> informed <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company that <FONT STYLE="letter-spacing: -0.05pt">it
</FONT>does <FONT STYLE="letter-spacing: -0.05pt">not have </FONT><FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">written
</FONT>or oral <FONT STYLE="letter-spacing: -0.05pt">agreement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">understanding,
</FONT>directly or <FONT STYLE="letter-spacing: -0.05pt">indirectly, with</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT>
person <FONT STYLE="letter-spacing: -0.05pt">to distribute the Shares.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company <FONT STYLE="letter-spacing: -0.05pt">is</FONT> required <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: 0.05pt">pay
</FONT><FONT STYLE="letter-spacing: -0.05pt">certain</FONT> fees <FONT STYLE="letter-spacing: -0.05pt">and</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">incurred
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Company incident <FONT STYLE="letter-spacing: -0.05pt">to</FONT> the
<FONT STYLE="letter-spacing: -0.05pt">registration</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Shares.</FONT> The Company has <FONT STYLE="letter-spacing: -0.05pt">agreed to</FONT> indemnify <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders against</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">losses,
claims, damages</FONT> and <FONT STYLE="letter-spacing: -0.05pt">liabilities,</FONT> including <FONT STYLE="letter-spacing: -0.05pt">liabilities
under the Securities</FONT> Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Company</FONT> has <FONT STYLE="letter-spacing: -0.05pt">agreed to keep the registration
statement that includes this prospectus effective until the earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">(i)</FONT>
the date on <FONT STYLE="letter-spacing: -0.05pt">which the </FONT>Shares <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be
<FONT STYLE="letter-spacing: -0.05pt">resold</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders without registration</FONT> and <FONT STYLE="letter-spacing: -0.05pt">without regard to</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">volume</FONT> or <FONT STYLE="letter-spacing: -0.05pt">manner-of-sale limitations
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> reason of <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144, <FONT STYLE="letter-spacing: -0.05pt">without
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">requirement for</FONT> the Company <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">in compliance with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">current public</FONT>
information <FONT STYLE="letter-spacing: -0.05pt">requirement</FONT> under <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144
<FONT STYLE="letter-spacing: -0.05pt">under the Securities Act</FONT> or any <FONT STYLE="letter-spacing: -0.05pt">other</FONT>
rule of <FONT STYLE="letter-spacing: -0.05pt">similar effect</FONT> or <FONT STYLE="letter-spacing: -0.05pt">(ii) all</FONT> of
the Shares <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">sold pursuant to this
</FONT>prospectus or <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144 under the <FONT STYLE="letter-spacing: -0.05pt">Securities
Act</FONT> or <FONT STYLE="letter-spacing: 0.05pt">any </FONT><FONT STYLE="letter-spacing: -0.05pt">other</FONT> rule <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">similar effect.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Shares will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">sold</FONT> only through <FONT STYLE="letter-spacing: -0.05pt">registered or licensed
</FONT>brokers or <FONT STYLE="letter-spacing: -0.05pt">dealers if required under</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">state
securities laws.</FONT> In <FONT STYLE="letter-spacing: -0.05pt">addition, in certain states,</FONT> the Shares <FONT STYLE="letter-spacing: -0.05pt">covered
</FONT>hereby <FONT STYLE="letter-spacing: -0.05pt">may not</FONT> be <FONT STYLE="letter-spacing: -0.05pt">sold unless</FONT>
they <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">registered</FONT> or <FONT STYLE="letter-spacing: -0.05pt">qualified
for sale in the</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">state</FONT> or an <FONT STYLE="letter-spacing: -0.05pt">exemption
</FONT>from <FONT STYLE="letter-spacing: -0.05pt">the</FONT> registration or <FONT STYLE="letter-spacing: -0.05pt">qualification
requirement</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">available and is</FONT>
complied <FONT STYLE="letter-spacing: -0.05pt">with.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Under
</FONT><FONT STYLE="font-size: 10pt">applicable <FONT STYLE="letter-spacing: -0.05pt">rules and</FONT> regulations <FONT STYLE="letter-spacing: -0.05pt">under
</FONT>the Exchange <FONT STYLE="letter-spacing: -0.05pt">Act,</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> person <FONT STYLE="letter-spacing: -0.05pt">engaged
in</FONT> the distribution of <FONT STYLE="letter-spacing: -0.05pt">the Shares</FONT> may <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>simultaneously <FONT STYLE="letter-spacing: -0.05pt">engage</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">market
making activities with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Company&rsquo;s common stock <FONT STYLE="letter-spacing: -0.05pt">for
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">restricted</FONT> period,
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">defined</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">Regulation</FONT> M, prior <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> commencement
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">distribution.</FONT> In <FONT STYLE="letter-spacing: -0.05pt">addition,
</FONT><FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders will</FONT> be
subject <FONT STYLE="letter-spacing: -0.05pt">to</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> of
the <FONT STYLE="letter-spacing: -0.05pt">Exchange Act and the rules and regulations</FONT> thereunder, <FONT STYLE="letter-spacing: -0.05pt">including
Regulation</FONT> M, <FONT STYLE="letter-spacing: -0.05pt">which</FONT> may limit the <FONT STYLE="letter-spacing: -0.05pt">timing
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">purchases and sales</FONT> of the common <FONT STYLE="letter-spacing: -0.05pt">stock
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders</FONT> or
any other <FONT STYLE="letter-spacing: -0.05pt">person.</FONT> The Company <FONT STYLE="letter-spacing: -0.05pt">will make</FONT>
copies of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus available <FONT STYLE="letter-spacing: -0.05pt">to the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders and has</FONT> informed <FONT STYLE="letter-spacing: -0.05pt">them
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the need to deliver</FONT> a copy of
<FONT STYLE="letter-spacing: -0.05pt">this prospectus to</FONT> each <FONT STYLE="letter-spacing: -0.05pt">purchaser</FONT> at
or <FONT STYLE="letter-spacing: -0.05pt">prior to the time</FONT> of the sale <FONT STYLE="letter-spacing: -0.05pt">(including
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">compliance with Rule</FONT> 172 <FONT STYLE="letter-spacing: -0.05pt">under
the Act).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><A NAME="SELLINGSTOCKHOLDERS"> </A>&nbsp;SELLING
STOCKHOLDERS </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> being <FONT STYLE="letter-spacing: -0.05pt">offered
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> are
<FONT STYLE="letter-spacing: -0.05pt">those</FONT> previously <FONT STYLE="letter-spacing: -0.05pt">issued to the Selling Stockholders.
</FONT>For <FONT STYLE="letter-spacing: -0.05pt">additional information regarding</FONT> the issuances of those <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">common</FONT> <FONT STYLE="letter-spacing: -0.05pt">stock, see</FONT> &quot;Private
<FONT STYLE="letter-spacing: -0.05pt">Placement</FONT> of Common <FONT STYLE="letter-spacing: -0.05pt">Shares&quot; </FONT>above.
We are <FONT STYLE="letter-spacing: -0.05pt">registering</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Shares in</FONT> order
<FONT STYLE="letter-spacing: -0.05pt">to permit the Selling Stockholders to offer the</FONT> Shares <FONT STYLE="letter-spacing: -0.05pt">for
resale</FONT> from <FONT STYLE="letter-spacing: -0.05pt">time to time.</FONT> Except <FONT STYLE="letter-spacing: -0.05pt">for
the ownership</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the </FONT>Shares <FONT STYLE="letter-spacing: -0.05pt">and other
shares</FONT> of common stock previously acquired by <FONT STYLE="letter-spacing: -0.05pt">such</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders,
the Selling Stockholders have not had</FONT> any <FONT STYLE="letter-spacing: -0.05pt">material relationship with</FONT> the Company
<FONT STYLE="letter-spacing: -0.05pt">within the</FONT> past <FONT STYLE="letter-spacing: -0.05pt">three years.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">table</FONT> below <FONT STYLE="letter-spacing: -0.05pt">lists</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders and other information regarding</FONT> the beneficial <FONT STYLE="letter-spacing: -0.05pt">ownership</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common stock <FONT STYLE="letter-spacing: 0.05pt">by</FONT> each of
the Selling Stockholders. The <FONT STYLE="letter-spacing: -0.05pt">second column lists</FONT> the <FONT STYLE="letter-spacing: -0.05pt">number
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock beneficially
owned</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> each Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholder</FONT>
as of <FONT STYLE="letter-spacing: -0.05pt">November</FONT> 16, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">third column lists the</FONT> shares of common stock being offered by <FONT STYLE="letter-spacing: -0.05pt">this
prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
accordance <FONT STYLE="letter-spacing: -0.05pt">with</FONT> the terms of <FONT STYLE="letter-spacing: -0.05pt">the Registration
Rights Agreement, this prospectus</FONT> generally <FONT STYLE="letter-spacing: -0.05pt">covers</FONT> the <FONT STYLE="letter-spacing: -0.05pt">resale
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> sum <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
number</FONT> of shares of common stock <FONT STYLE="letter-spacing: -0.05pt">issued to the</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders
in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">transaction</FONT> described above, <FONT STYLE="letter-spacing: -0.05pt">in
&ldquo;Private Placement</FONT> of Common <FONT STYLE="letter-spacing: -0.05pt">Shares&rdquo;,</FONT> as of the trading day <FONT STYLE="letter-spacing: -0.05pt">immediately
preceding</FONT> the applicable date of <FONT STYLE="letter-spacing: -0.05pt">determination and all</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment</FONT> as provided <FONT STYLE="letter-spacing: -0.05pt">in the Registration Rights Agreement.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">fourth
column</FONT> assumes the <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> of <FONT STYLE="letter-spacing: -0.05pt">all</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares <FONT STYLE="letter-spacing: -0.05pt">offered</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders pursuant</FONT>
<FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1.5pt">Number of shares of Common Stock Owned Prior to this</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1.5pt"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Maximum <FONT STYLE="font-family: Times New Roman, Times, Serif">Number <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>Common<BR> <FONT STYLE="letter-spacing: -0.05pt">Stock to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">Sold Pursuant to this</FONT></FONT></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number <FONT STYLE="font-family: Times New Roman, Times, Serif">of <FONT STYLE="letter-spacing: -0.05pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> Common <FONT STYLE="letter-spacing: -0.05pt">Stock </FONT>Owned <FONT STYLE="letter-spacing: -0.05pt">after this Offering</FONT></FONT></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Name <FONT STYLE="font-family: Times New Roman, Times, Serif">of <FONT STYLE="letter-spacing: -0.05pt">Selling</FONT> Stockholder</FONT></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 10pt">Offering</FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Prospectus</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Numbers</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Norman H. Pessin SEP IRA fbo Norman H. Pessin</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">480,000</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: 9%; text-align: right">230,000</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: 9%; text-align: right">250,000</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: 9%; text-align: right">5.16</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dolphin Offshore Partners, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Craton Capital, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.57</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brian Lee Pessin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sudbury Capital Fund, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CVI Investments, Inc.(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,762</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Iroquois Master Fund, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Iroquois Capital Investment Group LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Warberg WF IV L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Anthony Polak</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Domaco Venture Capital Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maura Kelly</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,524</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">RL Capital Partners, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,523</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Jamie Polak</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,762</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Margrit Polak</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,762</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">RBC Capital Markets, LLC (Custodian fbo Ronald Lazar IRA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Steven Farber</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.39</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">John Lipman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kevin Harris</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</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></TR>
<TR STYLE="vertical-align: bottom; 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><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">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than one percent</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>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)
</SUP><FONT STYLE="letter-spacing: -0.05pt">Heights Capital Management, Inc., the</FONT> authorized <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">CVI Investments, Inc.</FONT> (&ldquo;CVI&rdquo;),
<FONT STYLE="letter-spacing: -0.05pt">has discretionary</FONT> authority <FONT STYLE="letter-spacing: -0.05pt">to vote and</FONT>
dispose of <FONT STYLE="letter-spacing: -0.05pt">the shares held</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">CVI
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be deemed <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the
beneficial owner </FONT>of <FONT STYLE="letter-spacing: -0.05pt">these shares. Martin</FONT> Kobinger, <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>his capacity <FONT STYLE="letter-spacing: 0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">Investment Manager</FONT>
of Heights <FONT STYLE="letter-spacing: -0.05pt">Capital Management, Inc., may also</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to have investment discretion and</FONT> voting <FONT STYLE="letter-spacing: -0.05pt">power over the shares held</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">CVI.</FONT> Mr. <FONT STYLE="letter-spacing: -0.05pt">Kobinger disclaims</FONT> any
such <FONT STYLE="letter-spacing: -0.05pt">beneficial ownership to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">shares.
CVI investments,</FONT> Inc. <FONT STYLE="letter-spacing: -0.05pt">is affiliated with one</FONT> or <FONT STYLE="letter-spacing: -0.05pt">more
</FONT>FINRA <FONT STYLE="letter-spacing: -0.05pt">member, none</FONT> of <FONT STYLE="letter-spacing: -0.05pt">whom</FONT> are
<FONT STYLE="letter-spacing: -0.05pt">currently</FONT> expected <FONT STYLE="letter-spacing: -0.05pt">to participate in the sale
pursuant to this prospectus</FONT> of <FONT STYLE="letter-spacing: -0.05pt">shares purchased</FONT> by <FONT STYLE="letter-spacing: -0.05pt">CVI
in</FONT> the private <FONT STYLE="letter-spacing: -0.05pt">offering</FONT> described <FONT STYLE="letter-spacing: -0.05pt">elsewhere
herein.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="LEGALMATTERS"></A>LEGAL
MATTERS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pierce
<FONT STYLE="letter-spacing: -0.05pt">Atwood LLP </FONT><FONT STYLE="letter-spacing: -0.1pt">will</FONT> pass upon <FONT STYLE="letter-spacing: -0.05pt">legal
matters in</FONT> connection <FONT STYLE="letter-spacing: -0.1pt">with</FONT> the validity <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the securities offered hereby.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="EXPERTS"></A>EXPERTS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">financial statements</FONT> of ImmuCell Corporation as of <FONT STYLE="letter-spacing: -0.05pt">December
</FONT>31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2014 <FONT STYLE="letter-spacing: -0.05pt">and for</FONT> each
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.15pt">two</FONT> <FONT STYLE="letter-spacing: -0.05pt">years
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the </FONT>period <FONT STYLE="letter-spacing: -0.05pt">ended
December </FONT>31, 2015 <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus from the <FONT STYLE="letter-spacing: -0.05pt">Annual
</FONT>Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for</FONT> the <FONT STYLE="letter-spacing: -0.05pt">year</FONT>
ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">so
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">in reliance</FONT> <FONT STYLE="letter-spacing: 0.05pt">on</FONT> the
report of <FONT STYLE="letter-spacing: -0.05pt">Baker Newman</FONT> &amp; Noyes <FONT STYLE="letter-spacing: -0.05pt">LLC,</FONT>
<FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">independent registered public accounting firm,
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">herein</FONT> by reference, <FONT STYLE="letter-spacing: -0.05pt">given
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">the authority</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> said firm <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">experts</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> auditing <FONT STYLE="letter-spacing: -0.05pt">and
accounting.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="INTERESTSOFNAMED"></A>INTERESTS
OF <FONT STYLE="letter-spacing: -0.05pt">NAMED</FONT> EXPERTS <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> COUNSEL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">No <FONT STYLE="letter-spacing: -0.05pt">expert</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">counsel named</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">this
prospectus</FONT> as <FONT STYLE="letter-spacing: -0.05pt">having</FONT> prepared <FONT STYLE="letter-spacing: -0.05pt">or
certified</FONT> any part of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus or having <FONT STYLE="letter-spacing: -0.05pt">given</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">opinion </FONT>upon <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
validity of the <FONT STYLE="letter-spacing: -0.05pt">securities </FONT>being <FONT STYLE="letter-spacing: -0.05pt">registered</FONT>
or upon <FONT STYLE="letter-spacing: -0.05pt">other</FONT> legal <FONT STYLE="letter-spacing: -0.05pt">matters</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">connection
with the registration</FONT> or offering of <FONT STYLE="letter-spacing: -0.05pt">the securities was employed</FONT> on a <FONT STYLE="letter-spacing: -0.05pt">contingency
basis,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">had,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is to receive,
in </FONT>connection <FONT STYLE="letter-spacing: -0.05pt">with the offering,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">substantial </FONT>interest,
direct or <FONT STYLE="letter-spacing: -0.05pt">indirect, in the registrant.</FONT> Nor <FONT STYLE="letter-spacing: -0.05pt">was </FONT>any <FONT STYLE="letter-spacing: -0.05pt">such </FONT>person <FONT STYLE="letter-spacing: -0.05pt">connected </FONT><FONT STYLE="letter-spacing: -0.1pt">with </FONT>the <FONT STYLE="letter-spacing: -0.05pt">registrant </FONT>as
a <FONT STYLE="letter-spacing: -0.05pt">promoter, managing </FONT>or <FONT STYLE="letter-spacing: -0.05pt">principal
underwriter, voting trustee,</FONT> director, <FONT STYLE="letter-spacing: -0.05pt">officer, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">employee.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">11</P>

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