<SEC-DOCUMENT>0001213900-18-001920.txt : 20180215
<SEC-HEADER>0001213900-18-001920.hdr.sgml : 20180215
<ACCEPTANCE-DATETIME>20180215081148
ACCESSION NUMBER:		0001213900-18-001920
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180215
DATE AS OF CHANGE:		20180215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Actinium Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001388320
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				880378336
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-216748
		FILM NUMBER:		18616242

	BUSINESS ADDRESS:	
		STREET 1:		275 MADISON AVENUE, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		646-677-3875

	MAIL ADDRESS:	
		STREET 1:		275 MADISON AVENUE, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cactus Ventures, Inc.
		DATE OF NAME CHANGE:	20070130
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f424b50218_actinium.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<TITLE></TITLE>
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<BODY LANG="EN-US" STYLE=
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<DIV CLASS="WordSection1" STYLE=
"width: 600px; margin: 0 auto; page: WordSection1;">
<P CLASS="Textflush" ALIGN="right" STYLE=
"text-align: right; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><B>Filed
Pursuant to Rule 424(b)(5)</B><BR>
<B>Registration No. 333-216748</B></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="color: #D80000;"> Prospectus
Supplement</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="color: #D80000;">(To Prospectus Dated October 24,
2017)</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<IMG WIDTH="394" HEIGHT="107" SRC="image001.jpg" Alt=""></P>
<P CLASS="H1" STYLE=
"margin-top: 3.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Subscription Rights to Purchase Up to 35,714,285 Units</P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt; letter-spacing: -.1pt;">We are
distributing to holders of our common stock and to holders of
certain of our outstanding warrants who are entitled to participate
in this offering, at no charge, non-transferable subscription
rights to purchase up to an aggregate of $25.0 million of units,
subject to increase as described in this prospectus supplement.
Each unit, which we refer to as a Unit, consists of one share of
common stock, 0.25 <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">series A</FONT> warrants and 0.75 series
B warrants, which we refer to as the Common Stock, Series A
Warrants, and Series B Warrants, respectively. We refer to the
Series A Warrants and the Series B Warrants collectively as the
Warrants. Each whole Series A Warrant and whole Series B Warrant
will be exercisable for one share of our common stock. We refer to
the offering that is the subject of this prospectus supplement as
the Rights Offering. In the Rights Offering, you will receive one
subscription right for every share of common stock owned at 5:00
p.m., Eastern Time, on February 14, 2018, the record date of the
Rights Offering, or the Record Date. The Common Stock, Series A
Warrants and Series B Warrants comprising the Units will separate
upon the closing of the Rights Offering and will be issued
separately but may only be purchased as a Unit, and the Units will
not trade as a separate security. The subscription rights will not
be tradable.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt; letter-spacing: -.1pt;">Each
subscription right will entitle you to purchase one Unit, which we
refer to as the Basic Subscription Right, at a subscription price
per Unit of $0.70, which we refer to as the Subscription Price.
Each Series A Warrant entitles the holder to purchase one share of
common stock at an exercise price of $0.90 per share from the date
of issuance through its expiration 12 months from the date of
issuance. Each Series B Warrant entitles the holder to purchase one
share of common stock at an exercise price of $1.10 per share from
the date of issuance through its expiration 30 months from the date
of issuance. If you exercise your Basic Subscription Rights in
full, and any portion of the Units remain available under the
Rights Offering, you will be entitled to an over-subscription
privilege to purchase a portion of the unsubscribed Units at the
Subscription Price, subject to proration and ownership limitations,
which we refer to as the Over-Subscription Privilege. Each
subscription right consists of a Basic Subscription Right and an
Over-Subscription Privilege, which we refer to as the Subscription
Right.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">The Subscription Rights will expire
if they are not exercised by 5:00 p.m., Eastern Time, on March 2,
2018, unless the Rights Offering is extended or earlier terminated
by the Company. If we elect to extend the Rights Offering, we will
issue a press release announcing the extension no later than 9:00
a.m., Eastern Time, on the next business day after the most
recently announced expiration date of the Rights Offering. We may
extend the Rights Offering for additional periods in our sole
discretion. Once made, all exercises of Subscription Rights are
irrevocable.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">We have not entered into any
standby purchase agreement or other similar arrangement in
connection with the Rights Offering. The Rights Offering is being
conducted on a best-efforts basis and there is no minimum amount of
proceeds necessary to be received in order for us to close the
Rights Offering</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">We have engaged Maxim Group LLC to
act as dealer-manager in the Rights Offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; text-indent: 24.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 8.0pt;">Investing in our securities involves a high
degree of risk. See the section entitled &ldquo;Risk Factors&rdquo;
beginning on page S-21 of this prospectus supplement. You should
carefully consider these risk factors, as well as the information
contained in this prospectus supplement and the accompanying
prospectus, before you invest.</FONT></FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Broadridge Corporate Issuer
Solutions, Inc. will serve as the Subscription Agent and
Information Agent for the Rights Offering. The Subscription Agent
will hold the funds we receive from subscribers until we complete,
abandon or terminate the Rights Offering. If you want to
participate in this Rights Offering and you are the record holder
of your shares or participating warrants, we recommend that you
submit your subscription documents to the Subscription Agent well
before the deadline. If you want to participate in this Rights
Offering and you hold shares through your broker, dealer, bank or
other nominee, you should promptly contact your broker, dealer,
bank or other nominee and submit your subscription documents in
accordance with the instructions and within the time period
provided by your broker, dealer, bank or other nominee. For a
detailed discussion, see &ldquo;The Rights Offering &mdash; The
Subscription Rights.&rdquo;</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Our board of directors reserves the
right to terminate the Rights Offering for any reason any time
before the closing of the Rights Offering. If we terminate the
Rights Offering, all subscription payments received will be
returned within 10 business days, without interest or deduction. We
expect the Rights Offering to expire on or about March 2, 2018,
subject to our right to extend the Rights Offering as described
above, and that we would close on subscriptions within five
business days of such date.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_ind; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Our common stock is listed on NYSE
American under the symbol &ldquo;ATNM.&rdquo; On February 13, 2018,
the last reported sale price of our common stock was $0.60 per
share. There is no established public trading market for the Series
A Warrants or the Series B Warrants. We do not intend to apply for
listing of the Series A Warrants and Series B Warrants on any
securities exchange or recognized trading system. The Subscription
Rights are non-transferrable and will not be listed for trading on
NYSE American or any other securities exchange or market. You are
urged to obtain a current price quote for our common stock before
exercising your Subscription Rights.</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="73%" VALIGN="bottom" STYLE=
"width: 73.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 8pt">Per
                                         Unit</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 8pt">Total<SUP>(2)</SUP></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="73%" VALIGN="bottom" STYLE=
"width: 73.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Subscription
                                         price</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.700</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">25,000,000</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="73%" VALIGN="bottom" STYLE=
"width: 73.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Dealer-Manager
                                         fees and expenses <SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;0.051</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">1,835,000</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="73%" VALIGN="bottom" STYLE=
"width: 73.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Proceeds
                                         to us, before expenses</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;0.649</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">23,165,000</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">____________</FONT></P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">(1)</FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="font-size: 8.0pt;">In connection with this Rights
Offering, we have agreed to pay to Maxim Group LLC as the
dealer-manager a cash fee equal to 7% of the gross proceeds
received by us directly from exercises of the Subscription Rights.
We have also agreed to reimburse the dealer-manager for its
expenses up to $85,000. See &ldquo;Plan of
Distribution.&rdquo;</FONT></P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">(2)</FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="font-size: 8.0pt;">Assumes the Rights Offering is
fully subscribed, but excludes proceeds from the exercise of
Warrants included within the Units.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 8.0pt; letter-spacing: -.05pt;">Our board of directors
is making no recommendation regarding your exercise of the
Subscription Rights. You should carefully consider whether to
exercise your Subscription Rights before the expiration date. You
may not revoke or revise any exercises of Subscription Rights once
made.</FONT></FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 8.0pt;">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of
these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal
offense.</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 1.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"font-weight: normal;">Dealer-Manager</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 1.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 12.0pt;">Maxim Group LLC</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 2.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">The date of this prospectus
supplement is February 15, 2018</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Table of
Contents</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Pages</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="100%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 100.0%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">Prospectus
Supplement</FONT></B></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; border: none; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; border: none; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; border: none; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
About this Prospectus Supplement</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-1</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Questions and Answers Relating to the rights Offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-2</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prospectus Supplement Summary</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-9</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-18</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Risk Factors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-21</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Special Note Regarding Forward-Looking Statements</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-46</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Use of Proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-47</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dilution</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-48</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dividend Policy</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-49</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Rights Offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-50</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Material U.S. Federal Income Tax
Consequences</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-59</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Description of Securities we are
Offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-67</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Plan of Distribution</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-69</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notice to Investors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Legal Matters</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-70</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Experts</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-70</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Where You Can Find More Information</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-70</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Incorporation of Certain Information by Reference</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-70</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="100%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 100.0%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Prospectus</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
About this Prospectus</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prospectus Summary</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Risk Factors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Special Note Regarding Forward-Looking Statements</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Use of Proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Capital Stock</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Debt Securities</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Warrants</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
26</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Rights</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
28</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Purchase Contracts</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
29</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of Units</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
30</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Plan of Distribution</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
31</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Legal Matters</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Experts</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Where You Can Find More Information</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Incorporation of Certain Information by Reference</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
34</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
i</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">About this Prospectus
Supplement</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This prospectus supplement and the accompanying prospectus form a
part of a registration statement on Form S-3 that we filed with the
Securities and Exchange Commission utilizing a &ldquo;shelf&rdquo;
registration process. This document is in two parts. The first part
is the prospectus supplement, which describes the specific terms of
this offering. The second part, the accompanying prospectus,
provides more general information about the securities we may offer
from time to time, some of which may not apply to the securities
offered by this prospectus supplement. Generally, when we refer to
this prospectus, we are referring to both parts of this document
combined. Before you invest, you should carefully read this
prospectus supplement, the accompanying prospectus, all information
incorporated by reference herein and therein, and the additional
information described under &ldquo;Where You Can Find More
Information&rdquo; on page S-70 of this prospectus supplement.
These documents contain information you should consider when making
your investment decision. This prospectus supplement may add,
update or change information contained in the accompanying
prospectus. To the extent that any statement that we make in this
prospectus supplement is inconsistent with statements made in the
accompanying prospectus or any documents incorporated by reference
therein, the statements made in this prospectus supplement will be
deemed to modify or supersede those made in the accompanying
prospectus and such documents incorporated by reference
therein.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Neither we nor the dealer-manager have authorized any other person
to provide you with any information that is different. We are
offering to sell, and seeking offers to buy, our securities only in
jurisdictions where offers and sales are permitted. The
distribution of this prospectus supplement and the accompanying
prospectus and the offering of the securities in certain
jurisdictions may be restricted by law. Persons outside the United
States who come into possession of this prospectus supplement
and/or the accompanying prospectus must inform themselves about,
and observe any restrictions relating to, the offering of the
securities and the distribution of this prospectus supplement
and/or the accompanying prospectus outside the United States. This
prospectus supplement and the accompanying prospectus do not
constitute, and may not be used in connection with, an offer to
sell, or a solicitation of an offer to buy, any securities offered
by this prospectus supplement and the accompanying prospectus by
any person in any jurisdiction in which it is unlawful for such
person to make such an offer or solicitation.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We further note that the representations, warranties and covenants
made by us in any agreement that is filed as an exhibit to any
document that is incorporated by reference in the accompanying
prospectus were made solely for the benefit of the parties to such
agreement, including, in some cases, for the purpose of allocating
risk among the parties to such agreements, and should not be deemed
to be a representation, warranty or covenant to you. Moreover, such
representations, warranties or covenants were accurate only as of
the date when made. Accordingly, such representations, warranties
and covenants should not be relied on as accurately representing
the current state of our affairs.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless the context otherwise requires, references in this
prospectus supplement to &ldquo;we&rdquo;, &ldquo;us&rdquo; and
&ldquo;our&rdquo; refer to Actinium Pharmaceuticals, Inc.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-1</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Questions and Answers
Relating to Rights Offering</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">The following are
examples of what we anticipate will be common questions about this
Rights Offering. The answers are based on selected information
included elsewhere in this prospectus supplement. The following
questions and answers do not contain all of the information that
may be important to you and may not address all of the questions
that you may have about the Rights Offering. This prospectus
supplement and the documents incorporated by reference into this
prospectus supplement contain more detailed descriptions of the
terms and conditions of the Rights Offering and provides additional
information about us and our business, including potential risks
related to the Rights Offering, the Units offered hereby, and our
business. We urge you to read this entire prospectus and the
documents incorporated by reference into this prospectus
supplement.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Why are we conducting
the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are conducting the Rights Offering to complete our ongoing
pivotal, Phase 3 SIERRA trial for our lead product candidate
Iomab-B, generate topline results and support the filing of a BLA
application with the U.S. Food and Drug Administration (FDA) all of
which are anticipated to be approximately $12 to 15 million. We may
elect to use any additional proceeds above $15 million to fund
proof-of-concept of our planned Phase 2 Actimab-MDS trial from the
CD33 Program, if appropriate, as we believe this can further
support its partnering strategy for the CD33 program. We will also
use the proceeds to support our AWE Technology Platform, research
and development and general working capital needs.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What is the Rights
Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are distributing, at no charge, to record holders of our common
stock and to holders of certain of our outstanding warrants who are
entitled to participate in this offering, non-transferable
Subscription Rights to purchase Units at a price of $0.70 per Unit.
The Subscription Rights will not be tradable. Each Unit consists of
one share of Common Stock, 0.25 Series A Warrants, and 0.75 Series
B Warrants. Each whole Warrant will be exercisable for one share of
our Common Stock. Upon closing of the Rights Offering, the Common
Stock and Warrants will immediately separate. You will receive one
Subscription Right for every share of common stock or each share of
common stock underlying the participating warrants that you owned
as of 5:00 p.m., Eastern Time, on the Record Date. Each
Subscription Right entitles the record holder to a Basic
Subscription Right and an Over-Subscription Privilege. The
Subscription Rights will expire if they are not exercised by 5:00
p.m., Eastern Time, on March 2, 2018, unless we extend or earlier
terminate the Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What are the Basic
Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For every share or whole share underlying the participating
warrants you owned as of the Record Date, you will receive one
Basic Subscription Right, which gives you the opportunity to
purchase one Unit, consisting of one share of our Common Stock,
0.25 Series A Warrants and 0.75 Series B Warrants, for a price of
$0.70 per Unit. For example, if you owned 1,000 shares of common
stock as of the Record Date, you will receive 1,000 Subscription
Rights and will have the right to purchase 1,000 shares of our
Common Stock, Series A Warrants to purchase 250 shares of common
stock and Series B Warrants to purchase 750 shares of our common
stock for an aggregate purchase price of $0.70 per Unit (or a total
payment of $700). You may exercise all or a portion of your Basic
Subscription Rights or you may choose not to exercise any Basic
Subscription Rights at all.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a record holder of our common stock or a holder of
participating warrants, the number of shares you may purchase
pursuant to your Basic Subscription Rights is indicated on the
enclosed Rights Certificate. If you hold your shares or
participating warrants in the name of a broker, dealer, bank or
other nominee who uses the services of the Depository Trust
Company, or DTC, you will not receive a Rights Certificate.
Instead, DTC will issue one Subscription Right to your nominee
record holder for each share of our common stock or participating
warrant that you beneficially own as of the Record Date. If you are
not contacted by your nominee, you should contact your nominee as
soon as possible.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What is the
Over-Subscription Privilege?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you exercise your Basic Subscription Rights in full, you may
also choose to exercise your Over-Subscription Privilege to
purchase a portion of any Units that remain available under the
Rights Offering. You should indicate on your Rights Certificate, or
the form provided by your nominee if your shares are held in the
name of a nominee, how</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-2</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
many additional Units you would like to purchase pursuant to your
Over-Subscription Privilege, which we refer to as your
Over-Subscription Request.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to stock ownership limitations, if sufficient Units are
available, we will seek to honor your Over-Subscription Request in
full. If Over-Subscription Requests exceed the number of Units
available, however, we will allocate the available Units pro-rata
among the record holders exercising the Over-Subscription Privilege
in proportion to the number of shares of our common stock each of
those record holders owned on the Record Date, relative to the
number of shares owned on the Record Date by all record holders
exercising the Over-Subscription Privilege. If this pro-rata
allocation results in any record holders receiving a greater number
of Units than the record holder subscribed for pursuant to the
exercise of the Over-Subscription Privilege, then such record
holder will be allocated only that number of Units for which the
record holder oversubscribed, and the remaining Units will be
allocated among all other record holders exercising the
Over-Subscription Privilege on the same pro rata basis described
above. The proration process will be repeated until all Units have
been allocated. See &ldquo;The Rights <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">Offering &mdash; Limitation</FONT> on
the Purchase of Units&rdquo; for a description of certain stock
ownership limitations.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To properly exercise your Over-Subscription Privilege, you must
deliver to the Subscription Agent the subscription payment related
to your Over-Subscription Privilege before the Rights Offering
expires. See &ldquo;The Rights Offering &mdash; The Subscription
Rights &mdash; Over-Subscription Privilege.&rdquo; To the extent
you properly exercise your Over-Subscription Privilege for an
amount of Units that exceeds the number of unsubscribed Units
available to you, any excess subscription payments will be returned
to you within 10 business days after the expiration of the Rights
Offering, without interest or deduction.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Broadridge Corporate Issuer Solutions, Inc., our Subscription Agent
for the Rights Offering, will determine the allocation of
Over-Subscription Requests based on the formula described
above.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">May the Subscription
Rights that I exercise be reduced for any reason?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">Yes.
While we are distributing to holders of our common stock and to holders of certain of our outstanding warrants who are entitled
to participate in this offering one Subscription Right for every share of common stock or participating warrant owned on the Record
Date, we are only seeking to raise $25.0 million dollars in gross proceeds in this Rights Offering, subject to increase as described
under &ldquo;The Rights Offering &mdash; Limitation on the Purchase of Units&rdquo; and &ldquo;The Rights Offering &mdash; Amendment
to the Terms of the Rights Offering&rdquo; below. As a result, based on 80,072,900 shares of common stock and 21,608,333 participating
warrants outstanding as of February 14, 2018, we would grant Subscription Rights to acquire 101,681,233 Units, but will only accept
subscriptions for 35,714,285 Units. Accordingly, sufficient Units may not be available to honor your subscription in full.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If exercises of Basic Subscription Rights exceed the number of
Units available in the Rights Offering, we will allocate the
available Units pro-rata among the record holders exercising the
Basic Subscription Rights in proportion to the number of shares of
our common stock or participating warrants each of those record
holders owned on the Record Date, relative to the number of shares
or participating warrants owned on the Record Date by all record
holders exercising the Basic Subscription Right. If this pro-rata
allocation results in any record holders receiving a greater number
of Units than the record holder subscribed for pursuant to the
exercise of the Basic Subscription Rights, then such record holder
will be allocated only that number of Units for which the record
holder subscribed, and the remaining Units will be allocated among
all other record holders exercising their Basic Subscription Rights
on the same pro rata basis described above. The proration process
will be repeated until all Units have been allocated. Please also
see the discussion under &ldquo;The Rights Offering &mdash; The
Subscription <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">Rights &mdash; Over-Subscription</FONT>
Privilege&rdquo; and &ldquo;The Rights Offering &mdash; Limitation
on the Purchase of Units&rdquo; for a description potential
proration as to the Over-Subscription Privilege and certain stock
ownership limitations.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless we otherwise agree in writing, a person or entity, together
with related persons or entities, may not exercise Subscription
Rights (including Over-Subscription Privileges) to purchase Units
that, when aggregated with their existing ownership, would result
in such person or entity, together with any related persons or
entities, owning in excess of 19.99% of our issued and outstanding
shares of common stock following the closing of the transactions
contemplated by this Rights Offering. If the amount of shares
allocated to you is less than your subscription request, then the
excess funds held by the Subscription Agent on your behalf will be
returned to you, without interest, as soon as practicable after the
Rights Offering has expired and all prorating calculations and
reductions contemplated by the terms of the Rights Offering have
been effected, and we will have no further obligations to you.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-3</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, to the extent that any participating warrant
holder&rsquo;s right to participate in this Rights Offering would
result in the holder exceeding the beneficial ownership limitation
set forth in the participating warrants, then the holder will not
be entitled to participate in this Rights Offering</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What are the terms of
the Series A Warrants and Series B Warrants?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each whole Series A Warrant entitles the holder to purchase one
share of common stock at an exercise price of $0.90 per share from
the closing date through its expiration 12 months from the date of
issuance. The Warrants will be exercisable for cash, or, solely
during any period when a registration statement for the exercise of
the Warrants is not in effect, on a cashless basis. We may redeem
the Warrants for $0.001 per Warrant if our common stock closes
above $1.80 per share for ten consecutive trading days.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each whole Series B Warrant entitles the holder to purchase one
share of common stock at an exercise price of $1.10 per share from
the closing date through its expiration 30 months from the date of
issuance. The Warrants will be exercisable for cash, or, solely
during any period when a registration statement for the exercise of
the Warrants is not in effect, on a cashless basis. We may redeem
the Warrants for $0.001 per Warrant if our common stock closes
above $3.30 per share for ten consecutive trading days.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Are the Warrants
listed?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Series A Warrants and Series B Warrants are not listed on any
exchange and we do not intend to list these Warrants. The Warrants
will be issued in registered form under a warrant agent agreement
with Action Stock Transfer Corporation as warrant agent.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><B>Will
fractional shares or warrants be issued upon exercise of Subscription Rights, upon the issuance of the Common Stock, Series A
Warrants or Series B Warrants, or upon the exercise of Series A Warrants or Series B Warrants?</B></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No. We will not issue fractional shares or warrants, as applicable, of Common Stock, Series A Warrants
or Series B Warrants in the Rights Offering. Rights holders will only be entitled to purchase a number of Units representing a
whole number of shares or warrants, as applicable, of Common Stock, Series A Warrants or Series B Warrants, rounded down to the
nearest whole number of shares or warrants a holder would otherwise be entitled to purchase. Any excess subscription payments received
by the Subscription Agent will be returned within 10 business days after expiration of the Rights Offering, without interest or
deduction.&nbsp;Similarly, no fractional shares of common stock shall be issued upon the exercise of the Series A Warrants or Series
B Warrants.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What effect will the
Rights Offering have on our outstanding common stock?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Assuming no other transactions by us involving our capital stock
prior to the expiration of the Rights Offering, and if the Rights
Offering is fully subscribed, upon consummation of the Rights
Offering we will have 115,787,185 shares of common stock issued and
outstanding, Series A Warrants to purchase an additional 8,928,571
shares of our common stock issued and outstanding, and Series B
Warrants to purchase an additional 26,785,713 shares of our common
stock issued and outstanding, based on 80,072,900 shares of our
common stock outstanding as of February 14, 2018. The exact number
of shares of Common Stock, Series A Warrants, and Series B Warrants
that we will issue in this offering will depend on the number of
Units that are subscribed for in the Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">How was the Subscription
Price determined?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In determining the Subscription Price, the board of directors
considered, among other things, the following factors:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our need to raise capital in the near term to continue our
operations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the current and historical trading prices of our common stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the price at which stockholders might be willing to participate in
the Rights Offering;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the value of the Common Stock being issued as a component of the
Unit;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the value of the Series A Warrants and Series B Warrants being
issued as a component of the Unit;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-4</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our need for additional capital and liquidity;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the cost of capital from other sources; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
comparable precedent transactions, including the percentage of
shares offered, the terms of the subscription rights being offered,
the subscription price and the discount that the subscription price
represented to the immediately prevailing closing prices for those
offerings.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In conjunction with the review of these factors, the board of
directors also reviewed our history and prospects, including our
past and present earnings and cash requirements, our prospects for
the future, the outlook for our industry and our current financial
condition. The board of directors also believed that the
Subscription Price should be designed to provide an incentive to
our current stockholders and holders of the participating warrants
to participate in the Rights Offering and exercise their Basic
Subscription Right and their Over-Subscription Privilege.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Price does not necessarily bear any relationship
to any established criteria for value. You should not consider the
Subscription Price as an indication of actual value of our company
or our common stock. The market price of our common stock may
decline during or after the Rights Offering. You should obtain a
current price quote for our common stock and perform an independent
assessment of our Common Stock and Warrants before exercising your
Subscription Rights and make your own assessment of our business
and financial condition, our prospects for the future, the terms of
the Rights Offering, the information in this prospectus and the
other considerations relevant to your circumstances. Once made, all
exercises of Subscription Rights are irrevocable. In addition,
there is no established trading market for the Warrants to be
issued pursuant to this offering, and the Warrants may not be
widely distributed.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Am I required to
exercise all of the Basic Subscription Rights I receive in the
Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No. You may exercise any number of your Basic Subscription Rights,
or you may choose not to exercise any Basic Subscription Rights. If
you do not exercise any Basic Subscription Rights, the number of
shares of our common stock you own will not change. However, if you
choose to not exercise your Basic Subscription Rights in full and
other holders of Subscription Rights do exercise, your
proportionate ownership interest in our company will decrease. If
you do not exercise your Basic Subscription Rights in full, you
will not be entitled to exercise your Over-Subscription
Privilege.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">How soon must I act to
exercise my Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you received a Rights Certificate and elect to exercise any or
all of your Subscription Rights, the Subscription Agent must
receive your completed and signed Rights Certificate and payment
for both your Basic Subscription Rights and any Over-Subscription
Privilege you elect to exercise before the Rights Offering expires
on March 2, 2018, at 5:00 p.m., Eastern Time, unless we extend or
earlier terminate the Rights Offering. If you hold your shares in
the name of a broker, dealer, bank or other nominee, your nominee
may establish a deadline before the expiration of the Rights
Offering by which you must provide it with your instructions to
exercise your Subscription Rights, along with the required
subscription payment.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">May I transfer my
Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No. The Subscription Rights may be exercised only by the
stockholders and holders of the participating warrants to whom they
are distributed, and they may not be sold, transferred, assigned or
given away to anyone else, other than by operation of law. As a
result, Rights Certificates may be completed only by the holder who
receives the certificate. We do not intend to apply for the listing
of the Subscription Rights on any securities exchange or recognized
trading market.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Will our directors and
executive officers participate in the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the extent they hold common stock as of the Record Date, our
directors and executive officers will be entitled to participate in
the Rights Offering on the same terms and conditions applicable to
other Rights holders. While none of our directors or executive
officers has entered into any binding commitment or agreement to
exercise Subscription Rights received in the Rights Offering, all
of our directors and executive officers have indicated an interest
in participating in the offering.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-5</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Has the board of
directors made a recommendation to stockholders or holders of
participating warrants regarding the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No. Our board of directors is making no recommendation regarding
your exercise of the Subscription Rights. Rights holders who
exercise Subscription Rights will incur investment risk on new
money invested. Our common stock is listed on NYSE American. We
cannot predict the price at which our shares of common stock will
trade after the Rights Offering. On February 13, 2018, the last
reported sale price of our common stock on NYSE American was $0.60
per share. You should make your decision based on your assessment
of our business and financial condition, our prospects for the
future, the terms of the Rights Offering, the information contained
in this prospectus and other considerations relevant to your
circumstances. See &ldquo;Risk Factors&rdquo; for discussion of
some of the risks involved in investing in our securities.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">How do I exercise my
Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a stockholder or holder of the participating warrants of
record (meaning you hold your shares of our common stock or
participating warrant holder in your name and not through a broker,
dealer, bank or other nominee) and you wish to participate in the
Rights Offering, you must deliver a properly completed and signed
Rights Certificate, together with payment of the Subscription Price
for both your Basic Subscription Rights and any Over-Subscription
Privilege you elect to exercise, to the Subscription Agent before
5:00 p.m., Eastern Time, on March 2, 2018. If you are exercising
your Subscription Rights through your broker, dealer, bank or other
nominee, you should promptly contact your broker, dealer, bank or
other nominee and submit your subscription documents and payment
for the Units subscribed for in accordance with the instructions
and within the time period provided by your broker, dealer, bank or
other nominee.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What if my shares or
warrants are held in &ldquo;street name&rdquo;?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you hold your shares of our common stock or participating
warrants in the name of a broker, dealer, bank or other nominee,
then your broker, dealer, bank or other nominee is the record
holder of the shares or warrants you beneficially own. The record
holder must exercise the Subscription Rights on your behalf.
Therefore, you will need to have your record holder act for
you.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you wish to participate in this Rights Offering and purchase
Units, please promptly contact the record holder of your shares or
participating warrants. We will ask the record holder of your
shares or participating warrants, who may be your broker, dealer,
bank or other nominee, to notify you of this Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What form of payment is
required?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You must timely pay the full Subscription Price for the full number
of Units you wish to acquired pursuant to the exercise of
Subscription Rights by delivering to the Subscription Agent a:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
personal check drawn on a U.S. bank;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
certified check drawn on a U.S. bank;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
U.S. Postal money order; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
wire transfer.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you send payment by personal uncertified check, payment will not
be deemed to have been delivered to the Subscription Agent until
the check has cleared. As such, any payments made by personal check
should be delivered to the Subscription Agent no fewer than three
business days prior to the expiration date.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you send a payment that is insufficient to purchase the number
of Units you requested, or if the number of Units you requested is
not specified in the forms, the payment received will be applied to
exercise your Subscription Rights to the fullest extent possible
based on the amount of the payment received.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">When will I receive my
new shares of Common Stock, Series A Warrants and Series B
Warrants?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As soon as practicable after the expiration of the Rights Offering,
and within five business days thereof, we expect to close on
subscriptions and for the Subscription Agent to arrange for the
issuance of the shares of</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-6</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Common Stock, Series A Warrants and Series B Warrants purchased in
the Rights Offering. At closing, all prorating calculations and
reductions contemplated by the terms of the Rights Offering will
have been effected and payment to us for the subscribed-for Units
will have cleared. All shares and warrants that you purchase in the
Rights Offering will be issued in book-entry, or uncertificated,
form meaning that you will receive a direct registration, or DRS,
account statement from our transfer agent reflecting ownership of
these securities if you are a holder of record of shares or
warrants. If you hold your shares or participating warrants in the
name of a broker, dealer, bank or other nominee, DTC will credit
your account with your nominee with the securities you purchase in
the Rights Offering Action Stock Transfer Corporation is acting as
the warrant agent in this offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">After I send in my
payment and Rights Certificate to the Subscription Agent, may I
cancel my exercise of Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No. Exercises of Subscription Rights are irrevocable, even if you
later learn information that you consider to be unfavorable to the
exercise of your Subscription Rights. You should not exercise your
Subscription Rights unless you are certain that you wish to
purchase Units at the Subscription Price.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">How much will our
company receive from the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Assuming that the Rights Offering is fully subscribed, we estimate
that the net proceeds from the Rights Offering will be
approximately $23.2 million, based on the Subscription Price of
$0.70 per Unit, after deducting fees and expenses payable to the
dealer-manager and excluding any proceeds received upon exercise of
any warrants. If all Series A Warrants and Series B Warrants
included in the Units are exercised for cash at the exercise price
of $0.90 per share and $1.10 per share, respectively, we will
receive an additional $37.5 million. We intend to use proceeds to
complete our ongoing pivotal, Phase 3 SIERRA trial for our lead
product candidate Iomab-B, generate topline results and support the
filing of a BLA application with the U.S. Food and Drug
Administration (FDA) all of which are anticipated to be
approximately $12 to 15 million. We may elect to use any additional
proceeds above $15 million to fund proof-of-concept of our planned
Phase 2 Actimab-MDS trial from the CD33 Program, if appropriate, as
we believe this can further support its partnering strategy for the
CD33 program. We will also use the proceeds to support our AWE
Technology Platform, research and development and general working
capital needs. See &ldquo;Use of Proceeds.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Are there risks in
exercising my Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Yes. The exercise of your Subscription Rights involves risks.
Exercising your Subscription Rights involves the purchase of shares
of our Common Stock, Series A Warrants to purchase common stock and
Series B Warrants to purchase common stock and you should consider
this investment as carefully as you would consider any other
investment. There is currently no market for our Warrants.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Can the board of
directors terminate or extend the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Yes. Our board of directors may decide to terminate the Rights
Offering at any time and for any reason before the expiration of
the Rights Offering. We also have the right to extend the Rights
Offering for additional periods in our sole discretion. We do not
presently intend to extend the Rights Offering. We will notify
stockholders and the public if the Rights Offering is terminated or
extended by issuing a press release announcing the extension no
later than 9:00 a.m., Eastern Time, on the next business day after
the most recently announced expiration date of the Rights
Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">If the Rights Offering
is not completed or is terminated, will my subscription payment be
refunded to me?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Yes. The Subscription Agent will hold all funds it receives in a
segregated bank account until completion of the Rights Offering. If
we do not complete the Rights Offering, all subscription payments
received by the Subscription Agent will be returned within 10
business days after the termination or expiration of the Rights
Offering, without interest or deduction. If you own shares or
participating warrants in &ldquo;street name,&rdquo; it may take
longer for you to receive your subscription payment because the
Subscription Agent will return payments through the record holder
of your shares or warrants.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-7</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">How do I exercise my
Rights if I live outside the United States?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Agent will hold Rights Certificates for
stockholders and participating warrant holders having addresses
outside the United States. To exercise Subscription Rights, foreign
holders must notify the Subscription Agent and timely follow other
procedures described in the section entitled &ldquo;The Rights
Offering &mdash; Foreign Holders.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What fees or charges
apply if I purchase shares in the Rights Offering?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not charging any fee or sales commission to issue
Subscription Rights to you or to issue shares of common stock or
Warrants to you if you exercise your Subscription Rights. If you
exercise your Subscription Rights through a broker, dealer, bank or
other nominee, you are responsible for paying any fees your broker,
dealer, bank or other nominee may charge you.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">What are the U.S.
federal income tax consequences of receiving and/or exercising my
Subscription Rights?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For U.S. federal income tax purposes, we do not believe you should
recognize income or loss in connection with the receipt or exercise
of Subscription Rights in the Rights Offering. You should consult
your tax advisor as to the tax consequences of the Rights Offering
in light of your particular circumstances. For a detailed
discussion, see &ldquo;Material U.S. Federal Income Tax
Consequences.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">To whom should I send my
forms and payment?</FONT></P>
<P CLASS="Textind" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If your shares are held in the name of a broker, dealer, bank or
other nominee, then you should send your subscription documents and
subscription payment to that broker, dealer, bank or other nominee.
If you are the record holder, then you should send your
subscription documents, Rights Certificate, and subscription
payment to the Subscription Agent by hand delivery, first class
mail or courier service to:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By mail:</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By hand or overnight
courier:</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS Re-Organization Dept.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS IWS</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
P.O. Box 1317</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
51 Mercedes Way</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Brentwood, New York 11717-0693</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edgewood, New York 11717</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068 (toll free)</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You or, if applicable, your nominee are solely responsible for
completing delivery to the Subscription Agent of your subscription
documents, Rights Certificate and payment. You should allow
sufficient time for delivery of your subscription materials to the
Subscription Agent and clearance of payment before the expiration
of the Rights Offering at 5:00 p.m. Eastern Time on March 2,
2018.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Whom should I contact if
I have other questions?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you have other questions or need assistance, please contact the
Information Agent for the Rights Offering:</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">Broadridge
Corporate Issuer Solutions, Inc.<BR>
(855) 793-5068 (toll free)</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Who is the
dealer-manager?</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC will act as dealer-manager for the Rights Offering.
Under the terms and subject to the conditions contained in the
dealer-manager agreement, the dealer-manager will use its best
efforts to solicit the exercise of Subscription Rights. We have
agreed to pay the dealer-manager certain fees for acting as
dealer-manager and to reimburse the dealer-manager for certain
out-of-pocket expenses incurred in connection with this offering.
The dealer-manager is not underwriting or placing any of the
Subscription Rights or the shares of our Common Stock or Warrants
being issued in the Rights Offering and is not making any
recommendation with respect to such Subscription Rights (including
with respect to the exercise or expiration of such Subscription
Rights), shares of Common Stock or Warrants. See &ldquo;Plan of
Distribution&rdquo; for a discussion of the fees and expenses to be
paid to the dealer-manager in connection with the Rights
Offering.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-8</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="SumBoxH1" STYLE=
"mso-style-name: Sum_Box_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Prospectus Supplement
Summary</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This summary highlights selected information about our company,
this offering and information appearing elsewhere in this
prospectus supplement, in the accompanying prospectus, in the
documents we incorporate by reference and in any free writing
prospectus that we have authorized for use in connection with this
offering. This summary is not complete and does not contain all the
information that you should consider before investing in our
securities. You should read this entire prospectus supplement and
the accompanying prospectus carefully, including the &ldquo;Risk
Factors&rdquo; contained in this prospectus supplement, the
accompanying prospectus and the financial statements and the notes
thereto incorporated by reference in this prospectus supplement and
the accompanying prospectus and any free writing prospectus that we
have authorized for use in connection with this offering, before
making an investment decision. This prospectus supplement may add
to, update or change information in the accompanying
prospectus.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Business Overview</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Actinium Pharmaceuticals Inc. is a clinical-stage biopharmaceutical
company focused on developing and commercializing targeted
therapies for potentially superior myeloablation and conditioning
of the bone marrow prior to a bone marrow transplant
(&ldquo;BMT&rdquo;) and for the targeting and killing of cancer
cells. Our targeted therapies have demonstrated the potential to
result in significantly improved access to bone marrow transplant
with better outcomes, namely increased marrow engraftment and
survival. Our targeted therapies are ARC&rsquo;s or Antibody
Radio-Conjugates that combine the targeting ability of monoclonal
antibodies with the cell killing ability of radioisotopes. Three of
our four ARC drug candidates are based on our AWE or Actinium
Warhead Enabling Technology Platform that utilizes the isotope
Actinium-225 (&ldquo;Ac-225&rdquo;) which emits alpha particles. We
are currently conducting clinical trials for our four product
candidates; Iomab-B, Actimab-A Actimab-M and Actimab-MDS, as well
as performing research on other potential drug candidates utilizing
our proprietary AWE Technology Platform. Our most advanced product
candidate, Iomab-B, an ARC developed by the Fred Hutchinson Cancer
Research Center, is comprised of an anti-CD45 monoclonal antibody
labeled with iodine-131. We are currently conducting a pivotal
Phase 3 trial of Iomab-B for myeloablation and conditioning of the
bone marrow prior to a bone marrow transplant for patients with
relapsed or refractory acute myeloid leukemia (&ldquo;AML&rdquo;)
age 55 and older. A bone marrow transplant is a potentially
curative treatment for patients with AML and other blood cancers
including leukemias, lymphomas and multiple myeloma as well as
certain blood disorders. Iomab-B has been tested in several of
these other cancers with over five hundred patients treated in
several Phase 1 and 2 trials with promising results. Upon
successful completion of our Phase 3 clinical trial for Iomab-B we
intend to submit this candidate for marketing approval in the U.S.
and European Union where it has been designated as an Orphan Drug.
We are also developing a potentially best in class CD33 program
using an ARC comprised of the anti-CD33 monoclonal antibody
lintuzumab labeled with the alpha-particle emitter Ac-225. Our most
CD33 program candidate, Actimab-A, is currently in a Phase 2
clinical trial for patients advanced over the age of 60 who are
newly diagnosed with AML and ineligible for standard induction
chemotherapy. Actimab-A also has Orphan Drug designation in the US
and EU. Actimab-M, our second CD33 targeting ARC, is being studied
in a Phase 1 trial for patients with refractory multiple myeloma.
Actinium is also planning a Phase 2 trial for Actimab-MDS, our
third CD33 program candidate, as a conditioning regimen prior to a
bone marrow transplant for patients with MDS that have a p53
genetic mutation. Our AWE or Actinium Warhead Enabling Technology
Platform, originally developed in conjunction with Memorial Sloan
Kettering Cancer Center, is focused on leveraging Actinium&rsquo;s
know how and intellectual property to create additional ARC drug
candidates by labeling Ac-225 to targeting moieties that we will
either progress in clinical trials ourselves or out-license.</P>
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We are currently enrolling the SIERRA (Study of Iomab-B in Elderly
Relapsed Refractory AML) pivotal Phase 3 clinical trial for Iomab-B
and assuming that the trial meets its end points, it will form the
basis for a Biologics Licensing Application (&ldquo;BLA&rdquo;)
with the FDA. In our IND filing, we established an agreement with
the FDA that the path to a Biologics License Application submission
would include a single, pivotal Phase 3 clinical study if it is
successful. The population in this two-arm, randomized, controlled,
multicenter trial is refractory and relapsed AML patients over the
age of 55. The trial size was set at 150 patients with 75 patients
per arm. The primary endpoint in the pivotal Phase 3 trial is
durable complete remission, defined as a complete remission lasting
at least 6 months and a secondary endpoint that will be overall
survival at one year. There are currently no effective treatments
approved by the FDA for AML in this patient population and there is
no defined standard of care. Iomab-B has completed several
physicians sponsored clinical trials examining its potential as a
conditioning regimen prior to HSCT in various blood cancers,
including the Phase 1/2 study in relapsed and/or refractory AML
patients which informs the SIERRA trial. The results of these
studies in almost 300 patients have demonstrated the potential</P>
</DIV>
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S-9</P>
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for Iomab-B to create a new treatment paradigm for bone marrow
transplants by: expanding the pool to ineligible patients who do
not have any viable treatment options currently; enabling a shorter
and safer preparatory interval for HSCT; reducing post-transplant
complications; and showing a clear survival benefit including
curative potential. In December 2017, we announced that the
independent Data Monitoring Committee for the trial reviewed
initial safety data from the first twenty patients enrolled in the
SIERRA trial and recommended that the trial continue as
planned.</P>
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<FONT STYLE="letter-spacing: .05pt;">We are also conducting a Phase
2 clinical trial for Actimab-A. This Phase 2 clinical trial is a
multicenter, open-label study that will enroll 53 patients. In the
first leg of the Phase 2 patients received 2.0
&micro;Ci/kg/fractionated dose of Actimab-A via two injections
given at day 1 and day 7. The Phase 2 trial is designed to evaluate
complete response rates at up to day 42 after Actimab-A
administration, where complete response is defined as complete
remission (&ldquo;CR&rdquo;) or complete remission with incomplete
platelet recovery (CRp). The Phase 2 trial includes peripheral
blast burden as an inclusion criteria and in patients with high
peripheral blast (&ldquo;PB&rdquo;) burden, the use of Hydroxyurea
is mandated with the goal of bringing PB burden below a key
threshold number that we have identified from two previously
complete Phase 1 clinical trials totaling 38 patients. In addition,
the use of granulocyte colony-stimulating factors
(&ldquo;GCSF&rdquo;) is mandated. Low dose cytarabine has been
eliminated from the protocol and the Phase 2 clinical trial is
evaluating Actimab-A as a monotherapy. The secondary endpoint of
the Phase 2 trial is overall survival. In December 2017, we
announced preliminary data from the first thirteen patients treated
in the trial. We presented this data at the American Society of
Hematology (&ldquo;ASH&rdquo;) Annual Meeting where we reported a
69% percent overall response rate (9 of 13 patients) at a dose
level of 2.0 &micro;Ci/kg/fractionated dose. Minimal extramedullary
toxicities were observed, specifically no evidence of
veno-occlusive disease (&ldquo;VOD&rdquo;), however, in reaction to
prolonged myelosuppression, we modified the dose and are now
enrolling patients at 1.5 &micro;Ci/kg/fractionated
dose.</FONT></P>
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We are also conducting a Phase 1 investigator initiated,
proof-of-concept clinical trial to study Actimab-M in multiple
myeloma (&ldquo;MM&rdquo;). Multiple myeloma is a cancer of plasma
cells that is currently incurable. The Phase 1 trial is expected to
enroll up to 12 patients with relapsed or refractory multiple
myeloma who have positive CD33 expression. This Phase 1 study is
designed as a dose escalation study intended to assess safety,
establish maximum tolerable dose (&ldquo;MTD&rdquo;) and assess
efficacy. Patients will be administered Actimab-M on day 1 at an
initial dose of 0.5 &micro;Ci/kg and then assessed at day 42 for
safety and efficacy. The dose can be increased to 1.0 &micro;Ci/kg
or reduced to 0.25 &micro;Ci/kg based on safety assessment that
will evaluate dose limiting toxicities (&ldquo;DLTs&rdquo;).
Patients may receive up to 8 cycles of therapy but in no event will
cumulative administration exceed 4.0 &micro;Ci/kg of Actimab-M.</P>
<P CLASS="Textind" STYLE=
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In December 2017, we announced Actimab-MDS, a new clinical program
that we intend to study in a planned Phase 2 clinical trial. The
planned Phase 2 trial for Actimab-MDS will enroll patients with
high-risk myelodysplastic syndrome (&ldquo;MDS&rdquo;) that have a
p53 genetic mutation. Actimab-MDS will be administered at a planned
dose of 4.0 &micro;Ci/kg via a single administration to
myelosuppress the patient to enable a bone marrow transplant or
serve as a bridge-to-transplant. A bone marrow transplant is the
only curative treatment option for high-risk MDS patients and the
trial and 1-year overall survival (&ldquo;OS&rdquo;) will be the
primary endpoint. We expect to meet with the FDA in the first half
of 2018 and intend to initiate the planned Phase 2 trial in the
second half of 2018 assuming we have agreement with the FDA on key
parameters of the trial, endpoints and study design. We will update
the planning assumptions based on this meeting. The trial is
expected to be conducted in collaboration with the MDS Clinical
Research Consortium, which consists of the Cleveland Clinic Cancer
Institute, Dana-Farber Cancer Institute, MD Anderson Cancer Center,
Moffitt Cancer Center, Weill Medical College of Cornell University
and John Hopkins.</P>
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In December 2017, we launched our Actinium Warhead Enabling
(&ldquo;AWE&rdquo;) Technology Platform focused on leveraging
Actinium&rsquo;s know how and intellectual property to create
additional ARC drug candidates by labeling Ac-225 to targeting
moieties that we will either progress in clinical trials ourselves
or out-license. We presented preliminary data from our AWE program
at ASH in December 2017 that showed increased cell killing ability
of Ac-225 labelled daratumumab compared to naked daratumumab.
Daratumumab is CD38 targeting antibody therapy for patients with
multiple myeloma that is a blockbuster therapy marketed by Johnson
&amp; Johnson under the trade name Darzalex<FONT CLASS="Super"
STYLE="mso-style-name: Super; vertical-align: super;">&reg;</FONT>.
In DAUDI, 28BM and 28PE and U226 cell lines, we showed that with
Ac-225 labeled daratumumab has as much as a ten-fold increase in
cell killing power and approached one hundred percent cell killing
power in certain cell lines and at certain time points. In
addition, we presented data showing high rates of Ac-225 labeling
to daratumumab and high rates of stability. We are continuing to
study Ac-225 labeled daratumumab and will update on the survival
benefit Ac-225 labelled daratumumab has shown versus naked antibody
in in vivo models at the American Academy of Clinical Research
(AACR) 2018 Annual Meeting.</P>
</DIV>
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S-10</P>
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Plan of
Operation</FONT></P>
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We are developing drugs to enable myeloablation prior to a bone
marrow transplant and for the treatment of cancer with the intent
to cure or significantly improve survival of the affected patients.
None of our drugs have been approved for sale in the United States
or elsewhere. We have no commercial operations in sales or
marketing of our products. All our product candidates are under
development. In order to market and sell our products we must
conduct clinical trials on patients and obtain regulatory approvals
from appropriate regulatory agencies like the FDA in the United
States and similar agencies elsewhere in the world.</P>
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Our products under development are monoclonal antibodies labeled
with radioisotopes also known as Antibody Radiation-Conjugates or
ARC&rsquo;s. We have one program with an antibody labeled with a
beta emitter and several programs based on a proprietary patent
protected platform technology called AWE. Our AWE technology
platform is based on attaching actinium 225 (Ac-225), an alpha
emitting radioisotope to monoclonal antibodies and other targeting
agents. Alpha emitting radioisotopes are unstable chemical elements
that decay by releasing alpha particles. Alpha particles can kill
any cell in the immediate proximity of where they are released.
Monoclonal antibodies are genetically engineered proteins that
specifically target certain cells, including cancer cells. It is
crucial for the success of our drug candidates to contain
monoclonal antibodies that can successfully seek cancer cells and
can kill them with the attached isotope while not harming nearby
normal cells. We do not have technology and operational
capabilities to develop and manufacture such monoclonal antibodies
and we therefore rely on collaboration with third parties to gain
access to such monoclonal antibodies. We had secured rights to two
monoclonal antibodies, HuM195 (Lintuzumab), in 2003 through a
collaborative licensing agreement with AbbVie Biotherapeutics Corp
and the BC8 antibody which underpins the Iomab-B product candidate
in 2012 with the Fred Hutchinson Cancer Research Center
(&ldquo;FHCRC&rdquo;). We expect to negotiate collaborative
agreements with other potential partners that would provide us with
access to additional monoclonal antibodies and targeting agents.
Establishing and maintaining such collaborative agreements is a key
to our success as a company.</P>
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Under our own sponsorship as well as activity at FHCRC, we have six
product candidates in active clinical trials: Iomab-B (BC8-I-131),
Actimab-A, Actimab-MDS and Actimab-M (HuM195-Ac-225), BC8-Y-90 and
BC8-SA. At this time, we are actively pursuing development of
Iomab-B, Actimab-A, Actimab-MDS and Actimab-M, while BC8-Y-90 and
BC8-SA are in physician sponsored clinical phase 1 trials at the
FHCRC. Iomab-B is a combination of the in-licensed monoclonal
antibody BC8 and the beta emitting radioisotope iodine 131. This
construct has been extensively tested in Phase 1 and Phase 2
clinical trials in approximately 300 patients with different blood
cancer indications who were in need of HSCT. Iomab-B is used to
condition the bone marrow of these patients by destroying blood
cancer cells in their bone marrow and elsewhere thus allowing for a
subsequent transplant containing healthy donor bone marrow stem
cells. We have decided to develop this drug candidate by initially
focusing on the patients over 55 with active acute myeloid leukemia
in relapse and/or refractory to existing treatments. On December
17, 2015, the FDA cleared our IND filing for Iomab-B, and that we
are proceeding with the pivotal, Phase 3 clinical trial. We
anticipate that the Phase 3, controlled, randomized, pivotal trial
will continue enrolling patients with topline results in 2019. We
estimate the direct costs of such a trial to completion anticipated
in 2019 and filing of a Biologics License Application (BLA) will be
approximately $12 to $15 million. Actimab-A is a combination of the
monoclonal antibody we have in-licensed, Lintuzumab (HuM195), and
the alpha emitting isotope actinium 225. We believe Actimab-A has
shown promising results throughout preclinical development and
ongoing clinical trials for patients with AML. We are currently
enrolling patients in a Phase 2 clinical trial that are newly
diagnosed with AML over the age of 60 who are unfit to receive
intensive chemotherapy. In order to conduct our ongoing Phase 2
trial, we are engaged or may engage in in manufacturing, monitoring
and quality assurance and control of the Lintuzumab antibody;
procurement of the actinium 225 isotope; funding, monitoring and
quality assurance and control of the drug candidate Actimab-A and
manufacturing and organizing and monitoring clinical trials. We
estimate that the direct costs to completion of both parts of the
ongoing Phase 1/2 trial will be approximately $7 million much of
which has already been expensed.</P>
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We have primarily management position employees and consultants who
direct, organize and monitor the activities described above through
contractors. Our Iomab-B, Actimab-A, Actimab-MDS and Actimab-M drug
candidates and their components are contract manufactured and
maintained under our supervision by specialized contract
manufacturers and suppliers in the United States.</P>
</DIV>
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S-11</P>
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We have never generated revenue. Currently, we do not have a
recurring source of revenues to cover our operating costs. For the
three months ended September 30, 2017 and 2016, we incurred a net
loss of approximately $6.3 million and $6.6 million, respectively,
and for the years ended December 31, 2016 and 2015, we incurred a
net loss of approximately $24.3 million and $21.0 million,
respectively. We believe that we have sufficient cash on hand to
fund our operations through the next 12 months.</P>
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Opportunities,
Challenges and Risks</FONT></P>
<P CLASS="Textind" STYLE=
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The market for drugs for cancer treatment is a large market in need
of novel products, in which successful products can command
multibillion dollars in annual sales. A number of large
pharmaceutical and biotechnology companies regularly acquire
products in development, with preference given to products in Phase
2 or later clinical trials. These transactions are typically
structured to include an upfront payment that ranges from several
million dollars to tens of million dollars or more and additional
milestone payments tied to regulatory submissions and approvals and
sales milestones. Our goal is to develop our product candidates
through Phase 2 clinical trials and enter into partnership
agreements with one or more large pharmaceutical and/or
biotechnology companies.</P>
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We believe our future success will be heavily dependent upon our
ability to successfully conduct clinical trials and the preclinical
development of our drug candidates. This will in turn depend on our
ability to continue our collaboration with MSKCC and our Clinical
Advisory Board members. In addition, we plan to continue and expand
other research and clinical trial collaborations. Moreover, we will
have to maintain sufficient supply of actinium-225 and successfully
maintain, and if and when needed, replenish or obtain our reserves
of monoclonal antibodies. We will have to maintain and improve
manufacturing procedures we have developed for production of our
drug candidates from the components that include the iodine-131 and
actinium-225 isotopes, monoclonal antibodies and other materials.
It is possible that despite our best efforts our clinical trials
results may not meet regulatory requirements for approval. If our
efforts are successful, we will be able to partner our development
stage products on commercially favorable terms only if they enjoy
appropriate patent coverage and/or considerable know-how and other
protection that ensures market exclusivity. For that reason, we
intend to continue our efforts to maintain our existing and
generate new intellectual property. Intellectual property is a key
factor in the success of our business as well as market
exclusivity.</P>
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To achieve our goal, we intend to continue to invest in research
and development until one or more of our products are sufficiently
developed to partner them with a large pharmaceutical and/or
biotechnology company. Research and development costs are high, and
we expect them to continue to increase, which will result in
further losses to us as we continue our product development.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Business
Strategy</FONT></P>
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We intend to potentially develop our most advanced clinical stage
product candidates through approval in the case of Iomab-B and
Actimab-MDS, and up to and including a Phase 2 proof of concept
human clinical trial (a trial designed to provide data on the
drug&rsquo;s efficacy) in the case of Actimab-A and Actimab-M. If
these efforts are successful, we may elect to commercialize Iomab-B
and Actimab-MDS on our own or with a partner in the United States
and/or outside of the United States to out-license the rights to
develop and commercialize the product to a strategic partner. In
the case of Actimab-A and Actimab-M, we will most likely seek to
enter into strategic partnerships whereby the strategic partner(s)
co-fund(s) further human clinical trials of the drug that are
needed to obtain regulatory approvals for commercial sale within
and outside of the United States. In parallel, we intend to
identify and begin initial human trials with additional
actinium-225 product candidates via our AWE program in other cancer
indications in collaboration or partnership with biopharmaceutical
companies. We intend to retain marketing rights for our products in
the United States whenever possible and out-license marketing
rights to our partners for the rest of the world. We may also seek
to in license other applicable opportunities should such technology
become available.</P>
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Market
Opportunity</FONT></P>
<P CLASS="Textind" STYLE=
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We compete in the marketplace for cancer treatments estimated to
reach over $83 billion in 2016 sales, according to &ldquo;The
Global Use of Medicines: Outlook Through 2016 Report by the IMS
Institute for Healthcare Informatics, July 2012.&rdquo; While
surgery, radiation and chemotherapy remain staple treatments for
cancer, their use is limited by the fact that they often cause
substantial damage to normal cells. On the other hand, targeted
monoclonal</P>
</DIV>
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S-12</P>
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antibody therapies exert most or all of their effect directly on
cancer cells, but often lack sufficient killing power to eradicate
all cancer cells with just the antibody. A new approach for
treating cancer is to combine the precision of antibody-based
targeting agents with the killing power of radiation or
chemotherapy by attaching powerful killing agents to precise
molecular carriers called monoclonal antibodies (mAb). We use mAbs
labeled with radioisotopes to deliver potent doses of radiation
directly to cancer cells while sparing healthy tissues. The
radioisotopes we use are the alpha emitter Ac-225 and the beta
emitter I-131. We believe I-131 is among the best known and well
characterized radioisotopes. It is used very successfully in
treatment of papillary and follicular thyroid cancer as well as
other thyroid conditions. It is also attached to a monoclonal
antibody in treatment of Non-Hodgkin&rsquo;s Lymphoma
(&ldquo;NHL&rdquo;). It is also used experimentally with different
carriers in other cancers. Ac-225 has many unique properties and we
believe we are a leader in developing this alpha emitter for
clinical applications using our proprietary APIT technology.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our most advanced products are Iomab-B, I-131 labeled mAb for
preparation of relapsed and refractory AML patients for HSCT;
Actimab-A, Ac-225 labeled mAb for treatment of newly diagnosed AML,
a cancer of the blood, in patients ineligible for currently
approved therapies; and Actimab, Ac-225 labeled mAb for the
treatment of relapsed or refractory multiple myeloma. Iomab-B
offers a potentially curative treatment for these patients, most of
whom do not survive beyond a year after being diagnosed with this
condition. Iomab-B has also demonstrated efficacy in HSCT
preparation for other blood cancer indications, including
myelodysplastic syndrome (&ldquo;MDS&rdquo;), acute lymphoblastic
leukemia (&ldquo;ALL&rdquo;), Hodgkin&rsquo;s Lymphoma, and
Non-Hodgkin&rsquo;s Lymphoma (&ldquo;NHL&rdquo;). These are all
follow-on indications for which Iomab-B can be developed and it is
our intention to explore these opportunities at a future date. We
believe the aggregate worldwide market potential for the treatment
of AML, MDS, ALL, Hodgkin&rsquo;s Lymphoma, multiple myeloma and
NHL is approximately $6.6 billion. We estimate the market potential
for these indications based on company research, published rates of
disease incidence and company calculations based on costs of
currently used therapies.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are currently conducting the pivotal Phase 3 clinical trial for
Iomab-B and assuming that the trial meets its end points, it will
form the basis for a Biologics Licensing Application
(&ldquo;BLA&rdquo;) with the FDA. In our IND filing, we established
an agreement with the FDA that the path to a Biologics License
Application submission would include a single, pivotal Phase 3
clinical study if it is successful. The population in this two arm,
randomized, controlled, multicenter trial will be refractory and
relapsed AML patients over the age of 55. The trial size was set at
150 patients with 75 patients per arm. The primary endpoint in the
pivotal Phase 3 trial is durable complete remission, defined as a
complete remission lasting at least 6 months and a secondary
endpoint that will be overall survival at one year. There are
currently no effective treatments approved by the FDA for AML in
this patient population and there is no defined standard of care.
Iomab-B has completed several physicians sponsored clinical trials
examining its potential as a conditioning regimen prior to HSCT in
various blood cancers, including the Phase 1/2 study in relapsed
and/or refractory AML patients. The results of these studies in
almost 300 patients have demonstrated the potential for Iomab-B to
create a new treatment paradigm for bone marrow transplants by:
expanding the pool to ineligible patients who do not have any
viable treatment options currently; enabling a shorter and safer
preparatory interval for HSCT; reducing post-transplant
complications; and showing a clear survival benefit including
curative potential. In December 2017, we announced that the
independent Data Monitoring Committee for the trial reviewed
initial safety data from the first twenty patients enrolled in the
SIERRA trial and recommended that the trial continue as
planned.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Other potential product opportunities in which significant
preclinical work is being undertaken include metastatic colorectal
cancer, metastatic prostate cancer and antiangiogenesis which
reduces the blood supply to solid tumors. We believe the worldwide
market potential for the treatment of metastatic colorectal cancer
is approximately $4.8 billion, and we believe the worldwide market
potential for the treatment of metastatic prostate cancer is
approximately $6.0 billion. We also believe the worldwide market
potential for the treatment of Glioblastoma Multiforme, a potential
indication based on an antiangiogenesis approach, is approximately
$1.1 billion. We estimate the market potential for these
indications based on company research, published rates of disease
incidence and company calculations based on costs of currently used
therapies.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe that our biggest market opportunity lies in the
applicability of our AWE technology platform to a wide variety of
cancers. A broad range of solid and blood borne cancers can be
potentially targeted by mAbs to enable treatment with the AWE
technology. The AWE technology could potentially be applied to mAbs
that are already approved by the FDA to create more efficacious
and/or safer drugs (&ldquo;biobetters&rdquo;).</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-13</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2016, the FDA granted orphan drug designation for Iomab-B
and in October 2016, the European Medicines Agency (EMA) granted
orphan designation in the European Union (EU) for Iomab-B. In
November 2014, the FDA granted orphan-drug designation for
Actimab-A and in December 2016, we submitted an application to the
EMA for orphan designation in the EU for Actimab-A, which was
granted in May 2017. The FDA, through its Office of Orphan Products
Development, grants orphan status to drugs and biologic products
that are intended for the safe and effective treatment, diagnosis,
or prevention of rare diseases or disorders that affect fewer than
200,000 people in the United States. Orphan drug designation
provides a drug developer with certain benefits and incentives,
including a period of marketing exclusivity if regulatory approval
is ultimately received for the designated indication; potential tax
credits on United States clinical trials; eligibility for orphan
drug grants; and waiver of certain administrative fees. The EMA,
through its Committee for Orphan Medicinal Products (COMP),
examines applications for orphan designation. To qualify for orphan
designation, the prevalence of the condition must be less than 5 in
10,000, it must be life threatening or chronically debilitating and
there must be no satisfactory method of treating the condition.
Sponsors who obtain orphan designation receive numerous incentives
including protocol assistance, a reduction or waving of fees and 10
years of market exclusivity should the therapy be approved. The
process of filing and receiving the orphan medicines designation
can take between eight to fourteen months in most cases.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Clinical
Trials</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Iomab-B</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Iomab-B is our lead product candidate currently in a pivotal Phase
3 multicenter clinical trial. It consists of the monoclonal
antibody BC8 and beta emitting radioisotope iodine 131 (I-131). The
indication for that trial is bone marrow conditioning for HSCT in
patients with relapsed and refractory AML over the age of 55.</P>
<P CLASS="Textind" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Previous Iomab-B clinical trials leading to the planned Phase 3
trial currently in preparation included:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Indications</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">N</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Key
Findings</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
AML, MDS, ALL (adult)</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
34</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">&ndash;7/34 patients with median disease free
state (DFS) of 17 years.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">&ndash;18/34 patients in remission at day
80</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">AML &gt;1<FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">st</FONT> remission
(adult)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&ndash;15/23 in remission at day 28</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
AML 1st remission (age 16-50)</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
43</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&ndash;23/43 DFS from 5-16 years</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&ndash;30/43 in remission at day 28</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&ndash;33/43 in remission at day 80</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">High-risk MDS, advanced AML<BR>
(age 50+)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
68 in dose escalation study</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">&ndash;CR (complete remission) in all
patients</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
31 treated at MTD</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">&ndash;1 yr. survival ~40% for all
patients</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">&ndash;1 yr. survival ~45% for pts treated at
MTD maximum tolerated dose)</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
High-risk MDS, AML (age 18&ndash;50)</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14 in dose escalation</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">All patients achieved full donor chimerism by
day 28 post-transplant</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">High-risk MDS, AML &ndash;haploidentical donors
(adult)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
8 in dose escalation</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">&ndash;6/8
treated patients achieved CR by day 28 &ndash;8/8 patients 100%
donor chimerism by day 28</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
"margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_ind; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Ongoing Iomab-B clinical trials include:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Indications</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.08%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Phase</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Relapsed and refractory Hodgkin Lymphoma and NHL
(adult)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.08%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Phase 1</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Advanced AML, ALL and MDS (adult)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.08%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Phase 2</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
AML 1st remission (age 16-50)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.08%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Phase 2</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">High-risk MDS, advanced AML (age
16-50)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.08%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Phase 2</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There are additional ongoing clinical trials with BC8 antibody
labeled with yttrium 90 (Y-90).</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-14</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Phase 3 Iomab-B clinical trial:</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have obtained FDA&rsquo;s comment and guidance on the Iomab-B
Phase 3 clinical trial design, and the FDA has identified the
following design features as generally acceptable, dependent on the
results of the trial:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Single pivotal study, pending trial results;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Patient population: refractory AML patients age of 55 and older,
where refractory is defined as either primary failure to achieve a
complete remission after 2 cycles of induction therapy; relapsed
after 6 months in complete remission; second or higher relapse; or
relapsed disease not responding to intensive salvage therapy;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Trial arms: study arm and control arm with physician&rsquo;s choice
of conventional care with curative intent; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Trial size: 150 patients total (75 patients per arm).</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Actimab-A</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Actimab-A is currently in the Phase 2 portion of a multicenter
Phase 1/2 clinical trial in AML. It consists of the monoclonal
antibody Lintuzumab and alpha emitting radioisotope actinium 225
(Ac-225). The indication in the ongoing trial is newly diagnosed
AML patients over the age of 60 who are unfit for intensive
chemotherapy.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Previous clinical trials leading to this trial included:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Phase 1 clinical trial with Bismab-A, the first generation product
consisting of the same monoclonal antibody Lintuzumab and Bi-213
alpha emitter, a daughter of Ac-225;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Phase 1/2 clinical trial with Bismab-A, the first generation
product consisting of the same monoclonal antibody Lintuzumab and
Bi-213 alpha emitter, a daughter of Ac-225; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Dose escalating pilot Phase 1 clinical trial with Actimab&trade;-A,
the current product consisting of the Lintuzumab monoclonal
antibody and Ac-225 alpha emitter.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Completed Actimab-A related clinical trials outcomes:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The Phase 2 arm of the Bismab-A drug study has shown signs of the
drug&rsquo;s efficacy and safety, including reduction in peripheral
blast counts and complete responses in some patients. Bi-213 is a
daughter, i.e., product of the degradation of Ac-225, with cancer
cell killing properties similar to Ac-225 but is less potent. The
Phase 1 Actimab&trade;-A trial at MSKCC with a single-dose
administration of Actimab&trade;-A showed elimination of leukemia
cells from blood in 67% of all evaluable patients who received a
full dose and in 83% of those treated at dose levels above 0.5
microcuries per kilogram (&micro;Ci/kg), and eradication of
leukemia cells in both blood and bone marrow in 20% of all
evaluable patients and 25% of those treated at dose levels above
0.5 &micro;Ci/kg. Maximum tolerated single dose in this trial was
established at 3 &micro;Ci/kg.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
High potency means that a relatively low amount of drug is needed
to produce a given effect. In preclinical and Phase 1 clinical
studies, Actimab-A (<FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">225</FONT>Ac-lintuzumab)
has demonstrated at least 500-1000 times higher potency than the
first-generation predecessor (<FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">213</FONT>Bi-lintuzumab)
upon which it is based. This difference is due to intrinsic
physicochemical properties of Actimab-A that were first established
in vitro, in which Actimab-A killed multiple cell lines at doses at
least 1000 times lower (based on LD50 values) than Bismab-A
analogs. Key factors in Actimab-A&rsquo;s higher potency are the
yield of 4 alpha-emitting isotopes per <FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">225</FONT>Ac
(compared to 1 alpha decay for bismuth 213) and much longer
half-life (10 day for <FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">225</FONT>Ac vs 46
minutes for <FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">213</FONT>Bi).</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In preclinical animal models, doses in the nanocurie range
prolonged survival. In humans, Actimab-A was previously studied in
a Phase I monotherapy trial of relapsed or refractory AML patients
at MSKCC. Dose levels in that study re-confirmed the substantially
higher potency of Actimab-A, as compared to equivalent dosing of
the first-generation Bismab-A (<FONT CLASS="Super" STYLE=
"mso-style-name: Super; vertical-align: super;">213</FONT>Bi-lintuzumab)
construct, which had nevertheless established safety and efficacy
in a Phase 1/2 trial in high-risk AML with cytoreduction.</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-15</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sources: Jurcic JG. Targeted Alpha-Particle Immunotherapy with
Bismuth-213 and Actinium-225 for Acute Myeloid Leukemia. J.
Postgrad Med Edu Res 2013, 47(1):14-17; ; JG Jurcic et al, Phase 1
Trial of the Targeted Alpha- Particle Nano-Generator Actinium-225
(225Ac)-Lintuzumab in Acute Myeloid Leukemia (AML) J Clin Oncol
29:2011 (suppl, abstr 6516); McDevitt MR et al, &ldquo;Tumor
Therapy with Targeted Atomic Nanogenerators&rdquo; Science 2001,
294:1537 &mdash; 1540; Rosenblat TL et al, &ldquo;Sequential
cytarabine and alpha-particle immunotherapy with bismuth-
213-lintuzumab (HuM195) for acute myeloid leukemia&rdquo; Clin
Cancer Res. 2010, 16(21):5303-5311; Jurcic JG et al. &ldquo;Phase I
Trial of the Targeted Alpha-Particle Nano-Generator Actinium-225
(225Ac)-Lintuzumab in Acute Myeloid Leukemia (AML)&rdquo; Blood
(ASH Meeting Abstracts) 2012.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Ongoing Actimab-A
trial:</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have completed the Phase 1 portion of our first company
sponsored Phase 1/2 multi-center trial with fractionated (two)
doses of Actimab&trade;-A, for the treatment of patients newly
diagnosed with AML over the age of 60 who are unfit for intensive
chemotherapy. Actimab-A consists of an AML specific monoclonal
antibody (HuM195, also known as Lintuzumab&trade;) and the
actinium-225 radioactive isotope attached to it. Results from the
Phase 1 portion of the trial showed that 28% (5 of 18) of patients
had objective responses (2CR, 1CRp and 2 CRi (complete remission
with incomplete blood count recovery)) with median response
duration of 9.1 months. Mean bone marrow blast reduction amongst
evaluable patients (14 of 18) was 67% with 57% of patients having
bone marrow blast reduction of 50% or greater and 79% (11 of 14) of
patients having bone marrow blast reductions after Cycle 1 of
therapy. Maximum tolerated dose (MTD) was not reached in this
trial. We elected to progress to the Phase 2 portion of the trial
at 2.0 &mu;Ci/kg/fraction, the highest dose level from the Phase 1
portion of the clinical trial.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Phase 2 portion of the trial will enroll 53 patients and will
study Actimab-A as a monotherapy. We received agreement from the
FDA for multiple revisions to the protocol for the Phase 2 portion
of the clinical trial that include:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Removing the use of low dose cytarabine from the Phase 2
protocol;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Stipulating Peripheral blast burden as an inclusion criteria with
200 ML being the threshold;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Mandating the use of hydroxyurea in patients with peripheral blast
count above 200 ML to lower their peripheral blasts below
200ML/prior to Actimab-A administration; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Mandating the use of granulocyte colony-stimulating factor (GCSF)
support.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">In December 2017, we reported
preliminary results from our Phase 2 clinical trial at the ASH
Annual Meeting. We reported a 69% percent overall response rate (9
of 13 patients) at a dose level of 2.0 &micro;Ci/kg/fractionated
dose. Minimal extramedullary toxicities were observed, specifically
no evidence of veno-occlusive disease (&ldquo;VOD&rdquo;), however,
in reaction to prolonged myelosuppression, we modified the dose and
are now enrolling patients at 1.5 &micro;Ci/kg/fractionated
dose.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Bismab-A trials and the Phase 1 Actimab-A trial were focused on
relapsed, refractory and other difficult to treat acute myeloid
leukemia patients. The current multicenter Phase 1/2 trial is
focused on newly diagnosed AML patients who have historically had
better outcomes.</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-16</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Intellectual
Property</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have developed or in-licensed numerous patents and patent
applications and possess substantial know-how and trade secrets
related to the development and manufacture of our products. As of
October 12, 2017, our patent portfolio includes: 68 issued and
pending patent applications, of which 11 are issued in the United
States, 4 are pending in the United States, and 53 are issued
internationally and pending internationally. Additionally, several
non-provisional patent applications are expected to be filed in
2018 based on provisional patent applications filed in 2017. This
is part of an ongoing strategy to continue to strengthen our
intellectual property position. About one quarter of our patents
are in-licensed from third parties and the remainder are
Actinium-owned. These patents cover key areas of our business,
including use of the actinium-225 and other alpha emitting isotopes
attached to cancer specific carriers like monoclonal antibodies,
methods for manufacturing key components of our product candidates
including actinium-225, the alpha emitting radioisotope and carrier
antibodies, and methods for manufacturing finished product
candidates for use in cancer treatment.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have licensed the rights to 2 issued patents in the area of drug
preparation for methods of making humanized antibodies for our
product Actimab-A that will expire in 2018 and 2019, respectively.
We own 5 issued patents including 1 divisional patent in the United
States and 32 patents outside of the United States including one
divisional patent related to the manufacturing of actinium in a
cyclotron that will expire in 2027. We own or have licensed the
rights to 3 issued patents in the United States and 14 patents
outside of the United States related to the generation of
radioimmunoconjugates that will expire in 2021, 2030 and 2032
respectively. We own or have licensed the rights to use 1 issued
patent, 1 pending patent and 2 provisional patents for methods of
treatment with our product Actimab-A that will expire in 2019. For
Iomab-B we own one pending patent for anti-CD45 immunoglobulin
composition and one pending patent the administration of a
conjugated antibody.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A patent whose claims address methods of treating hematopoietic
malignancies with Iomab-B is pending; still, we have developed a
proprietary strategy based on trade secret protection and the
potential for orphan drug and data exclusivities. The BC8 antibody,
cell line and related know-how has been exclusively licensed by us
from the Fred Hutchinson Cancer Research Center (FHCRC) in exchange
for milestone payments, royalties and research support.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Patents related to the antibody component of Actimab-A have been
exclusively licensed by us from AbbVie Biotherapeutics Corp. for
use with alpha-emitting radioisotopes in exchange for future
development and commercialization milestones, a royalty on net
sales for a period of 12.5 years from first commercial sale, a
negotiation right to be our clinical and/or commercial antibody
supplier, a negotiation right to co-promote Actimab-A in the United
States on terms to be negotiated, and the grant-back of
intellectual property (IP) rights covering improvements to the
antibody for use other than with an alpha-emitting isotope. Patents
covering actinium-225 conjugated to antibodies have been
exclusively licensed by us from MSKCC in exchange for license fees,
research support payments, development milestone payments, 2%
royalties on net sales for the term of the licensed patents or, if
later, 10 years from first commercial sale, and 15% of any
sublicense income we may receive. We source actinium-225 under an
agreement with the Oak Ridge National Laboratory (ORNL) that
expires at the end of 2018. We believe, but cannot guarantee, that
we will be able to renew this contract for additional annual
periods.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Corporate and Other
Information</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We were organized in the State of Nevada in October 1997 and
reorganized in the State of Delaware in March 2013. Our principal
executive offices are located at 275 Madison Avenue, 7<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor, New York, New York 10016. Our telephone number is (646)
677-3870. Our website address is <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharma.com</FONT>.
Information accessed through our website is not incorporated into
this prospectus supplement and is not a part of this prospectus
supplement or the accompanying prospectus.</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-17</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Summary of the Rights
Offering</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Securities to be Offered</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are distributing to you, at no charge,
35,714,285 non-transferable Subscription Rights to purchase one
Unit for every share of our common stock or participating warrant
that you owned on the Record Date. Each Unit consists of one share
of Common Stock, 0.25 Series A Warrants and 0.75 Series B
Warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Subscription Price</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$0.70 per Unit.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Each whole Series A Warrant entitles the holder
to purchase one share of common stock at an exercise price of $0.90
per share from the closing date through its expiration 12 months
from the date of issuance. The Warrants will be exercisable for
cash, or, solely during any period when a registration statement
for the exercise of the Warrants is not in effect, on a cashless
basis. We may redeem the Warrants for $0.001 per Warrant if our
common stock closes above $1.80 per share for ten consecutive
trading days. Each whole Series B Warrant entitles the holder to
purchase one share of common stock at an exercise price of $1.10
per share from the closing date through its expiration 30 months
from the date of issuance. The Warrants will be exercisable for
cash, or, solely during any period when a registration statement
for the exercise of the Warrants is not in effect, on a cashless
basis. We may redeem the Warrants for $0.001 per Warrant if our
common stock closes above $3.30 per share for ten consecutive
trading days.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Record Date</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">5:00 p.m., Eastern Time, February 14,
2018.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Basic
Subscription Rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Your Basic Subscription Right will entitle you
to purchase one Unit at the Subscription Price.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Over-Subscription Privilege</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If you exercise your Basic Subscription Rights
in full, you may also choose to purchase a portion of any Units
that are not purchased by our other stockholders or participating
warrant holders through the exercise of their Basic Subscription
Rights, subject to proration and stock ownership limitations
described elsewhere in this prospectus supplement.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Expiration date</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Subscription Rights will expire at 5:00
p.m., Eastern Time, on March 2, 2018.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Procedure for Exercising Subscription
Rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
To exercise your Subscription Rights, you must take the following
steps: If you are a record holder of our common stock or
participating warrant holder, you must deliver payment and a
properly completed Rights Certificate to the Subscription Agent to
be received before 5:00 p.m., Eastern Time, on March 2, 2018. You
may deliver the documents and payments by first class mail or
courier service. If you use first class mail for this purpose, we
recommend using registered mail, properly insured, with return
receipt requested. If you are a beneficial owner of shares or
participating warrants that are registered in the name of a broker,
dealer, bank or other nominee, you should instruct your broker,
dealer, bank or other nominee to exercise your Subscription Rights
on your behalf. Please follow the instructions of your nominee, who
may require that you meet a deadline earlier than 5:00 p.m.,
Eastern Time, on March 2, 2018.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-18</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Delivery of Shares and Warrant</FONT></FONT><FONT LANG=
"EN-GB">s</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As soon as practicable after the expiration of
the Rights Offering, and within five business days thereof, we
expect to close on subscriptions and for the Subscription Agent to
arrange for the issuance of the shares of Common Stock, Series A
Warrants and Series B Warrants purchased pursuant to the Rights
Offering. All shares and Warrants that are purchased in the Rights
Offering will be issued in book-entry, or uncertificated form,
meaning that you will receive a direct registration, or DRS,
account statement from our transfer agent reflecting ownership of
these securities if you are a holder of record of shares or
warrants. If you hold your shares in the name of a bank, broker,
dealer, or other nominee, DTC will credit your account with your
nominee with the securities you purchased in the Rights
Offering.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Non-transferability of Subscription
Rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
The Subscription Rights may not be sold, transferred, assigned or
given away to anyone. The Subscription Rights will not be listed
for trading on any stock exchange or market.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Transferability of Warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Series A Warrants and Series B Warrants will
be separately transferable following their issuance and through
their expiration 12 months and 30 months, respectively, from the
date of issuance.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">No
board recommendation</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our board of directors is not making a
recommendation regarding your exercise of the Subscription Rights.
You are urged to make your decision to invest based on your own
assessment of our business and financial condition, our prospects
for the future, the terms of the Rights Offering, the information
contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus and other information
relevant to your circumstances. Please see &ldquo;Risk
Factors&rdquo; for a discussion of some of the risks involved in
investing in our securities.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">No
Revocation</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">All exercises of Subscription Rights are
irrevocable, even if you later learn of information that you
consider to be unfavorable to the exercise of your Subscription
Rights.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Use
of Proceeds</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.05pt;">Assuming that
the Rights Offering is fully subscribed, after deducting fees and
expenses and excluding any proceeds received upon exercise of any
Series A Warrants and Series B Warrants, we estimate the net
proceeds of the Rights Offering will be approximately $23 million.
We currently intend to use the net proceeds from the sale of
securities offered by this prospectus supplement to complete our
ongoing pivotal, Phase 3 SIERRA trial for our lead product
candidate Iomab-B, generate topline results and support the filing
of a BLA application with the U.S. Food and Drug Administration
(FDA) all of which are anticipated to be approximately $12 to 15
million. We may elect to use any additional proceeds above $15
million to fund proof-of-concept of our planned Phase 2 Actimab-MDS
trial from the CD33 Program, if appropriate, as we believe this can
further support its partnering strategy for the CD33 program. We
will also use the proceeds to support our AWE Technology Platform,
research and development and general working capital needs. See
&ldquo;Use of Proceeds&rdquo;.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-19</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Maximum Exercise of Subscription Rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
Unless we otherwise agree in writing, a person or entity, together
with related persons or entities, may not exercise Subscription
Rights (including Over-Subscription Privileges) to purchase Units
that, when aggregated with their existing ownership, would result
in such person or entity, together with any related persons or
entities, owning in excess of 19.9% of our issued and outstanding
shares of common stock following the closing of the transactions
contemplated by this Rights Offering. In addition, to the extent
that any participating warrant holder&rsquo;s right to participate
in this Rights Offering would result in the holder exceeding the
beneficial ownership limitation set forth in the participating
warrants, then the holder will not be entitled to participate in
this Rights Offering</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Material U.S. Federal Income Tax
Consequences</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
For U.S. federal income tax purposes, we do not believe you should
recognize income or loss upon receipt or exercise of a Subscription
Right. You should consult your own tax advisor as to the tax
consequences of the Rights Offering in light of your particular
circumstances. See &ldquo;Material U.S. Federal Income Tax
Consequences.&rdquo;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Extension and Termination</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Although we do not presently intend to do so, we
may extend the Rights Offering for additional time in our sole
discretion. Our board of directors may for any reason terminate the
Rights Offering at any time before the completion of the Rights
Offering.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Subscription Agent</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Questions</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If you have any questions about the Rights
Offering, please contact the Subscription and Information Agent,
Broadridge Corporate Issuer Solutions, Inc., at (855) 793-5068
(toll free).</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Market for common stoc</FONT></FONT><FONT LANG=
"EN-GB">k</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our common stock is listed on NYSE American
under the symbol &ldquo;ATNM.&rdquo;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Dealer-Manager</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.5%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC.</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-20</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Risk Factors</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;">An investment in our
securities involves a high degree of risk. Prior to making a
decision about investing in our securities, you should carefully
consider the specific factors discussed below, together with all of
the other information contained or incorporated by reference in
this prospectus supplement and the accompanying prospectus,
including in our Annual Report on Form 10-K and any updates
described in our Quarterly Reports on Form 10-Q or other documents
filed by us with the SEC. It is not possible to predict or identify
all such risks. Consequently, we could also be affected by
additional factors that are not presently known to us or that we
currently consider to be immaterial to our operations.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Risks Related to Our
Business</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We have generated no revenue from commercial sales to date and our
future profitability is uncertain.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have a limited operating history and our business is subject to
all of the risks inherent in the establishment of a new business
enterprise. Our likelihood of success must be considered in light
of the problems, expenses, difficulties, complications and delays
frequently encountered in connection with this development and
expansion. Since we began our business, we have focused on
research, development and clinical trials of product candidates,
and have incurred losses since inception. As of September 30, 2017,
we had an accumulated deficit of approximately $158 million. If we
continue to incur operating losses and fail to become a profitable
company, we may be unable to continue our operations. We expect to
continue to operate at a net loss as we continue our research and
development efforts, continue to conduct clinical trials and
develop manufacturing, sales, marketing and distribution
capabilities. There can be no assurance that the products under
development by us will be approved for sale in the United States or
elsewhere. Furthermore, there can be no assurance that if such
products are approved they will be successfully commercialized, and
the extent of our future losses and the timing of our profitability
are highly uncertain.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If we fail to obtain the capital necessary to fund our operations,
we will be unable to continue or complete our product development
and you will likely lose your entire investment.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not currently have sufficient capital for the completion of
development nor commercialization of our product candidates and we
will need to continue to seek capital from time to time to continue
development of our product candidates and to acquire and develop
other product candidates. Our first product candidate is not
expected to be commercialized, if approved, until at least 2019 and
any partnering revenues that it may generate may not be sufficient
to fund our ongoing operations. Our cash balance as of September
30, 2017 was approximately $20.5 million. Throughout the nine
months ended September 30, 2017, we raised total net proceeds of
approximately $3.8 million from the sale of our common stock
through our ATM. On August 2, 2017, we completed an underwritten
public offering of 21,500,000 shares of our common stock and
warrants to purchase an aggregate of 18,275,000 shares of common
stock at an offering price to the public of $0.75 per share. The
gross proceeds from this offering were $16.1 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses. As of November 3, 2017, we have a cash
balance in excess of $20 million.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our business or operations may change in a manner that would
consume available funds more rapidly than anticipated and
substantial additional funding may be required to maintain
operations, fund expansion, develop new or enhanced products,
acquire complementary products, business or technologies or
otherwise respond to competitive pressures and opportunities, such
as a change in the regulatory environment or a change in preferred
cancer treatment modalities. However, we may not be able to secure
funding when we need it or on favorable terms.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To raise additional capital, we may in the future offer additional
shares of our common stock or other securities convertible into or
exchangeable for our common stock. We cannot assure you that we
will be able to sell shares or other securities in any other
offering at a price per share that is equal to or greater than the
price per share paid by investors, and investors purchasing shares
or other securities in the future could have rights superior to
existing stockholders.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we cannot raise adequate funds to satisfy our capital
requirements, we will have to delay, scale-back or eliminate our
research and development activities, clinical studies or future
operations. We may also be required to obtain funds through
arrangements with collaborators, which arrangements may require us
to relinquish rights to certain technologies or products that we
otherwise would not consider relinquishing, including rights to
future product candidates or certain major geographic markets. We
may further have to license our technology to others.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-21</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This could result in sharing revenues which we might otherwise have
retained for ourselves. Any of these actions may harm our business,
financial condition and results of operations.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The amount of capital we may need depends on many factors,
including the progress, timing and scope of our product development
programs; the progress, timing and scope of our preclinical studies
and clinical trials; the time and cost necessary to obtain
regulatory approvals; the time and cost necessary to further
develop manufacturing processes and arrange for contract
manufacturing; our ability to enter into and maintain
collaborative, licensing and other commercial relationships; and
our partners&rsquo; commitment of time and resources to the
development and commercialization of our products.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We have limited access to the capital markets and even if we can
raise additional funding, we may be required to do so on terms that
are dilutive to you.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have limited access to the capital markets to raise capital. The
capital markets have been unpredictable in the recent past for
radio-immunotherapy and other oncology companies and unprofitable
companies such as ours. In addition, it is generally difficult for
development stage companies to raise capital under current market
conditions. The amount of capital that a company such as ours is
able to raise often depends on variables that are beyond our
control. As a result, we may not be able to secure financing on
terms attractive to us, or at all. If we are able to consummate a
financing arrangement, the amount raised may not be sufficient to
meet our future needs. If adequate funds are not available on
acceptable terms, or at all, our business, including our technology
licenses, results of operations, financial condition and our
continued viability will be materially adversely affected.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If we fail to obtain or maintain necessary FDA approval for our
radio-immunotherapy products, or if such approvals are delayed, we
will be unable to commercially distribute and market our
products.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our products are subject to rigorous regulation by the FDA and
numerous other federal, state and foreign governmental authorities.
The process of seeking regulatory approval to market a
radio-immunotherapy product is expensive and time-consuming and,
notwithstanding the effort and expense incurred, approval is never
guaranteed. If we are not successful in obtaining timely approval
of Company products from the FDA, we may never be able to generate
significant revenue and may be forced to cease operations. In
particular, the FDA permits commercial distribution of a new
radio-immunotherapy product only after a Biologics License
Application (BLA) for the product has received FDA approval. The
BLA process is costly, lengthy and inherently uncertain. Any BLA
filed by us will have to be supported by extensive data, including,
but not limited to, technical, preclinical, clinical trial,
manufacturing and labeling data, to demonstrate to the FDA&rsquo;s
satisfaction the safety and efficacy of the product for its
intended use. The lengthy approval process as well as the
unpredictability of future clinical trial results may result in our
failing to obtain regulatory approval to market our product
candidates, which would significantly harm our business, results of
operations and prospects. In addition, even if we were to obtain
approval, regulatory authorities may approve any of our product
candidates for fewer or more limited indications than we request,
may not approve the price we intend to charge for our products, may
grant approval contingent on the performance of costly
post-marketing clinical trials, or may approve a product candidate
with a label that does not include the labeling claims necessary or
desirable for the successful commercialization of that product
candidate. Any of the foregoing scenarios could materially harm the
commercial prospects for our product candidates.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The approval process in the United States and in other countries
could result in unexpected and significant costs for us and consume
management&rsquo;s time and other resources. The FDA and other
foreign regulatory agencies could ask us to supplement our
submissions, collect non-clinical data, conduct additional clinical
trials or engage in other time-consuming actions, or it could
simply deny our applications. In addition, even if we obtain
approval to market our products in the United States or in other
countries, the approval could be revoked, or other restrictions
imposed if post-market data demonstrates safety issues or lack of
effectiveness. We cannot predict with certainty how, or when, the
FDA or other regulatory authorities will act. If we are unable to
obtain the necessary regulatory approvals, our financial condition
and cash flow may be materially adversely affected, and our ability
to grow domestically and internationally may be limited.
Additionally, even if we obtain approval, regulatory authorities
may approve any of our product candidates for fewer or more limited
indications that we request. The Company&rsquo;s products may not
be approved for the specific indications that are most necessary or
desirable for successful commercialization or profitability.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-22</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our product candidates are in the early stages of development; and
we have not demonstrated that any of our products are safe and
effective for any indication.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We currently have only three products in clinical development. In
December 2015, the FDA cleared our IND filing for Iomab-B, and we
are currently enrolling patients in the randomized, controlled,
pivotal, Phase 3 clinical trial. Assuming that the trial meets its
end points, it will form the basis for a BLA. Additionally, there
are physician IND trials at the FHCRC that have been conducted or
are currently ongoing at FHCRC with Iomab-B and the BC8 antibody we
licensed. We have completed the Phase 1 portion of the Phase 1/2
multi- center trial for patient with AML with fractionated doses of
Actimab-A under its own federal IND and are enrolling patients in
the Phase 2 portion of the trial. In February 2017, we initiated a
Phase 1 clinical trial of Actimab-M in patients with refractory
multiple myeloma and we are currently enrolling patients on this
trial.</P>
<P CLASS="Textind" STYLE=
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We cannot predict whether we will encounter problems with any of
our ongoing or planned clinical trials that will cause us or
regulatory authorities to delay, suspend, or discontinue clinical
trials or to delay the analysis of data from ongoing clinical
trials. Any of the following could delay or disrupt the clinical
development of our product candidates and potentially cause our
product candidates to fail to receive regulatory approval:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
conditions imposed on us by the FDA or comparable foreign
authorities regarding the scope or design of our clinical
trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
delays in receiving, or the inability to obtain, required approvals
from institutional review boards (IRBs) or other reviewing entities
at clinical sites selected for participation in our clinical
trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
delays in enrolling patients into clinical trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a lower than anticipated retention rate of patients in clinical
trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the need to repeat or discontinue clinical trials as a result of
inconclusive or negative results or unforeseen complications in
testing or because the results of later trials may not confirm
positive results from earlier preclinical studies or clinical
trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
inadequate supply, delays in distribution, deficient quality of, or
inability to purchase or manufacture drug product, comparator drugs
or other materials necessary to conduct our clinical trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
unfavorable FDA or other foreign regulatory inspection and review
of a clinical trial site or records of any clinical or preclinical
investigation;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
serious and unexpected drug-related side effects experienced by
participants in our clinical trials, which may occur even if they
were not observed in earlier trials or only observed in a limited
number of participants;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a finding that the trial participants are being exposed to
unacceptable health risks;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the placement by the FDA or a foreign regulatory authority of a
clinical hold on a trial; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
delays in obtaining regulatory agency authorization for the conduct
of our clinical trials.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may suspend, or the FDA or other applicable regulatory
authorities may require us to suspend, clinical trials of a product
candidate at any time if we or they believe the patients
participating in such clinical trials, or in independent third
party clinical trials for drugs based on similar technologies, are
being exposed to unacceptable health risks or for other
reasons.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, individuals involved with our clinical trials may serve as
consultants to us from time to time and receive stock options or
cash compensation in connection with such services. If these
relationships and any related compensation to the clinical
investigator carrying out the study result in perceived or actual
conflicts of interest, or the FDA concludes that the financial
relationship may have affected interpretation of the study, the
integrity of the data generated at the applicable clinical trial
site may be questioned and the utility of the clinical trial itself
may be jeopardized. The delay, suspension or discontinuation of any
of our clinical trials, or a delay in the analysis of clinical data
for our product candidates, for any of the foregoing reasons, could
adversely affect our efforts to obtain regulatory approval for and
to commercialize our product candidates, increase our operating
expenses and have a material adverse effect on our financial
results.</P>
<P CLASS="RRH" STYLE=
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S-23</P>
<P CLASS="Textind" STYLE=
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Clinical trials may also be delayed or terminated as a result of
ambiguous or negative interim results. In addition, a clinical
trial may be suspended or terminated by us, the FDA, the IRBs at
the sites where the IRBs are overseeing a trial, or a data safety
monitoring board, or DSMB (Data Safety Monitoring Board),
overseeing the clinical trial at issue, or other regulatory
authorities due to a number of factors, including:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
failure to conduct the clinical trial in accordance with regulatory
requirements or our clinical protocols;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
inspection of the clinical trial operations or trial sites by the
FDA or other regulatory authorities resulting in the imposition of
a clinical hold;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
varying interpretation of data by the FDA or similar foreign
regulatory authorities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
failure to achieve primary or secondary endpoints or other failure
to demonstrate efficacy;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
unforeseen safety issues; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
lack of adequate funding to continue the clinical trial.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Additionally, changes in regulatory requirements and guidance may
occur and we may need to amend clinical trial protocols to reflect
these changes. Amendments may require us to resubmit our clinical
trial protocols to IRBs for reexamination, which may impact the
cost, timing or successful completion of a clinical trial.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, neither we nor any relevant collaborative partner(s)
has yet undertaken any clinical assessment or investigation of
Company&rsquo;s radio-immunotherapy product candidates for other
indications, including colon cancer or prostate cancer. Significant
further investment may be required to acquire antibody rights and
to undertake necessary research and continued development. Further
laboratory and specific clinical testing will be required prior to
regulatory approval of any product candidates. Adverse or
inconclusive results from pre-clinical testing or clinical trials
of product candidates may substantially delay, or halt entirely,
any further development of one or more of our products. The
projected timetables for continued development of the technologies
and related product candidates by us may otherwise be subject to
delay or suspension.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Modifications to our product candidates may require federal
approvals.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The BLA application is the vehicle through which the company may
formally propose that the FDA approve a new pharmaceutical for sale
and marketing in the United States. Once a particular product
candidate receives FDA approval, expanded uses or uses in new
indications of our products may require additional human clinical
trials and new regulatory approvals, including additional IND and
BLA submissions and premarket approvals before we can begin
clinical development, and/or prior to marketing and sales. If the
FDA requires new approvals for a particular use or indication, we
may be required to conduct additional clinical studies, which would
require additional expenditures and harm our operating results. If
the products are already being used for these new indications, we
may also be subject to significant enforcement actions.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Conducting clinical trials and obtaining approvals can be a
time-consuming process, and delays in obtaining required future
approvals could adversely affect our ability to introduce new or
enhanced products in a timely manner, which in turn would harm our
future growth.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
There is no guarantee that the FDA will approve BLAs for our
product candidates and failure to obtain necessary approvals for
our product candidates would adversely affect our ability to grow
our business.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In June 2012, we acquired rights to BC8 (Iomab), a clinical stage
monoclonal antibody with safety and efficacy data in more than 300
patients in need of HSCT. Iomab-B is our product candidate that
links iodine-131 to the BC8 antibody that is being studied in an
ongoing Phase 3 pivotal trial. Product candidates utilizing this
antibody would require BLA approval before they can be marketed in
the United States. We have recently commenced the Phase 2 portion
of a multi-center Phase 1/2 clinical trial for our product
candidate, Actimab-A, in AML and in the future, we may submit a BLA
to the FDA for approval of this product. Actimab-A consists of the
anti-CD33 antibody lintuzumab linked with the isotope Ac-225.
Product candidates utilizing this antibody would require BLA
approval before they can be marketed in the United States. We are
in the early stages of evaluating other product candidates
consisting of conjugates of Ac-225 with human or humanized
antibodies for pre-clinical and clinical development in other types
of cancer. The FDA may not approve these products for the
indications that are necessary</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-24</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
or desirable for successful commercialization. Indeed, the FDA may
fail to approve any BLA we submit for new product candidates or for
new intended uses or indications for approved products or future
product candidates. Failure to obtain FDA approval for our products
in the proposed indications would have an adverse effect on our
ability to expand our business.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Clinical trials necessary to support approval of BLAs for our
product candidates will be time consuming and expensive. Delays or
failures in our clinical trials may prevent us from commercializing
our product candidates and will adversely affect our business,
operating results and prospects and could cause us to cease
operations.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Initiating and completing clinical trials necessary to support FDA
approval of a BLA for Iomab-B, Actimab-A and other product
candidates, is a time-consuming and expensive process, and the
outcome is inherently uncertain. Moreover, the results of early
clinical trials are not necessarily predictive of future results,
and any product candidate we advance into clinical trials may not
have favorable results in later clinical trials. We have worked
with the FDA to develop a clinical trial designed to test the
safety and efficacy of Iomab-B in patients with relapsed or
refractory AML who are age 55 and above prior to a BMT. This trial
is designed to support a BLA filing for marketing approval by the
FDA, pending results from the trial. We have also worked with the
FDA to develop a clinical trial designed to test the initial safety
and efficacy of Actimab-A in newly diagnosed AML patients over the
age of 60. Subsequent to the completion of the Phase 1 portion of
the Phase 1/2 clinical trial we submitted protocol amendments to
the FDA in August of 2016, which were agreed upon in September of
2016. The Phase 2 portion of the trial is now underway with the
purpose of examining the use of Actimab-A in AML patients who are
not eligible for approved forms of treatment with curative intent.
The trial is not designed to support marketing approval for the
product candidate, and one or more additional trials will have to
be conducted in the future before we file a BLA. In addition, there
can be no assurance that the data generated during the trial will
meet our chosen safety and effectiveness endpoints or otherwise
produce results that will eventually support the filing or approval
of a BLA. Even if the data from this trial are favorable, these
data may not be predictive of the results of any future clinical
trials.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The issued patents, which are licensed by us for the HuM195
antibody, have likely expired.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The humanized antibody which we use in our Actimab-A and Actimab-M
product candidates is covered by the claims of issued patents that
we license from Facet Biotech Corporation, a wholly-owned
subsidiary of AbbVie Laboratories. We believe the key patents
related to this antibody have likely expired and are undertaking a
review of the intellectual property and conducting a business
analysis related to this agreement. Post patent expiration, it is
generally possible that others may be eventually able to use an
antibody with the same sequence, and we will then need to rely on
additional patent protection covering alpha particle drug products
comprising Ac-225. Any competing product based on the HuM195
antibody is likely to require several years of development before
achieving our product candidate&rsquo;s current status and may be
subject to significant regulatory hurdles, but is nevertheless a
possibility that can affect the Company&rsquo;s business in the
future.</P>
<P CLASS="Textind" STYLE=
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In addition, because we expect that these patents will all have
likely expired prior to commercialization of Actimab-A, we are
undertaking a business analysis regarding the license agreement
which we expect to complete by year-end and implement a strategy
related to the outcome of this exercise.</P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Iomab-B is not patent protected.</FONT></P>
<P CLASS="Textind" STYLE=
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<FONT STYLE="letter-spacing: -.05pt;">Neither the antibody portion
nor the composition of matter as a whole for the conjugated Iomab
product candidate is covered by the claims of any issued or pending
patents. Accordingly, there are no patents that would prevent
others from using an antibody with the same antibody sequence in
any drug product (e.g., those comprising I-131 or alpha particle
emitters). Any competing product based on the antibody used in
Iomab-B is likely to require several years of development before
achieving our product candidate&rsquo;s current status and may be
subject to significant regulatory hurdles, but is nevertheless a
possibility that could negatively impact our business in the
future.</FONT></P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may be unable to obtain a sufficient supply of Ac-225 medical
grade isotope in order to continue clinical trials and to allow for
the manufacture of commercial quantities of Actimab-A, Actimab-M
and any other Ac-225 based drug candidates that we may
develop.</FONT></P>
<P CLASS="Textind" STYLE=
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There are limited quantities of Ac-225 available today. The
existing supplier of Ac-225 to us is the ORNL, which is a science
and energy national laboratory in the Department of Energy system.
ORNL manufactures Ac-225</P>
<P CLASS="RRH" STYLE=
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S-25</P>
<P CLASS="Textind" STYLE=
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by eluting it from its supply of Thorium-229. Although this has
proven to be a very reliable source of production for a number of
years, it is limited by the quantity of Thorium-229 at ORNL. We
believe that the current approximate maximum of Ac-225 production
from this source is sufficient for approximately 1,000&ndash;2,000
patient treatments per year. Since our needs are significantly
below that amount at this time, and will continue to be below that
prior to commercializing a product with a potential of selling more
than 2,000 patient doses per year. We believe that this supply will
be sufficient for completion of clinical trials and early
commercialization. To secure supplies beyond this amount, we have
developed what we believe to be a scalable cost-effective process
for manufacturing Ac-225 in a cyclotron at an estimated cost in
excess of $5 million. This work has been conducted at Technical
University Munich (TUM) in Germany. We are now in possession of
preparing detailed descriptions of all the developed manufacturing
procedures and securing rights to all relevant patent applications
and other intellectual property. However, we do not currently have
access to a commercial cyclotron capable of producing medical grade
Ac-225. Although beam time on such cyclotrons is commercially
available, we do not currently have a relationship with any entity
that owns or controls a suitable cyclotron. We have identified
possible sources and estimate that we could secure the necessary
beam time when needed. Our contract for supply of this isotope from
ORNL must be renewed yearly, and the current contract extends
through the end of 2018. While we expect this contract will be
renewed at the end of its term as it has since 2009, however, there
can be no assurance that ORNL will renew the contract or that the
United States Department of Energy will not change its policies
that allow for the sale of isotope to us. Failure to acquire
sufficient quantities of medical grade Ac-225 would make it
impossible to effectively complete clinical trials and to
commercialize Actimab-A, Actimab-M and any other Ac-225 based drug
candidates that we may develop and would materially harm our
business.</P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Conducting successful clinical studies may require the enrollment
of large numbers of patients, and suitable patients may be
difficult to identify and recruit.</FONT></P>
<P CLASS="Textind" STYLE=
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Patient enrollment in clinical trials and completion of patient
participation and follow-up depends on many factors, including the
size of the patient population; the nature of the trial protocol;
the availability of approved effective treatments for the relevant
disease; competition from other clinical trial programs for similar
indications; the attractiveness of, or the discomforts and risks
associated with, the treatments received by enrolled subjects; the
availability of appropriate clinical trial investigators; support
staff; and proximity of patients to clinical sites and ability to
comply with the eligibility and exclusion criteria for
participation in the clinical trial and patient compliance. For
example, patients may be discouraged from enrolling in our clinical
trials if the trial protocol requires them to undergo extensive
post-treatment procedures or follow-up to assess the safety and
effectiveness of our product candidates or if they determine that
the treatments received under the trial protocols are not
attractive or involve unacceptable risks or discomforts. Patients
may also not participate in our clinical trials if they choose to
participate in contemporaneous clinical trials of competitive
product candidates. In addition, patients participating in
refractory AML clinical trials are seriously and often terminally
ill and therefore may not complete the clinical trial due to
reasons including comorbid conditions or occurrence of adverse
medical events related or unrelated to the investigational
products, or death.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Development of sufficient and appropriate clinical protocols to
demonstrate safety and efficacy are required and we may not
adequately develop such protocols to support approval.</FONT></P>
<P CLASS="Textind" STYLE=
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The FDA may require us to submit data on a greater number of
patients than we originally anticipated and/or for a longer
follow-up period or change the data collection requirements or data
analysis applicable to our clinical trials. It may also require
additional data on certain categories of patients, should it emerge
during the conduct of our clinical trials that certain categories
of patients are likely to be affected in different and/or
additional manners than the rest of the patient population. In
addition to FDA requirements, our clinical trials require the
approval of the IRB at each site selected. We have submitted our
clinical trial protocol for our current Actimab-A clinical trial to
the IRBs at participating sites for approval and we have thus far
obtained approval from ten IRBs. Our clinical trial protocols have
not been rejected by any IRB to date.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
FDA may take actions that would prolong, delay, suspend, or
terminate clinical trials of our product candidates, which may
delay or prevent us from commercializing our product candidates on
a timely basis, causing us to incur additional costs and delay our
receipt of any revenue from potential product sales.</FONT></P>
<P CLASS="Textind" STYLE=
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There can be no assurance that the data generated in our clinical
trials will be acceptable to FDA or that if future modifications
during the trial are necessary, that any such modifications will be
acceptable to FDA. Certain</P>
<P CLASS="LRH" STYLE=
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S-26</P>
<P CLASS="Textind" STYLE=
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modifications to a clinical trial protocol made during the course
of the clinical trial have to be submitted to the FDA. This could
result in the delay or halt of a clinical trial while the
modification is evaluated. In addition, depending on the quantity
and nature of the changes made, FDA could take the position that
some or all of the data generated by the clinical trial is not
usable because the same protocol was not used throughout the trial.
This might require the enrollment of additional subjects, which
could result in the extension of the clinical trial and the FDA
delaying approval of a product candidate. If the FDA believes that
its prior approval is required for a particular modification, it
can delay or halt a clinical trial while it evaluates additional
information regarding the change.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Serious injury or death resulting from a failure of one of our
product candidates during current or future clinical trials could
also result in the FDA delaying our clinical trials or denying or
delaying approval of a product candidate.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Phase 1 portion of the ongoing Phase 1/2 clinical trial for
Actimab-A was designed to establish the maximum tolerated dose of
the product. As the Company expected, patients receiving highest
dose of the drug administered in the trial had prolonged bone
marrow suppression which could lead to fatal infections and other
severe consequences. The Phase 2 clinical trial for Actimab-A was
designed to determine the efficacy of the product defined as
composite response rate and safety of the product.</P>
<P CLASS="Textind" STYLE=
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Even though an adverse event may not be the result of our product
candidate, the FDA or an IRB could delay or halt a clinical trial
for an indefinite period of time while an adverse event is
reviewed, and likely would do so in the event of multiple such
events.</P>
<P CLASS="Textind" STYLE=
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Any delay or termination of our current or future clinical trials
as a result of the risks summarized above, including delays in
obtaining or maintaining required approvals from IRBs, delays in
patient enrollment, the failure of patients to continue to
participate in a clinical trial, and delays or termination of
clinical trials as a result of protocol modifications or adverse
events during the trials, may cause an increase in costs and delays
in the filing of any submissions with the FDA, delay the approval
and commercialization of our product candidates or result in the
failure of the clinical trial, which could adversely affect our
business, operating results and prospects. Lengthy delays in the
completion of our Actimab-A clinical trials would adversely affect
our business and prospects and could cause us to cease
operations.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If the third parties on which we rely to conduct our clinical
trials and to assist us with pre-clinical development do not
perform as contractually required or expected, or fail to comply
with applicable regulations and standards, we may not be able to
obtain regulatory approval for or commercialize our product
candidates.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not have the ability to independently conduct our
pre-clinical and clinical trials for our product candidates and we
must rely on third parties, such as contract research
organizations, medical institutions, clinical investigators and
contract laboratories to conduct such trials. Our reliance on these
third parties for clinical development activities results in
reduced control over these activities. Moreover, the FDA requires
us to comply with regulations and standards, commonly referred to
as GCPs (good clinical practices), for conducting, recording and
reporting the results of clinical trials to assure that data and
reported results are credible and accurate and that the trial
participants are adequately protected. Our reliance on third
parties does not relieve us of these responsibilities and
requirements. If we or any of our third-party contractors fail to
comply with applicable GCPs, the clinical data generated in our
clinical trials may be deemed unreliable and the FDA or comparable
foreign regulatory authorities may require us to perform additional
clinical trials before approving our marketing applications. We
cannot assure you that upon inspection by a given regulatory
authority, such regulatory authority will determine that any of our
clinical trials complies with GCP regulations. In addition, our
clinical trials must be conducted with product produced under
current good manufacturing practice, or cGMP, regulations. Our
failure to comply with these regulations may require us to repeat
clinical trials, which would delay the regulatory approval
process.</P>
<P CLASS="Textind" STYLE=
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To date, we believe our consultants, contract research
organizations and other similar entities with which we are working
have performed well; however, if these third parties do not
successfully carry out their contractual duties, meet expected
deadlines, or comply with applicable regulations, we may be
required to replace them. Although we believe that there are a
number of other third-party contractors we could engage to continue
these activities, we may not be able to enter into arrangements
with alternative third-party contractors or to do so on
commercially reasonable terms, which may result in a delay of our
planned clinical trials. Accordingly, we may be delayed in
obtaining regulatory approvals for our product candidates and may
be delayed in our efforts to successfully develop our product
candidates.</P>
<P CLASS="RRH" STYLE=
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S-27</P>
<P CLASS="Textind" STYLE=
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In addition, our third-party contractors are not our employees, and
except for remedies available to us under our agreements with such
third-party contractors, we cannot control whether or not they
devote sufficient time and resources to our ongoing clinical,
nonclinical and preclinical programs. If these third parties do not
successfully carry out their contractual duties or regulatory
obligations or meet expected deadlines, if these third parties need
to be replaced, or if the quality or accuracy of the data they
obtain is compromised due to the failure to adhere to our clinical
protocols or regulatory requirements or for other reasons, our
pre-clinical development activities or clinical trials may be
extended, delayed, suspended or terminated, and we may not be able
to obtain regulatory approval for, or successfully commercialize,
our product candidates on a timely basis, if at all, and our
business, operating results and prospects may be adversely
affected. Furthermore, our third-party clinical trial investigators
may be delayed in conducting our clinical trials for reasons
outside of their control.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The future results of our current or future clinical trials may not
support our product candidate claims or may result in the discovery
of unexpected adverse side effects.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Even if our clinical trials are completed as planned, we cannot be
certain that their results will support our product candidate
claims or that the FDA or foreign authorities will agree with our
conclusions regarding them. Success in pre-clinical studies and
early clinical trials does not ensure that later clinical trials
will be successful, and we cannot be sure that the later trials
will replicate the results of prior trials and pre-clinical
studies. The clinical trial process may fail to demonstrate that
our product candidates are safe and effective for the proposed
indicated uses. If FDA concludes that the clinical trials for
Iomab-B, Actimab-A, or any other product candidate for which we
might seek approval, have failed to demonstrate safety and
effectiveness, we would not receive FDA approval to market that
product candidate in the United States for the indications sought.
In addition, such an outcome could cause us to abandon the product
candidate and might delay development of others. Any delay or
termination of our clinical trials will delay or preclude the
filing of any submissions with the FDA and, ultimately, our ability
to commercialize our product candidates and generate revenues. It
is also possible that patients enrolled in clinical trials will
experience adverse side effects that are not currently part of a
product candidate&rsquo;s profile. In addition, our clinical trials
for Actimab-A involve a relatively small patient population.
Because of the small sample size, their results may not be
indicative of future results.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our product candidates for which we intend to seek approval as
biologic products may face competition sooner than
anticipated.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our product candidates are regulated by the FDA as biologic
products and we intend to seek approval for these products pursuant
to the BLA pathway. The Biologics Price Competition and Innovation
Act of 2009, or BPCIA, created an abbreviated pathway for the
approval of biosimilar and interchangeable biologic products. The
abbreviated regulatory pathway establishes legal authority for the
FDA to review and approve biosimilar biologics, including the
possible designation of a biosimilar as
&ldquo;interchangeable&rdquo; based on its similarity to an
existing brand product. Under the BPCIA, an application for a
biosimilar product cannot be approved by the FDA until 12 years
after the original branded product was approved under a BLA. The
law is complex and is still being interpreted and implemented by
the FDA. As a result, its ultimate impact, implementation, and
meaning are subject to uncertainty. While it is uncertain when such
processes intended to implement BPCIA may be fully adopted by the
FDA, any such processes could have a material adverse effect on the
future commercial prospects for our biologic products.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Iomab-B, Actimab-A, Actimab-M and future product candidates may
never achieve market acceptance.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Iomab-B, Actimab-A, Actimab-M and future product candidates that we
may develop or gain market acceptance among physicians, patients
and the medical community. The degree of market acceptance of any
of product will depend on a number of factors, including the actual
and perceived effectiveness and reliability of the product; the
results of any long-term clinical trials relating to use of the
product; the availability, relative cost and perceived advantages
and disadvantages of alternative technologies; the degree to which
treatments using the product are approved for reimbursement by
public and private insurers; the strength of our marketing and
distribution infrastructure; and the level of education and
awareness among physicians and hospitals concerning the
product.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Failure of Iomab-B, Actimab-A or any of our other product
candidates to significantly penetrate current or new markets would
negatively impact our business financial condition and results of
operations<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>.</FONT></P>
<P CLASS="LRH" STYLE=
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S-28</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
To be commercially successful, physicians must be persuaded that
using our product candidates for treatment of AML and other
cancers, if approved for those indications, are effective
alternatives to existing therapies and treatments.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe that oncologists and other physicians will not widely
adopt a product candidate unless they determine, based on
experience, clinical data, and published peer-reviewed journal
articles, that the use of that product candidate provides an
effective alternative to other means of treating specific cancers.
Patient studies or clinical experience may indicate that treatment
with our product candidates does not provide patients with
sufficient benefits in extension of life or quality of life. We
believe that recommendations and support for the use of each
product candidate from influential physicians will be essential for
widespread market acceptance. Our product candidates are still in
the development stage and it is premature to attempt to gain
support from physicians at this time. We can provide no assurance
that such support will ever be obtained. If our product candidates
do not receive such support from these physicians and from
long-term data, physicians may not use or continue to use, and
hospitals may not purchase or continue to purchase, them.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Both before and after marketing approval, our product candidates
are subject to ongoing regulatory requirements and continued
regulatory review, and if we fail to comply with these continuing
regulatory requirements, we could be subject to a variety of
sanctions and the sale of any approved products could be
suspended.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Both before and after regulatory approval to market a particular
product candidate, the manufacturing, labeling, packaging, adverse
event reporting, storage, advertising, promotion, distribution and
record keeping related to the product are subject to extensive,
ongoing regulatory requirements enforced by FDA and other similar
regulatory bodies. Additionally, because our product candidates
include radio-active isotopes, they will be subject to additional
regulation and oversight from the United States Nuclear Regulatory
Commission (NRC) and similar bodies in other jurisdictions. The FDA
regulatory requirements include submissions of safety and other
post-marketing information and reports, registration, as well as
continued compliance with cGMP requirements and GCP requirements
for any clinical trials that we conduct post-approval. Any
regulatory approvals that we receive for our product candidates may
also be subject to limitations on the approved indicated uses for
which the product may be marketed or to the conditions of approval,
or contain requirements for potentially costly post-marketing
testing, including Phase IV clinical trials, and surveillance to
monitor the safety and efficacy of the product candidate. Later
discovery of previously unknown problems with a product, including
adverse events of unanticipated severity or frequency, or with our
third-party manufacturers or manufacturing processes, or failure to
comply with the regulatory requirements of the FDA and other
applicable U.S. and foreign regulatory authorities could subject us
to administrative or judicially imposed sanctions, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
restrictions on the marketing of our products or their
manufacturing processes;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
warning letters;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
civil or criminal penalties;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
fines;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
injunctions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
product seizures or detentions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
import or export bans;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
voluntary or mandatory product recalls and related publicity
requirements;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
suspension or withdrawal of regulatory approvals;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
total or partial suspension of production; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
refusal to approve pending applications for marketing approval of
new products or supplements to approved applications.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The FDA&rsquo;s policies may change and additional government
regulations may be enacted that could prevent, limit or delay
regulatory approval of our product candidates. If we are slow or
unable to adapt to changes in</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-29</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
existing requirements or the adoption of new requirements or
policies, or if we are not able to maintain regulatory compliance,
we may lose any marketing approval that we may have obtained, which
would adversely affect our business, prospects and ability to
achieve or sustain profitability.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Even if regulatory approval of a product candidate is granted, such
approval may be subject to limitations on the intended uses for
which a product may be marketed and reduce the potential to
successfully commercialize that product and generate revenue from
that product. If the FDA determines that the product promotional
materials, labeling, training or other marketing or educational
activities constitute promotion of an unapproved use, it could
request that we or our commercialization partners cease or modify
our training or promotional materials or subject us to regulatory
enforcement actions. It is also possible that other federal, state
or foreign enforcement authorities might take action if they
consider such training or other promotional materials to constitute
promotion of an unapproved use, which could result in significant
fines or penalties under other statutory authorities, such as laws
prohibiting false claims for reimbursement.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our revenue stream will depend upon third-party coverage and
reimbursement of our product candidates, if approved.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The commercial success of our product candidates in both domestic
and international markets will be substantially dependent on
whether third-party coverage and reimbursement is available for
patients that use our products. However, the availability of
insurance coverage and reimbursement for newly approved cancer
therapies is uncertain, and therefore, third-party coverage may be
particularly difficult to obtain even if our products are approved
by the FDA as safe and efficacious. Patients using existing
approved therapies are generally reimbursed all or part of the
product cost by Medicare or other third-party payors. Medicare,
Medicaid, health maintenance organizations and other third-party
payors are increasingly attempting to contain healthcare costs by
limiting both coverage and the level of reimbursement of new drugs,
and, as a result, they may not cover or provide adequate payment
for these products. Submission of applications for reimbursement
approval generally does not occur prior to the filing of a BLA for
that product and may not be granted until many months after BLA
approval. In order to obtain coverage and reimbursement for these
products, we or our commercialization partners may have to agree to
a net sales price lower than the net sales price we might charge in
other sales channels. The continuing efforts of government and
third-party payors to contain or reduce the costs of healthcare may
limit our revenue. Initial dependence on the commercial success of
our products may make our revenues particularly susceptible to any
cost containment or reduction efforts.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may become subject to litigation brought by third-party service
providers, consultants and current or former employees.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In our normal course of business, we may enter into contracts with
third-party service providers, consultants, contract research
organizations, contract sales organizations, commercial partners,
universities, governmental agencies, not-for-profit organizations,
and employees. If we fail to satisfy the terms of these contracts
or the party to the contract believes we violated or failed to
satisfy the terms of an agreement, litigation or other dispute
resolution, proceedings may be initiated against us.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The outcomes of litigation or other dispute resolutions initiated
against us are uncertain. Litigation or other proceedings may
consume a substantial portion of our financial resources and the
efforts of our personnel. The party that initiates litigation
against us may be able to sustain the costs of such litigation more
effectively than we can because of their substantially greater
financial and personnel resources. Litigation may also absorb
significant time of management leading to an adverse effect on
company performance.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We have no manufacturing capacity and depend on third-party
manufacturers to produce our pre-clinical and clinical trial drug
supplies.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not currently operate manufacturing facilities for
pre-clinical or clinical production of any of our product
candidates. We lack experience in drug manufacturing, and we lack
the resources and the capabilities to manufacture any of our
product candidates on a clinical or commercial scale. As a result,
we rely on third-party manufacturers to supply, store, and
distribute pre-clinical and clinical supply of our product
candidates, and plan to continue to do so for the foreseeable
future. Any performance failure on the part of our existing or
future manufacturers could delay clinical development or regulatory
approval of our product candidates or</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-30</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
commercialization of any approved products, producing additional
losses and depriving us of potential product revenue. We are
currently manufacturing the antibody HuM195, which is a component
of our Actimab-A and Actimab-M drug candidates that are currently
in a Phase 2 and Phase 1 clinical trial, respectively. At this
time, we are undertaking release testing of a new batch of HuM195
antibody. If we are unable to successfully release the manufactured
batch of the HuM195 antibody in a timely fashion we may encounter
delays in our clinical trials. Inability to secure continued
clinical supply of HuM195 antibody may impact our competitive
position with these drug candidates as manufacturing another batch
would require additional resources and time.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our product candidates require precise, high quality manufacturing.
Failure by our contract manufacturer to achieve and maintain high
manufacturing standards could result in patient injury or death,
product recalls or withdrawals, delays or failures in testing or
delivery, cost overruns, or other problems that could seriously
hurt our business. Contract manufacturers may encounter
difficulties involving production yields, quality control, and
quality assurance. These manufacturers are subject to ongoing
periodic and unannounced inspections by the FDA and corresponding
state and foreign agencies to ensure strict compliance with cGMPs
and other applicable government regulations and corresponding
foreign standards; however, we do not have control over third-party
manufacturers&rsquo; compliance with these regulations and
standards.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Furthermore, these third-party contractors, whether foreign or
domestic, may experience regulatory compliance difficulty,
mechanical shut downs, employee strikes, or any other unforeseeable
acts that may delay or limit production, which could leave our
commercial partners with inadequate supplies of product to sell,
especially when regulatory requirements or customer demand
necessitate the need for additional product supplies. Our inability
to adequately establish, supervise and conduct (either ourselves or
through third parties) all aspects of the formulation and
manufacturing processes, and the inability of third party
manufacturers to consistently supply quality product when required
would have a material adverse effect on our ability to
commercialize and sell our products. We have faced delays and risks
associated with reliance on key third party manufacturers in the
past and may be faced with such delays and risks in the future. Any
future manufacturing interruptions or related supply issues could
have an adverse effect on our company, including delays in clinical
trials, which may result in claims by or against us or our partners
for breach of contract.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If a contract manufacturer cannot perform as agreed, we may be
required to replace it. We may incur added costs and delays in
identifying and qualifying replacements because the FDA must
approve any replacement manufacturer prior to manufacturing our
product candidates. Such approval would require new testing and
compliance inspections. In addition, a new manufacturer would have
to be educated in, or develop substantially equivalent processes
for, production of our product candidates after receipt of FDA
approval.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We anticipate continued reliance on third parties for manufacturing
and marketing, if we are successful in obtaining marketing approval
from the FDA and other regulatory agencies for any of our product
candidates. If we are not able to secure favorable arrangements
with such third parties, our business and financial condition would
be harmed, and our commercialization of any of our product
candidates may be halted, delayed or made less profitable if those
third parties fail to obtain such approvals, fail to provide us
with sufficient quantities of product or fail to do so at
acceptable quality levels or prices.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To date, our product candidates have been manufactured in small
quantities for preclinical and clinical testing by third-party
manufacturers. If the FDA or other regulatory agencies approve any
of our product candidates for commercial sale, we expect that we
would continue to rely, at least initially, on third-party
specialized manufacturers to produce commercial quantities of
approved products. These manufacturers may not be able to
successfully increase the manufacturing capacity for any approved
product in a timely or economic manner, or at all. Significant
scale-up of manufacturing may require additional validation
studies, which the FDA must review and approve. If third party
manufacturers are unable to successfully increase the manufacturing
capacity for a product candidate, or we are unable to establish our
own manufacturing capabilities, the commercial launch of any
approved products may be delayed or there may be a shortage in
supply, which in turn could have a material adverse effect on our
business.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, the facilities used by our contract manufacturers to
manufacture our product candidates must be approved by the FDA
pursuant to inspections that will be conducted after we submit a
BLA to the FDA. We do not control the manufacturing process of, and
are completely dependent on, our contract manufacturing partners
for compliance with cGMPs. If our contract manufacturers cannot
successfully manufacture material that conforms to our
specifications and the strict regulatory requirements of the FDA or
other regulatory authorities, they will not be</P>
<P CLASS="RRH" STYLE=
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S-31</P>
<P CLASS="Textind" STYLE=
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able to secure and/or maintain regulatory approval for their
manufacturing facilities. If the FDA or a comparable foreign
regulatory authority does not approve these facilities for the
manufacture of our product candidates or if it withdraws any such
approval in the future, we may need to find alternative
manufacturing facilities, which would significantly impact our
ability to develop, obtain regulatory approval for or market our
product candidates, if approved.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We also intend to partner with larger pharmaceutical companies for
the commercialization of any of our product candidates that are
approved. In connection with our efforts to commercialize our
product candidates, we will seek to secure favorable arrangements
with third parties to distribute, promote, market and sell them. If
we are not able to secure favorable commercial terms or
arrangements with third parties for distribution, marketing,
promotion and sales of our product candidates, we may have to
retain promotional and marketing rights and seek to develop the
commercial resources necessary to promote or co-promote or
co-market certain or all of our product candidates to the
appropriate channels of distribution in order to reach the specific
medical market that we are targeting. We may not be able to enter
into any partnering arrangements on this or any other basis. If we
are not able to secure favorable partnering arrangements, or are
unable to develop the appropriate resources necessary for the
commercialization of our product candidates, our business and
financial condition could be harmed. In addition, we will have to
hire additional employees or consultants, since our current
employees have limited experience in these areas. Sufficient
employees with relevant skills may not be available to us. Any
increase in the number of our employees would increase our expense
level, and could have an adverse effect on our financial
position.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, we, or our potential commercial partners, may not
successfully introduce our product candidates or they may not
achieve acceptance by patients, health care providers and insurance
companies. Further, it is possible that we may not be able to
secure arrangements to manufacture, market, distribute, promote and
sell our product candidates at favorable commercial terms that
would permit us to make a profit. To the extent that corporate
partners conduct clinical trials, we may not be able to control the
design and conduct of these clinical trials.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may have conflicts with our partners that could delay or prevent
the development or commercialization of our product
candidates.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may have conflicts with our partners, such as conflicts
concerning the interpretation of preclinical or clinical data, the
achievement of milestones, the interpretation of contractual
obligations, payments for services, development obligations or the
ownership of intellectual property developed during our
collaboration. If any conflicts arise with any of our partners,
such partner may act in a manner that is adverse to our best
interests. Any such disagreement could result in one or more of the
following, each of which could delay or prevent the development or
commercialization of our product candidates, and in turn prevent us
from generating revenues: unwillingness on the part of a partner to
pay us milestone payments or royalties we believe are due under a
collaboration; uncertainty regarding ownership of intellectual
property rights arising from our collaborative activities, which
could prevent us from entering into additional collaborations;
unwillingness by the partner to cooperate in the development or
manufacture of the product, including providing us with product
data or materials; unwillingness on the part of a partner to keep
us informed regarding the progress of its development and
commercialization activities or to permit public disclosure of the
results of those activities; initiating litigation or alternative
dispute resolution options by either party to resolve the dispute;
or attempts by either party to terminate the agreement.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Upon commercialization of our product candidates, we may be
dependent on third parties to market, distribute and sell
them.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our ability to generate revenues may be dependent upon the sales
and marketing efforts of any future co-marketing partners and
third-party distributors. At this time, we have not entered into an
agreement with any commercialization partner and only plan to do so
after the successful completion of Phase 2 clinical trials or prior
to commercialization. If we fail to reach an agreement with any
commercialization partner, or if upon reaching such an agreement
that partner fails to sell a large volume of our products, it may
have a negative impact on our business, financial condition and
results of operations.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-32</P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our product candidates will face significant competition in the
markets for them, and if they are unable to compete successfully,
our business will suffer.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our product candidates face, and will continue to face, intense
competition from large pharmaceutical companies, as well as
academic and research institutions. We compete in an industry that
is characterized by (i) rapid technological change, (ii) evolving
industry standards, (iii) emerging competition and (iv) new product
introductions. Our competitors have existing products and
technologies that will compete with our product candidates and
technologies and may develop and commercialize additional products
and technologies that will compete with our product candidates and
technologies. Because several competing companies and institutions
have greater financial resources than us, they may be able to (i)
provide broader services and product lines, (ii) make greater
investments in research and development, or R&amp;D, and (iii)
carry on broader R&amp;D initiatives. Our competitors also have
greater development capabilities than we do and have substantially
greater experience in undertaking preclinical and clinical testing
of product candidates, obtaining regulatory approvals, and
manufacturing and marketing pharmaceutical products. They also have
greater name recognition and better access to customers than us.
Our chief competitors include companies such as Bayer AG,
GlaxoSmithKline Plc and Spectrum Pharmaceuticals, Inc. and
others.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If side effects are identified during the time our product
candidates are in development or after they are approved and on the
market, we may choose to or be required to perform lengthy
additional clinical trials, discontinue development of the affected
product candidate, change the labeling of any such products, or
withdraw or recall any such products from the market, any of which
would hinder or preclude our ability to generate
revenues.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Undesirable side effects caused by our product candidates could
cause us or regulatory authorities to interrupt, delay or halt
clinical trials and could result in a more restrictive label or the
delay or denial of regulatory approval by the FDA or other
comparable foreign authorities. The drug-related side effects could
affect patient recruitment or the ability of enrolled patients to
complete the trial or result in potential product liability claims.
Any of these occurrences may harm our business, financial condition
and prospects significantly. Even if any of our product candidates
receives marketing approval, as greater numbers of patients use a
product following its approval, an increase in the incidence of
side effects or the incidence of other post-approval problems that
were not seen or anticipated during pre-approval clinical trials
could result in a number of potentially significant negative
consequences, including:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
regulatory authorities may withdraw their approval of the
product;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
regulatory authorities may require the addition of labeling
statements, such as warnings or contraindications;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
we may be required to change the way the product is administered,
conduct additional clinical trials or change the labeling of the
product;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
we may elect, or we may be required, to recall or withdraw product
from the market;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
we could be sued and held liable for harm caused to patients;
and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our reputation may suffer.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any of these events could substantially increase the costs and
expenses of developing, commercializing and marketing any such
product candidates or could harm or prevent sales of any approved
products.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our business depends upon securing and protecting critical
intellectual property.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our commercial success will depend in part on our obtaining and
maintaining patent, trade secret, copyright and trademark
protection of our technologies in the United States and other
jurisdictions, as well as successfully enforcing this intellectual
property and defending this intellectual property against
third-party challenges. We will only be able to protect our
technologies from unauthorized use by third parties to the extent
that valid and enforceable intellectual property protection, such
as patents or trade secrets law, cover them. In particular, we
place considerable emphasis on obtaining patent and trade secret
protection for significant new technologies, products and
processes. Furthermore, the degree of future protection of our
proprietary rights is uncertain because legal means afford only
limited protection and may not adequately protect our rights or
permit us to gain or keep our competitive advantage. Moreover, the
degree of future protection of our proprietary rights is uncertain
for product candidates</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-33</P>
<P CLASS="Textind" STYLE=
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that are currently in the early stages of development because we
cannot predict which of these product candidates will ultimately
reach the commercial market or whether the commercial versions of
these product candidates will incorporate proprietary
technologies.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our patent position is highly uncertain and involves complex legal
and factual questions.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accordingly, we cannot predict the breadth of claims that may be
allowed or enforced under our patents or in third-party patents.
For example, we or our licensors might not have been the first to
make the inventions covered by each of our pending patent
applications and issued patents; we or our licensors might not have
been the first to file patent applications for these inventions;
others may independently develop similar or alternative
technologies or duplicate any of our technologies; it is possible
that none of our pending patent applications or the pending patent
applications of our licensors will result in issued patents; our
issued patents and issued patents of our licensors may not provide
a basis for commercially viable technologies, or may not provide us
with any competitive advantages, or may be challenged and
invalidated by third parties; and, we may not develop additional
proprietary technologies that are patentable.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As a result, our owned and licensed patents may not be valid and we
may not be able to obtain and enforce patents and to maintain trade
secret protection for the full commercial extent of our technology.
The extent to which we are unable to do so could materially harm
our business.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We or our licensors have applied for and will continue to apply for
patents for certain products. Such applications may not result in
the issuance of any patents, and any patents now held or that may
be issued may not provide us with adequate protection from
competition. Furthermore, it is possible that patents issued or
licensed to us may be challenged successfully. In that event, if we
have a preferred competitive position because of such patents, such
preferred position would be lost. If we are unable to secure or to
continue to maintain a preferred position, we could become subject
to competition from the sale of generic products. Failure to
receive, inability to protect, or expiration of our patents for
medical use, manufacture, conjugation and labeling of Ac-225, the
antibodies that we license from third parties, or subsequent
related filings, would adversely affect our business and
operations.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Patents issued or licensed to us may be infringed by the products
or processes of others. The cost of enforcing our patent rights
against infringers, if such enforcement is required, could be
significant, and we do not currently have the financial resources
to fund such litigation. Further, such litigation can go on for
years and the time demands could interfere with our normal
operations. There has been substantial litigation and other
proceedings regarding patent and other intellectual property rights
in the pharmaceutical industry. We may become a party to patent
litigation and other proceedings. The cost to us of any patent
litigation, even if resolved in our favor, could be substantial.
Some of our competitors may be able to sustain the costs of such
litigation more effectively than we can because of their
substantially greater financial resources. Litigation may also
absorb significant management time.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unpatented trade secrets, improvements, confidential know-how and
continuing technological innovation are important to our scientific
and commercial success. Although we attempt to and will continue to
attempt to protect our proprietary information through reliance on
trade secret laws and the use of confidentiality agreements with
our partners, collaborators, employees and consultants and other
appropriate means, these measures may not effectively prevent
disclosure of our proprietary information, and, in any event,
others may develop independently, or obtain access to, the same or
similar information.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Certain of our patent rights are licensed to us by third parties.
If we fail to comply with the terms of these license agreements,
our rights to those patents may be terminated, and we will be
unable to conduct our business.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If we are found to be infringing on patents or trade secrets owned
by others, we may be forced to cease or alter our product
development efforts, obtain a license to continue the development
or sale of our products, and/or pay damages.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our manufacturing processes and potential products may violate
proprietary rights of patents that have been or may be granted to
competitors, universities or others, or the trade secrets of those
persons and entities. As the pharmaceutical industry expands and
more patents are issued, the risk increases that our processes and
potential products may give rise to claims that they infringe the
patents or trade secrets of others. These other persons could bring
legal actions against us claiming damages and seeking to enjoin
clinical testing, manufacturing and marketing of the affected
product or process. If any of these actions are successful, in
addition to any potential liability for</P>
<P CLASS="LRH" STYLE=
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S-34</P>
<P CLASS="Textind" STYLE=
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damages, we could be required to obtain a license in order to
continue to conduct clinical tests, manufacture or market the
affected product or use the affected process. Required licenses may
not be available on acceptable terms, if at all, and the results of
litigation are uncertain. If we become involved in litigation or
other proceedings, it could consume a substantial portion of our
financial resources and the efforts of our personnel.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our ability to protect and enforce our patents does not guarantee
that we will secure the right to commercialize our
patents.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A patent is a limited monopoly right conferred upon an inventor,
and his successors in title, in return for the making and
disclosing of a new and non-obvious invention. This monopoly is of
limited duration but, while in force, allows the patent holder to
prevent others from making and/or using its invention. While a
patent gives the holder this right to exclude others, it is not a
license to commercialize the invention where other permissions may
be required for commercialization to occur. For example, a drug
cannot be marketed without the appropriate authorization from the
FDA, regardless of the existence of a patent covering the product.
Further, the invention, even if patented itself, cannot be
commercialized if it infringes the valid patent rights of another
party.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We rely on confidentiality agreements to protect our trade secrets.
If these agreements are breached by our employees or other parties,
our trade secrets may become known to our competitors.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We rely on trade secrets that we seek to protect through
confidentiality agreements with our employees and other parties. If
these agreements are breached, our competitors may obtain and use
our trade secrets to gain a competitive advantage over us. We may
not have any remedies against our competitors and any remedies that
may be available to us may not be adequate to protect our business
or compensate us for the damaging disclosure. In addition, we may
have to expend resources to protect our interests from possible
infringement by others.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The use of hazardous materials, including radioactive and
biological materials, in our research and development efforts
imposes certain compliance costs on us and may subject us to
liability for claims arising from the use or misuse of these
materials.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our research, development and manufacturing activities involves the
controlled use of hazardous materials, including chemicals,
radioactive and biological materials, such as radioactive isotopes.
We are subject to federal, state, local and foreign environmental
laws and regulations governing, among other matters, the handling,
storage, use and disposal of these materials and some waste
products. We cannot completely eliminate the risk of contamination
or injury from these materials and we could be held liable for any
damages that result, which could exceed our financial resources. We
currently maintain insurance coverage for injuries resulting from
the hazardous materials we use; however, future claims may exceed
the amount of our coverage. Also, we do not have insurance coverage
for pollution cleanup and removal. Currently the costs of complying
with such federal, state, local and foreign environmental
regulations are not significant, and consist primarily of waste
disposal expenses. However, they could become expensive, and
current or future environmental laws or regulations may impair our
research, development, production and commercialization
efforts.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may undertake international operations, which will subject us to
risks inherent with operations outside of the United
States.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we do not have any foreign operations at this time, we
intend to seek market clearances in foreign markets that we believe
will generate significant opportunities. However, even with the
cooperating of a commercialization partner, conducting drug
development in foreign countries involves inherent risks,
including, but not limited to difficulties in staffing, funding and
managing foreign operations; unexpected changes in regulatory
requirements; export restrictions; tariffs and other trade
barriers; difficulties in protecting, acquiring, enforcing and
litigating intellectual property rights; fluctuations in currency
exchange rates; and potentially adverse tax consequences.</P>
<P CLASS="Textind" STYLE=
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If we were to experience any of the difficulties listed above, or
any other difficulties, any international development activities
and our overall financial condition may suffer and cause us to
reduce or discontinue our international development and
registration efforts.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-35</P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may not be successful in hiring and retaining key
employees.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our future operations and successes depend in large part upon the
continued service of key members of our senior management team whom
we are highly dependent upon to manage our business. If any member
of our current senior management terminates his or her employment
with us, such a departure may have a material adverse effect on our
business.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our future success also depends on our ability to identify,
attract, hire or engage, retain and motivate other well-qualified
managerial, technical, clinical and regulatory personnel. There can
be no assurance that such professionals will be available in the
market, or that we will be able to retain existing professionals or
meet or continue to meet their compensation requirements.
Furthermore, the cost base in relation to such compensation, which
may include equity compensation, may increase significantly, which
could have a material adverse effect on us. Failure to establish
and maintain an effective management team and work force could
adversely affect our ability to operate, grow and manage our
business.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may be subject, directly or indirectly, to federal and state
healthcare fraud and abuse laws, false claims laws, and health
information privacy and security laws. If we are unable to comply,
or have not fully complied, with such laws, we could face
substantial penalties.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we obtain FDA approval for any of our product candidates and
begin commercializing those products in the United States, our
operations may be directly, or indirectly through our customers,
subject to various federal and state fraud and abuse laws,
including, without limitation, the federal Anti-Kickback Statute,
the federal False Claims Act, and physician sunshine laws and
regulations. These laws may impact, among other things, our
proposed sales, marketing, and education programs. In addition, we
may be subject to patient privacy regulation by both the federal
government and the states in which we conduct our business. The
laws that may affect our ability to operate include:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the federal Anti-Kickback Statute, which prohibits, among other
things, persons from knowingly and willfully soliciting, receiving,
offering or paying remuneration, directly or indirectly, to induce,
or in return for, the purchase or recommendation of an item or
service reimbursable under a federal healthcare program, such as
the Medicare and Medicaid programs;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
federal civil and criminal false claims laws and civil monetary
penalty laws, which prohibit, among other things, individuals or
entities from knowingly presenting, or causing to be presented,
claims for payment from Medicare, Medicaid, or other third-party
payors that are false or fraudulent;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the federal Health Insurance Portability and Accountability Act of
1996, or HIPAA, which created federal criminal statutes that
prohibit executing a scheme to defraud any healthcare benefit
program and making false statements relating to healthcare
matters;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
HIPAA, as amended by the Health Information Technology and Clinical
Health Act, or HITECH, and its implementing regulations, which
imposes certain requirements relating to the privacy, security, and
transmission of individually identifiable health information;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the federal physician sunshine requirements under PPACA, which
require certain manufacturers of drugs, devices, biologics, and
medical supplies to report annually to the U.S. Department of
Health and Human Services information related to payments and other
transfers of value to physicians, other healthcare providers, and
teaching hospitals, and ownership and investment interests held by
physicians and other healthcare providers and their immediate
family members and applicable group purchasing organizations;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
state law equivalents of each of the above federal laws, such as
anti-kickback and false claims laws that may apply to items or
services reimbursed by any third-party payor, including commercial
insurers; state laws that require pharmaceutical companies to
comply with the industry&rsquo;s voluntary compliance guidelines
and the relevant compliance guidance promulgated by the federal
government, or otherwise restrict payments that may be made to
healthcare providers and other potential referral sources; state
laws that require drug manufacturers to report information related
to payments and other transfers of value to physicians and other
healthcare providers or marketing expenditures; and state laws
governing the privacy and security of health information in certain
circumstances, many of which differ from each other in significant
ways, thus complicating compliance efforts.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-36</P>
<P CLASS="Textind" STYLE=
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Because of the breadth of these laws and the narrowness of the
statutory exceptions and safe harbors available, it is possible
that some of our business activities could be subject to challenge
under one or more of such laws. In addition, recent health care
reform legislation has strengthened these laws. For example, the
PPACA, among other things, amends the intent requirement of the
federal anti-kickback and criminal healthcare fraud statutes. A
person or entity no longer needs to have actual knowledge of this
statute or specific intent to violate it to have committed a
violation. Moreover, the PPACA provides that the government may
assert that a claim including items or services resulting from a
violation of the federal Anti-Kickback Statute constitutes a false
or fraudulent claim for purposes of the False Claims Act.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If our operations are found to be in violation of any of the laws
described above or any other governmental regulations that apply to
us, we may be subject to penalties, including civil and criminal
penalties, damages, fines, exclusion from participation in
government health care programs, such as Medicare and Medicaid,
imprisonment, and the curtailment or restructuring of our
operations, any of which could adversely affect our ability to
operate our business and our results of operations.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Healthcare legislative reform measures may have a material adverse
effect on our business and results of operations.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2010, former President Obama signed the Patient Protection
and Affordable Care Act, as amended by the Health Care and
Education Reconciliation Act (collectively, &ldquo;PPACA&rdquo;),
which makes changes that are expected to significantly impact the
pharmaceutical industries. One of the principal aims of the PPACA
as currently enacted is to expand health insurance coverage to
approximately 32 million Americans who are currently uninsured. The
consequences of this significant coverage expansion on the sales of
our products, once they are developed, are unknown and
speculative.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The PPACA contains a number of provisions designed to generate the
revenues necessary to fund the coverage expansions among other
things. This includes fees and taxes on manufacturers of certain
branded prescription drugs, an abbreviated pathway for approval of
biosimilar products, a new methodology by which rebates owed by
manufacturers under the Medicaid Drug Rebate Program are calculated
for drugs that are inhaled, infused, instilled, implanted or
injected, increases in the minimum Medicaid rebates owed by
manufacturers under the Medicaid Drug Rebate Program and an
extension of the rebate program to individuals enrolled in Medicaid
managed care organizations, and a new Medicare Part D coverage gap
discount program, in which manufacturers must agree to offer 50%
point-of-sale discounts off negotiated prices of applicable brand
drugs to eligible beneficiaries during their coverage gap period,
as a condition for the manufacturer&rsquo;s outpatient drugs to be
covered under Medicare Part D.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The PPACA provisions on comparative clinical effectiveness research
extend the initiatives of the American Recovery and Reinvestment
Act of 2009, also known as the stimulus package, which included
$1.1 billion in funding to study the comparative effectiveness of
health care treatments and strategies. This stimulus funding was
designated for, among other things, conducting, supporting or
synthesizing research that compares and evaluates the risks and
benefits, clinical outcomes, effectiveness and appropriateness of
products. The PPACA appropriates additional funding to comparative
clinical effectiveness research. Although Congress has indicated
that this funding is intended to improve the quality of health
care, it remains unclear how the research will impact current
Medicare coverage and reimbursement or how new information will
influence other third-party payor policies. There is a risk that
President Donald Trump&rsquo;s administration could repeal or amend
the PPACA, and it is uncertain what the effect of such repeal or
amendments would have on our business, financial condition and
results of operations.</P>
<P CLASS="Textind" STYLE=
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In addition, other legislative changes have been proposed and
adopted since the PPACA was enacted. On August 2, 2011, former
President Obama signed into law the Budget Control Act of 2011,
which, among other things, creates the Joint Select Committee on
Deficit Reduction to recommend proposals in spending reductions to
Congress. The Joint Select Committee did not achieve a targeted
deficit reduction of at least $1.2 trillion for the years 2013
through 2021, which threatened to trigger the legislation&rsquo;s
automatic reduction to several government programs. This includes
aggregate reductions of Medicare payments to providers of 2% per
fiscal year, which went into effect in April 2013 and will stay in
effect through 2024 unless additional Congressional action is
taken. On January 2, 2013, Congress passed and former President
Obama signed the American Taxpayer Relief Act of 2012 which, among
other things, further reduced Medicare payments to certain
providers, including physicians, hospitals and cancer treatment
centers. We expect that the PPACA, as well as other federal or
state health care reform measures that may be adopted in the
future, could have a material adverse effect on our industry
generally and our</P>
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S-37</P>
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ability to successfully commercialize our products or could limit
or eliminate our spending on certain development projects. The
taxes imposed by the PPACA and the expansion in the
government&rsquo;s role in the U.S. healthcare industry may result
in decreased profits to us, lower reimbursement by payors for our
products, and/or reduced medical procedure volumes, all of which
may adversely affect our business, financial condition and results
of operations.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Managing our growth as we expand operations may strain our
resources.</FONT></P>
<P CLASS="Textind" STYLE=
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We expect to need to grow rapidly in order to support additional,
larger, and potentially international, pivotal clinical trials of
our product candidates, which will place a significant strain on
our financial, managerial and operational resources. In order to
achieve and manage growth effectively, we must continue to improve
and expand our operational and financial management capabilities.
Moreover, we will need to increase staffing and to train, motivate
and manage our employees. All of these activities will increase our
expenses and may require us to raise additional capital sooner than
expected. Failure to manage growth effectively could materially
harm our business, financial condition or results of
operations.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We may expand our business through the acquisition of rights to new
product candidates that could disrupt our business, harm our
financial condition and may also dilute current stockholders&rsquo;
ownership interests in our company.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our business strategy includes expanding our products and
capabilities, and we may seek acquisitions of product candidates,
antibodies or technologies to do so. Acquisitions involve numerous
risks, including substantial cash expenditures; potentially
dilutive issuance of equity securities; incurrence of debt and
contingent liabilities, some of which may be difficult or
impossible to identify at the time of acquisition; difficulties in
assimilating acquired technologies or the operations of the
acquired companies; diverting our management&rsquo;s attention away
from other business concerns; risks of entering markets in which we
have limited or no direct experience; and the potential loss of our
key employees or key employees of the acquired companies.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We can make no assurances that any acquisition will result in
short-term or long-term benefits to us. We may incorrectly judge
the value or worth of an acquired product, company or business. In
addition, our future success would depend in part on our ability to
manage the rapid growth associated with some of these acquisitions.
We cannot assure that we will be able to make the combination of
our business with that of acquired products, businesses or
companies work or be successful. Furthermore, the development or
expansion of our business or any acquired products, business or
companies may require a substantial capital investment by us. We
may not have these necessary funds or they might not be available
to us on acceptable terms or at all. We may also seek to raise
funds by selling shares of our preferred or common stock, which
could dilute each current stockholder&rsquo;s ownership interest in
the Company.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Risks Related to Ownership of Our Common Stock</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The sale of securities by us in any equity or debt financing could
result in dilution to our existing stockholders and have a material
adverse effect on our earnings.</FONT></P>
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We have financed our operations primarily through sales of stock
and the issuance of convertible promissory notes. It is likely that
during the next twelve months we will seek to raise additional
capital through the sales of stock and/or issuance of convertible
debentures in order to expand our level of operations to continue
our research and development efforts.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any sale of common stock by us in a future private placement
offering could result in dilution to the existing stockholders as a
direct result of our issuance of additional shares of our capital
stock. In addition, our business strategy may include expansion
through internal growth or by establishing strategic relationships
with targeted customers and vendor. In order to do so, or to
finance the cost of our other activities, we may issue additional
equity securities that could dilute our stockholders&rsquo; stock
ownership. We may also assume additional debt and incur impairment
losses related to goodwill and other tangible assets if we acquire
another company and this could negatively impact our earnings and
results of operations.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-38</P>
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Common Stock has been considered a Penny Stock.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
During the fiscal year 2013 and through 2017 our common stock has
or had been a penny stock, therefore, when our stock is considered
a penny stock trading in our securities may be subject to penny
stock considerations. Broker-dealer practices in connection with
transactions in &ldquo;penny stocks&rdquo; are regulated by certain
penny stock rules adopted by the SEC.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Penny stocks generally are equity securities with a price of less
than $5.00 (other than securities registered on certain national
securities exchanges or quoted on the NYSE American system). Penny
stock rules require a broker-dealer, prior to a transaction in a
penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document that provides information
about penny stocks and the risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and
offer quotations for the penny stock, the compensation of the
broker-dealer and its salesperson in the transaction, and monthly
account statements showing the market value of each penny stock
held in the customer&rsquo;s account. The broker-dealer must also
make a special written determination that the penny stock is a
suitable investment for the purchaser and receive the
purchaser&rsquo;s written agreement to the transaction. These
requirements may have the effect of reducing the level of trading
activity, if any, in the secondary market for a security that
becomes subject to the penny stock rules. The additional burdens
imposed upon broker-dealers by such requirements may discourage
broker-dealers from effecting transactions in our securities, which
could severely limit their market price and liquidity of our
securities. These requirements may restrict the ability of
broker-dealers to sell our common stock and may affect your ability
to resell our common stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Common Stock is subject to price volatility unrelated to our
operations.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The trading volume of our common stock has been and may continue to
be extremely limited and sporadic. As a result of such trading
activity, the quoted price for our common stock on NYSE American
may not necessarily be a reliable indicator of its fair market
value.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We expect the market price of our Common Stock to fluctuate
substantially due to a variety of factors, including market
perception of our ability to achieve our planned growth, quarterly
operating results of other companies in the same industry, trading
volume in our common stock, changes in general conditions in the
economy and the financial markets or other developments affecting
the Company&rsquo;s competitors or the Company itself. This
volatility has had a significant effect on the market price of
securities issued by many companies for reasons unrelated to their
operating performance and could have the same effect on our common
stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Because we do not intend to pay dividends, stockholders will
benefit from an investment in our Common Stock only if it
appreciates in value.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have never declared or paid any cash dividends on our Preferred
Stock or Common Stock. For the foreseeable future, it is expected
that earnings, if any, generated from our operations will be used
to finance the growth of our business, and that no dividends will
be paid to holders of our Preferred Stock or Common Stock. As a
result, the success of an investment in our Preferred Stock or
Common Stock will depend upon any future appreciation in its value.
There is no guarantee that our Preferred Stock or Common Stock will
appreciate in value.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Certain provisions of our Certificate of Incorporation and Bylaws
and Delaware law make it more difficult for a third party to
acquire us and make a takeover more difficult to complete, even if
such a transaction were in the stockholders&rsquo;
interest.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Provisions of our certificate of incorporation and bylaws may delay
or discourage transactions involving an actual or potential change
in our control or change in our management, including transactions
in which stockholders might otherwise receive a premium for their
shares, or transactions that our stockholders might otherwise deem
to be in their best interests. Therefore, these provisions could
adversely affect the price of our stock. Among other things, the
certificate of incorporation and bylaws:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide that the authorized number of directors may be changed by
resolution of the board of directors;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide that all vacancies, including newly-created directorships,
may, except as otherwise required by law, be filled by the
affirmative vote of a majority of directors then in office, even if
less than a quorum;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
divide the board of directors into three classes;</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-39</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide that stockholders seeking to present proposals before a
meeting of stockholders or to nominate candidates for election as
directors at a meeting of stockholders must provide notice in
writing in a timely manner, and meet specific requirements as to
the form and content of a stockholder&rsquo;s notice;</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, we are governed by Section 203 of the Delaware General
Corporation Law. In general, Section 203 prohibits a public
Delaware corporation from engaging in a &ldquo;business
combination&rdquo; with an &ldquo;interested stockholder&rdquo; for
a period of three years after the date of the transaction in which
the person became an interested stockholder, unless the business
combination is approved in a prescribed manner. A &ldquo;business
combination&rdquo; includes mergers, asset sales or other
transactions resulting in a financial benefit to the stockholder.
An &ldquo;interested stockholder&rdquo; is a person who, together
with affiliates and associates, owns, or within three years, did
own, 15% or more of the corporation&rsquo;s outstanding voting
stock. These provisions may have the effect of delaying, deferring
or preventing a change in our control.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Compliance with the reporting requirements of federal securities
laws can be expensive.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are subject to the information and reporting requirements of the
Exchange Act and other federal securities laws, and the compliance
obligations of the Sarbanes-Oxley Act. The costs of preparing and
filing annual and quarterly reports and other information with the
SEC and furnishing audited reports to stockholders are substantial.
In addition, we will incur substantial expenses in connection with
the preparation of registration statements and related documents
with respect to the registration of resale of the Common Stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Applicable regulatory requirements, including those contained in
and issued under the Sarbanes-Oxley Act, may make it difficult for
us to retain or attract qualified officers and directors, which
could adversely affect the management of its business and its
ability to obtain or retain listing of our Common Stock.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may be unable to attract and retain those qualified officers,
directors and members of board committees required to provide for
effective management because of the rules and regulations that
govern publicly held companies, including, but not limited to,
certifications required by principal executive officers. The
enactment of the Sarbanes-Oxley Act has resulted in the issuance of
a series of related rules and regulations and the strengthening of
existing rules and regulations by the SEC, as well as the adoption
of new and more stringent rules by the stock exchanges. The
perceived increased personal risk associated with these changes may
deter qualified individuals from accepting roles as directors and
executive officers.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, some of these changes heighten the requirements for board
or committee membership, particularly with respect to an
individual&rsquo;s independence from the corporation and level of
experience in finance and accounting matters. We may have
difficulty attracting and retaining directors with the requisite
qualifications. If we are unable to attract and retain qualified
officers and directors, the management of our business and our
ability to obtain or retain listing of our shares of Common Stock
on any stock exchange (assuming we elect to seek and are successful
in obtaining such listing) could be adversely affected.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If we fail to maintain an effective system of internal controls, we
may not be able to accurately report our financial results or
detect fraud. Investors could lose confidence in our financial
reporting and this may decrease the trading price of our Common
Stock.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We must maintain effective internal controls to provide reliable
financial reports and detect fraud. In future periods, we may
identify deficiencies in our system of internal controls over
financial reporting that may require remediation. There can be no
assurances that any such future deficiencies identified may not be
material weaknesses that would be required to be reported in future
periods. Failure to maintain an effective system of internal
controls could harm our operating results and cause investors to
lose confidence in our reported financial information. Any such
loss of confidence would have a negative effect on the trading
price of our Common Stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The price of our common stock may become volatile, which could lead
to losses by investors and costly securities litigation.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">The trading price of our
Common Stock may be highly volatile and could fluctuate in response
to factors such as:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
actual or anticipated variations in our operating results;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-40</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
announcements of developments by us or our competitors;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the timing of IND and/or BLA approval, the completion and/or
results of our clinical trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
regulatory actions regarding our products;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
announcements by us or our competitors of significant acquisitions,
strategic partnerships, joint ventures or capital commitments;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adoption of new accounting standards affecting our industry;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions or departures of key personnel;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
introduction of new products by us or our competitors;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
sales of our Common Stock or other securities in the open market;
and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
other events or factors, many of which are beyond our control.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">The stock market is subject to
significant price and volume fluctuations. In the past, following
periods of volatility in the market price of a company&rsquo;s
securities, securities class action litigation has often been
initiated against such a company. Litigation initiated against us,
whether or not successful, could result in substantial costs and
diversion of our management&rsquo;s attention and Company
resources, which could harm our business and financial
condition.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Risks Related to the
Rights Offering</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our management will have broad discretion over the use of the net
proceeds from this offering, you may not agree with how we use the
proceeds and the proceeds may not be invested
successfully.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our management will have broad discretion as to the use of the net
proceeds from this offering and could use them for purposes other
than those contemplated at the time of commencement of this
offering. Accordingly, you will be relying on the judgment of our
management with regard to the use of these net proceeds, and you
will not have the opportunity, as part of your investment decision,
to assess whether the proceeds are being used appropriately. It is
possible that, pending their use, we may invest the net proceeds in
a way that does not yield a favorable, or any, return for us. The
failure of our management to use such funds effectively could have
a material adverse effect on our business, financial condition,
operating results and cash flows.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Your interest in our company may be diluted as a result of this
Rights Offering.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Holders who do not fully exercise their Subscription Rights should
expect that they will, at the completion of this offering, own a
smaller proportional interest in our company than would otherwise
be the case had they fully exercised their Subscription Rights.
Further, the shares issuable upon the exercise of the Warrants to
be issued pursuant to the Rights Offering will dilute the ownership
interest of holders not participating in this offering or holders
of Warrants who have not exercised them. To the extent that we
determine to amend certain terms of the Rights Offering, the
Subscription Rights or the Warrants, upon proper notice to holders
of common stock and participating warrant holders under applicable
securities laws (including among other things to increase the
amount of gross proceeds to be raised in the Rights Offering,
increase the amount of Units issuable in the rights offering,
increase the numbers of Warrants included in each Unit, or modify
the exercise price, expiration date or other terms of the
Warrants), then your proportional interest in our company may be
reduced even further. See &ldquo;The Rights Offering &mdash;
Amendment to the Terms of the Rights Offering&rdquo; below.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, if you purchase Units in this offering at the Subscription
Price, you may suffer immediate and substantial dilution in the net
tangible book value of our common stock. See &ldquo;Dilution&rdquo;
in this prospectus supplement for a more detailed discussion of the
dilution which may incur in connection with this offering.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Completion of the Rights Offering is not subject to us raising a
minimum offering amount.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Completion of the Rights Offering is not subject to us raising a
minimum offering amount and, therefore, proceeds may be
insufficient to meet our objectives, thereby increasing the risk to
investors in this offering, including investing in a company that
continues to require capital. See &ldquo;Use of
Proceeds.&rdquo;</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-41</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
This Rights Offering may cause the trading price of our common
stock to decrease.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Price, together with the number of shares of
common stock we propose to issue and ultimately will issue if this
Rights Offering is completed, may result in an immediate decrease
in the market price of our common stock. This decrease may continue
after the completion of this Rights Offering. If that occurs, you
may have committed to buy shares of our common stock at a price
greater than the prevailing market price. We cannot predict the
effect, if any, that the availability of shares for future sale
represented by the Series A and Series B Warrants issued in
connection with the Rights Offering will have on the market price
of our common stock from time to time. Further, if a substantial
number of Subscription Rights are exercised and the holders of the
shares received upon exercise of those Subscription Rights or the
related warrants choose to sell some or all of the shares
underlying the Subscription Rights or the related warrants, the
resulting sales could depress the market price of our common
stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Because the exercise of your Subscription Rights is not revocable,
you could be committed to buying shares of Common Stock above the
prevailing market price.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Once you exercise your Subscription Rights, you may not revoke such
exercise even if you later learn information that you consider to
be unfavorable to the exercise of your Subscription Rights. The
market price of our shares of common stock may decline prior to the
expiration of the Rights Offering or a Subscribing Rights holder
may not be able to sell shares of Common Stock purchased in this
offering at a price equal to or greater than the Subscription
Price. Until shares of our Common Stock are delivered upon
expiration of the Rights Offering, you will not be able to sell or
transfer the shares of our Common Stock that you purchase in the
Rights Offering. Any such delivery will occur as soon as
practicable after the Rights Offering has expired, payment for the
shares of Common Stock and attached Warrants subscribed for has
cleared, and all prorating calculations and reductions contemplated
by the terms of the Rights Offering have been effected.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If we terminate this offering for any reason, we will have no
obligation other than to return subscription monies within 10
business days.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may decide, in our sole discretion and for any reason, to cancel
or terminate the Rights Offering at any time prior to the
expiration date. If this offering is cancelled or terminated, we
will have no obligation with respect to Subscription Rights that
have been exercised except to return within 10 business days,
without interest or deduction, all subscription payments deposited
with the Subscription Agent. If we terminate this offering and you
have not exercised any Subscription Rights, such Subscription
Rights will expire and be worthless.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Because we do not have any formal commitments from any of our
stockholders to participate in the Rights Offering, the net
proceeds we receive from the Rights Offering may be lower than we
currently anticipate.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not have any formal commitments from any of our stockholders
to participate in the Rights Offering, and we cannot assure you
that any of our stockholders or participating warrant holders will
exercise all or any part of their Basic Subscription Rights or
their Over-Subscription Privilege. If our holders subscribe for
fewer shares of our common stock than we currently anticipate, the
net proceeds we receive from the Rights Offering could be
significantly lower than we currently expect.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The Subscription Price determined for this offering is not an
indication of the fair value of our common stock.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In determining the Subscription Price, our board of directors
considered a number of factors, including, but not limited to, our
need to raise capital in the near term to continue our operations,
the current and historical trading prices of our common stock, a
price that would increase the likelihood of participation in the
Rights Offering, the cost of capital from other sources, the value
of the Common Stock and Warrants being issued as components of the
Unit, comparable precedent transactions, an analysis of stock price
trading multiples for companies similar to us. The Subscription
Price does not necessarily bear any relationship to any established
criteria for value. No valuation consultant or investment banker
has opined upon the fairness or adequacy of the Subscription Price.
You should not consider the Subscription Price as an indication of
the value of our company or our common stock.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If you do not act on a timely basis and follow subscription
instructions, your exercise of Subscription Rights may</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-42</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
be rejected.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Holders of Subscription Rights who desire to purchase shares of our
Common Stock and Warrants in this offering must act on a timely
basis to ensure that all required forms and payments are actually
received by the Subscription Agent prior to 5:00 p.m., New York
City time, on the expiration date, unless extended. If you are a
beneficial owner of shares of common stock and you wish to exercise
your Subscription Rights, you must act promptly to ensure that your
broker, dealer, bank, trustee or other nominee acts for you and
that all required forms and payments are actually received by your
broker, dealer, bank, trustee or other nominee in sufficient time
to deliver such forms and payments to the Subscription Agent to
exercise the Subscription Rights granted in this offering that you
beneficially own prior to 5:00 p.m., New York City time on the
expiration date, as may be extended. We will not be responsible if
your broker, dealer, bank, trustee or other nominee fails to ensure
that all required forms and payments are actually received by the
Subscription Agent prior to 5:00 p.m., New York City time, on the
<FONT CLASS="nobreak" STYLE="mso-style-name: nobreak;">expiration
date</FONT>.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you fail to complete and sign the required subscription forms,
send an incorrect payment amount, or otherwise fail to follow the
subscription procedures that apply to your exercise in this Rights
Offering, the Subscription Agent may, depending on the
circumstances, reject your subscription or accept it only to the
extent of the payment received. Neither we nor the Subscription
Agent undertakes to contact you concerning an incomplete or
incorrect subscription form or payment, nor are we under any
obligation to correct such forms or payment. We have the sole
discretion to determine whether a subscription exercise properly
follows the subscription procedures.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
You may not receive all of the Units for which you
subscribe.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">While
we are distributing to holders of our common stock one Subscription Rights for every share of common stock owned on the Record
Date, we are only seeking to raise $25.0 million dollars in gross proceeds in this Rights Offering, subject to increase as described
under &ldquo;The Rights Offering &mdash; Limitation on the Purchase of Units&rdquo; and &ldquo;The Rights Offering &mdash; Amendment
to the Terms of the Rights Offering&rdquo; below. As a result, based on 80,072,900 shares of common stock and 21,608,333 warrants
entitled to participate in the offering outstanding as of February 14, 2018, we would grant Subscription Rights to acquire 101,681,233
Units but will only accept subscriptions for 35,714,285 Units. Accordingly, sufficient Units may not be available to honor your
subscription in full.</P>



<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in 0pt; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">If
excess Units are available after the exercise of Basic Subscription Rights, holders who fully exercise their Basic Subscription
Rights will be entitled to subscribe for an additional number of Units. Over-Subscription Privileges will be allocated pro rata
among Rights holders who over-subscribed, based on the number of over-subscription Units to which they have subscribed.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless we otherwise agree in writing, a person or entity, together
with related persons or entities, may not exercise Subscription
Rights (including Over-Subscription Privileges) to purchase Units
that, when aggregated with their existing ownership, would result
in such person or entity, together with any related persons or
entities, owning in excess of 19.9% of our issued and outstanding
shares of common stock following the closing of the transactions
contemplated by this Rights Offering.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We cannot guarantee that you will receive any or the entire amount
of Units for which you subscribed. If for any reason the amount of
Units allocated to you is less than you have subscribed for, then
the excess funds held by the Subscription Agent on your behalf will
be returned to you, without interest, as soon as practicable after
the Rights Offering has expired and all prorating calculations and
reductions contemplated by the terms of the Rights Offering have
been effected, and we will have no further obligations to you.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
If you make payment of the Subscription Price by personal check,
your check may not clear in sufficient time to enable you to
purchase shares in this Rights Offering.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Any personal check used to
pay for shares and Warrants to be issued in this Rights Offering
must clear prior to the expiration date of this Rights Offering,
and the clearing process may require five or more business days. If
you choose to exercise your Subscription Rights, in whole or in
part, and to pay for shares and Warrants by personal check and your
check has not cleared prior to the expiration date of this Rights
Offering, you will not have satisfied the conditions to exercise
your Subscription Rights and will not receive the shares and
Warrants you wish to purchase.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-43</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The receipt of Subscription Rights may be treated as a taxable
distribution to you.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe the distribution of the Subscription Rights in this
Rights Offering should be a non-taxable distribution to holders of
shares of common stock under Section 305(a) of the Internal Revenue
Code of 1986, as amended, or the Code. Please see the discussion on
the &ldquo;Material U.S. Federal Income Tax Consequences&rdquo;
below. This position is not binding on the IRS, or the courts,
however. If this Rights Offering is deemed to be part of a
&ldquo;disproportionate distribution&rdquo; under Section 305 of
the Code, your receipt of Subscription Rights in this offering may
be treated as the receipt of a taxable distribution to you equal to
the fair market value of the Subscription Rights. Any such
distribution would be treated as dividend income to the extent of
our current and accumulated earnings and profits, if any, with any
excess being treated as a return of capital to the extent thereof
and then as capital gain. Each holder of shares of common stock and
each holder of a warrant providing for participation is urged to
consult his, her or its own tax advisor with respect to the
particular tax consequences of this Rights Offering.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Exercising the Subscription Rights limits your ability to engage in
certain hedging transactions that could provide you with financial
benefits.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
By exercising the Subscription rights, you are representing to us
that you have not entered into any short sale or similar
transaction with respect to our common stock since the record date
for the Rights Offering. In addition, the Subscription Rights
provide that, upon exercise of the Subscription Right, you agree
not to enter into any short sale or similar transaction with
respect to our common stock for so long as you continue to hold
Warrants issued in connection with the exercise of the Subscription
Right. These requirements prevent you from pursuing certain
investment strategies that could provide you greater financial
benefits than you might have realized if the Subscription Rights
did not contain these requirements.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The Subscription Rights are not transferable, and there is no
market for the Subscription Rights.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You may not sell, transfer, assign or give away your Subscription
Rights. Because the Subscription Rights are non-transferable, there
is no market or other means for you to directly realize any value
associated with the Subscription Rights. You must exercise the
Subscription Rights to realize any potential value from your
Subscription Rights.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Holders of our Series A Warrants and Series B Warrants will have no
rights as a common stockholder until such holders exercise their
Warrants and acquire our common stock.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Until holders of Warrants acquire shares of our common stock upon
exercise of the Warrants, holders of Warrants will have no rights
with respect to the shares of our common stock underlying such
Warrants. Upon exercise of the Warrants, the holders thereof will
be entitled to exercise the rights of a common stockholder only as
to matters for which the record date occurs after the exercise
date.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Absence of a public trading market for the Warrants may limit your
ability to resell the Warrants.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There is no established trading market for the Warrants to be
issued pursuant to this offering, and the Warrants may not be
widely distributed. Even if a market for the Warrants does develop,
the price of the Warrants may fluctuate and liquidity may be
limited. Purchasers of the Warrants may be unable to resell the
Warrants or sell them only at an unfavorable price for an extended
period of time, if at all. Future trading prices of the Warrants
will depend on many factors, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our operating performance and financial condition;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our ability to continue the effectiveness of the registration
statement, of which this prospectus is a part, covering the
Warrants and the common stock issuable upon exercise of the
Warrants;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the interest of securities dealers in making a market; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the market for similar securities</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The market price of our common stock may never exceed the exercise
price of the Warrants issued in connection</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-44</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
with this offering.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Series A Warrants being issued in connection with this offering
become exercisable upon issuance and will expire 12 months from the
date of issuance. The Series B Warrants being issued in connection
with this offering become exercisable upon issuance and will expire
30 months from the date of issuance. The market price of our common
stock may never exceed the exercise price of the Warrants prior to
their date of expiration. Any Warrants not exercised by their date
of expiration will expire worthless and we will be under no further
obligation to the Warrant holder.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The Warrants contain features that may reduce your economic benefit
from owning them.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Warrants contain features that allow us to redeem the Warrants
and that prohibit you from engaging in certain investment
strategies. We may redeem the Series A Warrants for $0.001 per
Warrant once the closing price of our common stock has equaled or
exceeded $1.80 per share, subject to adjustment, for ten
consecutive trading days, provided that we may not do so with not
less than 30 days&rsquo; prior written notice of redemption. We may
redeem the Series B Warrants for $0.001 per Warrant once the
closing price of our common stock has equaled or exceeded $3.30 per
share, subject to adjustment, for ten consecutive trading days,
provided that we may not do so with not less than 30 days&rsquo;
prior written notice of redemption. If we give notice of
redemption, you will be forced to sell exercise your Warrants or
accept the redemption price. The notice of redemption could come at
a time when it is not advisable or possible for you to exercise the
Warrants. As a result, you may be unable to benefit from owning the
Warrants being redeemed. In addition, for so long as you continue
to hold Warrants, you will not be permitted to enter into any short
sale or similar transaction with respect to our Common Stock. This
could prevent you from pursuing investment strategies that could
provide you greater financial benefits from owning the Warrant.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Since the Warrants are executory contracts, they may have no value
in a bankruptcy or reorganization proceeding.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event a bankruptcy or reorganization proceeding is commenced
by or against us, a bankruptcy court may hold that any unexercised
Series A Warrants and Series B Warrants are executory contracts
that are subject to rejection by us with the approval of the
bankruptcy court. As a result, holders of the Warrants may, even if
we have sufficient funds, not be entitled to receive any
consideration for their Warrants or may receive an amount less than
they would be entitled to if they had exercised their Warrants
prior to the commencement of any such bankruptcy or reorganization
proceeding.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
The dealer-manager is not underwriting, nor acting as placement
agent of, the Subscription Rights or the securities underlying the
Subscription Rights.</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC will act as dealer-manager for this Rights
Offering. As provided in the dealer-manager agreement, the
dealer-manager will provide marketing assistance in connection with
this offering. The dealer-manager is not underwriting or placing
any of the Subscription Rights or the shares of our Common Stock,
Series A Warrants or Series B Warrants being issued in this
offering and is not making any recommendation with respect to such
Subscription Rights (including with respect to the exercise or
expiration of such Subscription Rights), shares or Warrants. The
dealer-manager will not be subject to any liability to us in
rendering the services contemplated by the dealer-manager agreement
except for any act of bad faith or gross negligence by the
dealer-manager. The Rights Offering may not be successful despite
the services of the dealer-manager to us in this offering.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-45</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Special Note Regarding
Forward-Looking Statements</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This prospectus supplement and accompanying prospectus and the
information incorporated by reference in this prospectus supplement
and accompanying prospectus contain &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), which include information relating to future events,
future financial performance, strategies, expectations, competitive
environment and regulation. Words such as &ldquo;may,&rdquo;
&ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo;
&ldquo;predicts,&rdquo; &ldquo;potential,&rdquo;
&ldquo;continue,&rdquo; &ldquo;expects,&rdquo;
&ldquo;anticipates,&rdquo; &ldquo;future,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo;
&ldquo;estimates,&rdquo; and similar expressions, as well as
statements in future tense, identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of
future performance or results and will probably not be accurate
indications of when such performance or results will be achieved.
Forward-looking statements are based on information we have when
those statements are made or our management&rsquo;s good faith
belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited
to:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our history of recurring losses and negative cash flows from
operating activities, significant future commitments and the
uncertainty regarding the adequacy of our liquidity to pursue our
complete business objectives;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our ability to complete clinical trials as anticipated and obtain
and maintain regulatory approvals for our products;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our ability to adequately protect our intellectual property;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
disputes over ownership of intellectual property;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our dependence on a single manufacturing facility and our ability
to comply with stringent manufacturing quality standards and to
increase production as necessary;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the risk that the data collected from our current and planned
clinical trials may not be sufficient to demonstrate that our
products are an attractive alternative to other procedures and
products;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
intense competition in our industry, with competitors having
substantially greater financial, technological, research and
development, regulatory and clinical, manufacturing, marketing and
sales, distribution and personnel resources than we do;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
entry of new competitors and products and potential technological
obsolescence of our products;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
loss of a key customer or supplier;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adverse economic conditions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adverse federal, state and local government regulation, in the
United States;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
price increases for supplies and components;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
inability to carry out research, development and commercialization
plans; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
loss or retirement of key executives and research scientists.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we believe that the forward-looking statements contained
herein are reasonable, we can give no assurance that our
expectations will be met. All forward-looking statements contained
herein are expressly qualified in their entirety by this cautionary
statement and the risk factors beginning on page S-21 of this
prospectus supplement.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
prospectus supplement. Except to the extent required by applicable
laws and regulations, we undertake no obligation to update these
forward-looking statements to reflect events or circumstances after
the date of this prospectus or to reflect the occurrence of
unanticipated events.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-46</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Use of
Proceeds</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Assuming that all 35,714,285 Units are subscribed for in the Rights
Offering, we estimate that the net proceeds from the Rights
Offering will be approximately $23.2 million, after deducting
expenses relating to this offering payable by us estimated at
approximately $1.8 million, including dealer-manager fees and
expenses and excluding any proceeds received upon exercise of any
of the Series A Warrants and Series B Warrants.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We currently intend to use the net proceeds from the sale of
securities offered by this prospectus supplement to complete our
ongoing pivotal, Phase 3 SIERRA trial for our lead product
candidate Iomab-B, generate topline results and support the filing
of a BLA application with the U.S. Food and Drug Administration
(FDA) all of which are anticipated to be approximately $12 to 15
million. We may elect to use any additional proceeds above $15
million to fund proof-of-concept of our planned Phase 2 Actimab-MDS
trial from the CD33 Program, if appropriate, as we believe this can
further support its partnering strategy for the CD33 program. We
will also use the proceeds to support our AWE Technology Platform,
research and development and general working capital needs. We
expect to use any proceeds we receive from the exercise of Warrants
for substantially the same purposes and in substantially the same
manner.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investors are cautioned, however, that expenditures may vary
substantially from these uses. Investors will be relying on the
judgment of our management, who will have broad discretion
regarding the application of the proceeds of this offering. The
amounts and timing of our actual expenditures will depend upon
numerous factors, including the amount of cash generated by our
operations, the amount of competition and other operational
factors. We may find it necessary or advisable to use portions of
the proceeds from this offering for other purposes.</P>
<P CLASS="Textflush" STYLE=
"text-indent: 28.25pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
From time to time, we evaluate these and other factors and we
anticipate continuing to make such evaluations to determine if the
existing allocation of resources, including the proceeds of this
offering, is being optimized. Circumstances that may give rise to a
change in the use of proceeds include:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a change in development plan or strategy;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the addition of new products or applications;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
technical delays;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
delays or difficulties with our clinical trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
negative results from our clinical trials;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
difficulty obtaining U.S. Food and Drug Administration
approval;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
failure to achieve sales as anticipated; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the availability of other sources of cash including cash flow from
operations and new bank debt financing arrangements, if any.</P>
<P CLASS="Textflush" STYLE=
"text-indent: .5in; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pending other uses, we intend to invest the proceeds to us in
investment-grade, interest-bearing securities such as money market
funds, certificates of deposit, or direct or guaranteed obligations
of the U.S. government, or hold as cash. We cannot predict whether
the proceeds invested will yield a favorable, or any, return.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-47</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Dilution</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Purchasers of Units in the Rights Offering will experience an
immediate dilution of the net tangible book value per share of our
common stock. Our net tangible book value as of September 30, 2017
was approximately $18.2 million, or $0.23 per share of our common
stock based upon 80,025,639 shares of our common stock outstanding.
Net tangible book value per share is equal to our total tangible
assets less our total liabilities, divided by the number of shares
of our outstanding common stock.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dilution per share of common stock equals the difference between
the amount per share of common stock paid by purchasers of Units in
the Rights Offering (ascribing no value to the Warrants contained
in the Units) and the net tangible book value per share of our
common stock immediately after the Rights Offering.</P>
<P CLASS="Textind" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Based on the sale by us in this Rights Offering of a maximum of
35,714,285 Units at the Subscription Price of $0.70 per Unit
(assuming no exercise of the Warrants), and after deducting
estimated offering expenses and dealer-manager fees and expenses
payable by us, our pro forma net tangible book value as of
September 30, 2017 would have been approximately $41.4 million, or
$0.36 per share. This represents an immediate increase in pro forma
net tangible book value to existing stockholders of $0.13 per share
and an immediate dilution to purchasers in the Rights Offering of
$(0.34) per share. The following table illustrates this per-share
dilution:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subscription Price</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.70</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Offering price per share and related warrants
contained in a Unit</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.70</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Net tangible book value per share as of
September 30, 2017</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.23</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Increase in net tangible book value per share
attributable to Rights Offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.13</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Pro forma net tangible book value per share as
of September 30, 2017, after giving effect to Rights
Offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px !important; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.36</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="76%" VALIGN="bottom" STYLE=
"width: 76.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Dilution in net tangible book value per share to
purchasers in the Rights Offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.44%; border: none; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(0.34</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
)</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The number of shares of our common stock that will be outstanding
immediately after the offering is based on 80,025,639 shares
outstanding as of September 30, 2017, and excludes:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
6,156,361 shares of common stock issuable upon the exercise of
stock options outstanding as of September 30, 2017 under our equity
incentive plans, with a weighted average exercise price of $2.62
per share;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
6,991,975 shares of common stock available for future grants under
our equity incentive plans as of September 30, 2017;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
222,908 shares of restricted stock reserved for issuance as of
September 30, 2017; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
27,220,388 shares of common stock issuable upon the exercise of
warrants outstanding as of September 30, 2017, with a weighted
average exercise price of $1.92 per share.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-48</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Dividend
Policy</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have never declared or paid any dividends on our common stock
and do not anticipate paying any in the foreseeable future.
Furthermore, our Loan and Security Agreement currently prohibits
our issuance of cash dividends. We currently intend to retain all
of our future earnings, if any, to finance the operation and
expansion of our business. Any future determination relating to our
dividend policy will be made at the discretion of our board of
directors and will depend on a number of factors, including future
earnings, capital requirements, financial conditions, future
prospects, contractual restrictions and covenants and other factors
that our board of directors may deem relevant.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-49</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Rights
Offering</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Subscription
Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We are distributing to the
record holders of our common stock and to holders of certain of our
outstanding warrants who are entitled to participate in this
offering, at no charge, non-transferable Subscription Rights to
purchase one Unit at a subscription price of $0.70 per Unit. Each
Basic Subscription Right will entitle you to purchase one share of
our Common Stock, 0.25 Series A Warrants and 0.75 Series B
Warrants. Each whole <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">Series A</FONT> Warrant and whole Series
B Warrant will be exercisable for one share of our common stock at
an exercise price of $0.90 and $1.10 per share, respectively, from
the date of issuance through the expiration 12 and 30 months,
respectively, from the date of issuance. Each record holder of our
common stock or participating warrants will receive one
Subscription Right for every share of our common stock owned by
such record holder as of the Record Date. Each Subscription Right
entitles the record holder to a Basic Subscription Right and an
Over-Subscription Privilege.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Basic Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">Your Basic Subscription Rights
will entitle you to purchase one share of our Common Stock, 0.25
Series A Warrants and 0.75 Series B Warrants. For example, if you
owned 1,000 shares of common stock as of the Record Date, you will
receive 1,000 Subscription Rights and will have the right to
purchase 1,000 shares of our Common Stock and Series A Warrants to
purchase 250 shares of our common stock and Series B Warrants to
purchase 750 shares of our common stock for $0.70 per Unit, or a
total payment of $700. You may exercise all or a portion of your
Basic Subscription Rights, or you may choose not to exercise any of
your Basic Subscription Rights. If you do not exercise your Basic
Subscription Rights in full, you will not be entitled to exercise
your Over-Subscription Privilege.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Over-Subscription Privilege</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you exercise your Basic Subscription Rights in full, you may
also choose to exercise your Over-Subscription Privilege. Subject
to proration and the limitations described in this prospectus
supplement, we will seek to honor the Over-Subscription Requests in
full. If Over-Subscription Requests exceed the number of Units
available, however, we will allocate the available Units pro rata
among the stockholders and participating warrant holders as of the
record date exercising the Over-Subscription Privilege in
proportion to the number of shares of our common stock each of
those stockholders or participating warrant holders owned on the
Record Date, relative to the number of shares or participating
warrants owned on the Record Date by all stockholders or
participating warrant holders as of the record date exercising the
Over-Subscription Privilege. If this pro rata allocation results in
any stockholder or participating warrant holder receiving a greater
number of Units than the record holder subscribed for pursuant to
the exercise of the Over-Subscription Privilege, then such record
holder will be allocated only that number of Units for which the
record holder oversubscribed, and the remaining Units will be
allocated among all other holders exercising the Over-Subscription
Privilege on the same pro rata basis described above. The proration
process will be repeated until all Units have been allocated.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Broadridge Corporate Issuer Solutions, Inc., the Subscription Agent
for the Rights Offering, will determine the over-subscription
allocation based on the formula described above.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the extent the aggregate subscription payment of the actual
number of unsubscribed Units available to you pursuant to the
Over-Subscription Privilege is less than the amount you actually
paid in connection with the exercise of the Over-Subscription
Privilege, you will be allocated only the number of unsubscribed
Units available to you, and any excess subscription payments will
be returned to you, without interest or deduction, with 10 business
days after expiration of the Rights Offering.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We can provide no assurances that you will actually be entitled to
purchase the number of Units issuable upon the exercise of your
Over-Subscription Privilege in full at the expiration of the Rights
Offering. We will not be able to satisfy any requests for Units
pursuant to the Over-Subscription Privilege if all of our
stockholders or participating warrant holders exercise their Basic
Subscription Rights in full, and we will only honor an
Over-Subscription Privilege to the extent sufficient Units are
available following the exercise of Basic Subscription Rights.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, in the event that the Rights
Offering is oversubscribed, we reserve the right to increase the
maximum dollar amount and number of Units issued in the Rights
Offering, upon proper notice to holders of common stock and
participating warrant holders, and to the public, under applicable
securities laws. In</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-50</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
that circumstance, we may issue the full aggregate amount of
securities subscribed for under the Basic Subscription Right and
the Over-Subscription Privilege, without reduction, for greater
than $25.0 million in gross proceeds, and the proration procedures
described above would no longer be applicable. In no event will we
increase the number of Units to offer any securities in excess of
the aggregate amounts of common stock authorized for issuance under
our certificate of incorporation. See &ldquo;The Rights Offering
&mdash; Amendment to the Terms of the Rights Offering&rdquo;
below.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<U>Our Participating Warrant Holders</U></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On August 2, 2017, we issued common stock purchase warrants to
purchase up to 18,275,000 shares of our common stock at an exercise
price equal to $1.05 per share, subject to customary adjustments.
These warrants, referred to as our &ldquo;participating
warrants,&rdquo; entitle the holders to participate in this Rights
Offering as if each of such participating warrants had been
exercised immediately prior to the record date for the Rights
Offering. As a result, holders of our participating warrants are
receiving Subscription Rights for an aggregate of approximately
18,275,000 Units in connection with this Rights Offering; provided,
however, to the extent that any warrant holder&rsquo;s right to
participate in this Rights Offering would result in the holder
exceeding the beneficial ownership limitation set forth in the
participating warrants, then the holder will not be entitled to
participate in this Rights Offering to such extent and the portion
of this Rights Offering will be held in abeyance for the benefit of
the holder until such time, if ever, as its right thereto would not
result in the holder exceeding the applicable beneficial ownership
limitation.</P>

<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in 0pt; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">On
February 11, 2015, we issued common stock purchase warrants to purchase up to 3,333,333 shares of our common stock at an exercise
price equal to $6.50 per share, subject to customary adjustments. These warrants, also referred to as our &ldquo;participating
warrants,&rdquo; entitle the holders to participate in this Rights Offering as if each of such participating warrants had been
exercised immediately prior to the record date for the Rights Offering. As a result, holders of our participating warrants are
receiving Subscription Rights for an aggregate of approximately 3,333,333 Units in connection with this Rights Offering; provided,
however, to the extent that any warrant holder&rsquo;s right to participate in this Rights Offering would result in the holder
exceeding the beneficial ownership limitation set forth in the participating warrants, then the holder will not be entitled to
participate in this Rights Offering to such extent and the portion of this Rights Offering will be held in abeyance for the benefit
of the holder until such time, if ever, as its right thereto would not result in the holder exceeding the applicable beneficial
ownership limitation.</P>



<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in 0pt; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">None
of our other currently outstanding warrants is entitled to receive Subscription Rights in this offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Limitation on the
Purchase of Units</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You may only purchase the number of Units purchasable upon exercise
of the number of Basic Subscription Rights distributed to you in
the Rights Offering, plus the Over-Subscription Privilege, if any.
Accordingly, the number of Units that you may purchase in the
Rights Offering is limited by the number of shares of our common
stock or participating warrant you held on the Record Date and by
the extent to which other stockholders or participating warrant
holders exercise their Basic Subscription Rights and
Over-Subscription Privileges, which we cannot determine prior to
completion of the Rights Offering.</P>

<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in 0pt; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">While
we are distributing to holders of our common stock and certain participating warrants one Subscription Right for every share of
common stock or participating warrant owned on the Record Date, we are only seeking to raise $25.0 million dollars in gross proceeds
in this Rights Offering. As a result, based on 80,072,900 shares of common stock and 21,608,333 participating warrants outstanding
as of February 14, 2018, we would grant Subscription Rights to acquire 101,681,233 Units, but will only accept subscriptions
for 35,714,285 Units. Accordingly, sufficient Units may not be available to honor your subscription in full.</P>



<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in 0pt; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">If
exercises of Basic Subscription Rights exceed the number of Units available in the Rights Offering, we will allocate the available
Units pro-rata among the record holders exercising the Basic Subscription Rights in proportion to the number of shares of our
common stock or participating warrant holders each of those record holders owned on the Record Date, relative to the number of
shares owned or participating warrants on the Record Date by all record holders exercising the Basic Subscription Right. If this
pro-rata allocation results in any recordholders receiving a greater number of Units than the record holder subscribed for pursuant
to the exercise of the Basic Subscription Rights, then such record holder will be allocated only that number of Units for which
the record holder subscribed, and the remaining Units will be allocated among all other record holders exercising their Basic
Subscription Rights on the same pro rata basis described above. The proration process will be repeated until all Units have been
allocated. Please also see the discussion under &ldquo;The Rights Offering &mdash; The Subscription Rights &mdash; Over-Subscription
Privilege&rdquo; for a description potential proration as to the Over-Subscription Privilege.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, in the event that the Rights
Offering is oversubscribed, we reserve the right to increase the
maximum dollar amount and number of Units issued in the Rights
Offering, upon proper notice to holders of common stock and
participating warrant holders, and to the public, under applicable
securities laws. In that circumstance, we may issue the full
aggregate amount of securities subscribed for under the Basic
Subscription Right and the Over-Subscription Privilege, without
reduction, for greater than $25.0 million in gross proceeds, and
the proration procedures described above would no longer be
applicable. In no event will we increase the number of Units to
offer any securities in excess of the aggregate amounts of common
stock authorized for issuance under our certificate of
incorporation. See &ldquo;The Rights Offering &mdash; Amendment to
the Terms of the Rights Offering&rdquo; below.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-51</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, unless we otherwise agree in writing, a person or
entity, together with related persons or entities, may not exercise
Subscription Rights (including Over-Subscription Privileges) to
purchase Units that, when aggregated with their existing ownership,
would result in such person or entity, together with any related
persons or entities, owning in excess of 19.9% of our issued and
outstanding shares of common stock following the closing of the
transactions contemplated by this Rights Offering. If the amount of
shares allocated to you is less than your subscription request,
then the excess funds held by the Subscription Agent on your behalf
will be returned to you, without interest, as soon as practicable
after the Rights Offering has expired and all prorating
calculations and reductions contemplated by the terms of the Rights
Offering have been effected, and we will have no further
obligations to you.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the extent that any participating warrant holder&rsquo;s right
to participate in this Rights Offering would result in the holder
exceeding the beneficial ownership limitation set forth in the
participating warrants, then the holder will not be entitled to
participate in this Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Subscription
Price</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Price is $0.70 per Unit. The Subscription Price
does not necessarily bear any relationship to our past or expected
future results of operations, cash flows, current financial
condition, or any other established criteria for value. No change
will be made to the Subscription Price by reason of changes in the
trading price of our common stock or other factor prior to the
expiration of this Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Determination of
Subscription Price</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In determining the Subscription Price, the board of directors
considered, among other things, the following factors:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our need to raise capital in the near term to continue our
operations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the current and historical trading prices of our common stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the price at which stockholders and participating warrant holders
might be willing to participate in the Rights Offering;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the value of the Common Stock Stock being issued as a component of
the Unit;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the value of the Series A Warrants and Series B Warrants being
issued as a component of the Unit;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our need for additional capital and liquidity;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the cost of capital from other sources; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
comparable precedent transactions, including the percentage of
shares offered, the terms of the subscription rights being offered,
the subscription price and the discount that the subscription price
represented to the immediately prevailing closing prices for those
offerings.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In conjunction with the review of these factors, the board of
directors also reviewed our history and prospects, including our
past and present earnings and cash requirements, our prospects for
the future, the outlook for our industry and our current financial
condition. The board of directors also believed that the
Subscription Price should be designed to provide an incentive to
our current stockholders or participating warrant holders to
participate in the Rights Offering and exercise their Basic
Subscription Right and their Over-Subscription Privilege.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Price does not necessarily bear any relationship
to any established criteria for value. You should not consider the
Subscription Price as an indication of actual value of our company
or our common stock. The market price of our common stock may
decline during or after the Rights Offering. You should obtain a
current price quote for our common stock and perform an independent
assessment of our Common Stock and Warrants before exercising your
Subscription Rights and make your own assessment of our business
and financial condition, our prospects for the future, the terms of
the Rights Offering, the information contained or incorporated by
reference in this prospectus supplement and the accompanying
prospectus and the other considerations relevant to your
circumstances. Once made, all exercises of Subscription Rights are
irrevocable. In addition, there is no established</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-52</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
trading market for the Warrants to be issued pursuant to this
offering, and the Warrants may not be widely distributed.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">No
Short-Sales</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
By exercising the Subscription rights, you are representing to us
that you have not entered into any short sale or similar
transaction with respect to our common stock since the record date
for the Rights Offering. In addition, the Subscription Rights
provide that, upon exercise of the Subscription Right, you
represent that you have not since the Record Date and, for so long
as you continue to hold Warrants issued in connection with the
exercise of the Subscription Right, agree to not to enter into any
short sale or similar transaction with respect to our common stock.
These requirements prevent you from pursuing certain investment
strategies that could provide you greater financial benefits than
you might have realized if the Subscription Rights did not contain
these requirements.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">No
Recombination</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Common Stock and Warrants comprising the Units will separate
upon the exercise of the Subscription Rights, and the Units will
not trade as a separate security. Holders may not recombine shares
of Common Stock and Warrants to receive a Unit.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Non-Transferability of
Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Rights are non-transferable (other than by
operation of law) and, therefore, you may not sell, transfer,
assign or give away your Subscription Rights to anyone. The
Subscription Rights will not be listed for trading on any stock
exchange or market.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Expiration Date;
Extension</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The subscription period, during which you may exercise your
Subscription Rights, expires at 5:00 p.m., Eastern Time, on March
2, 2018, which is the expiration of the Rights Offering. If you do
not exercise your Subscription Rights before that time, your
Subscription Rights will expire and will no longer be exercisable.
We will not be required to issue shares to you if the Subscription
Agent receives your Rights Certificate or your subscription payment
after that time. We have the option to extend the Rights Offering
in our sole discretion, although we do not presently intend to do
so. We may extend the Rights Offering by giving oral or written
notice to the Subscription Agent before the Rights Offering
expires. If we elect to extend the Rights Offering, we will issue a
press release announcing the extension no later than 9:00 a.m.,
Eastern Time, on the next business day after the most recently
announced expiration date of the Rights Offering.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you hold your shares of common stock or participating warrants
in the name of a broker, dealer, bank or other nominee, the nominee
will exercise the Subscription Rights on your behalf in accordance
with your instructions. Please note that the nominee may establish
a deadline that may be before 5:00 p.m., Eastern Time, on March 2,
2018, which is the expiration date that we have established for the
Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Termination</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may terminate the Rights Offering at any time and for any reason
prior to the completion of the Rights Offering. If we terminate the
Rights Offering, we will issue a press release notifying
stockholders and the public of the termination.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Return of Funds upon
Completion or Termination</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Agent will hold funds received in payment for
shares in a segregated account pending completion of the Rights
Offering. The Subscription Agent will hold this money until the
Rights Offering is completed or is terminated. To the extent you
properly exercise your Over-Subscription Privilege for an amount of
Units that exceeds the number of unsubscribed Units available to
you, any excess subscription payments will be returned to you
within 10 business days after the expiration of the Rights
Offering, without interest or deduction. If the Rights Offering is
terminated for any reason, all subscription payments received by
the Subscription Agent will be returned within 10 business days,
without interest or deduction.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-53</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Amendment to Terms of Rights Offering</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We reserve the right to amend certain terms of the Rights Offering,
the Subscription Rights and the Warrants, upon proper notice to
holders of common stock and participating warrant holders, and to
the public, under applicable securities laws, including among other
things to increase the amount of gross proceeds to be raised in the
Rights Offering, increase the amount of Units issuable in the
rights offering, increase the numbers of Warrants included in each
Unit, or modify the exercise price, expiration date or other terms
of the Warrants. In the event that any such terms of the Rights
Offering are materially amended, we will file with the Securities
and Exchange Commission and distribute to investors an amended
prospectus supplement reflecting the modified terms to provide
investors with proper notice of the amendments in advance of the
expiration of the Rights Offering at 5:00 p.m. on March 2, 2018,
unless extended. In no event will we increase the number of Units
or amend the other terms of the Rights Offering to offer any
securities in excess of the aggregate amounts of common stock
authorized for issuance under our certificate of incorporation.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Shares of Our Capital
Stock and Warrants Outstanding After the Rights Offering</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Assuming no other transactions by us involving our capital stock
prior to the expiration of the Rights Offering, and if the Rights
Offering is fully subscribed, upon consummation of the Rights
Offering we will have 115,787,185 shares of common stock issued and
outstanding, Series A Warrants to purchase an additional 8,928,571
shares of our common stock issued and outstanding, and Series B
Warrants to purchase an additional 26,785,713 shares of our common
stock issued and outstanding, based on 80,072,900 shares of our
common stock outstanding as of February 14, 2018. The exact number
of shares of Common Stock and Warrants that we will issue in this
offering will depend on the number of Units that are subscribed for
in the Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Methods for Exercising
Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The exercise of Subscription Rights is irrevocable and may not be
cancelled or modified. You may exercise your Subscription Rights as
follows:</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Subscription by Record Holders</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a stockholder or participating warrant holder of record,
the number of Units you may purchase pursuant to your Subscription
Rights in indicated on the enclosed Rights Certificate. You may
exercise your Subscription Rights by properly completing and
executing the Rights Certificate and forwarding it, together with
your full payment, to the Subscription Agent at the address given
below under &ldquo;Subscription Agent,&rdquo; to be received before
5:00 p.m., Eastern Time, on March 2, 2018.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Subscription by Beneficial Owners</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a beneficial owner of shares of our common stock or
participating warrants that are registered in the name of a broker,
dealer, bank or other nominee, you will not receive a Rights
Certificate. Instead, we will issue one Subscription Right to such
nominee record holder for all shares of our common stock held by
such nominee at the Record Date. If you are not contacted by your
nominee, you should promptly contact your nominee in order to
subscribe for shares in the Rights Offering and follow the
instructions provided by your nominee.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To properly exercise your Over-Subscription Privilege, you must
deliver the subscription payment related to your Over-Subscription
Privilege before the Rights Offering expires. Because we will not
know the total number of unsubscribed Units before the Rights
Offering expires, if you wish to maximize the number of shares you
purchase pursuant to your Over-Subscription Privilege, you will
need to deliver payment in an amount equal to the aggregate
subscription payment for the maximum number of Units that you wish
to purchase.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Payment
Method</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Payments must be made in full in U.S. currency by personal check,
certified check or bank draft, or by wire transfer, and payable to
&ldquo;Broadridge Corporate Issuer Solutions, Inc., as Subscription
Agent for Actinium Pharmaceuticals, Inc.&rdquo; You must timely pay
the full subscription payment, including payment for the
Over-Subscription Privilege, for the full number of shares of our
common stock you wish to acquired pursuant to the exercise of
Subscription Rights by delivering a:</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-54</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT STYLE=
"letter-spacing: .05pt;">&bull;</FONT></FONT><FONT CLASS="bullet"
STYLE="mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt; letter-spacing: .05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT STYLE="letter-spacing: .05pt;">certified or personal check
drawn against a U.S. bank payable to &ldquo;Broadridge Corporate
Issuer Solutions, Inc., as Subscription Agent for Actinium
Pharmaceuticals, Inc.&rdquo;;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
U.S. Postal money order payable to &ldquo;Broadridge Corporate
Issuer Solutions, Inc., as Subscription Agent for Actinium
Pharmaceuticals, Inc.&rdquo;; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
wire transfer of immediately available funds directly to the
account maintained by Broadridge Corporate Issuer Solutions, Inc.,
as Subscription Agent, for purposes for purposes of accepting
subscriptions in this Rights Offering at</P>
<P CLASS="Textflush" STYLE=
"margin-left: 48.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ABA/Routing number: 121000248</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Bank: Wells Fargo</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
420 Montgomery Street</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
San Francisco, CA 94104 United States</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Beneficiary Account Name: Broadridge Corporate Issuer Solutions</P>
<P STYLE="margin: 0in 0in 0pt 48pt; mso-style-name: Text_flush; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Account
Number: 4124218686</P>

<P STYLE="margin: 0in 0in 0pt 48pt; mso-style-name: Text_flush; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">FFC: Actinium Pharmaceuticals, Inc.</P>

<P STYLE="margin: 0in 0in 0pt 48pt; mso-style-name: Text_flush; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Account
Number: 4399752260</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you elect to exercise your Subscription Rights, you should
consider using a wire transfer or certified check drawn on a U.S.
bank to ensure that the Subscription Agent receives your funds
before the Rights Offering expires. If you send a personal check,
payment will not be deemed to have been received by the
Subscription Agent until the check has cleared. The clearinghouse
may require five or more business days to clear a personal check.
Accordingly, holders who wish to pay the Subscription Price by
means of a personal check should make payment sufficiently in
advance of the expiration of the Rights Offering to ensure that the
payment is received and clears by that date. If you send a
certified check, payment will be deemed to have been received by
the Subscription Agent immediately upon receipt of such
instrument.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You should read the instruction letter accompanying the Rights
Certificate carefully and strictly follow it. <FONT CLASS="Bold0"
STYLE="mso-style-name: Bold; font-weight: bold;">DO NOT SEND RIGHTS
CERTIFICATES OR PAYMENTS DIRECTLY TO US</FONT>. We will not
consider your subscription received until the Subscription Agent
has received delivery of a properly completed and duly executed
Rights Certificate and payment of the full subscription
payment.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The method of delivery of Rights Certificates and payment of the
subscription payment to the Subscription Agent will be at the risk
of the holders of Subscription Rights. If sent by mail, we
recommend that you send those certificates and payments by
registered mail, properly insured, with return receipt requested,
or by overnight courier, and that you allow a sufficient number of
days to ensure delivery to the Subscription Agent and clearance of
payment before the Rights Offering expires.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Missing or Incomplete
Subscription Forms or Payment</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you fail to complete and sign the Rights Certificate or
otherwise fail to follow the subscription procedures that apply to
the exercise of your Subscription Rights before the Rights Offering
expires, the Subscription Agent will reject your subscription or
accept it to the extent of the payment received. Neither we nor our
Subscription Agent undertakes any responsibility or action to
contact you concerning an incomplete or incorrect subscription
form, nor are we under any obligation to correct such forms. We
have the sole discretion to determine whether a subscription
exercise properly complies with the subscription procedures.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you send a payment that is insufficient to purchase the number
of shares you requested, or if the number of shares you requested
is not specified in the forms, the payment received will be applied
to exercise your Subscription Rights to the fullest extent possible
based on the amount of the payment received. Any excess
subscription payments received by the Subscription Agent will be
returned, without interest or deduction, within 10 business days
following the expiration of the Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Issuance of Common Stock
Stock and Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The shares of Common Stock, Series A Warrants and Series B Warrants
that are purchased in the Rights Offering as part of the Units will
be issued in book-entry, or uncertificated, form meaning that you
will receive a DRS account statement from our transfer agent
reflecting ownership of these securities if you are a holder of
record</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-55</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
of shares or warrants. If you hold your shares of common stock or
participating warrants in the name of a bank, broker, dealer, or
other nominee, DTC will credit your account with your nominee with
the securities you purchased in the Rights Offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Subscription and
Information Agent</FONT></P>
<P CLASS="Textind" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">The Subscription and
Information Agent for the Rights Offering is Broadridge Corporate
Issuer Solutions, Inc.. The address to which Rights Certificates
and payments should be mailed or delivered by overnight courier is
provided below. If sent by mail, we recommend that you send
documents and payments by registered mail, properly insured, with
return receipt requested, and that you allow a sufficient number of
days to ensure delivery to the Subscription Agent and clearance or
payment before the Rights Offering expires. Do not send or deliver
these materials to us.</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By mail:</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By hand or overnight
courier:</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS Re-Organization Dept.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS IWS</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
P.O. Box 1317</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
51 Mercedes Way</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Brentwood, New York 11717-0693</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edgewood, New York 11717</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068 (toll free)</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you deliver the Rights Certificates in a manner different than
that described in this prospectus supplement, we may not honor the
exercise of your Subscription Rights.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You should direct any questions or requests for assistance
concerning the method of subscribing for the shares of our common
stock or for additional copies of this prospectus to the
Information Agent as follows:</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">Broadridge
Corporate Issuer Solutions, Inc.<BR>
(855) 793-5068 (toll free)</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Warrant Agent</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The warrant agent for the Warrants is Action Stock Transfer
Corporation</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">No Fractional
Shares</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not issue fractional shares or warrants, as applicable, of Common Stock, Series A Warrants or
Series B Warrants in the Rights Offering. Subscription Rights holders will only be entitled to purchase a number of Units representing
a whole number of Common Stock, Series A Warrants or Series B Warrants, rounded down to the nearest whole number of shares a holder
would otherwise be entitled to purchase. Any excess subscription payments received by the Subscription Agent will be returned within
10 business days after expiration of the Rights Offering, without interest or deduction. Similarly, no fractional shares of common
stock will be issued in connection with the exercise of a Series A Warrant and Series B Warrant.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Notice to Brokers and
Nominees</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a broker, dealer, bank or other nominee holder that
holds shares of our common stock or participating warrants for the
account of others on the Record Date, you should notify the
beneficial owners of the shares or participating warrants for whom
you are the nominee of the Rights Offering as soon as possible to
learn their intentions with respect to exercising their
Subscription Rights. If a beneficial owner of our common stock or
participating warrants so instructs, you should complete the Rights
Certificate and submit it to the Subscription Agent with the proper
subscription payment by the expiration date. You may exercise the
number of Subscription Rights to which all beneficial owners in the
aggregate otherwise would have been entitled had they been direct
holders of our common stock or participating warrants on the Record
Date, provided that you, as a nominee record holder, make a proper
showing to the Subscription Agent by submitting the form entitled
&ldquo;Nominee Holder Certification,&rdquo; which is provided with
your Rights Offering materials. If you did not receive this form,
you should contact our Subscription Agent to request a copy.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-56</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Validity of
Subscriptions</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will resolve all questions regarding the validity and form of
the exercise of your Subscription Rights, including time of receipt
and eligibility to participate in the Rights Offering. Our
determination will be final and binding. Once made, subscriptions
are irrevocable; we will not accept any alternative, conditional,
or contingent subscriptions. We reserve the absolute right to
reject any subscriptions not properly submitted or the acceptance
of which would be unlawful. You must resolve any irregularities in
connection with your subscriptions before the expiration date of
the Rights Offering, unless we waive them in our sole discretion.
Neither we nor the Subscription Agent is under any duty to notify
you or your representative of defects in your subscriptions. A
subscription will be considered accepted, subject to our right to
withdraw or terminate the Rights Offering, only when the
Subscription Agent receives a properly completed and duly executed
Rights Certificate and any other required documents and the full
subscription payment including final clearance of any personal
check. Our interpretations of the terms and conditions of the
Rights Offering will be final and binding.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Stockholder
Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You will have no rights as a holder of the shares of our Common
Stock you purchase in the Rights Offering until shares are issued
in book-entry form or your account at your broker, dealer, bank, or
other nominee is credited with the shares of our common stock
purchased in the Rights Offering. Holders of Warrants issued in
connection with the Rights Offering will not have rights as holders
of our common stock until such Warrants are exercised and the
shares of common stock underlying the Warrants are issued to the
holder.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Foreign
Holders</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not mail this prospectus or Rights Certificates to
stockholders or participating warrant holders with addresses that
are outside the United States or that have an army post office or
foreign post office address. The Subscription Agent will hold these
Rights Certificates for their account. To exercise Subscription
Rights, our foreign holders must notify the Subscription Agent
prior to 5:00 p.m., Eastern Time, on February 27, 2018, the third
business day prior to the expiration date, of your exercise of
Subscription Rights and provide evidence satisfactory to us, such
as a legal opinion from local counsel, that the exercise of such
Subscription Rights does not violate the laws of the jurisdiction
in which such holders reside and payment by a U.S. bank in U.S.
dollars before the expiration of the offer. If no notice is
received by such time or the evidence presented is not satisfactory
to us, the Subscription Rights represented thereby will expire.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">No Revocation or
Change</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Once you submit the Rights Certificate or have instructed your
nominee of your subscription request, you are not allowed to revoke
or change the exercise or request a refund of monies paid. All
exercises of Subscription Rights are irrevocable, even if you learn
information about us that you consider to be unfavorable. You
should not exercise your Subscription Rights unless you are certain
that you wish to purchase shares at the Subscription Price.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">U.S. Federal Income Tax
Treatment of Rights Distribution</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For U.S. federal income tax purposes, we do not believe holders of
shares of our common stock or warrants should recognize income or
loss upon receipt or exercise of a Subscription Right. See
&ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">No Recommendation to
Rights Holders</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our board of directors is not making a recommendation regarding
your exercise of the Subscription Rights. Stockholders or
participating warrant holders who exercise Subscription Rights risk
investment loss on money invested. We cannot predict the price at
which our shares of common stock and, if listed, the Warrants will
trade after the Rights Offering. You should make your investment
decision based on your assessment of our business and financial
condition, our prospects for the future and the terms of this
Rights Offering. Please see &ldquo;Risk Factors&rdquo; for a
discussion of some of the risks involved in investing in our common
stock.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-57</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Fees and
Expenses</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will pay all fees charged by the Subscription Agent, and by the
dealer-manager. You are responsible for paying any other
commissions, fees, taxes or other expenses incurred in connection
with the exercise of your Subscription Rights.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Listing</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Subscription Rights may not be sold, transferred, assigned or
given away to anyone, and will not be listed for trading on any
stock exchange or market. We do not intend to list the Warrants on
any exchange. The shares of our common stock and common stock
underlying the Warrants to be issued in the Rights Offering are
traded on NYSE American under the symbol &ldquo;ATNM.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Important</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Do not send Rights
Certificates directly to us. You are responsible for choosing the
payment and delivery method for your Rights Certificate and you
bear the risks associated with such delivery. If you choose to
deliver your Rights Certificate and payment by mail, we recommend
that you use registered mail, properly insured, with return receipt
requested. We also recommend that you allow a sufficient number of
days to ensure delivery to the Subscription Agent and clearance of
payment prior to the expiration time.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Distribution
Arrangements</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC is the dealer-manager for the Rights Offering. The
dealer-manager will provide marketing assistance and advice to us
in connection with the Rights Offering and will use its best
efforts to solicit the exercise of Subscription Rights and
participation in the Over-Subscription Privilege. The
dealer-manager is not underwriting or placing any of the
Subscription Rights or the shares of our Common Stock or Warrants
to be issued in the Rights Offering and does not make any
recommendation with respect to such Subscription Rights (including
with respect to the exercise or expiration of such Subscription
Rights), shares of Common Stock or Warrants. We have agreed to pay
the dealer-manager certain fees and to reimburse the dealer-manager
for certain out-of-pocket expenses incurred in connection with this
offering. See &ldquo;Plan of Distribution.&rdquo;</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Other Matters</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not making the Rights Offering in any state or other
jurisdiction in which it is unlawful to do so, nor are we
distributing or accepting any offers to purchase any shares of our
Common Stock or Warrants from Subscription Rights holders who are
residents of those states or other jurisdictions or who are
otherwise prohibited by federal or state laws or regulations from
accepting or exercising the Subscription Rights. We may delay the
commencement of the Rights Offering in those states or other
jurisdictions, or change the terms of the Rights Offering, in whole
or in part, in order to comply with the securities laws or other
legal requirements of those states or other jurisdictions. Subject
to state securities laws and regulations, we also have the
discretion to delay allocation and distribution of any shares you
may elect to purchase by exercise of your Subscription Privilege in
order to comply with the securities laws of any applicable state or
other jurisdiction. We may decline to make modifications to the
terms of the Rights Offering requested by those states or other
jurisdictions, in which case, if you are a resident in those states
or jurisdictions or if you are otherwise prohibited by federal,
state or other laws or regulations from accepting or exercising the
subscription rights, you will not be eligible to participate in the
Rights Offering.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-58</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Material U.S. Federal
Income Tax Consequences</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following discussion is a summary of the material U.S. federal
income tax consequences of the receipt and exercise (or expiration)
of the Subscription Rights acquired through the Rights Offering,
the ownership and disposition of shares of Common Stock and
Warrants received upon exercise of the Subscription Rights and the
ownership and disposition of shares of common stock received upon
exercise of a Warrant, but does not purport to be a complete
analysis of all potential tax effects. The effects of other U.S.
federal tax laws, such as estate and gift tax laws, and any
applicable state, local or non-U.S. tax laws are not discussed.
This discussion is based on the U.S. Internal Revenue Code of 1986,
as amended, or Code, Treasury Regulations promulgated thereunder,
judicial decisions, and published rulings and administrative
pronouncements of the U.S. Internal Revenue Service, or IRS, in
each case in effect as of the date hereof. These authorities may
change or be subject to differing interpretations. Any such change
or differing interpretation may be applied retroactively in a
manner that could adversely affect a holder of the Subscription
Rights, shares of our common stock, the Series A Warrants or the
Series B Warrants. We have not sought and will not seek any rulings
from the IRS regarding the matters discussed below. There can be no
assurance the IRS or a court will not take a contrary position to
that discussed below regarding the tax consequences of the receipt
of Subscription Rights acquired through the Rights Offering, the
exercise (or expiration) of the Subscription Rights, the
acquisition, ownership and disposition of shares of our Common
Stock, the acquisition, ownership and disposition (or expiration)
of Warrants acquired upon exercise of the Subscription Rights, and
the acquisition, ownership and disposition of shares of our common
stock acquired upon exercise of the Series A Warrants and Series B
Warrants.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This discussion is limited to holders that hold the Subscription
Rights, shares of our Common Stock, participating warrants, Series
A Warrants, and Series B Warrants, in each case, as a
&ldquo;capital asset&rdquo; within the meaning of Section 1221 of
the Code (generally, property held for investment). This discussion
does not address all U.S. federal income tax consequences relevant
to a holder&rsquo;s particular circumstances, including the impact
of the alternative minimum tax or the unearned income Medicare
contribution tax. In addition, it does not address consequences
relevant to holders subject to particular rules, including, without
limitation:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
U.S. expatriates and former citizens or long-term residents of the
United States;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
persons holding the Subscription Rights, participating warrants,
shares of our Common Stock, Series A Warrants or Series B Warrants
as part of a hedge, straddle or other risk reduction strategy or as
part of a conversion transaction or other integrated
investment;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
banks, insurance companies, and other financial institutions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
brokers, dealers or traders in securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
&ldquo;controlled foreign corporations,&rdquo; &ldquo;passive
foreign investment companies,&rdquo; and corporations that
accumulate earnings to avoid U.S. federal income tax;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
partnerships or other entities or arrangements treated as
partnerships for U.S. federal income tax purposes (and investors
therein);</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
tax-exempt organizations or governmental organizations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
persons deemed to sell the Subscription Rights, shares of Common
Stock, or Warrants or shares of our common stock under the
constructive sale provisions of the Code;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
persons for whom our stock constitutes &ldquo;qualified small
business stock&rdquo; within the meaning of Section 1202 of the
Code;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
persons who hold or receive the Subscription Rights, shares of our
Common Stock, participating warrants, Series A Warrants or Series B
Warrants pursuant to the exercise of any employee stock option or
otherwise as compensation; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
tax-qualified retirement plans.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-59</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If an entity treated as a partnership for U.S. federal income tax
purposes holds our common stock, participating warrants,
Subscription Rights, Common Stock and Warrants acquired upon
exercise of Subscription Rights or shares of our common stock
received upon exercise of the Warrants, as the case may be, the tax
treatment of a partner in the partnership will depend on the status
of the partner, the activities of the partnership and certain
determinations made at the partner level. Accordingly, partnerships
and the partners in such partnerships should consult their tax
advisors regarding the U.S. federal income tax consequences to
them.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">THIS DISCUSSION IS FOR
INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD
CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE
U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL
AS ANY TAX CONSEQUENCES OF THE RECEIPT, OWNERSHIP AND EXERCISE OF
SUBSCRIPTION RIGHTS AND THE ACQUISITION, OWNERSHIP, AND DISPOSITION
OF SHARES OF OUR COMMON STOCK AND WARRANTS ACQUIRED UPON EXERCISE
OF SUBSCRIPTION RIGHTS AND SHARES OF OUR COMMON STOCK ACQUIRED UPON
EXERCISE OF WARRANTS ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT
TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING
JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.</FONT></P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><U><FONT STYLE="font-family: TimesNewRomanPSStd-Bold;">Tax
Considerations Applicable to U.S. Holders</FONT></U></B></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Definition of a U.S.
Holder</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For purposes of this discussion, a &ldquo;U.S. holder&rdquo; is any
beneficial owner of shares of our common stock, participating
warrants, Subscription Rights, Common Stock and Warrants acquired
upon exercise of Subscription Rights or shares of our common stock
acquired upon exercise of Warrants, as the case may be, that, for
U.S. federal income tax purposes, is:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
an individual who is a citizen or resident of the United
States;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a corporation (or other entity treated as a corporation for U.S.
federal income tax purposes) created or organized under the laws of
the United States, any state thereof, or the District of
Columbia;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
an estate, the income of which is subject to U.S. federal income
tax regardless of its source; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a trust that (1) is subject to the primary supervision of a U.S.
court and the control of one or more United States persons (within
the meaning of Section 7701(a)(30) of the Code), or (2) has made a
valid election under applicable Treasury Regulations to continue to
be treated as a United States person.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Receipt of Subscription
Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although the authorities governing transactions such as this Rights
Offering are complex and do not speak directly to the consequences
of certain aspects of this Rights Offering, including the inclusion
of the right to purchase Warrants in the Subscription Rights
(rather than the right to purchase only shares of our Common Stock)
and the effects of the Over-Subscription Privilege, we do not
believe a U.S. holder&rsquo;s receipt of Subscription Rights
pursuant to the Rights Offering should be treated as a taxable
distribution with respect to their existing shares of common stock
or participating warrants for U.S. federal income tax purposes.
Section 305(a) of the Code states that a stockholder&rsquo;s
taxable income does not include in-kind stock dividends; however,
the general non-recognition rule in Section 305(a) of the Code is
subject to exceptions described in Section 305(b) of the Code,
which include &ldquo;disproportionate distributions.&rdquo; A
disproportionate distribution is a distribution or a series of
distributions, including deemed distributions, that has the effect
of the receipt of cash or other property by some stockholders or
holders of debt instruments convertible into stock and an increase
in the proportionate interest of other stockholders in a
corporation&rsquo;s assets or earnings and profits. We do not
believe that the receipt of Subscription Rights pursuant to the
Rights Offering is a disproportionate distribution for these
purposes.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our position regarding the tax-free treatment of the Subscription
Right distribution is not binding on the IRS, or the courts. If
this position is finally determined by the IRS or a court to be
incorrect, whether on the basis that the issuance of the
Subscription Rights is a &ldquo;disproportionate
distribution&rdquo; or otherwise, the fair market value of the
Subscription Rights would be taxable to U.S. holders of our common
stock or participating warrants as a dividend to the extent of the
U.S. holder&rsquo;s pro rata share of our current and accumulated
earnings and profits, if any, with any</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-60</P>
<P CLASS="Textind" STYLE=
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excess being treated as a return of capital to the extent thereof
and then as capital gain. If our position is incorrect, the tax
consequences applicable to the holders may also be materially
different than as described below.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following discussion is based upon the treatment of the
Subscription Right issuance as a non-taxable distribution with
respect to a U.S. holders&rsquo; existing shares of common stock or
participating warrants for U.S. federal income tax purposes.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Tax Basis in the
Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the fair market value of the Subscription Rights a U.S. holder
receives is less than 15% of the fair market value of the U.S.
holder&rsquo;s existing shares of common stock (with respect to
which the Subscription Rights are distributed) on the date the U.S.
holder receives the Subscription Rights, the Subscription Rights
will be allocated a zero tax basis for U.S. federal income tax
purposes, unless the U.S. holder elects to allocate its tax basis
in its existing shares of common stock between its existing shares
of common stock and the Subscription Rights in proportion to the
relative fair market values of the existing shares of common stock
and the Subscription Rights determined on the date of receipt of
the Subscription Rights. If a U.S. holder chooses to allocate tax
basis between its existing common shares and the Subscription
Rights, the U.S. holder must make this election on a statement
included with its timely filed tax return (including extensions)
for the taxable year in which the U.S. holder receives the
Subscription Rights. Such an election is irrevocable. However, if
the fair market value of the Subscription Rights a U.S. holder
receives is 15% or more of the fair market value of their existing
shares of common stock on the date the U.S. holder receives the
Subscription Rights, then the U.S. holder must allocate its tax
basis in its existing shares of common stock between those shares
and the Subscription Rights the U.S. holder receives in proportion
to their fair market values determined on the date the U.S. holder
receives the Subscription Rights. Please refer to the discussion
below regarding the U.S. tax treatment of a U.S. holder that, at
the time of the receipt of the Subscription Right, no longer holds
the common stock with respect to which the Subscription Right was
distributed.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The fair market value of the Subscription Rights on the date that
the Subscription Rights are distributed is uncertain, and we have
not obtained, and do not intend to obtain, an appraisal of the fair
market value of the Subscription Rights on that date. In
determining the fair market value of the Subscription Rights, U.S.
holders should consider all relevant facts and circumstances,
including any difference between the Subscription Price of the
Subscription Rights and the trading price of our shares of common
stock on the date that the Subscription Rights are distributed, the
fair market value of the Common Stock, the exercise price of the
Warrants, the length of the period during which the Subscription
Rights may be exercised and the fact that the Subscription Rights
are non-transferable.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While not entirely clear, it appears that a U.S. holder that
receives Subscription Rights in respect of a participating warrant
will be subject to tax basis rules similar to those described above
for a U.S. holder that receives Subscription Rights in respect of
shares of our common stock.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Exercise of Subscription
Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Generally, a U.S. holder will not recognize gain or loss upon the
exercise of a Subscription Right in the Rights Offering. A U.S.
holder&rsquo;s adjusted tax basis, if any, in the Subscription
Right plus the Subscription Price should be allocated between the
new share of Common Stock and the Warrants acquired upon exercise
of the Subscription Right in proportion to their relative fair
market values on the exercise date. This allocation will establish
the U.S. holder&rsquo;s initial tax basis for U.S. federal income
tax purposes in the new shares of Common Stock and Warrants
received upon exercise. The holding period of the Common Stock,
Series A Warrants and Series B Warrants acquired upon exercise of a
Subscription Right in the Rights Offering will begin on the date of
exercise.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If, at the time of the receipt or exercise of the Subscription
Right, the U.S. holder no longer holds the common stock or
participating warrants with respect to which the Subscription Right
was distributed, then certain aspects of the tax treatment of the
receipt and exercise of the Subscription Right are unclear,
including (1) the allocation of the tax basis between the shares of
our common stock previously sold (or participating warrant
previously disposed of) and the Subscription Right, (2) the impact
of such allocation on the amount and timing of gain or loss
recognized with respect to the shares of our common stock
previously sold (or participating warrant previously disposed of),
and (3) the impact of such allocation on the tax basis of the
shares of our Common Stock and Warrants acquired upon exercise of
the Subscription Right. If a U.S. holder exercises a Subscription
Right received in the Rights Offering</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-61</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
after disposing of shares of our common stock or participating
warrants with respect to which the Subscription Right is received,
the U.S. holder should consult its tax advisor.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Expiration of
Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If a U.S. holder allows Subscription Rights received in the Rights
Offering to expire, the U.S. holder should not recognize any gain
or loss for U.S. federal income tax purposes, and the U.S. holder
should re-allocate any portion of the tax basis in its existing
common shares or participating warrants previously allocated to the
Subscription Rights that have expired to the existing common shares
or participating warrants.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Sale or Other
Disposition, Exercise or Expiration of Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon the sale or other disposition of a Warrant (other than by
exercise), a U.S. holder will generally recognize capital gain or
loss equal to the difference between the amount realized on the
sale or other disposition and the U.S. holder&rsquo;s tax basis in
the Warrant. This capital gain or loss generally will be long-term
capital gain or loss if the U.S. holder&rsquo;s holding period in
such Warrant is more than one year at the time of the sale or other
disposition. The deductibility of capital losses is subject to
certain limitations.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In general, a U.S. holder will not be required to recognize income,
gain or loss upon exercise of a Warrant for its exercise price. A
U.S. holder&rsquo;s tax basis in a share of our common stock
received upon exercise of the Warrants will be equal to the sum of
(1) the U.S. holder&rsquo;s tax basis in the Warrants exchanged
therefor and (2) the exercise price of such Warrants. A U.S.
holder&rsquo;s holding period in the shares of our common stock
received upon exercise will commence on the day after such U.S.
holder exercises the Warrants. Although there is no direct legal
authority as to the U.S. federal income tax treatment of an
exercise of a Warrant on a cashless basis, we intend to take the
position that such exercise will not be taxable, either because the
exercise is not a gain realization event or because it qualifies as
a tax-free recapitalization. In the former case, the holding period
of the shares of our common stock received upon exercise of
Warrants should commence on the day after the Warrants are
exercised. In the latter case, the holding period of the shares of
our common stock received upon exercise of Warrants would include
the holding period of the exercised Warrants. However, our position
is not binding on the IRS and the IRS may treat a cashless exercise
of a Warrant as a taxable exchange. U.S. holders are urged to
consult their tax advisors as to the consequences of an exercise of
a Warrant on a cashless basis, including with respect to their
holding period and tax basis in the common stock received.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If a Warrant expires without being exercised, a U.S. holder will
recognize a capital loss in an amount equal to such holder&rsquo;s
tax basis in the Warrant. Such loss will be long-term capital loss
if, at the time of the expiration, the U.S. holder&rsquo;s holding
period in such Warrant is more than one year. The deductibility of
capital losses is subject to certain limitations.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Constructive Dividends
on Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As described in the section entitled &ldquo;Dividend Policy,&rdquo;
we do not anticipate declaring or paying dividends to holders of
our common stock in the foreseeable future. However, if at any time
during the period in which a U.S. holder holds Warrants, we were to
pay a taxable dividend to our stockholders and, in accordance with
the anti-dilution provisions of the Warrants, the exercise price of
the Warrants were decreased, that decrease would be deemed to be
the payment of a taxable dividend to a U.S. holder of the Warrants
to the extent of our earnings and profits, notwithstanding the fact
that such holder will not receive a cash payment. If the exercise
price is adjusted in certain other circumstances (or in certain
circumstances, there is a failure to make adjustments), such
adjustments may also result in the deemed payment of a taxable
dividend to a U.S. holder. U.S. holders should consult their tax
advisors regarding the proper treatment of any adjustments to the
exercise price of the Warrants.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are currently required to report the amount of any deemed
distributions on our website or to the IRS and to holders not
exempt from reporting. On April 12, 2016, the IRS proposed
regulations addressing the amount and timing of deemed
distributions, as well as, obligations of withholding agents and
filing and notice obligations of issuers in respect of such deemed
distributions. If adopted as proposed, the regulations would
generally provide that (i) the amount of a deemed distribution is
the excess of the fair market value of the right to acquire stock
immediately after the conversion rate adjustment over the fair
market value of the right to acquire stock (after the</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-62</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
conversion rate adjustment) without the adjustment, (ii) the deemed
distribution occurs at the earlier of the date the adjustment
occurs under the terms of the instrument and the date of the actual
distribution of cash or property that results in the deemed
distribution and (iii) we are required to report the amount of any
deemed distributions on our website or to the IRS and to all
holders (including holders that would otherwise be exempt from
reporting). The final regulations will be effective for deemed
distributions occurring on or after the date of adoption, but
holders and withholding agents may rely on them prior to that date
under certain circumstances.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Distributions on Common
Stock</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As described in the section entitled &ldquo;Dividend Policy,&rdquo;
we do not anticipate declaring or paying dividends to holders of
our common stock in the foreseeable future. However, if we do make
distributions of cash or property on our common stock, such
distributions will constitute dividends to the extent paid out of
our current or accumulated earnings and profits, as determined for
U.S. federal income tax purposes. Dividends received by a corporate
U.S. holder may be eligible for a dividends received deduction,
subject to applicable limitations. Dividends received by certain
non-corporate U.S. holders, including individuals, are generally
taxed at the lower applicable capital gains rate provided certain
holding period and other requirements are satisfied. Distributions
in excess of our current and accumulated earnings and profits will
constitute a return of capital and first be applied against and
reduce a U.S. holder&rsquo;s adjusted tax basis in its common
stock, as the case may be, but not below zero. Any excess will be
treated as capital gain and will be treated as described below in
the section relating to the sale or disposition of our common
stock.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Sale, Exchange or Other
Disposition of Common Stock</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon a sale, exchange, or other disposition of our common stock, a
U.S. holder generally will recognize capital gain or loss equal to
the difference between the amount realized (not including any
amount attributable to declared and unpaid dividends, which will be
taxable as described above to U.S. holders of record who have not
previously included such dividends in income) and the U.S.
holder&rsquo;s adjusted tax basis in our common stock.A U.S.
holder&rsquo;s adjusted tax basis in shares of our common stock
generally will equal its cost for the common stock, reduced by the
amount of any cash distributions treated as a return of capital as
described above. Such capital gain or loss generally will be
long-term capital gain or loss if the U.S. holder&rsquo;s holding
period for our common stock exceeded one year at the time of
disposition. Long-term capital gains recognized by certain
non-corporate U.S. Holders, including individuals, generally are
subject to reduced rates of taxation. The deductibility of capital
losses is subject to limitations.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Information Reporting
and Backup Withholding</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A U.S. holder may be subject to information reporting and backup
withholding when such holder receives dividend payments (including
constructive dividends) or receives proceeds from the sale or other
taxable disposition of the Warrants, shares of our Common Stock
acquired through the exercise of Subscription Rights or shares of
our common stock acquired through exercise of the Warrants. Certain
U.S. holders are exempt from backup withholding, including
corporations and certain tax-exempt organizations. A U.S. holder
will be subject to backup withholding if such holder is not
otherwise exempt and such holder:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
fails to furnish the holder&rsquo;s taxpayer identification number,
which for an individual is ordinarily his or her social security
number;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
furnishes an incorrect taxpayer identification number;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
is notified by the IRS that the holder previously failed to
properly report payments of interest or dividends; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
fails to certify under penalties of perjury that the holder has
furnished a correct taxpayer identification number and that the IRS
has not notified the holder that the holder is subject to backup
withholding.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules may be allowed as a refund or a
credit against a U.S. holder&rsquo;s U.S. federal income tax
liability, provided the required information is timely furnished to
the IRS. U.S. holders should consult their tax advisors regarding
their qualification for an exemption from backup withholding and
the procedures for obtaining such an exemption.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-63</P>
<P CLASS="H5" STYLE=
"mso-style-name: H5; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><U><FONT STYLE="font-family: TimesNewRomanPSStd-Bold;">Tax
Considerations Applicable to Non-U.S. Holders</FONT></U></B></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For purposes of this discussion, a &ldquo;non-U.S. holder&rdquo; is
a beneficial owner of shares of our common stock, Subscription
Rights, participating warrants, shares of our Common Stock or
Warrants acquired upon exercise of a Subscription Right or shares
of our common stock acquired upon exercise of a Warrant that is
neither a U.S. holder nor an entity treated as a partnership for
U.S. federal income tax purposes.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Receipt, Exercise and
Expiration of the Subscription Rights</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The discussion assumes that the receipt of Subscription Rights will
be treated as a nontaxable distribution. See &ldquo;&mdash; Tax
Consequences Applicable to U.S. Holders &ndash; Receipts of
Subscription Rights&rdquo; above. Non-U.S. holders will not be
subject to U.S. federal income tax (or any withholding thereof) on
the receipt, exercise or expiration of the Subscription Rights.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Exercise of
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A non-U.S. holder generally will not be subject to U.S. federal
income tax on the exercise of Warrants into shares of our common
stock. However, if a cashless exercise of a Warrant results in a
taxable exchange, as described in &ldquo;-Tax Considerations
Applicable to U.S. Holders &mdash; Sale or Other Disposition,
Exercise or Expiration of Warrants,&rdquo; the rules described
below under &ldquo;Sale or Other Disposition of Common Stock or
Warrants&rdquo; would apply.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Constructive Dividends
on Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As described in the section entitled &ldquo;Dividend Policy,&rdquo;
we do not anticipate declaring or paying dividends to holders of
our common stock in the foreseeable future. However, if at any time
during the period in which a non-U.S. holder holds Warrants we were
to pay a taxable dividend to our stockholders and, in accordance
with the anti-dilution provisions of the Warrants, the exercise
price of the Warrants were decreased, that decrease would be deemed
to be the payment of a taxable dividend to a non-U.S. holder to the
extent of our earnings and profits, notwithstanding the fact that
such holder will not receive a cash payment. If the exercise price
is adjusted in certain other circumstances (or in certain
circumstances, there is a failure to make adjustments), such
adjustments may also result in the deemed payment of a taxable
dividend to a non-U.S. holder. Any resulting withholding tax
attributable to deemed dividends may be collected from other
amounts payable or distributable to the non-U.S. holder. Non-U.S.
holders should consult their tax advisors regarding the proper
treatment of any adjustments to the Warrants.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Distributions on Common
Stock</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As described in the section entitled &ldquo;Dividend Policy,&rdquo;
we do not anticipate declaring or paying dividends to holders of
our common stock in the foreseeable future. However, if we do make
distributions of cash or property on our common stock, such
distributions will constitute dividends for U.S. federal income tax
purposes to the extent paid from our current or accumulated
earnings and profits, as determined under U.S. federal income tax
principles. Amounts not treated as dividends for U.S. federal
income tax purposes will constitute a return of capital and first
be applied against and reduce a non-U.S. holder&rsquo;s adjusted
tax basis in its common stock, but not below zero. Any excess will
be treated as capital gain and will be treated as described below
in the section relating to the sale or disposition of our common
stock or Warrants. Because we may not know the extent to which a
distribution is a dividend for U.S. federal income tax purposes at
the time it is made, for purposes of the withholding rules
discussed below we or the applicable withholding agent may treat
the entire distribution as a dividend.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to the discussions below on backup withholding and foreign
accounts, dividends paid to a non- U.S. holder of our common stock
that are not effectively connected with the non-U.S. holder&rsquo;s
conduct of a trade or business within the United States will be
subject to U.S. federal withholding tax at a rate of 30% of the
gross amount of the dividends (or such lower rate specified by an
applicable income tax treaty).</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-U.S. holders will be entitled to a reduction in or an exemption
from withholding on dividends as a result of either (a) an
applicable income tax treaty or (b) the non-U.S. holder holding our
common stock in connection with the conduct of a trade or business
within the United States and dividends being effectively connected
with that trade or business. To claim such a reduction in or
exemption from withholding, the non-U.S. holder must provide the
applicable withholding agent with a properly executed (a) IRS Form
W-8BEN or W-8BEN-E (or other applicable documentation) claiming an
exemption from or reduction of the withholding tax under the
benefit of an income tax</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-64</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
treaty between the United States and the country in which the
non-U.S. holder resides or is established, or (b) IRS Form W-8ECI
stating that the dividends are not subject to withholding tax
because they are effectively connected with the conduct by the
non-U.S. holder of a trade or business within the United States, as
may be applicable. These certifications must be provided to the
applicable withholding agent prior to the payment of dividends and
must be updated periodically. Non-U.S. holders that do not timely
provide the applicable withholding agent with the required
certification, but that qualify for a reduced rate under an
applicable income tax treaty, may obtain a refund of any excess
amounts withheld by timely filing an appropriate claim for refund
with the IRS.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If dividends paid to a non-U.S. holder are effectively connected
with the non-U.S. holder&rsquo;s conduct of a trade or business
within the United States (and, if required by an applicable income
tax treaty, the non-U.S. holder maintains a permanent establishment
in the United States to which such dividends are attributable),
then, although exempt from U.S. federal withholding tax (provided
the non-U.S. holder provides appropriate certification, as
described above), the non-U.S. holder will be subject to U.S.
federal income tax on such dividends on a net income basis at the
regular graduated U.S. federal income tax rates. In addition, a
non-U.S. holder that is a corporation may be subject to a branch
profits tax at a rate of 30% (or such lower rate specified by an
applicable income tax treaty) on its effectively connected earnings
and profits for the taxable year that are attributable to such
dividends, as adjusted for certain items. Non-U.S. holders should
consult their tax advisors regarding their entitlement to benefits
under any applicable income tax treaty.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Sale or Other
Disposition of Common Stock or Warrants</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to the discussions below on backup withholding and foreign
accounts, a non-U.S. holder will not be subject to U.S. federal
income tax on any gain realized upon the sale or other taxable
disposition of shares of our common stock or Warrants unless:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the gain is effectively connected with the non-U.S. holder&rsquo;s
conduct of a trade or business within the United States (and, if
required by an applicable income tax treaty, the non-U.S. holder
maintains a permanent establishment in the United States to which
such gain is attributable);</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the non-U.S. holder is a nonresident alien individual present in
the United States for 183 days or more during the taxable year of
the disposition and certain other requirements are met; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our common stock or Warrants constitutes a U.S. real property
interest, or USRPI, by reason of our status as a U.S. real property
holding corporation, or USRPHC, for U.S. federal income tax
purposes.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Gain described in the first bullet point above generally will be
subject to U.S. federal income tax on a net income basis at the
regular graduated rates. A Non-U.S. holder that is a corporation
also may be subject to a branch profits tax at a rate of 30% (or
such lower rate specified by an applicable income tax treaty) on
such effectively connected gain, as adjusted for certain items.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Gain described in the second bullet point above will be subject to
U.S. federal income tax at a rate of 30% (or such lower rate
specified by an applicable income tax treaty) on any gain derived
from the disposition, which may be offset by U.S. source capital
losses of the non-U.S. holder (even though the individual is not
considered a resident of the United States), provided the non-U.S.
holder has timely filed U.S. federal income tax returns with
respect to such losses.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
With respect to the third bullet point above, we believe we are not
currently and do not anticipate becoming a USRPHC. Because the
determination of whether we are a USRPHC depends on the fair market
value of our USRPIs relative to the fair market value of our other
business assets and our non- U.S. real property interests, however,
there can be no assurance we are not a USRPHC or will not become
one in the future.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-U.S. holders should consult their tax advisors regarding
potentially applicable income tax treaties that may provide for
different rules.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Information Reporting
and Backup Withholding</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to the discussion below on foreign accounts, a non-U.S.
holder will not be subject to backup withholding with respect to
distributions on our common stock we make to the non-U.S. holder,
provided the applicable withholding agent does not have actual
knowledge or reason to know such holder is a United States</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-65</P>
<P CLASS="Textind" STYLE=
"text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
person and the holder certifies its non-U.S. status, such as by
providing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or other
applicable certification. However, information returns generally
will be filed with the IRS in connection with any distributions
(including deemed distributions) made on our Common Stock Warrants
or shares of our common stock to the non-U.S. holder, regardless of
whether any tax was actually withheld. Copies of these information
returns may also be made available under the provisions of a
specific treaty or agreement to the tax authorities of the country
in which the non-U.S. holder resides or is established.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Information reporting and backup withholding may apply to the
proceeds of a sale or other taxable disposition of our Common
Stock, Warrants or our shares of our common stock within the United
States, and information reporting may (although backup withholding
generally will not) apply to the proceeds of a sale or other
taxable disposition of our Common Stock, Warrants or shares of our
common stock outside the United States conducted through certain
U.S.- related financial intermediaries, in each case, unless the
beneficial owner certifies under penalty of perjury that it is a
non-U.S. holder on IRS Form W-8BEN or W-8BEN-E, or other applicable
form (and the payor does not have actual knowledge or reason to
know that the beneficial owner is a U.S. person) or such owner
otherwise establishes an exemption. Proceeds of a disposition of
our Common Stock, Warrants or shares of our common stock conducted
through a non-U.S. office of a non-U.S. broker generally will not
be subject to backup withholding or information reporting.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules may be allowed as a refund or a
credit against a non-U.S. holder&rsquo;s U.S. federal income tax
liability, provided the required information is timely furnished to
the IRS.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Additional Withholding
Tax on Payments Made to Foreign Accounts</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Withholding taxes may be imposed under the Foreign Account Tax
Compliance Act, or FATCA, on certain types of payments made to
non-U.S. financial institutions and certain other non-U.S.
entities. Specifically, a 30% withholding tax may be imposed on
dividends (including deemed dividends) paid on our common stock or
Warrants, or gross proceeds from the sale or other disposition of
our Common Stock, Warrants or shares of our common stock paid to a
&ldquo;foreign financial institution&rdquo; or a
&ldquo;non-financial foreign entity&rdquo; (each as defined in the
Code), unless (1) the foreign financial institution undertakes
certain diligence and reporting obligations, (2) the non-financial
foreign entity either certifies it does not have any
&ldquo;substantial United States owners&rdquo; (as defined in the
Code) or furnishes identifying information regarding each
substantial United States owner, or (3) the foreign financial
institution or non-financial foreign entity otherwise qualifies for
an exemption from these rules. If the payee is a foreign financial
institution and is subject to the diligence and reporting
requirements in (1) above, it must enter into an agreement with the
U.S. Department of the Treasury requiring, among other things, that
it undertake to identify accounts held by certain &ldquo;specified
United States persons&rdquo; or &ldquo;United States-owned foreign
entities&rdquo; (each as defined in the Code), annually report
certain information about such accounts, and withhold 30% on
certain payments to non-compliant foreign financial institutions
and certain other account holders. Foreign financial institutions
located in jurisdictions that have an intergovernmental agreement
with the United States governing FATCA may be subject to different
rules.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Under the applicable Treasury Regulations and administrative
guidance, withholding under FATCA generally currently applies to
payments of dividends (including deemed dividends), and will apply
to payments of gross proceeds from the sale or other disposition of
our Common Stock, Warrants or shares of our common stock on or
after January 1, 2019. Because we may not know the extent to which
a distribution is a dividend for U.S. federal income tax purposes
at the time it is made, for purposes of these withholding rules we
or the applicable withholding agent may treat the entire
distribution as a dividend. Prospective investors should consult
their tax advisors regarding the potential application of these
withholding provisions.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-66</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Description of
Securities we are Offering</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In this offering, we are offering for sale an aggregate of up to 35,714,285
Units, with each Unit consisting of one share of Common Stock, 0.25
Series A Warrants and 0.75 Series B Warrants. Each whole Warrant
will be exercisable for one share of our common stock. The shares
of Common Stock, Series A Warrants and Series B Warrants comprising
the Units will separate upon the closing of the Rights Offering and
will be issued separately but may only be purchased as a Unit, and
the Units will not trade as a separate security. The subscription
rights will not be tradable. We are also registering the shares of
common stock issuable upon exercise of the Warrants. These
securities are being issued pursuant to a dealer-manager agreement
between us and the dealer-manager. You should review the
dealer-manager agreement, and the form of Series A Warrant and
Series B Warrant, each of which is being incorporated by reference
as exhibits to the registration statement of which this prospectus
is a part, for a complete description of the terms and conditions
applicable to the Common Stock and the Warrants. The following
brief summary of the material terms and provisions of the Common
Stock, the Series A Warrants and the Series B Warrants is subject
to, and qualified in its entirety by, the certificate of
incorporation and the respective forms of the Warrants.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><B>Common
stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-indent: 24pt">The material terms and provisions of our
common stock are described under the caption &ldquo;Description of Capital Stock&rdquo; in the accompanying prospectus beginning
on page 12. As of February 14, 2018, we had 80,072,900 shares of our common stock outstanding. Our common stock is listed on NYSE
American under the symbol &ldquo;ATNM&rdquo;.</P>



<P CLASS="H2" STYLE="mso-style-name: H2; margin: 12pt 0in 0pt; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black"><B>Warrants</B></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Warrants Included in Units Issuable in the Rights
Offering</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Warrants to be issued as a part of this Rights Offering will be
designated as our &ldquo;Series A&rdquo; and <FONT CLASS="nobreak"
STYLE="mso-style-name: nobreak;">&ldquo;Series B&rdquo;</FONT>
warrants. These Warrants will be separately transferable following
their issuance and through their expiration <FONT CLASS="nobreak"
STYLE="mso-style-name: nobreak;">12 and 30</FONT> months,
respectively, from the date of issuance. The Series A Warrants will
entitle the holder to purchase one share of common stock at an
exercise price of $0.90 per share from the date of issuance through
its expiration. The Series B Warrants will entitle the holder to
purchase one share of common stock at an exercise price of $1.10
per share from the date of issuance through its expiration. The
common stock underlying the Warrants, upon issuance, is traded on
NYSE American under the symbol &ldquo;ATNM.&rdquo;</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
All Warrants that are purchased in the Rights Offering as part of
the Units will be issued in book-entry, or uncertificated, form
meaning that you will receive a DRS account statement from our
transfer agent reflecting ownership of Warrants if you are a holder
of record of shares or participating warrants. The Subscription
Agent will arrange for the issuance of the Warrants as soon as
practicable after the closing, which will occur as soon as
practicable after the Rights Offering has expired but which may
occur up to five business days thereafter. At the closing of the
Rights Offering, all prorating calculations and reductions
contemplated by the terms of the Rights Offering will have been
effected and payment to us for the subscribed-for Units will have
cleared. If you hold your shares of common stock in the name of a
bank, broker, dealer, or other nominee, DTC will credit your
account with your nominee with the Warrants you purchased in the
Rights Offering.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Exercisability.</FONT>&emsp;Each
Series A Warrant will be exercisable at any time and from time to
time after the closing of the Rights Offering and will expire 12
months from the date of issuance. Each Series B Warrant will be
exercisable at any time and from time to time after the closing of
the Rights Offering and will expire 30 months from the date of
issuance. The Warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to us a duly executed
exercise notice and payment in full for the number of shares of our
common stock purchased upon such exercise.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Exercise
Price</FONT>.&emsp;Each Series A Warrant represents the right to
purchase one share of common stock at an exercise price of $0.90
per share. Each Series B Warrant represents the right to purchase
one share of common stock at an exercise price of $1.10 per share.
In addition, the exercise price per share is subject to adjustment
for stock dividends, distributions, subdivisions, combinations, or
reclassifications.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-67</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;">Cashless
Exercise</FONT>.&emsp;If at the time of exercise there is no
effective registration statement registering, or the prospectus
contained therein is not available for issuance of, the shares
issuable upon exercise of the Warrants, the holder may exercise the
Warrants on a cashless basis. When exercised on a cashless basis, a
portion of the Warrant is cancelled in payment of the purchase
price payable in respect of the number of shares of our common
stock purchasable upon such exercise.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;">Limitations on
Exercise</FONT>:&emsp;The exercise of the warrants may be limited
in certain circumstances if, after giving effect to such exercise,
the holder or any of its affiliates would beneficially own (as
determined in accordance with the terms of the warrants) more than
4.99% (or, at the election of the holder, 9.99%) of our outstanding
common stock immediately after giving effect to the exercise.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Transferability</FONT>.&emsp;Subject
to applicable laws and restrictions, a holder may transfer a
Warrant upon surrender of the Warrant to us with a completed and
signed assignment in the form attached to the Warrant. The
transferring holder will be responsible for any tax that liability
that may arise as a result of the transfer.</P>

<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Rights as
Stockholder.</FONT>&emsp;Except as set forth in the Warrant, the
holder of a Warrant, solely in such holder&rsquo;s capacity as a
holder of a Warrant, will not be entitled to vote, to receive
dividends, or to any of the other rights of our stockholders.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Redemption
Rights</FONT>.&emsp;We may redeem the Series A Warrants for $0.001
per Warrant if our common stock closes above $1.80 per share for
ten consecutive trading days. We may redeem the Series B Warrants
for $0.001 per Warrant if our common stock closes above $3.30 per
share for ten consecutive trading days.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Amendments and
Waivers.</FONT>&emsp;The provisions of each Warrant may be modified
or amended or the provisions thereof waived with the written
consent of us and the holder.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Warrants will be issued pursuant to a warrant agent agreement
by and between us and Action Stock Transfer Corporation, the
warrant agent.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-68</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Plan of
Distribution</FONT></P>
<P CLASS="Textind" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On or about February 15, 2018, we will distribute the Subscription
Rights, Rights Certificates and copies of this prospectus
supplement to the holders of our common stock or participating
warrant holders on the Record Date. Subscription Rights holders who
wish to exercise their Subscription Rights and purchase Units must
complete the Subscription Rights Certificate and return it with
payment for the shares to the Subscription Agent at the following
address:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By mail:</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">By hand or overnight
courier:</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Broadridge Corporate Issuer Solutions,
Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS Re-Organization Dept.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Attn: BCIS IWS</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
P.O. Box 1317</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
51 Mercedes Way</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Brentwood, New York 11717-0693</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edgewood, New York 11717</P>
</TD>
</TR>
<TR>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068 (toll free)</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.05pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="268" VALIGN="bottom" STYLE=
"width: 200.85pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(855) 793-5068</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you have any questions, you should contact our Information Agent
for the Rights Offering:</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">Broadridge
Corporate Issuer Solutions, Inc.<BR>
(855) 793-5068 (toll free)</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Other than as described in this prospectus supplement, we do not
know of any existing agreements between any stockholder, broker,
dealer, underwriter or agent relating to the sale or distribution
of the underlying securities.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC is the dealer-manager of this Rights Offering. In
such capacity, such dealer-manager will provide marketing
assistance and financial advice (including determining the
Subscription Price and the structure of the Rights Offering) to us
in connection with this offering and will solicit the exercise of
Subscription Rights and participation in the Over-Subscription
Privilege. The dealer-manager will provide us with updated investor
feedback and recommendations on pricing and structure through to
the end of the subscription period. The dealer-manager is not
underwriting or placing any of the Subscription Rights or the
shares of our Common Stock or Warrants being issued in this
offering and does not make any recommendation with respect to such
Subscription Rights (including with respect to the exercise or
expiration of such Subscription Rights), shares or Warrants.</P>
<P CLASS="Textind" STYLE="mso-style-name: Text_ind; margin: 8pt 0in; text-indent: 24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">In
connection with this Rights Offering, we have agreed to pay fees to Maxim Group LLC as dealer-manager a cash fee equal to 7% of
the gross proceeds received by us directly from exercises of the Subscription. We agreed to reimburse the reasonable fees and
expenses (including legal fees) of Maxim Group LLC up to $85,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">From the Record Date until 30 days after
the closing of the Rights Offering, we have agreed not to issue, agree to issue or announce the issuance of any shares of common
stock or common stock equivalents without the consent of the dealer-manager, subject to certain exceptions including a pre-existing
agreement, equity awards, conversion of derivative securities and in connection with any acquisitions, partnerships or strategic
transactions.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have also agreed to indemnify the dealer-manager and its
respective affiliates against certain liabilities arising under the
Securities Act of 1933, as amended. The dealer-manager&rsquo;s
participation in this offering is subject to customary conditions
contained in the dealer-manager agreement, including the receipt by
the dealer-manager of an opinion of our counsel. The dealer-manager
and its affiliates may provide to us from time to time in the
future in the ordinary course of their business certain financial
advisory, investment banking and other services for which they will
be entitled to receive fees.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Maxim Group LLC is a broker-dealer and member of the Financial
Industry Regulatory Authority, Inc. The principal business address
of Maxim Group LLC is 405 Lexington Avenue, New York, New York
10174.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-69</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><B>Legal
Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-indent: 24pt">The validity of the securities offered
by this prospectus will be passed upon for us by The Matt Law Firm, PLLC, Utica, New York. Certain legal matters will be passed upon for the underwriters by Lowenstein Sandler LLP, New York, New York.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Experts</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The financial statements incorporated in this prospectus supplement
by reference to the Annual Report on Form 10-K for the fiscal years
ended December 31, 2016 and 2015 have been so incorporated in
reliance on the report of GBH CPAs, PC an independent registered
public accounting firm, given on the authority of said firm as
experts in auditing and accounting.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Where You Can Find More
Information</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and in accordance therewith file
annual, quarterly and current reports, proxy statements and other
information with the Securities and Exchange Commission. Such
reports, proxy statements and other information can be read and
copied at the Securities and Exchange Commission&rsquo;s public
reference facilities at 100 F Street, N.E., Washington, D.C. 20549,
at prescribed rates. Please call the Securities and Exchange
Commission at 1-800-732-0330 for further information on the
operation of the public reference facilities. In addition, the
Securities and Exchange Commission maintains a website that
contains reports, proxy and information statements and other
information regarding registrants that file electronically with the
Securities and Exchange Commission. The address of the Securities
and Exchange Commission&rsquo;s website is <FONT CLASS="Italic"
STYLE=
"mso-style-name: Italic; font-style: italic;">www.sec.gov</FONT>.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We make available free of charge on or through our website at
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharmceuticals.com</FONT>,
our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and amendments to those reports filed
or furnished pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended, as soon as reasonably practicable
after we electronically file such material with or otherwise
furnish it to the Securities and Exchange Commission.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have filed with the Securities and Exchange Commission a
registration statement under the Securities Act of 1933, as
amended, relating to the offering of these securities. The
registration statement, including the attached exhibits, contains
additional relevant information about us and the securities. This
prospectus supplement does not contain all of the information set
forth in the registration statement. You can obtain a copy of the
registration statement, at prescribed rates, from the Securities
and Exchange Commission at the address listed above, or for free at
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.sec.gov</FONT>.
The registration statement and the documents referred to below
under &ldquo;Incorporation of Certain Information By
Reference&rdquo; are also available on our website, <FONT CLASS=
"Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharmaceuticals.com</FONT>.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not incorporated by reference into this prospectus
supplement the information on our website, and you should not
consider it to be a part of this prospectus supplement.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Incorporation of Certain
Information by Reference</FONT></P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Securities and Exchange Commission allows us to
&ldquo;incorporate by reference&rdquo; the information we have
filed with it, which means that we can disclose important
information to you by referring you to those documents. The
information we incorporate by reference is an important part of
this prospectus supplement, and later information that we file with
the Securities and Exchange Commission will automatically update
and supersede this information. We incorporate by reference the
documents listed below and any future documents (excluding
information furnished pursuant to Items 2.02 and 7.01 of Form 8-K)
we file with the Securities and Exchange Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
of 1934, as amended, subsequent to the date of this prospectus
supplement and prior to the termination of the offering:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Annual Report on Form 10-K for the fiscal year ended December
31, 2016, filed with the Securities and Exchange Commission on
March 16, 2017;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Quarterly Report on Form 10-Q for the three months ended March
31, 2017, filed with the Securities and Exchange Commission on May
15, 2017;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-70</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Quarterly Report on Form 10-Q for the three months ended June
30, 2017, filed with the Securities and Exchange Commission on
August 4, 2017;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Quarterly Report on Form 10-Q for the three months ended
September 30, 2017, filed with the Securities and Exchange
Commission on November 3, 2017;</P>
<P STYLE="mso-style-name: BL_m; margin: 8pt 0in 0pt 48pt; text-indent: -24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: Black">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Our
Current Reports on Form 8-K filed with the Securities and Exchange Commission on March 28, 2017, May 11, 2017, May 16, 2017,
June 8, 2017, June 9, 2017, June 16, 2017, July 3, 2017, July 28, 2017, December 21, 2017, January 8, 2018, February 8, 2018
and February 15, 2018, and our Current Report on Form 8-K/A filed with the Securities and Exchange Commission on May 26,
2017; and</FONT></P>



<P CLASS="BLm" STYLE="mso-style-name: BL_m; margin: 8pt 0in 0pt 48pt; text-indent: -24pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The description of our common stock, which is contained in our Form 8-K/A, filed with the Securities and Exchange Commission
on January 28, 2013.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
All filings filed by us pursuant to the Securities Exchange Act of
1934, as amended, after the date of the initial filing of this
registration statement and prior to the effectiveness of such
registration statement (excluding information furnished pursuant to
Items 2.02 and 7.01 of Form 8-K) shall also be deemed to be
incorporated by reference into the prospectus supplement.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You should rely only on the information incorporated by reference
or provided in this prospectus supplement. We have not authorized
anyone else to provide you with different information. You should
not assume that the information in this prospectus supplement is
accurate as of any date other than the date of this prospectus
supplement or the date of the documents incorporated by reference
in this prospectus supplement.</P>
<P CLASS="Textind" STYLE=
"mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will provide without charge to each person to whom a copy of
this prospectus supplement is delivered, upon written or oral
request, a copy of any or all of the information that has been
incorporated by reference in this prospectus supplement but not
delivered with this prospectus supplement (other than an exhibit to
these filings, unless we have specifically incorporated that
exhibit by reference in this prospectus supplement). Any such
request should be addressed to us at: 275 Madison Avenue,
7<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor, New York, New York 10016, Attention: Steve O&rsquo;Loughlin,
Principal Financial Officer, or made by phone at (646) 677-3870.
You may also access the documents incorporated by reference in this
prospectus supplement through our website at <FONT CLASS="Italic"
STYLE="mso-style-name: Italic; font-style: italic;">www.actinium
pharmaceuticals.com</FONT>. Except for the specific incorporated
documents listed above, no information available on or through our
website shall be deemed to be incorporated in this prospectus
supplement or the accompanying prospectus.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-71</P>
<P CLASS="Textind" STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; text-align: left; mso-style-name: Text_ind; margin-top: 8pt; margin-bottom: 0pt; text-autospace: none; color: black"><B>PROSPECTUS</B></P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">ACTINIUM PHARMACEUTICALS,
INC.</FONT></FONT></P>
<P CLASS="Textind" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<IMG WIDTH="394" HEIGHT="107" SRC="image001.jpg" Alt=""></P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">$200,000,000<BR>
Common Stock<BR>
Preferred Stock<BR>
Debt Securities<BR>
Warrants<BR>
Rights<BR>
Purchase Contracts<BR>
Units</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may offer and sell from time to time, in one or more series or
issuances and on terms that we will determine at the time of the
offering, any combination of the securities described in this
prospectus, up to an aggregate amount of $200,000,000.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will provide specific terms of any offering in a supplement to
this prospectus. Any prospectus supplement may also add, update, or
change information contained in this prospectus. You should
carefully read this prospectus and the applicable prospectus
supplement as well as the documents incorporated or deemed to be
incorporated by reference in this prospectus before you purchase
any of the securities offered hereby.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
These securities may be offered and sold in the same offering or in
separate offerings; to or through underwriters, dealers, and
agents; or directly to purchasers. The names of any underwriters,
dealers, or agents involved in the sale of our securities, their
compensation and any over-allotment options held by them will be
described in the applicable prospectus supplement. See &ldquo;Plan
of Distribution.&rdquo;</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Our common stock is presently traded on the NYSE American under the
symbol &ldquo;ATNM.&rdquo; On October 23, 2017, the last reported
sale price of our common stock was $0.72 per share. We recommend
that you obtain current market quotations for our common stock
prior to making an investment decision. We will provide information
in any applicable prospectus supplement regarding any listing of
securities other than shares of our common stock on any securities
exchange.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">You should carefully
read this prospectus, any prospectus supplement relating to any
specific offering of securities, and all information incorporated
by reference herein and therein.</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.1pt;">Investing in our securities involves a
high degree of risk. These risks are discussed in this prospectus
under &ldquo;Risk Factors&rdquo; beginning on page 9 and in the
documents incorporated by reference into this
prospectus.</FONT></FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Neither the Securities
and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the
contrary is a criminal offense.</FONT></P>
<P CLASS="Textind" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The date of this prospectus is October 24, 2017</P>
<P CLASS="RRH" STYLE=
'margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&nbsp;</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">TABLE OF
CONTENTS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
Page</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
ABOUT THIS PROSPECTUS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
1</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
PROSPECTUS SUMMARY</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
2</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
RISK FACTORS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
9</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
10</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
USE OF PROCEEDS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
11</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
DESCRIPTION OF CAPITAL STOCK</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
12</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
DESCRIPTION OF DEBT SECURITIES</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
19</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
DESCRIPTION OF WARRANTS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
22</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
DESCRIPTION OF RIGHTS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
28</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
DESCRIPTION OF UNITS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
30</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
PLAN OF DISTRIBUTION</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
31</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
LEGAL MATTERS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
EXPERTS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
WHERE YOU CAN FIND MORE INFORMATION</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
33</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">INCORPORATION OF CERTAIN INFORMATION BY
REFERENCE</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
34</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
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i</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ABOUT THIS
PROSPECTUS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT STYLE="letter-spacing: -.15pt;">This prospectus is part of a
registration statement on Form S-3 that we filed with the
Securities and Exchange Commission using a &ldquo;shelf&rdquo;
registration process. Under this shelf process, we may, from time
to time, sell any combination of the securities described in this
prospectus in one or more offerings up to a total amount of
$200,000,000.</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
This prospectus provides you with a general description of the
securities we may offer. Each time we sell securities, we will
provide a prospectus supplement that will contain specific
information about the terms of that offering. The prospectus
supplement may also add to, update or change information contained
in the prospectus and, accordingly, to the extent inconsistent,
information in this prospectus is superseded by the information in
the prospectus supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The prospectus supplement to be attached to the front of this
prospectus may describe, as applicable: the terms of the securities
offered; the public offering price; the price paid for the
securities; net proceeds; and the other specific terms related to
the offering of the securities.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
You should only rely on the information contained or incorporated
by reference in this prospectus and any prospectus supplement or
issuer free writing prospectus relating to a particular offering.
No person has been authorized to give any information or make any
representations in connection with this offering other than those
contained or incorporated by reference in this prospectus, any
accompanying prospectus supplement and any related issuer free
writing prospectus in connection with the offering described herein
and therein, and, if given or made, such information or
representations must not be relied upon as having been authorized
by us. Neither this prospectus nor any prospectus supplement nor
any related issuer free writing prospectus shall constitute an
offer to sell or a solicitation of an offer to buy offered
securities in any jurisdiction in which it is unlawful for such
person to make such an offering or solicitation. This prospectus
does not contain all of the information included in the
registration statement. For a more complete understanding of the
offering of the securities, you should refer to the registration
statement, including its exhibits.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
You should read the entire prospectus and any prospectus supplement
and any related issuer free writing prospectus, as well as the
documents incorporated by reference into this prospectus or any
prospectus supplement or any related issuer free writing
prospectus, before making an investment decision. Neither the
delivery of this prospectus or any prospectus supplement or any
issuer free writing prospectus nor any sale made hereunder shall
under any circumstances imply that the information contained or
incorporated by reference herein or in any prospectus supplement or
issuer free writing prospectus is correct as of any date subsequent
to the date hereof or of such prospectus supplement or issuer free
writing prospectus, as applicable. You should assume that the
information appearing in this prospectus, any prospectus supplement
or any document incorporated by reference is accurate only as of
the date of the applicable documents, regardless of the time of
delivery of this prospectus or any sale of securities. Our
business, financial condition, results of operations and prospects
may have changed since that date.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
1</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">PROSPECTUS
SUMMARY</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">This summary provides
an overview of selected information contained elsewhere or
incorporated by reference in this prospectus and does not contain
all of the information you should consider before investing in our
securities. You should carefully read the prospectus, the
information incorporated by reference and the registration
statement of which this prospectus is a part in their entirety
before investing in our securities, including the information
discussed under &ldquo;Risk Factors&rdquo; in this prospectus and
the documents incorporated by reference and our financial
statements and notes thereto that are incorporated by reference in
this prospectus. As used in this prospectus, unless the context
otherwise indicates, the terms &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;us,&rdquo; or &ldquo;the Company&rdquo; refer to Actinium
Pharmaceuticals, Inc., a Delaware corporation, and its subsidiaries
taken as a whole.</FONT></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Company</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Business Overview</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We are a clinical-stage biopharmaceutical company focused on
developing and commercializing targeted therapies for safer
myeloablation and conditioning of the bone marrow prior to a bone
marrow transplant (BMT) and for the targeting and killing of cancer
cells. We are currently conducting clinical trials for our three
product candidates, Iomab-B, Actimab-A and Actimab-M, as well as
performing research on other potential drug candidates utilizing
our proprietary alpha-particle technology platform. Our most
advanced product candidate, Iomab-B, is comprised of an anti-CD45
monoclonal antibody labeled with iodine-131 (I-131). We are
currently conducting a pivotal Phase 3 trial of Iomab-B for
myeloablation and conditioning of the bone marrow prior to a bone
marrow transplant for patients with relapsed or refractory acute
myeloid leukemia (AML) age 55 and older. A bone marrow transplant
is a potentially curative treatment option for patients with AML
and other blood cancers including leukemias, lymphomas and multiple
myeloma as well as certain blood disorders. Upon successful
completion of our Phase 3 clinical trial for Iomab-B we intend to
submit for marketing approval in the U.S. and European Union. Our
most advanced alpha-particle based therapy, Actimab-A, is an
anti-CD33 monoclonal antibody conjugated with the alpha-particle
actinium-225 (Ac-225). Actimab-A is currently in a Phase 2 clinical
trial for patients over the age of 60 who are newly diagnosed with
AML and ineligible for standard induction chemotherapy. Actimab-M,
our third product candidate, is the same anti-CD33 monoclonal
antibody conjugated to Ac-225 but a different dose and dosing
regimen. Actimab-M, is being studied in a Phase 1 trial for
patients with refractory multiple myeloma. We expect our
alpha-particle technology platform will generate additional drug
candidates that we will progress in clinical trials ourselves and
or out-license. We intend to develop a number of products for
numerous types of cancer and derive revenue from partnering
relationships worldwide and/or direct sales of our products
primarily in the United States.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In December 2015, we announced that the U.S. Food and Drug
Administration, or FDA, cleared our IND filing for Iomab-B. In June
2016, we announced the pivotal Phase 3 clinical trial for Iomab-B
was initiated, and assuming that the trial meets its end points, it
will form the basis for a Biologics Licensing Application (BLA). We
established an agreement with the FDA that the path to a BLA
submission would include a single, pivotal Phase 3 clinical study
if it is successful. The population in this two arm, randomized,
controlled, multicenter trial will be patients with relapsed or
refractory AML over the age of 55. The trial size was set at 150
patients with 75 patients per arm. The primary endpoint in the
pivotal Phase 3 trial is durable complete remission, defined as a
complete remission lasting at least six months and the secondary
endpoint will be overall survival at one year. We believe there are
currently no effective treatments approved by the FDA for AML in
this patient population and there is no defined standard of care.
Iomab-B has completed several physicians-sponsored clinical trials
examining its potential as a myeloconditioning regimen prior to BMT
in various blood cancers, including the Phase 1/2 study in relapsed
and/or refractory AML patients. The results of these studies in
over 300 patients have demonstrated the potential of Iomab-B to
create a new treatment paradigm for bone marrow transplants by:
expanding the pool to ineligible patients who do not have any
viable treatment options currently; enabling a shorter and safer
preparatory interval for BMT; reducing post-transplant
complications; and showing a clear survival benefit including
curative potential.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In September 2016, we initiated a Phase 2 clinical trial for
Actimab-A. This Phase 2 clinical trial is a multicenter, open-label
study that will enroll 53 patients. Patients will receive 2.0
&micro;Ci/kg/fractionated dose of Actimab-A via two injections
given at day 1 and day 7. The Phase 2 trial is designed to evaluate
complete response rates at up to day 42 after Actimab-A
administration, including complete remission (CR), complete
remission with incomplete platelet recovery (CRp) or complete
remission with incomplete blood count recovery (CRi) A formal
interim analysis is scheduled for 31 patients, which is expected by
the end of 2017. The Phase 2 clinical trial</P>
</DIV>
<P CLASS="LRH" STYLE=
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2</P>
<DIV STYLE=
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<P CLASS="Textind" STYLE=
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includes peripheral blast burden as an inclusion criteria and in
patients with high peripheral blast (PB) burden, the use of
Hydroxyurea will be mandated with the goal of bringing peripheral
blasts below 200/&micro;L, which we identified from two previously
complete Phase 1 clinical trials totaling 38 patients. In addition,
the use of granulocyte colony-stimulating factors (GCSF) will be
mandated. Low dose cytarabine has been eliminated from the protocol
and the Phase 2 clinical trial will evaluate Actimab-A as a
monotherapy. The secondary endpoint of the Phase 2 clinical trial
will be overall survival.</P>
<P CLASS="Textind" STYLE=
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In February 2017, we initiated a Phase 1 investigator initiated
clinical trial to study Actimab-M in multiple myeloma. Multiple
myeloma is a cancer of plasma cells that is currently incurable.
The Phase 1 trial will enroll up to 12 patients with relapsed or
refractory multiple myeloma who have positive CD33 expression. This
Phase 1 study is designed as a dose escalation study intended to
assess safety, establish maximum tolerable dose (MTD) and assess
efficacy. Patients will be administered Actimab-M on day 1 at an
initial dose of 0.5 &micro;Ci/kg and then assessed at day 42 for
safety and efficacy. The dose can be increased to 1.0 &micro;Ci/kg
or reduced to 0.25 &micro;Ci/kg based on safety assessment that
will evaluate dose limiting toxicities (DLTs). Patients may receive
up to 8 cycles of therapy but in no event will cumulative
administration exceed 4.0 &micro;Ci/kg of Actimab-M.</P>
<P CLASS="H4" STYLE=
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<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Business
Strategy</FONT></P>
<P CLASS="Textind" STYLE=
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We intend to develop our most advanced clinical stage candidate,
Iomab-B, through approval and if these efforts are successful, we
may elect to commercialize Iomab-B on our own or with a partner in
the United States and/or outside of the United States to
out-license the rights to develop and commercialize the product to
a strategic partner. We intend to develop Actimab-A and Actimab-M
through Phase 2 proof of concept human clinical trial (a trial
designed to provide data on the drug&rsquo;s efficacy) and we will
most likely seek to enter into strategic partnerships whereby the
strategic partner(s) co-fund(s) further human clinical trials of
the drug that are needed to obtain regulatory approvals for
commercial sale within and outside of the United States. In
parallel, we intend to identify and begin initial human trials with
additional actinium-225 based product candidates in other cancer
indications. We intend to retain marketing rights for our products
in the United States whenever possible and out-license marketing
rights to our partners for the rest of the world. We may also seek
to in-license other applicable opportunities should such technology
become available.</P>
<P CLASS="H4" STYLE=
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<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Market
Opportunity</FONT></P>
<P CLASS="Textind" STYLE=
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<FONT STYLE="letter-spacing: -.05pt;">We compete in the marketplace
for cancer treatments estimated to reach over $83 billion in 2016
sales, according to &ldquo;The Global Use of Medicines: Outlook
Through 2016 Report by the IMS Institute for Healthcare
Informatics, July 2012.&rdquo; While surgery, radiation and
chemotherapy remain staple treatments for cancer, their use is
limited by the fact that they often cause substantial damage to
normal cells. On the other hand, targeted monoclonal antibody
therapies exert most or all of their effect directly on cancer
cells, but often lack sufficient killing power to eradicate all
cancer cells with just the antibody. A new approach for treating
cancer is to combine the precision of antibody-based targeting
agents with the killing power of radiation or chemotherapy by
attaching powerful killing agents to precise molecular carriers
called monoclonal antibodies (mAb). We use mAbs labeled with
radioisotopes to deliver potent doses of radiation directly to
cancer cells while sparing healthy tissues. The radioisotopes we
use are the alpha emitter Ac-225 and the beta emitter I-131. I-131
is among the best known and well characterized radioisotopes. It is
used very successfully in treatment of papillary and follicular
thyroid cancer as well as other thyroid conditions. It is also
attached to a monoclonal antibody in treatment of
Non-Hodgkin&rsquo;s Lymphoma (&ldquo;NHL&rdquo;) and is also used
experimentally with different carriers in other cancers. Ac-225 has
many unique properties and we believe we are a leader in developing
this alpha emitter for clinical applications using our proprietary
alpha particle technology.</FONT></P>
<P CLASS="Textind" STYLE=
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Our most advanced products are Iomab-B, I-131 labeled anti-CD45 mAb
for myeloablation of relapsed or refractory AML patients pripr to a
BMT and Actimab-A, Ac-225 conjugated to an anti-CD33 mAb for
treatment of newly diagnosed AML, in patients ineligible for
currently approved therapies. We recently began clinical
development of Actimab-M, Ac-225 conjugated to an anti-CD33 mAb for
the treatment of patients with refractory multiple myeloma. Iomab-B
offers a potentially curative treatment for these patients, most of
whom do not survive beyond one year after being diagnosed with this
condition. Iomab-B has also demonstrated efficacy in BMT
preparation for other blood cancer indications, including
myelodysplastic syndrome (&ldquo;MDS&rdquo;), acute lymphoblastic
leukemia (&ldquo;ALL&rdquo;), Hodgkin&rsquo;s Lymphoma, multiple
myeloma and NHL. These are all follow-on indications for which
Iomab-B can be developed and it is our intention to explore these
opportunities at a future date. We believe</P>
</DIV><P CLASS="RRH" STYLE=
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3</P>
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<P CLASS="Textind" STYLE=
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the aggregate worldwide market potential for the treatment of AML,
MDS, ALL, Hodgkin&rsquo;s Lymphoma, multiple myeloma and NHL is
approximately $4.1 billion.</P>
<P CLASS="Textind" STYLE=
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In December 2015, we announced that the FDA cleared our IND filing
for Iomab-B, and that we proceeded with a pivotal, Phase 3 clinical
trial. We anticipate the Phase 3, controlled, randomized, pivotal
trial will complete enrollment of patients by 2018 and assuming
that the trial meets its endpoints, it will form the basis for a
BLA. We, in our recently approved IND filing, established an
agreement with the FDA that the path to a BLA submission would
include a single, pivotal Phase 3 clinical study if it is
successful. The population in this two arm, randomized, controlled,
multicenter trial will be refractory and relapsed AML patients over
the age of 55. The trial size was set at 150 patients with 75
patients per arm. The primary endpoint in the pivotal Phase 3 trial
is durable complete remission, defined as a complete remission
lasting at least six months and the secondary endpoint will be
overall survival at one year. There are currently no effective
treatments approved by the FDA for AML in this patient population
and there is no defined standard of care. Iomab-B has completed
several physicians sponsored clinical trials examining its
potential as a conditioning regimen prior to BMT in various blood
cancers, including the Phase 1/2 clinical trial in relapsed and/or
refractory AML patients. The results of these clinical trials in
over 300 patients have demonstrated the potential of Iomab-B to
create a new treatment paradigm for bone marrow transplants by:
expanding the pool to ineligible patients who do not have any
viable treatment options currently; enabling a shorter and safer
preparatory interval for BMT; reducing post-transplant
complications; and showing a clear survival benefit including
curative potential.</P>
<P CLASS="Textind" STYLE=
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Other potential product opportunities in which significant
preclinical work is being undertaken include metastatic colorectal
cancer, metastatic prostate cancer and antiangiogenesis which
reduces the blood supply to solid tumors. We believe the worldwide
market potential for the treatment of metastatic colorectal cancer
is approximately $4.8 billion, and we believe the worldwide market
potential for the treatment of metastatic prostate cancer is
approximately $6.0 billion. We also believe the worldwide market
potential for the treatment of Glioblastoma Multiforme, a potential
indication based on an antiangiogenesis approach, is approximately
$1.1 billion. We estimate the market potential for these
indications based on company research, published rates of disease
incidence and company calculations based on costs of currently used
therapies.</P>
<P CLASS="Textind" STYLE=
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<FONT STYLE="letter-spacing: -.15pt;">We believe that our biggest
market opportunity lies in the applicability of our alpha particle
technology platform to a wide variety of cancer indications. A
broad range of solid and blood borne cancers can be potentially
targeted by mAbs to enable treatment with the alpha-particle
technology. We believe that our alpha-particle technology could
potentially be applied to mAbs that are already approved by the FDA
to create more efficacious and/or safer drugs
(&ldquo;biobetters&rdquo;).</FONT></P>
<P CLASS="Textind" STYLE=
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In March 2016, the FDA granted orphan drug designation for Iomab-B
and in October 2016 the European Medicines Agency (EMA) granted
orphan designation in the European Union (EU) for Iomab-B. In
November 2014, the FDA granted orphan-drug designation for
Actimab-A and in May 2017 the EMA granted orphan designation in the
EU for Actimab-A. The FDA, through its Office of Orphan Products
Development, grants orphan status to drugs and biologic products
that are intended for the safe and effective treatment, diagnosis,
or prevention of rare diseases or disorders that affect fewer than
200,000 people in the United States. Orphan drug designation
provides a drug developer with certain benefits and incentives,
including a period of marketing exclusivity if regulatory approval
is ultimately received for the designated indication; potential tax
credits on United States clinical trials; eligibility for orphan
drug grants; and waiver of certain administrative fees. The EMA,
through its Committee for Orphan Medicinal Products (COMP),
examines applications for orphan designation. To qualify for orphan
designation, the prevalence of the condition must be less than 5 in
10,000, it must be life-threatening or chronically debilitating and
there must be no satisfactory method of treating the condition.
Sponsors who obtain orphan designation receive numerous incentives
including protocol assistance, a reduction or waving of fees and 10
years of market exclusivity should the therapy be approved.</P>
<P CLASS="H4" STYLE=
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<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Clinical
Trials</FONT></P>
<P CLASS="Textflush" STYLE=
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Iomab-B</P>
<P CLASS="Textind" STYLE=
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Iomab-B is our lead product candidate currently in a pivotal Phase
3 multicenter clinical trial. It consists of the anti-CD45
monoclonal antibody BC8 and beta emitting radioisotope iodine 131
(I-131). The indication for that trial is bone marrow conditioning
for BMT in patients with relapsed and refractory AML over the age
of 55.</P>
</DIV>
<P CLASS="LRH" STYLE=
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4</P>
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Previous Iomab-B clinical trials leading to the Phase 3 trial
included:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border: #000 0px solid; width: 98%; border-collapse: collapse; margin: 0 auto">
<TR>
<TD STYLE="width: 32%; vertical-align: bottom; width: 32.24%; padding: 0in">
<DIV STYLE=
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<P CLASS="TCH" STYLE=
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Indications</P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.66%; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
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&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 24%; vertical-align: bottom; width: 24.8%; padding: 0in">
<DIV STYLE=
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<P CLASS="TCH" STYLE=
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N</P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.66%; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
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&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 39%; vertical-align: bottom; width: 39.66%; padding: 0in">
<DIV STYLE=
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<P CLASS="TCH" STYLE=
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Key Findings</P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
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AML, MDS, ALL (adult)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
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&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
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34</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
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<FONT STYLE=
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&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
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<FONT LANG="EN-GB">&ndash;7/34 patients with median disease free
state (DFS) of 17 years.</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
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&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
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<FONT LANG="EN-GB">&ndash;18/34 patients in remission at day
80</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">AML &gt;1<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">st</FONT>
remission (adult)</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
23</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&ndash;15/23 in remission at day 28</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
AML 1st remission (age 16-50)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
43</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&ndash;23/43 DFS from 5-16 years</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&ndash;30/43 in remission at day 28</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&ndash;33/43 in remission at day 80</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
High-risk MDS, advanced AML</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
68 in dose escalation study</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">&ndash;CR (complete remission) in all
patients</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
(age 50+)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
31 treated at MTD</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">&ndash;1 yr survival ~40% for all
patients</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">&ndash;1 yr survival ~45% for pts treated at MTD
maximum tolerated dose)</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
High-risk MDS, AML (age 18&ndash;50)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
14 in dose escalation</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">All patients achieved full donor chimerism by
day 28 post-transplant</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">High-risk MDS, AML &ndash;haploidentical donors
(adult)</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
8 in dose escalation</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">&ndash;6/8
treated patients achieved CR by day 28 &ndash;8/8 patients 100%
donor chimerism by day 28</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
'margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_ind; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Ongoing Iomab-B clinical trials include:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border: #000 0px solid; width: 98%; border-collapse: collapse; margin: 0 auto">
<TR>
<TD STYLE="width: 88%; vertical-align: bottom; width: 88.24%; padding: 0in">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
Indications</P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.68%; padding: 0in">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 10%; vertical-align: bottom; width: 10.08%; padding: 0in">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
Phase</P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">Relapsed and refractory Hodgkin Lymphoma and NHL
(adult)</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Phase 1</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Advanced AML, ALL and MDS (adult)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Phase 2</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
AML 1st remission (age 16-50)</P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Phase 2</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttablewrap" STYLE=
'line-height: normal; padding-bottom: 3px !important; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT LANG="EN-GB">High-risk MDS, advanced AML (age
16-50)</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-family: "TimesNewRomanPSStd-Bold"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom">
<P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Phase 2</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textind" STYLE=
'margin-top: 10.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
There are additional ongoing clinical trials with BC8 antibody
labeled with yttrium 90 (Y-90).</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Phase 3 Iomab-B clinical trial:</P>
<P CLASS="Textind" STYLE=
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We obtained FDA&rsquo;s comment and guidance on the Iomab-B Phase 3
clinical trial design, and the FDA identified the following design
features as generally acceptable, dependent on the results of the
trial:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Single pivotal study, pending trial results;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Patient population: refractory AML patients age of 55 and older,
where refractory is defined as either primary failure to achieve a
complete remission after 2 cycles of induction therapy; relapsed
after 6 months in complete remission; second or higher relapse; or
relapsed disease not responding to intensive salvage therapy;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Trial arms: study arm and control arm with physician&rsquo;s choice
of conventional care with curative intent; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Trial size: 150 patients total (75 patients per arm).</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Actimab-A</P>
<P CLASS="Textind" STYLE=
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Actimab-A is currently in the Phase 2 portion of a multicenter
Phase 1/2 clinical trial in AML. It consists of the anti-CD33
monoclonal antibody Lintuzumab and alpha emitting radioisotope
actinium 225 (Ac-225). The indication in the ongoing trial is
patients newly diagnosed with AML over the age of 60 that are
ineligible for standard induction chemotherapy.</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
5</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Previous clinical trials leading to this trial included:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Phase 1 clinical trial with Bismab-A, the first generation product
consisting of the same anti-CD33 monoclonal antibody Lintuzumab and
Bi-213 alpha emitter, a daughter of Ac-225;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Phase 1/2 clinical trial with Bismab-A, the first generation
product consisting of the same monoclonal antibody Lintuzumab and
Bi-213 alpha emitter, a daughter of Ac-225; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Dose escalating pilot Phase 1 clinical trial with Actimab-A, the
current product consisting of the Lintuzumab monoclonal antibody
and Ac-225 alpha emitter.</P>
<P CLASS="Textind" STYLE=
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Completed Actimab-A related clinical trials outcomes:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The Phase 2 arm of the Bismab-A drug study has shown signs of the
drug&rsquo;s efficacy and safety, including reduction in peripheral
blast counts and complete responses in some patients. Bi-213 is a
daughter, i.e., product of the degradation of Ac-225, with cancer
cell killing properties similar to Ac-225 but is less potent. The
Phase 1 Actimab-A trial at MSKCC with a single-dose administration
of Actimab-A showed elimination of leukemia cells from blood in 67%
of all evaluable patients who received a full dose and in 83% of
those treated at dose levels above 0.5 microcuries per kilogram
(&micro;Ci/kg), and eradication of leukemia cells in both blood and
bone marrow in 20% of all evaluable patients and 25% of those
treated at dose levels above 0.5 &micro;Ci/kg. Maximum tolerated
single dose in this trial was established at 3 &micro;Ci/kg.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
High potency means that a relatively low amount of drug is needed
to produce a given effect. In preclinical and Phase 1 clinical
studies, Actimab-A (<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">225</FONT>Ac-lintuzumab)
has demonstrated at least 500-1000 times higher potency than the
first-generation predecessor (<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">213</FONT>Bi-lintuzumab)
upon which it is based. This difference is due to intrinsic
physicochemical properties of Actimab-A that were first established
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">in vitro</FONT>, in
which Actimab-A killed multiple cell lines at doses at least 1000
times lower (based on LD50 values) than Bismab-A analogs. Key
factors in Actimab-A&rsquo;s higher potency are the yield of 4
alpha-emitting isotopes per <FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">
225</FONT>Ac (compared to 1 alpha decay for bismuth 213) and much
longer half-life (10 day for <FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">
225</FONT>Ac vs 46 minutes for <FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">
213</FONT>Bi).</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In preclinical animal models, doses in the nanocurie range
prolonged survival. In humans, Actimab-A was previously studied in
a Phase I monotherapy trial of relapsed or refractory AML patients
at MSKCC. Dose levels in that study re-confirmed the substantially
higher potency of Actimab-A, as compared to equivalent dosing of
the first-generation Bismab-A (<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">213</FONT>Bi-lintuzumab)
construct, which had nevertheless established safety and efficacy
in a Phase 1/2 trial in high-risk AML with cytoreduction.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Sources: Jurcic JG. Targeted Alpha-Particle Immunotherapy with
Bismuth-213 and Actinium-225 for Acute Myeloid Leukemia. J.
Postgrad Med Edu Res 2013, 47(1):14-17; ; JG Jurcic et al, Phase 1
Trial of the Targeted Alpha- Particle Nano-Generator Actinium-225
(225Ac)-Lintuzumab in Acute Myeloid Leukemia (AML) J Clin Oncol
29:2011 (suppl, abstr 6516); McDevitt MR et al, &ldquo;Tumor
Therapy with Targeted Atomic Nanogenerators&rdquo; Science 2001,
294:1537&mdash;1540; Rosenblat TL et al, &ldquo;Sequential
cytarabine and alpha-particle immunotherapy with bismuth-
213-lintuzumab (HuM195) for acute myeloid leukemia&rdquo; Clin
Cancer Res. 2010, 16(21):5303-5311; Jurcic JG et al. &ldquo;Phase I
Trial of the Targeted Alpha-Particle Nano-Generator Actinium-225
(225Ac)-Lintuzumab in Acute Myeloid Leukemia (AML)&rdquo; Blood
(ASH Meeting Abstracts) 2012.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Ongoing Actimab-A trial:</P>
<P CLASS="Textind" STYLE=
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We have completed the Phase 1 portion of our first company
sponsored Phase 1/2 multi-center trial with fractionated (two)
doses of Actimab-A, for the treatment of patients newly diagnosed
with AML over the age of 60. Actimab-A consists of an anti-CD33
monoclonal antibody (HuM195, also known as Lintuzumab) and the
actinium 225 radioactive isotope attached to it. Results from the
Phase 1 portion of the trial showed that 28% (5 of 18) of patients
had objective responses (2CR, 1CRp and 2 CRi (complete remission
with incomplete blood count recovery)) with median response
duration of 9.1 months. Mean bone marrow blast reduction amongst
evaluable patients (14 of 18) was 67% with 57% of patients having
bone marrow blast reduction of 50% or greater and 79% (11 of 14) of
patients having bone marrow blast reductions after Cycle 1 of
therapy. Maximum tolerated dose (MTD) was not reached in this
trial. We have elected to progress to the Phase 2 portion of the
trial at 2.0 &mu;Ci/kg/fraction, the highest dose level from the
Phase 1 portion of the clinical trial.</P>
</DIV>
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6</P>
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The Phase 2 portion of the trial will enroll 53 patients and will
study Actimab-A as a monotherapy. We received agreement from the
FDA for multiple revisions to the protocol for the Phase 2 portion
of the clinical trial that include:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Removing the use of low dose cytarabine from the Phase 2
protocol;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Stipulating Peripheral blast burden as an inclusion criteria with
blasts of 200/ML being the threshold;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Mandating the use of hydroxyurea in patients with peripheral blast
count above 200/ML to lower their peripheral blasts below
200ML/prior to Actimab-A administration; and</P>
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<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Mandating the use of granulocyte colony-stimulating factor (GCSF)
support.</P>
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Bismab-A trials and the Phase 1 Actimab-A trial were focused on
relapsed, refractory and other difficult to treat acute myeloid
leukemia patients. The current Actimab-A multicenter Phase 1/2
trial is focused on patients newly diagnosed AML who have
historically had better outcomes.</P>
<P CLASS="H4" STYLE=
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<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Intellectual
Property</FONT></P>
<P CLASS="Textind" STYLE=
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We have developed or in-licensed numerous patents and patent
applications and possess substantial know-how and trade secrets
relating to the development and manufacturing of our products. As
of October 12, 2017, our patent portfolio includes: 68 issued and
pending patent applications, of which 10 are issued in the United
States, 15 are pending in the United States, and 53 are issued
internationally and pending internationally. Additionally, several
non-provisional patent applications are expected to be filed in
2018 based on provisional patent applications filed in 2017. This
is part of an ongoing strategy to continue to strengthen our
intellectual property position. About one quarter of our patents
are in-licensed from third parties and the remainder are Actinium
owned. These patents cover key areas of our business, including use
of the actinium-225 and other alpha emitting isotopes attached to
cancer specific carriers like monoclonal antibodies, methods for
manufacturing key components of our product candidates including
actinium-225, the alpha emitting radioisotope and carrier
antibodies, and methods for manufacturing finished product
candidates for use in cancer treatment.</P>
<P CLASS="Textind" STYLE=
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We have licensed the rights to two issued patents in the area of
drug preparation for methods of making humanized antibodies for our
product Actimab-A that will expire in 2018 and 2019, respectively.
We own three issued patents and one pending patent in the United
States and thirty-two patents outside of the United States related
to the manufacturing of actinium in a cyclotron that will expire in
2027. We own or have licensed the rights to four issued patents and
1 pending patent in the United States and twenty-one patents
outside of the United States related to the generation of
radioimmunoconjugates that will expire in 2021, 2030 and 2032. We
own or have licensed the rights to use one issued patent, one
pending patent and two provisional patents for methods of treatment
with our product Actimab-A that will expire in 2019. For Iomab-B we
own one pending patent for anti-CD45 immunoglobulin composition and
one pending patent the administration of a conjugated antibody.</P>
<P CLASS="Textind" STYLE=
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A patent whose claims address methods of treating hematopoietic
malignancies with Iomab-B is pending; still, we have developed a
proprietary strategy based on trade secret protection and the
potential for orphan drug and data exclusivities. The BC8 antibody,
cell line and related know-how has been exclusively licensed by us
from the Fred Hutchinson Cancer Research Center (FHCRC) in exchange
for milestone payments, royalties and research support.</P>
<P CLASS="Textind" STYLE=
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Patents related to the antibody component of Actimab-A have been
exclusively licensed by us from AbbVie Biotherapeutics Corp. for
use with alpha-emitting radioisotopes in exchange for future
development and commercialization milestones, a royalty on net
sales for a period of 12.5 years from first commercial sale, a
negotiation right to be our clinical and/or commercial antibody
supplier, a negotiation right to co-promote Actimab-A in the United
States on terms to be negotiated, and the grant-back of
intellectual property (IP) rights covering improvements to the
antibody for use other than with an alpha-emitting isotope. Patents
covering actinium-225 conjugated to antibodies have been
exclusively licensed by us from MSKCC in exchange for license fees,
research support payments, development milestone payments, 2%
royalties on net sales for the term of the licensed patents or, if
later, 10 years from first commercial sale, and 15% of any
sublicense income we may receive. We source actinium-225 under an
agreement with the Oak Ridge National Laboratory (ORNL) that
expires at the end of 2017. We believe, but cannot guarantee, that
we will be able to renew this contract for additional annual
periods.</P>
</DIV>
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7</P>
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<P CLASS="H2" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Corporate and Other
Information</FONT></P>
<P CLASS="Textind" STYLE=
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We were organized in the State of Nevada on October 6, 1997 and
reorganized in the State of Delaware on March 20, 2013. Our
principal executive offices are located at 275 Madison,
7<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor, New York, New York 10016. Our telephone number is (646)
677-3870. Our website address is <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharma.com</FONT>.
Information accessed through our website is not incorporated into
this prospectus and is not a part of this prospectus.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">The Securities We May
Offer</FONT></P>
<P CLASS="Textind" STYLE=
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The descriptions of the securities contained in this prospectus,
together with the applicable prospectus supplements, summarize the
material terms and provisions of the various types of securities
that we may offer. We will describe in the applicable prospectus
supplement relating to any securities the particular terms of the
securities offered by that prospectus supplement. If we so indicate
in the applicable prospectus supplement, the terms of the
securities may differ from the terms we have summarized below. We
will also include information in the prospectus supplement, where
applicable, about material U.S. federal income tax considerations
relating to the securities, and the securities exchange, if any, on
which the securities will be listed.</P>
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We may sell from time to time, in one or more primary offerings,
our common stock, preferred stock, debt securities, warrants,
rights, purchase contracts or units, or any combination of the
foregoing.</P>
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In this prospectus, we refer to the common stock, preferred stock,
debt securities, warrants, rights, purchase contracts or units, or
any combination of the foregoing securities to be sold by us in a
primary offering collectively as &ldquo;securities.&rdquo; The
total dollar amount of all securities that we may issue under this
prospectus will not exceed $200,000,000.</P>
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This prospectus may not be used to consummate a sale of securities
unless it is accompanied by a prospectus supplement.</P>
</DIV>
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8</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">RISK FACTORS</FONT></P>
<P CLASS="Textind" STYLE=
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An investment in our securities involves a high degree of risk. The
prospectus supplement applicable to each offering of our securities
will contain a discussion of the risks applicable to an investment
in our securities. Before deciding whether to invest in our
securities, you should carefully consider the specific factors
discussed under the heading &ldquo;Risk Factors&rdquo; in the
applicable prospectus supplement, together with all of the other
information contained or incorporated by reference in the
prospectus supplement or appearing or incorporated by reference in
this prospectus. You should also consider the risks, uncertainties
and assumptions discussed under Item 1A, &ldquo;Risk
Factors,&rdquo; in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2016, all of which are incorporated herein
by reference, as updated or superseded by the risks and
uncertainties described under similar headings in the other
documents that are filed after the date hereof and incorporated by
reference into this prospectus and any prospectus supplement
related to a particular offering. The risks and uncertainties we
have described are not the only ones we face. Additional risks and
uncertainties not presently known to us or that we currently deem
immaterial may also affect our operations. Past financial
performance may not be a reliable indicator of future performance,
and historical trends should not be used to anticipate results or
trends in future periods. If any of these risks actually occurs,
our business, business prospects, financial condition or results of
operations could be seriously harmed. This could cause the trading
price of our common stock to decline, resulting in a loss of all or
part of your investment. Please also read carefully the section
below entitled &ldquo;Special Note Regarding Forward-Looking
Statements.&rdquo;</P>
<P CLASS="RRH" STYLE=
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9</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS</FONT></P>
<P CLASS="Textind" STYLE=
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This prospectus, each prospectus supplement and the information
incorporated by reference in this prospectus and each prospectus
supplement contain &ldquo;forward-looking statements,&rdquo; which
include information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as &ldquo;may,&rdquo; &ldquo;should,&rdquo;
&ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;predicts,&rdquo;
&ldquo;potential,&rdquo; &ldquo;continue,&rdquo;
&ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; and similar
expressions, as well as statements in future tense, identify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
probably not be accurate indications of when such performance or
results will be achieved. Forward-looking statements are based on
information we have when those statements are made or our
management&rsquo;s good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but
are not limited to:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our history of recurring losses and negative cash flows from
operating activities, significant future commitments and the
uncertainty regarding the adequacy of our liquidity to pursue our
complete business objectives;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our ability to complete clinical trials as anticipated and obtain
and maintain regulatory approvals for our products;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our ability to adequately protect our intellectual property;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
disputes over ownership of intellectual property;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the risk that the data collected from our current and planned
clinical trials may not be sufficient to demonstrate that our
products is an attractive alternative to other products;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
intense competition in our industry, with competitors having
substantially greater financial, technological, research and
development, regulatory and clinical, manufacturing, marketing and
sales, distribution and personnel resources than we do;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
entry of new competitors and products and potential technological
obsolescence of our products;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
loss of a key customer or supplier;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
technical problems with our research and products and potential
product liability claims;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adverse economic conditions;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adverse federal, state and local government regulation, in the
United States;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
price increases for supplies;</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
inability to carry out research, development and commercialization
plans; and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
loss or retirement of key executives and research scientists.</P>
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You should review carefully the section entitled &ldquo;Risk
Factors&rdquo; beginning on page 9 of this prospectus for a
discussion of these and other risks that relate to our business and
investing in our securities. The forward-looking statements
contained or incorporated by reference in this prospectus or any
prospectus supplement are expressly qualified in their entirety by
this cautionary statement. We do not undertake any obligation to
publicly update any forward-looking statement to reflect events or
circumstances after the date on which any such statement is made or
to reflect the occurrence of unanticipated events.</P>
<P CLASS="LRH" STYLE=
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10</P>
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">USE OF
PROCEEDS</FONT></P>
<P CLASS="Textind" STYLE=
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Unless otherwise indicated in the prospectus supplement, we
currently intend to use the net proceeds from the sale of
securities offered by this prospectus for general corporate
purposes, including the advancement of our drug candidates in
clinical trials, such as Iomab-B, Actimab-A and Actimab-M, research
and development of our alpha particle technology platform,
preclinical trials, and to meet working capital needs.</P>
<P CLASS="Textind" STYLE=
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Investors are cautioned, however, that expenditures may vary
substantially from these uses. Investors will be relying on the
judgment of our management, who will have broad discretion
regarding the application of the proceeds of this offering. The
amounts and timing of our actual expenditures will depend upon
numerous factors, including the amount of cash generated by our
operations, the amount of competition and other operational
factors. We may find it necessary or advisable to use portions of
the proceeds from this offering for other purposes.</P>
<P CLASS="Textind" STYLE=
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From time to time, we evaluate these and other factors and we
anticipate continuing to make such evaluations to determine if the
existing allocation of resources, including the proceeds of this
offering, is being optimized. Circumstances that may give rise to a
change in the use of proceeds include:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a change in development plan or strategy;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the addition of new products or applications;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
technical delays;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
delays or difficulties with our clinical trials;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
negative results from our clinical trials;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
difficulty obtaining U.S. Food and Drug Administration approval;
and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the availability of other sources of cash including additional
offerings, if any.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
11</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF CAPITAL
STOCK</FONT></P>
<P CLASS="Textind" STYLE=
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The following description of common stock and preferred stock
summarizes the material terms and provisions of the common stock
and preferred stock that we may offer under this prospectus, but is
not complete. For the complete terms of our common stock and
preferred stock, please refer to our certificate of incorporation,
as amended and our bylaws, as may be amended from time to time.
While the terms we have summarized below will apply generally to
any future common stock or preferred stock that we may offer, we
will describe the specific terms of any series of preferred stock
in more detail in the applicable prospectus supplement. If we so
indicate in a prospectus supplement, the terms of any preferred
stock we offer under that prospectus supplement may differ from the
terms we describe below.</P>
<P CLASS="Textind" STYLE=
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We have authorized 250,000,000 shares of capital stock, par value
$0.001 per share, of which 200,000,000 are shares of common stock
and 50,000,000 are shares of preferred stock. On October 11, 2017,
there were 79,380,158 shares of common stock issued and outstanding
and no shares of preferred stock issued and outstanding. The
authorized and unissued shares of common stock and the authorized
and undesignated shares of preferred stock are available for
issuance without further action by our stockholders, unless such
action is required by applicable law or the rules of any stock
exchange on which our securities may be listed. Unless approval of
our stockholders is so required, our board of directors does not
intend to seek stockholder approval for the issuance and sale of
our common stock or preferred stock.</P>
<P CLASS="Textind" STYLE=
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We also have warrants that are outstanding, which are described
below.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Common Stock</FONT></P>
<P CLASS="Textind" STYLE=
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The holders of our common stock are entitled to one vote per share.
Our certificate of incorporation does not provide for cumulative
voting. Our directors are divided into three classes. At each
annual meeting of stockholders, directors elected to succeed those
directors whose terms expire are elected for a term of office to
expire at the third succeeding annual meeting of stockholders after
their election. The holders of our common stock are entitled to
receive ratably such dividends, if any, as may be declared by our
board of directors out of legally available funds; however, the
current policy of our board of directors is to retain earnings, if
any, for operations and growth. Upon liquidation, dissolution or
winding-up, the holders of our common stock are entitled to share
ratably in all assets that are legally available for distribution.
The holders of our common stock have no preemptive, subscription,
redemption or conversion rights. The rights, preferences and
privileges of holders of our common stock are subject to, and may
be adversely affected by, the rights of the holders of any series
of preferred stock, which may be designated solely by action of our
board of directors and issued in the future.</P>
<P CLASS="Textind" STYLE=
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Our common stock is listed on the NYSE American under the symbol
&ldquo;ATNM.&rdquo;</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Preferred
Stock</FONT></P>
<P CLASS="Textind" STYLE=
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<FONT STYLE="letter-spacing: -.05pt;">The board of directors is
authorized, subject to any limitations prescribed by law, without
further vote or action by the stockholders, to issue from time to
time shares of preferred stock in one or more series. Each such
series of preferred stock shall have such number of shares,
designations, preferences, voting powers, qualifications, and
special or relative rights or privileges as shall be determined by
the board of directors, which may include, among others, dividend
rights, voting rights, liquidation preferences, conversion rights
and preemptive rights. Issuance of preferred stock by our board of
directors may result in such shares having dividend and/or
liquidation preferences senior to the rights of the holders of our
common stock and could dilute the voting rights of the holders of
our common stock.</FONT></P>
<P CLASS="Textind" STYLE=
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Prior to the issuance of shares of each series of preferred stock,
the board of directors is required by the Delaware General
Corporation Law and our certificate of incorporation to adopt
resolutions and file a certificate of designation with the
Secretary of State of the State of Delaware. The certificate of
designation fixes for each class or series the designations,
powers, preferences, rights, qualifications, limitations and
restrictions, including, but not limited to, some or all of the
following:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the number of shares constituting that series and the distinctive
designation of that series, which number may be increased or
decreased (but not below the number of shares then outstanding)
from time to time by action of the board of directors;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
12</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the dividend rate and the manner and frequency of payment of
dividends on the shares of that series, whether dividends will be
cumulative, and, if so, from which date;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether that series will have voting rights, in addition to any
voting rights provided by law, and, if so, the terms of such voting
rights;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether that series will have conversion privileges, and, if so,
the terms and conditions of such conversion, including provision
for adjustment of the conversion rate in such events as the board
of directors may determine;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether or not the shares of that series will be redeemable, and,
if so, the terms and conditions of such redemption;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether that series will have a sinking fund for the redemption or
purchase of shares of that series, and, if so, the terms and amount
of such sinking fund;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether or not the shares of the series will have priority over or
be on a parity with or be junior to the shares of any other series
or class in any respect;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the rights of the shares of that series in the event of voluntary
or involuntary liquidation, dissolution or winding up of the
corporation, and the relative rights or priority, if any, of
payment of shares of that series; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any other relative rights, preferences and limitations of that
series.</P>
<P CLASS="Textind" STYLE=
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Once designated by our board of directors, each series of preferred
stock may have specific financial and other terms that will be
described in a prospectus supplement. The description of the
preferred stock that is set forth in any prospectus supplement is
not complete without reference to the documents that govern the
preferred stock. These include our certificate of incorporation and
any certificates of designation that our board of directors may
adopt.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
All shares of preferred stock offered hereby will, when issued, be
fully paid and non-assessable, including shares of preferred stock
issued upon the exercise of preferred stock warrants or
subscription rights, if any.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Although our board of directors has no intention at the present
time of doing so, it could authorize the issuance of a series of
preferred stock that could, depending on the terms of such series,
impede the completion of a merger, tender offer or other takeover
attempt.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Warrants</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Common Stock
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
On December 27, 2013 and January 10, 2014, we issued common stock
warrants to certain investors in a private placement of common
stock and warrants (the &ldquo;Common Stock Warrants&rdquo;). The
Common Stock Warrants have a five year term from each closing that
occurred on December 27, 2013 and January 10, 2014, and are
exercisable for an aggregate of up to 276,529 shares of our common
stock at an initial per share exercise price of $9.00, subject to
adjustments as set forth below. As of October 11, 2017 we have
193,197 shares of Common Stock Warrants outstanding. We may also
call this warrant for redemption upon written notice to all warrant
holders at any time the closing price of the common stock exceeds
$15.00 (as may be adjusted pursuant to warrant agreement) for 20
consecutive trading days, as reported by Bloomberg, provided at
such time there is an effective registration statement covering the
resale of the shares underlying the warrants. In the 60 business
days following the date the redemption notice is deemed given in
accordance with the agreement, investors may choose to exercise
this warrant or a portion of the warrant by paying the then
applicable exercise price per share for every share exercised. Any
shares not exercised on the last day of the exercise period will be
redeemed by us at $0.001 per share.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The exercise prices of the Common Stock Warrants are subject to
adjustment upon certain events. If we at any time while the
warrants remain outstanding and unexpired shall declare a dividend
or make a distribution on the outstanding Common Stock payable in
shares of its capital stock, or split, subdivide or combine the
securities as to which purchase rights under this warrant exist
into a different number of securities of the same class, the
exercise price for such securities shall be proportionately
decreased in the case of a dividend, split or subdivision or
proportionately increased in the case of a combination.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
13</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Series B
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The Series B Warrants have a five year term from December 19, 2012
and are exercisable for an aggregate of up to 1,559,505 shares of
our common stock at an initial per share exercise price of $2.48,
subject to adjustment as set forth below. As of October 11, 2017,
there were 1,317,195 warrants outstanding. These warrants have a
cashless exercise provision. We also have a right of first refusal
on the holder&rsquo;s sale of the warrant shares. We may also call
this warrant for redemption upon written notice to all warrant
holders at any time the closing price of the common stock exceeds
$1.50 (as may be adjusted pursuant to warrant agreement) for 20
consecutive trading days, as reported by Bloomberg, provided at
such time there is an effective registration statement covering the
resale of the shares underlying the warrants. In the 60 business
days following the date the redemption notice is deemed given in
accordance with the agreement, investors may choose to exercise
this warrant or a portion of the warrant by paying the then
applicable exercise price per share for every share exercised. Any
shares not exercised on the last day of the exercise period will be
redeemed by us at $0.001 per share.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The exercise price of the Series B Warrants is subject to
adjustment upon certain events. If we at any time while the
warrants remain outstanding and unexpired shall declare a dividend
or make a distribution on the outstanding Common Stock payable in
shares of its capital stock, or split, subdivide or combine the
securities as to which purchase rights under this warrant exist
into a different number of securities of the same class, the
exercise price for such securities shall be proportionately
decreased in the case of a dividend, split or subdivision or
proportionately increased in the case of a combination.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In addition, for so long as there are any warrants outstanding, if
and whenever at any time and from time to time after the warrant
issue date, as applicable, we shall issue any shares of common
stock for no consideration or a consideration per share less than
the exercise price, as applicable, then, forthwith upon such issue
or sale, the warrants shall be subject to a proportional adjustment
determined by multiplying such warrant exercise price by the
following fraction:</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<U>N(0) + N(1)</U></P>
<P CLASS="Textind" STYLE=
'margin-top: 0in; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(0) + N(2)</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Where:</P>
<P CLASS="Textind" STYLE=
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N(0) = the number of shares of common stock outstanding (calculated
on a Fully Diluted Basis) immediately prior to the issuance of such
additional shares of common stock or common stock Equivalents;</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(1) = the number of shares of common stock which the aggregate
consideration, if any (including the aggregate Net Consideration
Per Share with respect to the issuance of common stock
equivalents), received or receivable by us for the total number of
such additional shares of common stock so issued or deemed to be
issued would purchase at the warrant exercise price, as applicable,
in effect immediately prior to such issuance; and</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(2) = the number of such additional shares of common stock so
issued or deemed to be issued.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Stock Offering
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The Stock Offering Warrants have a term ending on January 31, 2019
and are exercisable for an aggregate of up to 2,682,155 shares of
our common stock at an initial per share exercise price of $0.78,
subject to adjustment as set forth below (anti-dilution). As of
October 11, 2017, there were 1,239,997 warrants outstanding. These
warrants have a cashless exercise provision. We also have a right
of first refusal on the holder&rsquo;s sale of the warrant
shares.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
These warrants have a cashless exercise provision. We also have a
right of first refusal on the holder&rsquo;s sale of the warrant
shares. The exercise prices of the Stock Offering Warrants are
subject to adjustment upon certain events. If we at any time while
the warrants remain outstanding and unexpired shall declare a
dividend or make a distribution on the outstanding Common Stock
payable in shares of its capital stock, or split, subdivide or
combine the securities as to which purchase rights under this
warrant exist into a different number of securities of the same
class, the exercise price for such securities shall be
proportionately decreased in the case of a dividend, split or
subdivision or proportionately increased in the case of a
combination.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
14</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Consulting Firm
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT STYLE="letter-spacing: -.1pt;">The Consulting Firm Warrants
have a term ending on December 17, 2019 and are exercisable for an
aggregate of up to 3,755,560 shares of the Company&rsquo;s common
stock. As of October 11, 2017, there were 1,502,223 warrants
outstanding. These warrants may not be exercised by the Holder upon
less than 90 days prior written notice of such exercise and
provided further that that the Holder may elect, in its sole
discretion, to waive the Prior Notice Requirement, in whole or in
part, upon 65 days prior written notice of such waiver. These
warrants have a cashless exercise provision and were issued at an
initial per share exercise price of $0.001, subject to adjustment
as if the Company at any time while the warrants remain outstanding
and unexpired shall declare a dividend or make a distribution on
the outstanding Common Stock payable in shares of its capital
stock, or split, subdivide or combine the securities as to which
purchase rights under this warrant exist into a different number of
securities of the same class, the exercise price for such
securities shall be proportionately decreased in the case of a
dividend, split or subdivision or proportionately increased in the
case of a combination. The warrants are also subject to piggy-back
registration rights.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">2015 Offering
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The 2015 Offering Warrants have a term ending February 11, 2019 and
are exercisable for an aggregate of up to 3,333,333 shares of our
common stock at $6.50 per share. As of October 11, 2017, there were
3,333,333 warrants outstanding. The exercise price and the number
of warrant shares shall be adjusted from time to time if we at any
time on or after the issuance date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) one or more classes
of its outstanding shares of common stock into a greater number of
shares, the exercise price in effect immediately prior to such
subdivision will be proportionately reduced and the number of
warrant shares will be proportionately increased. If we at any time
on or after the issuance date combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding
shares of Common Stock into a smaller number of shares, the
exercise price in effect immediately prior to such combination will
be proportionately increased and the number of warrant shares will
be proportionately decreased.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
If at any time prior to the expiration date we grant, issue or sell
any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the &ldquo;Purchase
Rights&rdquo;), then the Holder will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon
complete exercise of this warrant (without regard to any
limitations on the exercise of this warrant) immediately before the
date on which a record is taken for the grant, issuance or sale of
such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of common stock are to be
determined for the grant, issue or sale of such Purchase Rights
(provided, however, that to the extent that the Holder&rsquo;s
right to participate in any such Purchase Right would result in the
holder exceeding the Maximum Percentage, then the holder shall not
be entitled to participate in such Purchase Right to such extent
(or beneficial ownership of such shares of Common Stock as a result
of such Purchase Right to such extent) and such Purchase Right to
such extent shall be held in abeyance for the Holder until such
time, if ever, as its right thereto would not result in the Holder
exceeding the Maximum Percentage (as defined in the warrant), at
which time the Holder shall be granted such right to the same
extent as if there had been no such limitation).</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Placement Agent
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We have issued three types of warrants to the Placement Agent,
Placement Agent Stock Offering Warrants, Placement Agent Common
Stock Warrants, and Placement Agent December 2013 Offering
Warrants.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Placement Agent Stock
Offering Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The Placement Agent Stock Offering Warrants have a term ending on
January 31, 2019 and are exercisable for an aggregate of up to
1,251,022 shares of our common stock at an initial per share
exercise price of $0.78, subject to adjustment as set forth below
(anti dilution). As of October 11, 2017, there were 355,293
warrants outstanding. These warrants have a cashless exercise
provision. The exercise prices of the warrants are subject to
adjustment upon certain events. If we at any time while the
warrants remain outstanding and unexpired shall declare a dividend
or make a distribution on the outstanding Common Stock payable in
shares of its capital stock, or split, subdivide or combine the
securities as to which purchase rights under this warrant exist
into a different number of securities of the</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
15</P>
<P CLASS="Textind" STYLE=
'text-indent: 0in; mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
same class, the exercise price for such securities shall be
proportionately decreased in the case of a dividend, split or
subdivision or proportionately increased in the case of a
combination.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Placement Agent
Common Stock Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The Placement Agent Common Stock Warrants have a five year term
from January 28, 2013 and are exercisable for an aggregate of up to
467,845 shares of our common stock at an initial per share exercise
price of $2.48, subject to adjustment as set forth below. As of
October 11, 2017, there were 298,065 warrants outstanding. These
warrants have a cashless exercise provision. We may also call this
warrant for redemption upon written notice to all warrant holders
at any time the closing price of the common stock exceeds $1.50 (as
may be adjusted pursuant to warrant agreement) for 20 consecutive
trading days, as reported by Bloomberg, provided at such time there
is an effective registration statement covering the resale of the
shares underlying the warrants. In the 60 business days following
the date the redemption notice is deemed given in accordance with
the agreement, investors may choose to exercise this warrant or a
portion of the warrant by paying the then applicable exercise price
per share for every share exercised. Any shares not exercised on
the last day of the exercise period will be redeemed by us at
$0.001 per share.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The exercise prices of the warrants are subject to adjustment upon
certain events. If we at any time while the warrants remain
outstanding and unexpired shall declare a dividend or make a
distribution on the outstanding Common Stock payable in shares of
its capital stock, or split, subdivide or combine the securities as
to which purchase rights under this warrant exist into a different
number of securities of the same class, the exercise price for such
securities shall be proportionately decreased in the case of a
dividend, split or subdivision or proportionately increased in the
case of a combination.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In addition, for so long as there are any warrants outstanding, if
and whenever at any time and from time to time after the warrant
issue date, as applicable, we shall issue any shares of common
stock for no consideration or a consideration per share less than
the exercise price, as applicable, then, forthwith upon such issue
or sale, the warrants shall be subject to a proportional adjustment
determined by multiplying such warrant exercise price by the
following fraction:</P>
<P CLASS="Textind" STYLE=
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<U>N(0) + N(1)</U></P>
<P CLASS="Textind" STYLE=
'margin-top: 0in; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(0) + N(2)</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Where:</P>
<P CLASS="Textind" STYLE=
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N(0) = the number of shares of common stock outstanding (calculated
on a Fully Diluted Basis) immediately prior to the issuance of such
additional shares of common stock or common stock Equivalents;</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(1) = the number of shares of common stock which the aggregate
consideration, if any (including the aggregate Net Consideration
Per Share with respect to the issuance of common stock
equivalents), received or receivable by the Company for the total
number of such additional shares of common stock so issued or
deemed to be issued would purchase at the warrant exercise price,
as applicable, in effect immediately prior to such issuance;
and</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
N(2) = the number of such additional shares of common stock so
issued or deemed to be issued.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Placement Agent
December 2013 Offering Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT STYLE="letter-spacing: -.05pt;">The Placement Agent December
2013 Offering Warrants have a five year term from January 10, 2014
and are exercisable for an aggregate of up to 138,265 shares of our
common stock at an initial per share exercise price of $9.00,
subject to adjustment as set forth below. As of October 11, 2017,
there were 124,997 warrants outstanding. These warrants have a
cashless exercise provision. We may also call this warrant for
redemption upon written notice to all warrant holders at any time
the closing price of the common stock exceeds $15.00 (as may be
adjusted pursuant to warrant agreement) for 20 consecutive trading
days, as reported by Bloomberg, provided at such time there is an
effective registration statement covering the resale of the shares
underlying the warrants. In the 60 business days following the date
the redemption notice is deemed given in accordance with the
agreement, investors may choose to exercise this warrant or a
portion of the warrant by paying the then applicable exercise price
per share for every share exercised. Any shares not exercised on
the last day of the exercise period will be redeemed by us at
$0.001 per share.</FONT></P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
16</P>
<P CLASS="Textind" STYLE=
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The exercise prices of the warrants are subject to adjustment upon
certain events. If we at any time while the warrants remain
outstanding and unexpired shall declare a dividend or make a
distribution on the outstanding Common Stock payable in shares of
its capital stock, or split, subdivide or combine the securities as
to which purchase rights under this warrant exist into a different
number of securities of the same class, the exercise price for such
securities shall be proportionately decreased in the case of a
dividend, split or subdivision or proportionately increased in the
case of a combination.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Consultant
Warrants.</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
As of October 11, 2017, we had outstanding warrants exercisable for
507,833 shares of common stock issued to various consultants in
consideration for services. The exercise prices range from $0.98 to
$11.66 per share. These warrants do not have a cashless exercise
provision.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">2017
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT STYLE="letter-spacing: -.05pt;">In July 2017 in connection
with an offering, we issued warrants to purchase 18,275,000 shares
of Common Stock (the &ldquo;Warrants&rdquo;). The Warrants are
exercisable commencing on the issuance date at an exercise price
equal to $1.05 per whole share of common stock, subject to
adjustments as provided under the terms of the Warrants. The
Warrants are exercisable for five years from the date of issuance.
These warrants do have a cashless exercise provision.</FONT></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textind" STYLE=
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On December 21, 2015, we entered into an Investor Rights Agreement
(the &ldquo;Investor Rights Agreement&rdquo;) with Memorial Sloan
Cancer Center (&ldquo;MSKCC&rdquo;). Under the terms of the
Investor Rights Agreement, Actinium has granted MSKCC piggyback
registration rights that would be triggered in the event Actinium
were to engage in a public registered offering of its shares for
its own account where other shareholders are participating as
selling shareholders or where such public registered offering is
for the account of other selling shareholders. In addition,
Actinium has granted MSKCC unlimited Form S-3 registration rights
with respect to its shares.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Delaware Anti-Takeover
Law, Provisions of our Certificate of Incorporation and
Bylaws</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Delaware Anti-Takeover Law</FONT></P>
<P CLASS="Textind" STYLE=
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We are subject to Section 203 of the Delaware General Corporation
Law. Section 203 generally prohibits a public Delaware corporation
from engaging in a &ldquo;business combination&rdquo; with an
&ldquo;interested stockholder&rdquo; for a period of three years
after the date of the transaction in which the person became an
interested stockholder, unless:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prior to the date of the transaction, the board of directors of the
corporation approved either the business combination or the
transaction which resulted in the stockholder becoming an
interested stockholder;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the interested stockholder owned at least 85% of the voting stock
of the corporation outstanding at the time the transaction
commenced, excluding for purposes of determining the number of
shares outstanding (i) shares owned by persons who are directors
and also officers and (ii) shares owned by employee stock plans in
which employee participants do not have the right to determine
confidentially whether shares held subject to the plan will be
tendered in a tender or exchange offer; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
on or subsequent to the date of the transaction, the business
combination is approved by the board and authorized at an annual or
special meeting of stockholders, and not by written consent, by the
affirmative vote of at least 66 2/3% of the outstanding voting
stock which is not owned by the interested stockholder.</P>
<P CLASS="Textind" STYLE=
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Section 203 defines a business combination to include:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any merger or consolidation involving the corporation and the
interested stockholder;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any sale, transfer, pledge or other disposition involving the
interested stockholder of 10% or more of the assets of the
corporation;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
subject to exceptions, any transaction that results in the issuance
or transfer by the corporation of any stock of the corporation to
the interested stockholder; or</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
17</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the receipt by the interested stockholder of the benefit of any
loans, advances, guarantees, pledges or other financial benefits
provided by or through the corporation.</P>
<P CLASS="Textind" STYLE=
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In general, Section 203 defines an interested stockholder as any
entity or person beneficially owning 15% or more of the outstanding
voting stock of the corporation and any entity or person affiliated
with, or controlling, or controlled by, the entity or person. The
term &ldquo;owner&rdquo; is broadly defined to include any person
that, individually, with or through that person&rsquo;s affiliates
or associates, among other things, beneficially owns the stock, or
has the right to acquire the stock, whether or not the right is
immediately exercisable, under any agreement or understanding or
upon the exercise of warrants or options or otherwise or has the
right to vote the stock under any agreement or understanding, or
has an agreement or understanding with the beneficial owner of the
stock for the purpose of acquiring, holding, voting or disposing of
the stock.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The restrictions in Section 203 do not apply to corporations that
have elected, in the manner provided in Section 203, not to be
subject to Section 203 of the Delaware General Corporation Law or,
with certain exceptions, which do not have a class of voting stock
that is listed on a national securities exchange or authorized for
quotation on the Nasdaq Stock Market or held of record by more than
2,000 stockholders. Our certificate of incorporation and bylaws do
not opt out of Section 203.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Section 203 could delay or prohibit mergers or other takeover or
change in control attempts with respect to us and, accordingly, may
discourage attempts to acquire us even though such a transaction
may offer our stockholders the opportunity to sell their stock at a
price above the prevailing market price.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Certificate of Incorporation and Bylaws</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Provisions of our certificate of incorporation and bylaws may delay
or discourage transactions involving an actual or potential change
in our control or change in our management, including transactions
in which stockholders might otherwise receive a premium for their
shares, or transactions that our stockholders might otherwise deem
to be in their best interests. Therefore, these provisions could
adversely affect the price of our common stock. Among other things,
our certificate of incorporation and bylaws:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
permit our board of directors to issue up to 50,000,000 shares of
preferred stock, without further action by the stockholders, with
any rights, preferences and privileges as they may designate,
including the right to approve an acquisition or other change in
control;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide that all vacancies, including newly created directorships,
may, except as otherwise required by law, be filled by the
affirmative vote of a majority of directors then in office;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
divide our board of directors into three classes, with each class
serving staggered three-year terms, with such three year term
commencing on the election of a director on and after the 2014
annual meeting;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
do not provide for cumulative voting rights (therefore allowing the
holders of a majority of the shares of common stock entitled to
vote in any election of directors to elect all of the directors
standing for election, if they should so choose);</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide that special meetings of our stockholders may be called
only by our Chairman of the Board, board of directors, chief
executive officer, or the holders of not less than one-tenth of all
the shares entitled to vote at the meeting; and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
set forth an advance notice procedure with regard to business to be
brought before a meeting of stockholders.</P>
<P CLASS="LRH" STYLE=
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18</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF DEBT
SECURITIES</FONT></P>
<P CLASS="Textind" STYLE=
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We may issue debt securities from time to time, in one or more
series, as either senior or subordinated debt or as senior or
subordinated convertible debt. While the terms we have summarized
below will apply generally to any debt securities that we may offer
under this prospectus, we will describe the particular terms of any
debt securities that we may offer in more detail in the applicable
prospectus supplement. The terms of any debt securities offered
under a prospectus supplement may differ from the terms described
below. Unless the context requires otherwise, whenever we refer to
the indenture, we are also referring to any supplemental indentures
that specify the terms of a particular series of debt
securities.</P>
<P CLASS="Textind" STYLE=
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We will issue the debt securities under the indenture that we will
enter into with the trustee named in the indenture. The indenture
will be qualified under the Trust Indenture Act of 1939, as amended
(&ldquo;Trust Indenture Act&rdquo;). We have filed the form of
indenture as an exhibit to the registration statement of which this
prospectus is a part, and supplemental indentures and forms of debt
securities containing the terms of the debt securities being
offered will be filed as exhibits to the registration statement of
which this prospectus is a part or will be incorporated by
reference from reports that we file with the SEC.</P>
<P CLASS="Textind" STYLE=
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The following summary of material provisions of the debt securities
and the indenture is subject to, and qualified in its entirety by
reference to, all of the provisions of the indenture applicable to
a particular series of debt securities. We urge you to read the
applicable prospectus supplements and any related free writing
prospectuses related to the debt securities that we may offer under
this prospectus, as well as the complete indenture that contains
the terms of the debt securities.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">General Terms of the
Indenture</FONT></P>
<P CLASS="Textind" STYLE=
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The indenture does not limit the amount of debt securities that we
may issue. It provides that we may issue debt securities up to the
principal amount that we may authorize and may be in any currency
or currency unit designated by us. Except for the limitations on
consolidation, merger and sale of all or substantially all of our
assets contained in the indenture, the terms of the indenture do
not contain any covenants or other provisions designed to afford
holders of any debt securities protection with respect to our
operations, financial condition or transactions involving us.</P>
<P CLASS="Textind" STYLE=
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We may issue the debt securities issued under the indenture as
&ldquo;discount securities,&rdquo; which means they may be sold at
a discount below their stated principal amount. These debt
securities, as well as other debt securities that are not issued at
a discount, may, for U.S. federal income tax purposes, be treated
as if they were issued with &ldquo;original issue discount,&rdquo;
or &ldquo;OID,&rdquo; because of interest payment and other
characteristics. Special U.S. federal income tax considerations
applicable to debt securities issued with original issue discount
will be described in more detail in any applicable prospectus
supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will describe in the applicable prospectus supplement the terms
of the series of debt securities being offered, including:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the title of the series of debt securities;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any limit upon the aggregate principal amount that may be
issued;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the maturity date or dates;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the form of the debt securities of the series;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the applicability of any guarantees;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether or not the debt securities will be secured or unsecured,
and the terms of any secured debt;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the debt securities rank as senior debt, senior
subordinated debt, subordinated debt or any combination thereof,
and the terms of any subordination;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if the price (expressed as a percentage of the aggregate principal
amount thereof) at which such debt securities will be issued is a
price other than the principal amount thereof, the portion of the
principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the</P>
<P CLASS="RRH" STYLE=
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19</P>
<P CLASS="BLm" STYLE=
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portion of the principal amount of such debt securities that is
convertible into another security or the method by which any such
portion shall be determined;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the interest rate or rates, which may be fixed or variable, or the
method for determining the rate and the date interest will begin to
accrue, the dates interest will be payable and the regular record
dates for interest payment dates or the method for determining such
dates;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our right, if any, to defer payment of interest and the maximum
length of any such deferral period;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if applicable, the date or dates after which, or the period or
periods during which, and the price or prices at which, we may, at
our option, redeem the series of debt securities pursuant to any
optional or provisional redemption provisions and the terms of
those redemption provisions;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the date or dates, if any, on which, and the price or prices at
which we are obligated, pursuant to any mandatory sinking fund or
analogous fund provisions or otherwise, to redeem, or at the
holder&rsquo;s option to purchase, the series of debt securities
and the currency or currency unit in which the debt securities are
payable;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the denominations in which we will issue the series of debt
securities, if other than denominations of $1,000, and any integral
multiple thereof;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any and all terms, if applicable, relating to any auction or
remarketing of the debt securities of that series and any security
for our obligations with respect to such debt securities and any
other terms which may be advisable in connection with the marketing
of debt securities of that series;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the debt securities of the series shall be issued in whole
or in part in the form of a global security or securities; the
terms and conditions, if any, upon which such global security or
securities may be exchanged in whole or in part for other
individual securities; and the depositary for such global security
or securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT STYLE=
"letter-spacing: -.05pt;">&bull;</FONT></FONT><FONT CLASS="bullet"
STYLE="mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT STYLE="letter-spacing: -.05pt;">if applicable, the provisions
relating to conversion or exchange of any debt securities of the
series and the terms and conditions upon which such debt securities
will be so convertible or exchangeable, including the conversion or
exchange price, as applicable, or how it will be calculated and may
be adjusted, any mandatory or optional (at our option or the
holders&rsquo; option) conversion or exchange features, the
applicable conversion or exchange period and the manner of
settlement for any conversion or exchange;</FONT></P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if other than the full principal amount thereof, the portion of the
principal amount of debt securities of the series which shall be
payable upon declaration of acceleration of the maturity
thereof;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions to or changes in the covenants applicable to the
particular debt securities being issued, including, among others,
the consolidation, merger or sale covenant;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions to or changes in the events of default with respect to
the securities and any change in the right of the trustee or the
holders to declare the principal, premium, if any, and interest, if
any, with respect to such securities to be due and payable;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions to or changes in or deletions of the provisions relating
to covenant defeasance and legal defeasance;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions to or changes in the provisions relating to satisfaction
and discharge of the indenture;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
additions to or changes in the provisions relating to the
modification of the indenture both with and without the consent of
holders of debt securities issued under the indenture;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the currency of payment of debt securities if other than U.S.
dollars and the manner of determining the equivalent amount in U.S.
dollars;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether interest will be payable in cash or additional debt
securities at our or the holders&rsquo; option and the terms and
conditions upon which the election may be made;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
20</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the terms and conditions, if any, upon which we will pay amounts in
addition to the stated interest, premium, if any, and principal
amounts of the debt securities of the series to any holder that is
not a &ldquo;United States person&rdquo; for federal tax
purposes;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any restrictions on transfer, sale or assignment of the debt
securities of the series; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any other specific terms, preferences, rights or limitations of, or
restrictions on, the debt securities, any other additions or
changes in the provisions of the indenture, and any terms that may
be required by us or advisable under applicable laws or
regulations.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Conversion or Exchange
Rights</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will set forth in the prospectus supplement the terms on which a
series of debt securities may be convertible into or exchangeable
for our common stock or our other securities. We will include
provisions as to settlement upon conversion or exchange and whether
conversion or exchange is mandatory, at the option of the holder or
at our option. We may include provisions pursuant to which the
number of shares of our common stock or our other securities that
the holders of the series of debt securities receive would be
subject to adjustment.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Consolidation, Merger or
Sale</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Unless we provide otherwise in the prospectus supplement applicable
to a particular series of debt securities, the indenture will not
contain any covenant that restricts our ability to merge or
consolidate, or sell, convey, transfer or otherwise dispose of our
assets as an entirety or substantially as an entirety. However, any
successor to or acquirer of such assets (other than a subsidiary of
ours) must assume all of our obligations under the indenture or the
debt securities, as appropriate.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Events of Default Under
the Indenture</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Unless we provide otherwise in the prospectus supplement applicable
to a particular series of debt securities, the following are events
of default under the indenture with respect to any series of debt
securities that we may issue:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if we fail to pay any installment of interest on any debt
securities of that series, as and when the same shall become due
and payable, and such default continues for a period of 90 days;
provided, however, that a valid extension of an interest payment
period by us in accordance with the terms of any indenture
supplemental thereto shall not constitute a default in the payment
of interest for this purpose;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT STYLE=
"letter-spacing: -.1pt;">&bull;</FONT></FONT><FONT CLASS="bullet"
STYLE="mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT STYLE="letter-spacing: -.1pt;">if we fail to pay the
principal of (or premium, if any) on any debt securities of that
series as and when the same shall become due and payable whether at
maturity, upon redemption, by declaration or otherwise, or in any
payment required by any sinking or analogous fund established with
respect to that series; provided, however, that a valid extension
of the maturity of such debt securities in accordance with the
terms of any indenture supplemental thereto shall not constitute a
default in the payment of principal or premium, if any;</FONT></P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT STYLE=
"letter-spacing: -.1pt;">&bull;</FONT></FONT><FONT CLASS="bullet"
STYLE="mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT STYLE="letter-spacing: -.1pt;">if we fail to observe or
perform any other covenant or agreement with respect to that series
contained in the indenture or otherwise established with respect to
that series pursuant to the indenture, other than a covenant or
agreement specifically included solely for the benefit of one or
more debt securities other than that series, and our failure
continues for 90 days after we receive written notice of such
failure, requiring the same to be remedied and stating that such is
a notice of default thereunder, from the trustee or holders of at
least 25% in aggregate principal amount of the outstanding debt
securities of the applicable series; and</FONT></P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if specified events of bankruptcy, insolvency or reorganization
occur.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
If an event of default with respect to debt securities of any
series occurs and is continuing, other than an event of default
described in the last bullet point above, the trustee or the
holders of at least 25% in aggregate principal amount of the
outstanding debt securities of that series, by notice to us in
writing, and to the trustee if notice is given by such holders, may
declare the unpaid principal of (premium, if any) and accrued and
unpaid interest, if any, due and payable immediately. If an event
of default specified in the last bullet point above occurs with
respect to us, the principal amount of and accrued interest, if
any, of that series shall be automatically due and payable without
any declaration or other action on the part of the trustee or any
holder.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
21</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The holders of a majority in principal amount of the outstanding
debt securities of an affected series may waive any default or
event of default with respect to the series and its consequences,
except defaults or events of default regarding payment of
principal, premium, if any, or interest, unless we have cured the
default or event of default in accordance with the indenture. Any
waiver shall cure the default or event of default.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Subject to the terms of the indenture, if an event of default under
an indenture shall occur and be continuing, the trustee will be
under no obligation to exercise any of its rights or powers under
such indenture at the request or direction of any of the holders of
the applicable series of debt securities, unless such holders have
offered the trustee reasonable indemnity. The holders of a majority
in principal amount of the outstanding debt securities of any
series will have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the trustee,
or exercising any trust or power conferred on the trustee, with
respect to the debt securities of that series, provided that:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the direction so given by the holder is not in conflict with any
law or the applicable indenture; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
subject to its duties under the Trust Indenture Act, the trustee
need not take any action that might involve it in personal
liability or might be unduly prejudicial to the holders not
involved in the proceeding.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
A holder of the debt securities of any series will have the right
to institute a proceeding under the indenture or to appoint a
receiver or trustee, or to seek other remedies only if:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the holder has given written notice to the trustee of a continuing
event of default with respect to that series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the holders of at least 25% in aggregate principal amount of the
outstanding debt securities of that series have made written
request;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
such holders have offered to the trustee indemnity satisfactory to
it against the costs, expenses and liabilities to be incurred by
the trustee in compliance with the request; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the trustee does not institute the proceeding, and does not receive
from the holders of a majority in aggregate principal amount of the
outstanding debt securities of that series other inconsistent
directions within 90 days after the notice, request and offer.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
These limitations do not apply to a suit instituted by a holder of
debt securities if we default in the payment of the principal,
premium, if any, or interest on, the debt securities.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will periodically file statements with the trustee regarding our
compliance with specified covenants in the indenture.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Modification of
Indenture; Waiver</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We and the trustee may change an indenture without the consent of
any holders with respect to specific matters:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to cure any ambiguity, defect or inconsistency in the indenture or
in the debt securities of any series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to comply with the provisions described above under
&ldquo;Description of Debt Securities &mdash; Consolidation, Merger
or Sale;&rdquo;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to provide for uncertificated debt securities in addition to or in
place of certificated debt securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to add to our covenants, restrictions, conditions or provisions
such new covenants, restrictions, conditions or provisions for the
benefit of the holders of all or any series of debt securities, to
make the occurrence, or the occurrence and the continuance, of a
default in any such additional covenants, restrictions, conditions
or provisions an event of default or to surrender any right or
power conferred upon us in the indenture;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to add to, delete from or revise the conditions, limitations, and
restrictions on the authorized amount, terms, or purposes of issue,
authentication and delivery of debt securities, as set forth in the
indenture;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
22</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to make any change that does not adversely affect the interests of
any holder of debt securities of any series in any material
respect;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to provide for the issuance of and establish the form and terms and
conditions of the debt securities of any series as provided above
under &ldquo;Description of Debt Securities&mdash;General&rdquo; to
establish the form of any certifications required to be furnished
pursuant to the terms of the indenture or any series of debt
securities, or to add to the rights of the holders of any series of
debt securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to evidence and provide for the acceptance of appointment under any
indenture by a successor trustee; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
to comply with any requirements of the SEC in connection with the
qualification of any indenture under the Trust Indenture Act.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In addition, under the indenture, the rights of holders of a series
of debt securities may be changed by us and the trustee with the
written consent of the holders of at least a majority in aggregate
principal amount of the outstanding debt securities of each series
that is affected. However, unless we provide otherwise in the
prospectus supplement applicable to a particular series of debt
securities, we and the trustee may make the following changes only
with the consent of each holder of any outstanding debt securities
affected:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
extending the fixed maturity of any debt securities of any
series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reducing the principal amount, reducing the rate of or extending
the time of payment of interest, or reducing any premium payable
upon the redemption of any series of any debt securities; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reducing the percentage of debt securities, the holders of which
are required to consent to any amendment, supplement, modification
or waiver.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Discharge</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Each indenture provides that we can elect to be discharged from our
obligations with respect to one or more series of debt securities,
except for specified obligations, including obligations to:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
provide for payment;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
register the transfer or exchange of debt securities of the
series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
replace stolen, lost or mutilated debt securities of the
series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
pay principal of and premium and interest on any debt securities of
the series;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
maintain paying agencies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
hold monies for payment in trust;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
recover excess money held by the trustee;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
compensate and indemnify the trustee; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
appoint any successor trustee.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In order to exercise our rights to be discharged, we must deposit
with the trustee money or government obligations sufficient to pay
all the principal of, any premium, if any, and interest on, the
debt securities of the series on the dates payments are due.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
23</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Form, Exchange and
Transfer</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will issue the debt securities of each series only in fully
registered form without coupons and, unless we provide otherwise in
the applicable prospectus supplement, in denominations of $1,000
and any integral multiple thereof. The indenture provides that we
may issue debt securities of a series in temporary or permanent
global form and as book-entry securities that will be deposited
with, or on behalf of, The Depository Trust Company, or DTC, or
another depositary named by us and identified in a prospectus
supplement with respect to that series. To the extent the debt
securities of a series are issued in global form and as book-entry,
a description of terms relating will be set forth in the applicable
prospectus supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
At the option of the holder, subject to the terms of the indenture
and the limitations applicable to global securities described in
the applicable prospectus supplement, the holder of the debt
securities of any series can exchange the debt securities for other
debt securities of the same series, in any authorized denomination
and of like tenor and aggregate principal amount.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Subject to the terms of the indenture and the limitations
applicable to global securities set forth in the applicable
prospectus supplement, holders of the debt securities may present
the debt securities for exchange or for registration of transfer,
duly endorsed or with the form of transfer endorsed thereon duly
executed if so required by us or the security registrar, at the
office of the security registrar or at the office of any transfer
agent designated by us for this purpose. Unless otherwise provided
in the debt securities that the holder presents for transfer or
exchange, we will impose no service charge for any registration of
transfer or exchange, but we may require payment of any taxes or
other governmental charges.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will name in the applicable prospectus supplement the security
registrar, and any transfer agent in addition to the security
registrar, that we initially designate for any debt securities. We
may at any time designate additional transfer agents or rescind the
designation of any transfer agent or approve a change in the office
through which any transfer agent acts, except that we will be
required to maintain a transfer agent in each place of payment for
the debt securities of each series.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
If we elect to redeem the debt securities of any series, we will
not be required to:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
issue, register the transfer of, or exchange any debt securities of
that series during a period beginning at the opening of business 15
days before the day of mailing of a notice of redemption of any
debt securities that may be selected for redemption and ending at
the close of business on the day of the mailing; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
register the transfer of or exchange any debt securities so
selected for redemption, in whole or in part, except the unredeemed
portion of any debt securities we are redeeming in part.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Information Concerning
the Trustee</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The trustee, other than during the occurrence and continuance of an
event of default under an indenture, undertakes to perform only
those duties as are specifically set forth in the applicable
indenture. Upon an event of default under an indenture, the trustee
must use the same degree of care as a prudent person would exercise
or use in the conduct of his or her own affairs. Subject to this
provision, the trustee is under no obligation to exercise any of
the powers given it by the indenture at the request of any holder
of debt securities unless it is offered reasonable security and
indemnity against the costs, expenses and liabilities that it might
incur.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Payment and Paying
Agents</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Unless we otherwise indicate in the applicable prospectus
supplement, we will make payment of the interest on any debt
securities on any interest payment date to the person in whose name
the debt securities, or one or more predecessor securities, are
registered at the close of business on the regular record date for
the interest.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
24</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will pay principal of and any premium and interest on the debt
securities of a particular series at the office of the paying
agents designated by us, except that unless we otherwise indicate
in the applicable prospectus supplement, we will make interest
payments by check that we will mail to the holder or by wire
transfer to certain holders. Unless we otherwise indicate in the
applicable prospectus supplement, we will designate the corporate
trust office of the trustee as our sole paying agent for payments
with respect to debt securities of each series. We will name in the
applicable prospectus supplement any other paying agents that we
initially designate for the debt securities of a particular series.
We will maintain a paying agent in each place of payment for the
debt securities of a particular series.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
All money we pay to a paying agent or the trustee for the payment
of the principal of or any premium or interest on any debt
securities that remains unclaimed at the end of two years after
such principal, premium or interest has become due and payable (or
such shorter period set forth in applicable escheat, abandoned or
unclaimed property law) will be repaid to us, and the holder of the
debt security thereafter may look only to us for payment
thereof.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Governing Law</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The indenture and the debt securities will be governed by and
construed in accordance with the laws of the State of New York,
except to the extent that the Trust Indenture Act is
applicable.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
25</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF
WARRANTS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
As of October 11, 2017, there were 27,147,183 shares of common
stock that may be issued upon exercise of outstanding warrants.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may issue warrants for the purchase of debt securities, common
stock or preferred stock in one or more series. We may issue
warrants independently or together with debt securities, common
stock or preferred stock, and the warrants may be attached to or
separate from these securities.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT STYLE="letter-spacing: -.15pt;">We will evidence each series
of warrants by warrant certificates that we may issue under a
separate agreement. We may enter into a warrant agreement with a
warrant agent. Each warrant agent may be a bank that we select
which has its principal office in the United States. We may also
choose to act as our own warrant agent. We will indicate the name
and address of any such warrant agent in the applicable prospectus
supplement relating to a particular series of warrants.</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will describe in the applicable prospectus supplement the terms
of the series of warrants, including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the offering price and aggregate number of warrants offered;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if applicable, the designation and terms of the securities with
which the warrants are issued and the number of warrants issued
with each such security or each principal amount of such
security;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if applicable, the date on and after which the warrants and the
related securities will be separately transferable;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
in the case of warrants to debt securities, purchase common stock
or preferred stock, the number or amount of shares of common stock
or preferred stock, as the case may be, purchasable upon the
exercise of one warrant and the price at which and currency in
which these shares may be purchased upon such exercise;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the manner of exercise of the warrants, including any cashless
exercise rights;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the warrant agreement under which the warrants will be issued;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the effect of any merger, consolidation, sale or other disposition
of our business on the warrant agreement and the warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
anti-dilution provisions of the warrants, if any;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the terms of any rights to redeem or call the warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any provisions for changes to or adjustments in the exercise price
or number of securities issuable upon exercise of the warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the dates on which the right to exercise the warrants will commence
and expire or, if the warrants are not continuously exercisable
during that period, the specific date or dates on which the
warrants will be exercisable;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the manner in which the warrant agreement and warrants may be
modified;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the identities of the warrant agent and any calculation or other
agent for the warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
federal income tax consequences of holding or exercising the
warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the terms of the securities issuable upon exercise of the
warrants;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any securities exchange or quotation system on which the warrants
or any securities deliverable upon exercise of the warrants may be
listed or quoted; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any other specific terms, preferences, rights or limitations of or
restrictions on the warrants.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
26</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Before exercising their warrants, holders of warrants will not have
any of the rights of holders of the securities purchasable upon
such exercise, including, in the case of warrants to purchase
common stock or preferred stock, the right to receive dividends, if
any, or, payments upon our liquidation, dissolution or winding up
or to exercise voting rights, if any.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Exercise of
Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Each warrant will entitle the holder to purchase the securities
that we specify in the applicable prospectus supplement at the
exercise price that we describe in the applicable prospectus
supplement. Unless we otherwise specify in the applicable
prospectus supplement, holders of the warrants may exercise the
warrants at any time up to 5:00 P.M. eastern time, the close of
business, on the expiration date that we set forth in the
applicable prospectus supplement. After the close of business on
the expiration date, unexercised warrants will become void.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Holders of the warrants may exercise the warrants by delivering the
warrant certificate representing the warrants to be exercised
together with specified information, and paying the required
exercise price by the methods provided in the applicable prospectus
supplement. We will set forth on the reverse side of the warrant
certificate, and in the applicable prospectus supplement, the
information that the holder of the warrant will be required to
deliver to the warrant agent.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Upon receipt of the required payment and the warrant certificate
properly completed and duly executed at the corporate trust office
of the warrant agent or any other office indicated in the
applicable prospectus supplement, we will issue and deliver the
securities purchasable upon such exercise. If fewer than all of the
warrants represented by the warrant certificate are exercised, then
we will issue a new warrant certificate for the remaining amount of
warrants.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Enforceability of Rights
By Holders of Warrants</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Any warrant agent will act solely as our agent under the applicable
warrant agreement and will not assume any obligation or
relationship of agency or trust with any holder of any warrant. A
single bank or trust company may act as warrant agent for more than
one issue of warrants. A warrant agent will have no duty or
responsibility in case of any default by us under the applicable
warrant agreement or warrant, including any duty or responsibility
to initiate any proceedings at law or otherwise, or to make any
demand upon us. Any holder of a warrant may, without the consent of
the related warrant agent or the holder of any other warrant,
enforce by appropriate legal action the holder&rsquo;s right to
exercise, and receive the securities purchasable upon exercise of,
its warrants in accordance with their terms.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Warrant Agreement Will
Not Be Qualified Under Trust Indenture Act</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
No warrant agreement will be qualified as an indenture, and no
warrant agent will be required to qualify as a trustee, under the
Trust Indenture Act. Therefore, holders of warrants issued under a
warrant agreement will not have the protection of the Trust
Indenture Act with respect to their warrants.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Governing Law</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Each warrant agreement and any warrants issued under the warrant
agreements will be governed by New York law.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
27</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF
RIGHTS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may issue rights to our stockholders to purchase shares of our
common stock or preferred stock. We may offer rights separately or
together with one or more additional rights, debt securities,
preferred stock, common stock or warrants, or any combination of
those securities in the form of units, as described in the
applicable prospectus supplement. Each series of rights will be
issued under a separate rights agreement to be entered into between
us and a bank or trust company, as rights agent. The rights agent
will act solely as our agent in connection with the certificates
relating to the rights of the series of certificates and will not
assume any obligation or relationship of agency or trust for or
with any holders of rights certificates or beneficial owners of
rights. The following description sets forth certain general terms
and provisions of the rights to which any prospectus supplement may
relate. The particular terms of the rights to which any prospectus
supplement may relate and the extent, if any, to which the general
provisions may apply to the rights so offered will be described in
the applicable prospectus supplement. To the extent that any
particular terms of the rights, rights agreement or rights
certificates described in a prospectus supplement differ from any
of the terms described below, then the terms described below will
be deemed to have been superseded by that prospectus supplement. We
encourage you to read the applicable rights agreement and rights
certificate for additional information before you decide whether to
purchase any of our rights.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will provide in a prospectus supplement the following terms of
the rights being issued:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the date on which stockholders entitled to the rights distribution
will be determined;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the aggregate number of shares of common stock or preferred stock
purchasable upon exercise of the rights;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the exercise price;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the aggregate number of rights issued;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the date, if any, on and after which the rights will be separately
transferable;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the date on which the ability to exercise the rights will commence,
and the date on which such ability will expire;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the conditions to the completion of the offering, if any;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the withdrawal, termination and cancellation rights, if any;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any applicable material U.S. federal income tax considerations;
and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any other terms of the rights, including terms, procedures and
limitations relating to the distribution, exchange and exercise of
the rights.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Each right will entitle the holder of rights to purchase, for cash,
the number of shares of common stock or preferred stock at the
exercise price provided in the applicable prospectus supplement.
Rights may be exercised at any time up to the close of business on
the expiration date for the rights provided in the applicable
prospectus supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Holders may exercise rights as described in the applicable
prospectus supplement. Upon receipt of payment and the rights
certificate properly completed and duly executed at the corporate
trust office of the rights agent or any other office indicated in
the prospectus supplement, we will, as soon as practicable, forward
the shares of common stock or preferred stock, as applicable,
purchasable upon exercise of the rights. If less than all of the
rights issued in any rights offering are exercised, we may offer
any unsubscribed securities directly to persons other than
stockholders, to or through agents, underwriters or dealers or
through a combination of such methods, including pursuant to
standby arrangements, as described in the applicable prospectus
supplement.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
28</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF PURCHASE
CONTRACTS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may issue purchase contracts, including contracts obligating
holders to purchase from us, and for us to sell to holders, a
specific or variable number of our debt securities, shares of
common stock, preferred stock, warrants or rights, or securities of
an entity unaffiliated with us, or any combination of the above, at
a future date or dates. Alternatively, the purchase contracts may
obligate us to purchase from holders, and obligate holders to sell
to us, a specific or variable number of our debt securities, shares
of common stock, preferred stock, warrants, rights or other
property, or any combination of the above. The price of the
securities or other property subject to the purchase contracts may
be fixed at the time the purchase contracts are issued or may be
determined by reference to a specific formula described in the
purchase contracts. We may issue purchase contracts separately or
as a part of units each consisting of a purchase contract and one
or more of our other securities described in this prospectus or
securities of third parties, including U.S. Treasury securities,
securing the holder&rsquo;s obligations under the purchase
contract. The purchase contracts may require us to make periodic
payments to holders or vice versa and the payments may be unsecured
or pre-funded on some basis. The purchase contracts may require
holders to secure the holder&rsquo;s obligations in a manner
specified in the applicable prospectus supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The applicable prospectus supplement will describe the terms of any
purchase contracts in respect of which this prospectus is being
delivered, including, to the extent applicable, the following:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the purchase contracts obligate the holder or us to
purchase or sell, or both purchase and sell, the securities subject
to purchase under the purchase contract, and the nature and amount
of each of those securities, or the method of determining those
amounts;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the purchase contracts are to be prepaid;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the purchase contracts are to be settled by delivery, or by
reference or linkage to the value, performance or level of the
securities subject to purchase under the purchase contract;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any acceleration, cancellation, termination or other provisions
relating to the settlement of the purchase contracts;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any applicable federal income tax considerations; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the purchase contracts will be issued in fully registered
or global form.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The preceding description sets forth certain general terms and
provisions of the purchase contracts to which any prospectus
supplement may relate. The particular terms of the purchase
contracts to which any prospectus supplement may relate and the
extent, if any, to which the general provisions may apply to the
purchase contracts so offered will be described in the applicable
prospectus supplement. To the extent that any particular terms of
the purchase contracts described in a prospectus supplement differ
from any of the terms described above, then the terms described
above will be deemed to have been superseded by that prospectus
supplement. We encourage you to read the applicable purchase
contract for additional information before you decide whether to
purchase any of our purchase contracts.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
29</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">DESCRIPTION OF
UNITS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may issue units comprised of one or more of the other securities
described in this prospectus or any prospectus supplement in any
combination. Each unit will be issued so that the holder of the
unit is also the holder, with the rights and obligations of a
holder, of each security included in the unit. The unit agreement
under which a unit is issued may provide that the securities
included in the unit may not be held or transferred separately, at
any time or at any times before a specified date or upon the
occurrence of a specified event or occurrence.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The applicable prospectus supplement will describe:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the designation and the terms of the units and of the securities
comprising the units, including whether and under what
circumstances those securities may be held or transferred
separately;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any unit agreement under which the units will be issued;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any provisions for the issuance, payment, settlement, transfer or
exchange of the units or of the securities comprising the units;
and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
whether the units will be issued in fully registered or global
form.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
30</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">PLAN OF
DISTRIBUTION</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may sell the securities being offered pursuant to this
prospectus to or through underwriters, through dealers, through
agents, or directly to one or more purchasers or through a
combination of these methods. The applicable prospectus supplement
will describe the terms of the offering of the securities,
including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the name or names of any underwriters, if any, and if required, any
dealers or agents;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchase price of the securities and the proceeds we will
receive from the sale;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any underwriting discounts and other items constituting
underwriters&rsquo; compensation;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any discounts or concessions allowed or re-allowed or paid to
dealers; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any securities exchange or market on which the securities may be
listed or traded.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may distribute the securities from time to time in one or more
transactions at:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
a fixed price or prices, which may be changed;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
market prices prevailing at the time of sale, directly by us or
through a designated agent;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prices related to such prevailing market prices; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
negotiated prices.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Only underwriters named in the prospectus supplement are
underwriters of the securities offered by the prospectus
supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
If underwriters are used in an offering, we will execute an
underwriting agreement with such underwriters and will specify the
name of each underwriter and the terms of the transaction
(including any underwriting discounts and other terms constituting
compensation of the underwriters and any dealers) in a prospectus
supplement. The securities may be offered to the public either
through underwriting syndicates represented by managing
underwriters or directly by one or more investment banking firms or
others, as designated. If an underwriting syndicate is used, the
managing underwriter(s) will be specified on the cover of the
prospectus supplement. If underwriters are used in the sale, the
offered securities will be acquired by the underwriters for their
own accounts and may be resold from time to time in one or more
transactions, including negotiated transactions, at a fixed public
offering price or at varying prices determined at the time of sale.
Any public offering price and any discounts or concessions allowed
or reallowed or paid to dealers may be changed from time to time.
Unless otherwise set forth in the prospectus supplement, the
obligations of the underwriters to purchase the offered securities
will be subject to conditions precedent, and the underwriters will
be obligated to purchase all of the offered securities, if any are
purchased.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may grant to the underwriters options to purchase additional
securities to cover over-allotments, if any, at the public offering
price, with additional underwriting commissions or discounts, as
may be set forth in a related prospectus supplement. The terms of
any over-allotment option will be set forth in the prospectus
supplement for those securities.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
If we use a dealer in the sale of the securities being offered
pursuant to this prospectus or any prospectus supplement, we will
sell the securities to the dealer, as principal. The dealer may
then resell the securities to the public at varying prices to be
determined by the dealer at the time of resale. The names of the
dealers and the terms of the transaction will be specified in a
prospectus supplement.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may sell the securities directly or through agents we designate
from time to time. We will name any agent involved in the offering
and sale of securities and we will describe any commissions we will
pay the agent in the prospectus supplement. Unless the prospectus
supplement states otherwise, any agent will act on a best-efforts
basis for the period of its appointment.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may authorize agents or underwriters to solicit offers by
institutional investors to purchase securities from us at the
public offering price set forth in the prospectus supplement
pursuant to delayed delivery contracts providing for payment and
delivery on a specified date in the future. We will describe the
conditions to these contracts and the commissions we must pay for
solicitation of these contracts in the prospectus supplement.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
31</P>
<P CLASS="Textind" STYLE=
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In connection with the sale of the securities, underwriters,
dealers or agents may receive compensation from us or from
purchasers of the securities for whom they act as agents, in the
form of discounts, concessions or commissions. Underwriters may
sell the securities to or through dealers, and those dealers may
receive compensation in the form of discounts, concessions or
commissions from the underwriters or commissions from the
purchasers for whom they may act as agents. Underwriters, dealers
and agents that participate in the distribution of the securities,
and any institutional investors or others that purchase securities
directly for the purpose of resale or distribution, may be deemed
to be underwriters, and any discounts or commissions received by
them from us and any profit on the resale of the common stock by
them may be deemed to be underwriting discounts and commissions
under the Securities Act of 1933, as amended.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We may provide agents, underwriters and other purchasers with
indemnification against particular civil liabilities, including
liabilities under the Securities Act of 1933, as amended, or
contribution with respect to payments that the agents, underwriters
or other purchasers may make with respect to such liabilities.
Agents and underwriters may engage in transactions with, or perform
services for, us in the ordinary course of business.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
To facilitate the public offering of a series of securities,
persons participating in the offering may engage in transactions
that stabilize, maintain, or otherwise affect the market price of
the securities. This may include over-allotments or short sales of
the securities, which involves the sale by persons participating in
the offering of more securities than have been sold to them by us.
In addition, those persons may stabilize or maintain the price of
the securities by bidding for or purchasing securities in the open
market or by imposing penalty bids, whereby selling concessions
allowed to underwriters or dealers participating in any such
offering may be reclaimed if securities sold by them are
repurchased in connection with stabilization transactions. The
effect of these transactions may be to stabilize or maintain the
market price of the securities at a level above that which might
otherwise prevail in the open market. Such transactions, if
commenced, may be discontinued at any time. We make no
representation or prediction as to the direction or magnitude of
any effect that the transactions described above, if implemented,
may have on the price of our securities.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Unless otherwise specified in the applicable prospectus supplement,
any common stock sold pursuant to a prospectus supplement will be
eligible for listing on a national securities exchange, such as the
NYSE American or NASDAQ, subject to official notice of issuance.
Any underwriters to whom securities are sold by us for public
offering and sale may make a market in the securities, but such
underwriters will not be obligated to do so and may discontinue any
market making at any time without notice.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
In order to comply with the securities laws of some states, if
applicable, the securities offered pursuant to this prospectus will
be sold in those states only through registered or licensed brokers
or dealers. In addition, in some states securities may not be sold
unless they have been registered or qualified for sale in the
applicable state or an exemption from the registration or
qualification requirement is available and complied with.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
32</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">LEGAL MATTERS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The validity of the securities offered by this prospectus will be
passed upon by The Matt Law Firm, PLLC, Utica, New York.</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">EXPERTS</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The financial statements incorporated in this prospectus by
reference to the Annual Report on Form 10-K for the fiscal year
ended December 31, 2016 have been so incorporated in reliance on
the report of GBH CPAs, PC, an independent registered public
accounting firm, given on the authority of said firm as experts in
auditing and accounting.</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">WHERE YOU CAN FIND MORE
INFORMATION</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We are subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and in accordance therewith file
annual, quarterly and current reports, proxy statements and other
information with the Securities and Exchange Commission. Such
reports, proxy statements and other information can be read and
copied at the Securities and Exchange Commission&rsquo;s public
reference facilities at 100 F Street, N.E., Washington, D.C. 20549,
at prescribed rates. Please call the Securities and Exchange
Commission at 1-800-732-0330 for further information on the
operation of the public reference facilities. In addition, the
Securities and Exchange Commission maintains a website that
contains reports, proxy and information statements and other
information regarding registrants that file electronically with the
Securities and Exchange Commission. The address of the Securities
and Exchange Commission&rsquo;s website is <FONT CLASS="Italic"
STYLE=
"mso-style-name: Italic; font-style: italic;">www.sec.gov</FONT>.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We make available free of charge on or through our website at
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharmaceuticals.com</FONT>,
our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and amendments to those reports filed
or furnished pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended, as soon as reasonably practicable
after we electronically file such material with or otherwise
furnish it to the Securities and Exchange Commission.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We have filed with the Securities and Exchange Commission a
registration statement under the Securities Act of 1933, as
amended, relating to the offering of these securities. The
registration statement, including the attached exhibits, contains
additional relevant information about us and the securities. This
prospectus does not contain all of the information set forth in the
registration statement. You can obtain a copy of the registration
statement, at prescribed rates, from the Securities and Exchange
Commission at the address listed above, or for free at <FONT CLASS=
"Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.sec.gov</FONT>.
The registration statement and the documents referred to below
under &ldquo;Incorporation of Certain Information By
Reference&rdquo; are also available on our website, <FONT CLASS=
"Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharmaceuticals.com</FONT>.</P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We have not incorporated by reference into this prospectus the
information on our website, and you should not consider it to be a
part of this prospectus.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
33</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</FONT></P>
<P CLASS="Textind" STYLE=
'mso-style-name: Text_ind; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
The Securities and Exchange Commission allows us to
&ldquo;incorporate by reference&rdquo; the information we have
filed with it, which means that we can disclose important
information to you by referring you to those documents. The
information we incorporate by reference is an important part of
this prospectus, and later information that we file with the
Securities and Exchange Commission will automatically update and
supersede this information. We incorporate by reference the
documents listed below and any future documents (excluding
information furnished pursuant to Items 2.02 and 7.01 of Form 8-K)
we file with the Securities and Exchange Commission pursuant to
Sections l3(a), l3(c), 14 or l5(d) of the Securities Exchange Act
of 1934, as amended, subsequent to the date of this prospectus and
prior to the termination of the offering:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Annual Report on Form 10-K for the fiscal year ended December
31, 2016, filed with the Securities and Exchange Commission on
March 16, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2017, filed with the Securities and Exchange Commission
on May 15, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Quarterly Report on Form 10-Q for the fiscal quarter ended June
30, 2017, filed with the Securities and Exchange Commission on
August 4, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on March 28, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on May 11, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on May 16, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K/A, filed with the Securities and
Exchange Commission on May 26, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on June 8, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on June 9, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on June 16, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on July 3, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our Current Report on Form 8-K, filed with the Securities and
Exchange Commission on July 28, 2017;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The description of our common stock, which is contained in our Form
8-K/A, filed with the Securities and Exchange Commission on January
28, 2013.</P>
<P CLASS="Textind" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
All filings filed by us pursuant to the Securities Exchange Act of
1934, as amended, after the date of the initial filing of this
registration statement and prior to the effectiveness of such
registration statement (excluding information furnished pursuant to
Items 2.02 and 7.01 of Form 8-K) shall also be deemed to be
incorporated by reference into the prospectus.</P>
<P CLASS="Textind" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
You should rely only on the information incorporated by reference
or provided in this prospectus. We have not authorized anyone else
to provide you with different information. You should not assume
that the information in this prospectus is accurate as of any date
other than the date of this prospectus or the date of the documents
incorporated by reference in this prospectus.</P>
<P CLASS="Textind" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
We will provide without charge to each person to whom a copy of
this prospectus is delivered, upon written or oral request, a copy
of any or all of the information that has been incorporated by
reference in this prospectus but not delivered with this prospectus
(other than an exhibit to these filings, unless we have
specifically incorporated that exhibit by reference in this
prospectus). Any such request should be addressed to us at: 275
Madison Avenue, 7<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
Floor, New York, New York 10016, Attention: Steve O&rsquo;Loughlin,
Principal Financial Officer, or made by phone at (646) 677-3875.
You may also access the documents incorporated by reference in this
prospectus through our website at <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.actiniumpharmceuticals.com</FONT>.
Except for the specific incorporated documents listed above, no
information available on or through our website shall be deemed to
be incorporated in this prospectus or the registration statement of
which it forms a part.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
34</P>
<DIV STYLE=
"border: none; border-top: double windowtext 6.0pt; padding: 31.0pt 0in 0in 0in;">
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
Subscription Rights to Purchase Up to 35,714,285 Units</P>
</DIV>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: .5in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><IMG WIDTH="394" HEIGHT=
"107" SRC="image001.jpg"></FONT></P>
<P CLASS="H1" STYLE=
'margin-top: 24.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">____________________</FONT></P>
<P CLASS="H1" STYLE=
'margin-top: 6.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 12.0pt;">Prospectus Supplement</FONT></FONT></P>
<P CLASS="H1" STYLE=
'margin-top: 0in; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">____________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 60.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;">Dealer-Manager</FONT></P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 14.0pt;">Maxim Group LLP.</FONT></FONT></P>


<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 24.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"></FONT></P>

<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 31.0pt 0in;">
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 10.0pt; text-align: center; border: none; padding: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>

<P CLASS="Textflush" STYLE="border-style: none; margin: 10pt 0in 0pt; text-align: center; font: 10pt/12pt TimesNewRomanPSStd-Regular; padding: 0in; mso-style-name: Text_flush; text-autospace: none; color: black">February 15, 2018</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 0in; margin-bottom: .0001pt; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>
&nbsp;</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
