<SEC-DOCUMENT>0001144204-15-012397.txt : 20150227
<SEC-HEADER>0001144204-15-012397.hdr.sgml : 20150227
<ACCEPTANCE-DATETIME>20150227073445
ACCESSION NUMBER:		0001144204-15-012397
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20150227
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150227
DATE AS OF CHANGE:		20150227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSGENOMIC INC
		CENTRAL INDEX KEY:			0001043961
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				911789357
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36439
		FILM NUMBER:		15654968

	BUSINESS ADDRESS:	
		STREET 1:		12325 EMMET ST
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
		BUSINESS PHONE:		4027385480

	MAIL ADDRESS:	
		STREET 1:		12325 EMMET STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v403072_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>February 27, 2015 </B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware </B></FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-30975</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>91-1789357</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Incorporation)</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>12325 Emmet Street, Omaha, NE 68164</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(402) 452-5400</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name, or Former Address, if Changed
Since Last Report)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 27, 2015, Transgenomic, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;) entered into a purchase agreement (the &ldquo;Purchase Agreement&rdquo;) with
Craig-Hallum Capital Group LLC (the &ldquo;Underwriter&rdquo;) relating to the Company&rsquo;s sale and issuance of 3,573,899 shares
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), and corresponding warrants to
purchase up to 714,780 shares of the Common Stock (the &ldquo;Offering&rdquo;). Each share of Common Stock is being sold in combination
with a warrant to purchase 0.20 of a share of Common Stock. The purchase price to the public for each share of Common Stock and
accompanying warrant is $1.95.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase price to be paid by the Underwriter
to the Company for the common stock and accompanying warrants will be $1.8135. The net proceeds from the Offering, after deducting
the Underwriter&rsquo;s discount and other estimated Offering expenses, is expected to be approximately $6.2 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Agreement contains customary
representations, warranties and agreements by the Company, and customary conditions to closing, indemnification obligations of
the Company and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations of the
parties, and termination provisions. The foregoing description of the material terms of the Purchase Agreement is qualified in
its entirety by reference to the full text of the Purchase Agreement, which is filed herewith as Exhibit 1.1 and is incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying warrants will be exercisable
immediately upon their initial issuance date at an exercise price of $2.24 per share and will expire five years from the date of
issuance. The exercise price will also be subject to adjustment in the event of certain stock dividends and distributions, stock
splits, stock combinations, reclassifications or similar events affecting our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a fundamental transaction,
as described in the corresponding warrants and generally, including any reorganization, recapitalization or reclassification of
our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation
or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group
becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the corresponding
warrants will be entitled to receive upon exercise of the corresponding warrants the kind and amount of securities, cash or other
property that the holders would have received had they exercised the corresponding warrants immediately prior to such fundamental
transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying warrants will not be listed
on the NASDAQ Capital Market, any other national securities exchange or any other nationally recognized trading system, and no
trading market for the accompanying warrants is expected to develop.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the material
terms of the accompanying warrants is qualified in its entirety by reference to the full text of the form of warrant to purchase
common stock, which is filed herewith as Exhibit 4.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering is being made pursuant to
the Company&rsquo;s shelf registration statement on Form S-3 (Registration No. 333-201907) filed with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) and declared effective on February 13, 2015. A prospectus supplement relating to the Offering
has been filed with the SEC. The closing of the Offering is expected to take place on or about March 4, 2015, subject to the satisfaction
of customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01. Other Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company issued press releases on February
26, 2015 and February 27, 2015, announcing the commencement of the Offering and the pricing of the Offering, respectively. Copies
of each press release are attached as Exhibits 99.1 and 99.2, respectively, to this report and are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>Item 9.01. Financial Statements
and Exhibits.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-decoration: underline; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Purchase Agreement dated February 27, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Form of Warrant to Purchase Common Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Opinion of Paul Hastings LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Consent of Paul Hastings LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Press release announcing the Offering, dated February 26, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Press release announcing the pricing of the Offering, dated February 27, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Transgenomic, Inc. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Paul Kinnon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Paul Kinnon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 27, 2015</P>

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

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



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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v403072_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 1.1</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3,573,899 Shares of Common Stock</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrants to Purchase 714,780 Shares
of Common Stock</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Transgenomic,
Inc.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February 27, 2015</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CRAIG-HALLUM CAPITAL GROUP LLC<BR>
222 South&nbsp;9th Street, Suite&nbsp;350<BR>
Minneapolis, Minnesota&nbsp;55402</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transgenomic, Inc., a Delaware corporation
(the <B><I>&ldquo;Company&rdquo;</I></B>), proposes to sell to Craig-Hallum Capital Group LLC (<B><I>&ldquo;you&rdquo;</I></B>
or the <B><I>&ldquo;Underwriter&rdquo;</I></B>) (i) an aggregate of 3,573,899 shares (the <B><I>&ldquo;Firm Shares&rdquo;</I></B>)
of Common Stock, par value $0.01&nbsp;per share (the <B><I>&ldquo;Common Stock&rdquo;</I></B>), of the Company and (ii) warrants
of the Company, in the form set forth in Exhibit A hereto, to purchase 714,780 shares (&ldquo;<B><I>Warrant Shares</I></B>&rdquo;)
of Common Stock at an exercise price of $2.24 per share<B> (</B>the<B> &ldquo;<I>Firm Warrants</I>&rdquo;)</B>. Each Firm Share
is being sold together with a Firm Warrant to purchase 0.20 shares of Common Stock at an exercise price of $2.24 per share<B>.</B>
The Firm Shares and Warrant Shares consist of authorized but unissued shares of Common Stock to be issued and sold by the Company.
The Firm Shares, Firm Warrants and Warrant Shares purchased pursuant to this Purchase Agreement (the <B><I>&ldquo;Agreement&rdquo;</I></B>)
are herein collectively called the <B><I>&ldquo;Securities</I></B><I>.<B>&rdquo;</B></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Underwriter hereby
confirm their agreement with respect to the sale of the Securities by the Company to the Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#9;<B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>)
a registration statement on Form&nbsp;S-3 (File No. 333-201907) under the Securities Act of&nbsp;1933, as amended (the <B><I>&ldquo;Securities
Act&rdquo;</I></B> or the <B><I>&ldquo;Act&rdquo;</I></B>), and the rules and regulations&nbsp;(the <B><I>&ldquo;Rules and Regulations&rdquo;</I></B>)
of the Commission thereunder, and such amendments to such registration statement as may have been required to the date of this
Agreement. Such registration statement has been declared effective by the Commission. Each part of such registration statement,
including the amendments, exhibits and any schedules thereto, the documents incorporated by reference therein pursuant to Item&nbsp;12
of Form&nbsp;S-3 under the Securities Act and the documents and information otherwise deemed to be a part thereof or included therein
by Rule&nbsp;430B under the Securities Act (the <B><I>&ldquo;Rule&nbsp;430B Information&rdquo;</I></B>) or otherwise pursuant to
the Rules and Regulations, as of the time the Registration Statement became effective, is herein called the <B><I>&ldquo;Registration
Statement.&rdquo;</I></B> Any registration statement filed by the Company pursuant to Rule&nbsp;462(b) under the Securities Act
is called the <B><I>&ldquo;Rule&nbsp;462(b) Registration Statement&rdquo;</I></B> and, from and after the date and time of filing
of the Rule&nbsp;462(b) Registration Statement, the term &ldquo;Registration Statement&rdquo; shall include the Rule&nbsp;462(b)
Registration Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus in the
form in which it has most recently been filed with the Commission on or prior to the date of this Agreement is herein called the
<B><I>&ldquo;Base Prospectus.&rdquo;</I></B> Each preliminary prospectus supplement to the Base Prospectus (including the Base
Prospectus as so supplemented), that describes the Securities and the offering thereof, that omitted the Rule&nbsp;430B Information
and that was used prior to the filing of the final prospectus supplement referred to in the following sentence is herein called
a <B><I>&ldquo;Preliminary Prospectus.&rdquo;</I></B> Promptly after execution and delivery of this Agreement, the Company will
prepare and file with the Commission a final prospectus supplement to the Base Prospectus relating to the Securities and the offering
thereof in accordance with the provisions of Rule&nbsp;430B and Rule&nbsp;424(b) of the Rules and Regulations. Such final supplemental
form of prospectus (including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant to Rule&nbsp;424(b),
is herein called the <B><I>&ldquo;Prospectus.&rdquo;</I></B> Any reference herein to the Base Prospectus, any Preliminary Prospectus
or the Prospectus shall be deemed to include the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form&nbsp;S-3
under the Securities Act as of the date of such prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, all references to the Registration Statement, the Rule&nbsp;462(b) Registration Statement, the Base Prospectus, any
Preliminary Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System or any successor system thereto
(<B><I>&ldquo;EDGAR&rdquo;</I></B>). All references in this Agreement to financial statements and schedules and other information
which is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement,
the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information which is incorporated by reference in or otherwise
deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include the subsequent
filing of any document under the Securities Exchange Act of&nbsp;1934, as amended (the <B><I>&ldquo;Exchange Act&rdquo;</I></B>),
and which is deemed to be incorporated by reference therein or otherwise deemed by the Rules and Regulations to be a part thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#9;<B><I>Representations
and Warranties of the Company</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Representations
and Warranties of the Company</U></I>. The Company represents and warrants to, and agrees with, the Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#9;<I><U>Registration
Statement and Prospectuses</U></I>. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus (or
any supplement thereto) has been issued by the Commission and no proceeding for that purpose has been initiated or is pending or,
to the knowledge of the Company, threatened by the Commission. As of the time each part of the Registration Statement&nbsp;(or
any post-effective amendment thereto) became or becomes effective (including each deemed effective date with respect to the Underwriter
pursuant to Rule&nbsp;430B or otherwise under the Securities Act), such part conformed or will conform in all material respects
to the requirements of the Act and the Rules and Regulations. Upon the filing or first use within the meaning of the Rules and
Regulations, each Preliminary Prospectus and the Prospectus (or any supplement to either) conformed or will conform in all material
respects to the requirements of the Act and the Rules and Regulations. The Registration Statement and any post-effective amendment
thereto has become effective under the Securities Act. The Company has complied, to the Commission&rsquo;s satisfaction, with all
requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration
Statement, any post-effective amendment or any part thereof is in effect and no proceedings for such purpose have been instituted
or are pending or, to the knowledge of the Company, are threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#9;<I><U>Accurate
Disclosure</U></I>. Each Preliminary Prospectus, at the time of filing thereof or the time of first use within the meaning of the
Rules and Regulations, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
Neither the Registration Statement nor any amendment thereto, at the effective time of each part thereof, at the Closing Date (as
defined below), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Time of Sale
(as defined below), neither (A)&nbsp;the Time of Sale Disclosure Package (as defined below) nor (B)&nbsp;any issuer free writing
prospectus (as defined below), when considered together with the Time of Sale Disclosure Package, included an untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. Neither the Prospectus nor any supplement thereto, as of its issue date, at the time
of any filing with the Commission pursuant to Rule&nbsp;424(b) of the Rules and Regulations, or at the Closing Date, included,
includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The representations
and warranties in this Section&nbsp;2(a)(ii) shall not apply to statements in or omissions from any Preliminary Prospectus, the
Registration Statement&nbsp;(or any amendment thereto), the Time of Sale Disclosure Package or the Prospectus (or any supplement
thereto) made in reliance upon, and in conformity with, written information furnished to the Company by you specifically for use
in the preparation of such document, it being understood and agreed that the only such information furnished by the Underwriter
consists of the information described as such in Section&nbsp;6(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each reference to an <B><I>&ldquo;issuer free writing
prospectus&rdquo;</I></B> herein means an issuer free writing prospectus as defined in Rule&nbsp;433 of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&ldquo;Time of Sale Disclosure Package&rdquo;</I></B>
means the Preliminary Prospectus dated February 26, 2015, any free writing prospectus set forth on Schedule&nbsp;I and the information
on Schedule&nbsp;II, all considered together.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each reference to a <B><I>&ldquo;free writing prospectus&rdquo;</I></B>
herein means a free writing prospectus as defined in Rule&nbsp;405 of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&ldquo;Time of Sale&rdquo;</I></B> means 6:30
a.m. (Eastern time) on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#9;<I><U>Issuer
Free Writing Prospectuses</U></I>. (A) Each issuer free writing prospectus does not include any information that conflicts with
the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus. The foregoing sentence does
not apply to statements in or omissions from any issuer free writing prospectus based upon and in conformity with written information
furnished to the Company by you specifically for use therein; it being understood and agreed that the only such information furnished
by the Underwriter consists of the information described as such in Section&nbsp;6(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#9;(1) At
the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona
fide</I> offer (within the meaning of Rule&nbsp;164(h)(2) under the Securities Act) of the Securities and (2)&nbsp;at the date
hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405 under the Securities Act,
including the Company or any subsidiary in the preceding three years not having been convicted of a felony or misdemeanor or having
been made the subject of a judicial or administrative decree or order as described in Rule&nbsp;405 of the Rules and Regulations&nbsp;(without
taking account of any determination by the Commission pursuant to Rule&nbsp;405 of the Rules and Regulations that it is not necessary
that the Company be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo; as defined in Rule&nbsp;164 under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(C)&#9;Each issuer
free writing prospectus satisfied, as of its issue date and at all subsequent times to the Time of Sale, all other conditions to
use thereof as set forth in Rules&nbsp;164 and&nbsp;433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#9;<I><U>No
Other Offering Materials</U></I>. The Company has not distributed and will not distribute any prospectus or other offering material
in connection with the offering and sale of the Securities other than any Preliminary Prospectus, the Time of Sale Disclosure Package
or the Prospectus or other materials permitted by the Act to be distributed by the Company; <I>provided, however,</I> that, except
as set forth on Schedule&nbsp;I, the Company has not made and will not make any offer relating to the Securities that would constitute
an issuer free writing prospectus, except in accordance with the provisions of Section&nbsp;4(a)(xv) of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&#9;<I><U>Financial
Statements</U></I>. The financial statements of the Company, together with the related notes, set forth or incorporated by reference
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus comply in all material respects with the
requirements of the Securities Act and the Exchange Act and fairly present the financial condition of the Company and its consolidated
subsidiaries as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified
in conformity with generally accepted accounting principles in the United States (<B><I>&ldquo;GAAP&rdquo;</I></B>) consistently
applied throughout the periods involved; the supporting schedules included in the Registration Statement present fairly the information
required to be stated therein; all non-GAAP financial information included in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus complies with the requirements of Regulation&nbsp;G and Item&nbsp;10 of Regulation&nbsp;S-K under the
Securities Act; and, except as disclosed in the Time of Sale Disclosure Package and the Prospectus, there are no material off-balance
sheet arrangements (as defined in Regulation&nbsp;S-K under the Securities Act, Item&nbsp;303(a)(4)(ii)) or any other relationships
with unconsolidated entities or other persons, that may have a material current or, to the Company&rsquo;s knowledge, material
future effect on the Company&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital resources
or significant components of revenue or expenses. No other financial statements or schedules are required to be included in the
Registration Statement, the Time of Sale Disclosure Package or the Prospectus. To the Company&rsquo;s knowledge, Ernst &amp; Young
LLP (<B><I>&ldquo;E&amp;Y&rdquo;</I></B>), which has expressed its opinion with respect to the financial statements and schedules
filed as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and
the Prospectus that are identified in the report of E&amp;Y dated March&nbsp;27, 2014, is (x)&nbsp;an independent public accounting
firm within the meaning of the Securities Act and the Rules and Regulations, (y)&nbsp;a registered public accounting firm (as defined
in Section&nbsp;2(a)(12) of the Sarbanes-Oxley Act of&nbsp;2002 (the <B><I>&ldquo;Sarbanes-Oxley Act&rdquo;</I></B>)) and (z)&nbsp;not
in violation of the auditor independence requirements of the Sarbanes-Oxley Act. To the Company&rsquo;s knowledge, McGladrey LLP
(<B><I>&ldquo;McGladrey&rdquo;</I></B>), which has expressed its opinion with respect to the financial statements and schedules
filed as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and
the Prospectus that are identified in the report of McGladrey dated March&nbsp;14, 2013, was, at the time it served as the Company&rsquo;s
independent registered public accounting firm, (x)&nbsp;an independent public accounting firm within the meaning of the Act and
the Rules and Regulations, (y)&nbsp;a registered public accounting firm (as defined in Section&nbsp;2(a)(12) of the Sarbanes-Oxley
Act) and (z)&nbsp;not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&#9;<I><U>Organization
and Good Standing</U></I>. Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation
in good standing under the laws of its jurisdiction of incorporation. Each of the Company and its subsidiaries has full corporate
power and authority to own its properties and conduct its business as currently being carried on and as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation
in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such
qualification necessary, except where the failure to be so qualified or in good standing would not, in the aggregate, reasonably
be expected to have a material adverse effect upon the business, prospects, management, properties, operations, condition (financial
or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole (<B><I>&ldquo;Material Adverse Effect&rdquo;</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&#9;<I><U>Absence
of</U></I><U> <I>Certain Events</I></U>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent
to the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, neither the
Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into
any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock;
and there has not been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock
due to the issuance of Awards (defined below) under the Company Stock Plans (defined below) or shares upon the exercise of outstanding
options or warrants or conversion of convertible securities), or any material change in the short-term or long-term debt (other
than as a result of the conversion of convertible securities), or any issuance of options, warrants, convertible securities or
other rights to purchase the capital stock (other than issuances of Awards under the Company Stock Plans), of the Company or any
of its subsidiaries, or any development which would reasonably be expected to result in any Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)&#9;<I><U>Absence
of</U></I><U> <I>Proceedings</I></U>. Except as set forth in the Time of Sale Disclosure Package, the Registration Statement, and
in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding
(a)&nbsp;to which the Company or any of its subsidiaries is a party or (b)&nbsp;which has as the subject thereof any officer or
director of the Company or any subsidiary, any employee benefit plan sponsored by the Company or any subsidiary or any property
or assets owned or leased by the Company or any subsidiary before or by any court or Governmental Authority (as defined below),
or any arbitrator, which, individually or in the aggregate, might result in any Material Adverse Effect, or would materially and
adversely affect the ability of the Company to perform its obligations under this Agreement and the transactions contemplated thereby.
There are no current or, to the knowledge of the Company, pending, legal, governmental or regulatory actions, suits or proceedings
(x)&nbsp;to which the Company or any of its subsidiaries is subject or (y)&nbsp;which has as the subject thereof any officer or
director of the Company or any subsidiary, any employee plan sponsored by the Company or any subsidiary or any property or assets
owned or leased by the Company or any subsidiary, that are required to be described in the Registration Statement, Time of Sale
Disclosure Package and Prospectus by the Act or by the Rules and Regulations and that have not been so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&#9;<I><U>Disclosure
of Legal Matters</U></I>. There are no statutes, regulations, contracts or documents that are required to be described in the Registration
Statement, in the Time of Sale Disclosure Package and in the Prospectus or required to be filed as exhibits to the Registration
Statement by the Securities Act or by the Rules and Regulations that have not been so described or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&#9;<I><U>Authorization;
No Conflicts; Authority</U></I>. This Agreement has been, and the Firm Warrants on the Closing Date will be, duly authorized, executed
and delivered by the Company. This Agreement constitutes, and the Firm Warrants on the Closing Date will constitute, a valid, legal
and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be
limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery
and performance of this Agreement and the Firm Warrants and the consummation of the transactions herein and therein contemplated
(including the issuance of the Warrant Shares upon exercise of the Firm Warrants) will not (A)&nbsp;conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to any indenture,
mortgage, deed of trust, loan agreement or other material agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company
or any of its subsidiaries is subject, (B)&nbsp;result in any violation of the provisions of the Company&rsquo;s charter or by-laws
or (C)&nbsp;result in the violation of any law or statute or any judgment, order, rule, regulation or decree of any court or arbitrator
or federal, state, local or foreign governmental agency or regulatory authority having jurisdiction over the Company or any of
its subsidiaries or any of their properties or assets (each, a <B><I>&ldquo;Governmental Authority&rdquo;</I></B>), except in the
case of clauses&nbsp;(A) and (C)&nbsp;as would not result in a Material Adverse Effect. No consent, approval, authorization or
order of, or registration or filing with any Governmental Authority is required for the execution, delivery and performance of
this Agreement or the Firm Warrants or for the consummation of the transactions contemplated hereby and thereby, including the
issuance or sale of the Securities by the Company, except such as may be required under the Act, the rules of the Financial Industry
Regulatory Authority (<B><I>&ldquo;FINRA&rdquo;</I></B>), the NASDAQ Listing Rules or state securities or blue sky laws; and the
Company has the requisite corporate power and authority to enter into this Agreement and the Firm Warrants and to consummate the
transactions contemplated hereby and thereby, including the authorization, issuance and sale of the Securities as contemplated
by this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&#9;<I><U>Capitalization;
the Securities; Registration Rights</U></I>. All of the issued and outstanding shares of capital stock of the Company, including
the outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued
in material compliance with all federal and state and foreign securities laws, were not issued in violation of or subject to any
preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing (copies of all such
waivers have been made available to counsel to the Underwriter, if applicable); the Firm Shares which may be sold hereunder by
the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement,
will have been validly issued and will be fully paid and nonassessable; and the capital stock of the Company, including the Common
Stock, materially conforms to the description thereof in the Registration Statement, in the Time of Sale Disclosure Package and
in the Prospectus. Except as otherwise stated in the Registration Statement, in the Time of Sale Disclosure Package and in the
Prospectus, (A)&nbsp;there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the
voting or transfer of, any shares of Common Stock pursuant to the Company&rsquo;s charter, by-laws or any agreement or other instrument
to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound; (B)&nbsp;neither
the filing of the Registration Statement nor the offering or sale of the Securities as contemplated by this Agreement gives rise
to any rights for or relating to the registration of any shares of Common Stock or other securities of the Company (collectively
<B><I>&ldquo;Registration Rights&rdquo;</I></B>) and (C)&nbsp;any person to whom the Company has granted Registration Rights has
agreed not to exercise such rights until after expiration of the Lock-Up Period (as defined below). All of the issued and outstanding
shares of capital stock of each of the Company&rsquo;s subsidiaries have been duly and validly authorized and issued and are fully
paid and nonassessable, and, except as otherwise described in the Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus, the Company owns of record and beneficially, free and clear of any security interests, claims, liens, proxies,
equities or other encumbrances, all of the issued and outstanding shares of such stock. The Company has an authorized and outstanding
capitalization as set forth in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)&#9;<I><U>Stock
Options</U></I>. Except as described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus,
there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company or any
subsidiary of the Company any shares of the capital stock of the Company or any subsidiary of the Company. The description of the
Company&rsquo;s stock option, stock bonus and other stock plans or arrangements (the <B><I>&ldquo;Company Stock Plans&rdquo;</I></B>),
and the options or other rights granted thereunder (collectively, the <B><I>&ldquo;Awards&rdquo;</I></B>), set forth in the Time
of Sale Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect
to such plans, arrangements and Awards. Each grant of an Award was made in accordance, in all material respects, with the terms
of the applicable Company Stock Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal
securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiii)&#9;<I><U>Compliance
with Permits</U></I>. The Company and each of its subsidiaries holds, and is operating in compliance in all material respects with,
all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority
or self-regulatory body required for the conduct of its business and all such franchises, grants, authorizations, licenses, permits,
easements, consents, certifications and orders are valid and in full force and effect, except for any of the foregoing that would
not, in the aggregate, reasonably be expected to have a Material Adverse Effect; and neither the Company nor any of its subsidiaries
has received notice of any revocation or modification of any such franchise, grant, authorization, license, permit, easement, consent,
certification or order or has reason to believe that any such franchise, grant, authorization, license, permit, easement, consent,
certification or order will not be renewed in the ordinary course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiv)&#9;<I><U>Ownership
of Assets</U></I>. The Company and its subsidiaries have good and marketable title to, or have valid rights to lease or otherwise
use, all property (whether real or personal) described in the Registration Statement, in the Time of Sale Disclosure Package and
in the Prospectus as being owned, leased or used by them, in each case free and clear of all liens, claims, security interests,
other encumbrances or defects except such as are described in the Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus. The property held under lease by the Company and its subsidiaries is held by them under valid, subsisting
and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect
with the conduct of the business of the Company or its subsidiaries as is currently conducted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xv)&#9;<I><U>Intellectual
Property</U>.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&#9;The Company
and each of its subsidiaries owns or has the right to use all Intellectual Property necessary for and material to the conduct of
the Company&rsquo;s and its subsidiaries&rsquo; businesses as now conducted or as described in the Registration Statement, the
Time of Sale Disclosure Package and the Prospectus to be conducted, except to the extent that the failure to own or have the right
to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect (the <B><I>&ldquo;Company
IP&rdquo;</I></B>). <B><I>&ldquo;Intellectual Property&rdquo;</I></B> means all patents, patent applications, trade and service
marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology,
know-how and other intellectual property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#9;To the
knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any Company IP. There is
no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others, excluding a pending <I>ex
parte</I> patent reexamination, challenging the Company&rsquo;s or its subsidiaries&rsquo; rights in or to any Company IP, and
the Company is unaware of any facts which would form a reasonable basis for any such claim. The Intellectual Property owned by
the Company and its subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company and its
subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any material Company
IP, and the Company is unaware of any facts which would form a reasonable basis for any such claim. There is no pending or, to
the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company or its subsidiaries infringe,
misappropriate or otherwise violate any Intellectual Property or other proprietary rights of others, and neither the Company nor
any of its subsidiaries has received any written notice of such claim and the Company is unaware of any other fact which would
form a reasonable basis for any such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(C)&#9;To the
Company&rsquo;s knowledge, no employee of the Company or any of its subsidiaries is in or has ever been in violation of any term
of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation
agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates
to such employee&rsquo;s employment with the Company or any of its subsidiaries or actions undertaken by the employee while employed
with the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(D)&#9;The Company
and its subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their
material Company IP.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(E)&#9;All patent
applications owned by the Company or its subsidiaries and filed with the U.S.&nbsp;Patent and Trademark Office (the <B><I>&ldquo;PTO&rdquo;</I></B>)
or any foreign or international patent authority that have resulted in patents or currently pending applications that describe
inventions necessary to conduct the business of the Company or its subsidiaries as now conducted, as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus to be conducted (collectively, the <B><I>&ldquo;Company Patent
Applications&rdquo;</I></B>) have been or were duly and properly filed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(F)&#9;The Company
and its subsidiaries have complied with their duty of candor and disclosure to the PTO for the Company Patent Applications. To
the Company&rsquo;s knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which
would preclude the grant of a patent for the Company Patent Applications. The Company has no knowledge of any facts which would
preclude it or its applicable subsidiary from having clear title to the Company Patent Applications that have been identified by
the Company as being exclusively owned by the Company or one of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvi)&#9;<I><U>No
Violations or Defaults</U></I>. (A)&nbsp;Neither the Company nor any of its subsidiaries is in violation of its respective charter,
by-laws or other organizational documents, or in breach of or otherwise in default, and (B)&nbsp;no event has occurred which, with
notice or lapse of time or both, would constitute such a default in the performance of any material obligation, agreement or condition
contained in any bond, debenture, note, indenture, loan agreement or any other material contract, lease or other instrument to
which it is subject or by which any of them may be bound, or to which any of the material property or assets of the Company or
any of its subsidiaries is subject, except in the case of clause&nbsp;(B), to the extent that such default would not reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xvii)&#9;<I><U>Taxes</U></I>.
The Company and its subsidiaries have timely filed all material federal, state, local and foreign income and franchise tax returns
required to be filed and are not in default in the payment of any material taxes which were payable pursuant to said returns or
any assessments with respect thereto, other than any which the Company or any of its subsidiaries is contesting in good faith.
There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge or of any
proposed liability for any tax to be imposed upon the properties or assets of the Company for which there is not an adequate reserve
reflected in the Company&rsquo;s financial statements included in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xviii)&#9;<I><U>Exchange
Listing and Exchange Act Registration</U></I>. The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act
and is included or approved for listing on the NASDAQ Capital Market and the Company has not taken any action designed to, or likely
to have the effect of, terminating the registration of The Common Stock under the Exchange Act or delisting the Common Stock from
The NASDAQ Stock Market LLC, and the Company has not received any notification that the Commission or The NASDAQ Stock Market LLC
is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable
requirements of The NASDAQ Stock Market LLC for maintenance of inclusion of the Common Stock on the NASDAQ Capital Market. The
Company has filed an application to include the Firm Shares and Warrant Shares on the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xix)&#9;<I><U>Ownership
of Other Entities</U></I>. Other than the subsidiaries of the Company listed in Exhibit&nbsp;21 to the Company&rsquo;s Annual Report
on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2013, the Company, directly or indirectly, owns no capital stock
or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xx)&#9;<I><U>Internal
Controls</U></I>. The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as disclosed in the Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus, the Company&rsquo;s internal control over financial reporting is effective in all material respects and
none of the Company, its board of directors (<B><I>&ldquo;Board&rdquo;</I></B>) and audit committee is aware of any &ldquo;significant
deficiencies&rdquo; or &ldquo;material weaknesses&rdquo; (each as defined by the Public Company Accounting Oversight Board) in
its internal control over financial reporting, or any fraud, whether or not material, that involves management or other employees
of the Company and its subsidiaries who have a significant role in the Company&rsquo;s internal controls; and since the end of
the latest audited fiscal year, there has been no change in the Company&rsquo;s internal control over financial reporting (whether
or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting. The Board has, subject to the exceptions, cure periods and the phase in periods specified in the applicable
stock exchange rules&nbsp;(<B><I>&ldquo;Exchange Rules&rdquo;</I></B>), validly appointed an audit committee to oversee internal
accounting controls whose composition satisfies the applicable requirements of the Exchange Rules and the Board and/or the audit
committee has adopted a charter that satisfies the requirements of the Exchange Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxi)&#9;<I><U>No
Brokers or Finders</U></I>. Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder&rsquo;s
or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxii)&#9;<I><U>Insurance</U></I>.
The Company and each of its subsidiaries carries, or is covered by, in all material respects, insurance from reputable insurers
in such amounts and covering such risks as is adequate for the conduct of its business as it is currently conducted; all policies
of insurance and any fidelity or surety bonds insuring the Company or any of its subsidiaries or its business, assets, employees,
officers and directors are in full force and effect; the Company and its subsidiaries are in compliance with the terms of such
policies and instruments in all material respects; to the Company&rsquo;s knowledge, there are no claims by the Company or any
of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under
a reservation of rights clause; and neither the Company nor any of its subsidiaries has reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiii)&#9;<I><U>Investment
Company Act</U></I>. The Company is not and, after giving effect to the offering and sale of the Securities, will not be an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act of&nbsp;1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)&#9;<I><U>Eligibility
to Use Form&nbsp;S-3</U></I>. The conditions for use of Form&nbsp;S-3, in connection with the offer and sale of the Securities,
as set forth in the General Instructions thereto, have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxv)&#9;<I><U>Incorporated
Documents</U></I>. The documents incorporated by reference in the Time of Sale Disclosure Package and in the Prospectus, when they
became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and were filed on a timely basis with the Commission and none of such
documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; any further documents so filed and incorporated
by reference in the Time of Sale Disclosure Package or in the Prospectus, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Exchange Act, and will not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxvi)&#9;<I><U>Sarbanes-Oxley
Act</U></I>. The Company is in compliance with all material, applicable provisions of the Sarbanes-Oxley Act and the rules and
regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxvii)&#9;<I><U>Disclosure
Controls</U></I>. The Company has established and maintains disclosure controls and procedures (as defined in Rules&nbsp;13a-14
and&nbsp;15d-14 under the Exchange Act) and such controls and procedures are effective in ensuring that material information relating
to the Company, including its subsidiaries, is made known to the principal executive officer and the principal financial officer.
The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement,
in the Time of Sale Disclosure Package and in the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxviii)&#9;<I><U>Anti-Bribery
and Anti-Money Laundering Laws</U></I>. Each of the officers, directors and managers of the Company, its subsidiaries and, its
affiliates, and to the Company&rsquo;s knowledge, each of the Company, its subsidiaries, its affiliates and any of their respective,
supervisors, agents, or other employees, has not violated, its participation in the offering will not violate, and the Company
and each of its subsidiaries has instituted and maintains policies and procedures designed to ensure continued compliance with,
each of the following laws: anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality,
including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of
Foreign Public Officials in International Business Transactions, signed December&nbsp;17, 1997, including the U.S.&nbsp;Foreign
Corrupt Practices Act of&nbsp;1977, as amended, the U.K. Bribery Act&nbsp;2010, or any other law, rule or regulation of similar
purposes and scope, or anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign
or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title&nbsp;18
U.S.&nbsp;Code section&nbsp;1956 and&nbsp;1957, the PATRIOT Act, the Bank Secrecy Act, and international anti-money laundering
principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering,
of which the United States is a member and with which designation the United States representative to the group or organization
continues to concur, all as amended, and any executive order, directive, or regulation pursuant to the authority of any of the
foregoing, or any orders or licenses issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxix)&#9;<I><U>OFAC</U>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&#9;Each of
the officers, directors and managers of the Company, its subsidiaries and its affiliates, and, to the Company&rsquo;s knowledge,
neither the Company nor any of its subsidiaries, nor any or their other employees, nor any agent, affiliate or other representative
of the Company or its subsidiaries, is an individual or entity that is, or is owned or controlled by an individual or entity that
is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">(1)&#9;the
subject of any sanctions administered or enforced by the U.S.&nbsp;Department of Treasury&rsquo;s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
<B><I>&ldquo;Sanctions&rdquo;</I></B>), nor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">(2)&#9;located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar,
Cuba, Iran, Libya, North Korea, Sudan and Syria).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#9;Neither
the Company nor any of its subsidiaries will, directly or indirectly, use the proceeds of the offering, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other individual or entity:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">(1)&#9;to fund
or facilitate any activities or business of or with any individual or entity or in any country or territory that, at the time of
such funding or facilitation, is the subject of Sanctions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">(2)&#9;in any
other manner that will result in a violation of Sanctions by any individual or entity (including any individual or entity participating
in the offering, whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(C)&#9;To the
Company&rsquo;s knowledge, neither the Company nor any of its subsidiaries has knowingly engaged in, and is not now knowingly engaged
in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing
or transaction is or was the subject of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxx)&#9;<I><U>Compliance
with Environmental Laws</U></I>. Except as disclosed in the Time of Disclosure Package and the Prospectus, neither the Company
nor any of its subsidiaries is in violation of any statute, any rule, regulation, decision or order of any Governmental Authority
or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, <B><I>&ldquo;Environmental
Laws&rdquo;</I></B>), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws,
is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to
any Environmental Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material
Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a claim. Except as disclosed
in the Registration Statement, Time of Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries anticipates
incurring any material capital expenditures relating to compliance with Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxi)&#9;<I><U>ERISA
and Employee Benefits Matters</U></I>. (A)&nbsp;To the knowledge of the Company, no &ldquo;prohibited transaction&rdquo; as defined
under Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code and not exempt under ERISA Section&nbsp;408 and the regulations
and published interpretations thereunder has occurred with respect to any Employee Benefit Plan. At no time has the Company or
any ERISA Affiliate maintained, sponsored, participated in, contributed to or has or had any liability or obligation in respect
of any Employee Benefit Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code
or any &ldquo;multiemployer plan&rdquo; as defined in Section 3(37) of ERISA or any multiple employer plan for which the Company
or any ERISA Affiliate has incurred or could incur liability under Section 4063 or 4064 of ERISA. No Employee Benefit Plan provides
or promises retiree health, retiree life insurance, or other retiree welfare benefits except as may be required by the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law. Each Employee Benefit Plan is and has been operated
in material compliance with its terms and all applicable laws, including but not limited to ERISA and the Code and, to the knowledge
of the Company, (1)&nbsp;no event has occurred (including a &ldquo;reportable event&rdquo; as such term is defined in Section&nbsp;4043(c)
of ERISA) and (2)&nbsp;no condition exists that would subject the Company or any ERISA Affiliate to any material tax, fine, lien,
penalty or liability imposed by ERISA, the Code or other applicable law. Each Employee Benefit Plan intended to be qualified under
Code Section&nbsp;401(a) is so qualified, and to the knowledge of the Company, nothing has occurred whether by action or failure
to act, which would cause the loss of such qualification. With respect to each Foreign Benefit Plan, such Foreign Benefit Plan
(1)&nbsp;if intended to qualify for special tax treatment, meets, in all material respects, the requirements for such treatment,
and (2)&nbsp;if required to be funded, is funded to the extent required by applicable law, and with respect to all other Foreign
Benefit Plans, adequate reserves therefor have been established on the accounting statements of the applicable Company or subsidiary.
Neither the Company nor any of its subsidiaries has any obligations under any collective bargaining agreement with any union and,
to the knowledge of the Company, no organization efforts are underway with respect to employees of the Company or any of its subsidiaries.
As used in this Agreement, <B><I>&ldquo;Code&rdquo;</I></B> means the Internal Revenue Code of&nbsp;1986, as amended; <B><I>&ldquo;Employee
Benefit Plan&rdquo;</I></B> means any &ldquo;employee benefit plan&rdquo; within the meaning of Section&nbsp;3(3) of ERISA, including,
without limitation, all stock purchase, stock option, stock-based severance, employment, change-in-control, medical, disability,
fringe benefit, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs,
policies or other arrangements, whether or not subject to ERISA, under which (1)&nbsp;any current or former employee, director
or independent contractor of the Company or its subsidiaries has any present or future right to benefits and which are contributed
to, sponsored by or maintained by the Company or any of its subsidiaries or (2)&nbsp;the Company or any of its subsidiaries has
had or has any present or future obligation or liability; <B><I>&ldquo;ERISA&rdquo;</I></B> means the Employee Retirement Income
Security Act of&nbsp;1974, as amended; <B><I>&ldquo;ERISA Affiliate</I>&rdquo;</B> means any member of the Company&rsquo;s controlled
group as defined in Code Section&nbsp;414(b), (c), (m)&nbsp;or (o); and <B><I>&ldquo;Foreign Benefit Plan&rdquo;</I></B> means
any Employee Benefit Plan established, maintained or contributed to outside of the United States or which covers any employee working
or residing outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxii)&#9;<I><U>Regulatory
Matters</U></I>. Except as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the
Company and its subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&#9;are and
at all times have been in compliance with all statutes, rules, regulations, policies, or guidances applicable to Company and its
subsidiaries, relating to the ownership, testing, approval, clearance, safety, effectiveness, development, manufacture, packaging,
processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export, disposal, laboratory
quality, or analytical validation of any product, product component, or research-use only product manufactured, sold or distributed,
or any service provided, including but not limited to laboratory services, by the Company or its subsidiaries or to billing, kickbacks,
referral relationships or arrangements, ethics, claims processing, claims submission and privacy and security of health information
(<B><I>&ldquo;Applicable Regulatory Laws&rdquo;</I></B>), except as would not reasonably be expected to have a Material Adverse
Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#9;have not
received any FDA Form&nbsp;483, Establishment Inspection Report, notice of adverse finding, warning letter, untitled letter, &ldquo;It
has come to our attention&rdquo; letter, or other correspondence or notice from the U.S.&nbsp;Food and Drug Administration (the
<B><I>&ldquo;FDA&rdquo;</I></B>), the Centers for Medicare and Medicaid Services (CMS)&nbsp;or any other Governmental Authority
alleging, asserting, or inquiring about the Company&rsquo;s or its subsidiaries&rsquo; noncompliance with any Applicable Regulatory
Laws or the Company&rsquo;s or its subsidiaries&rsquo; noncompliance with, or absence of, any licenses, certificates, approvals,
clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Regulatory Laws (<B><I>&ldquo;Authorizations&rdquo;</I></B>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(C)&#9;are aware
that the FDA has indicated its intention to discontinue its exercise of enforcement discretion relating to many laboratory developed
tests, but have not received notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend,
modify or revoke any Authorizations, or to require the Company or any of its subsidiaries to obtain an Authorization thereto that
Company does not currently possess, and, to the Company&rsquo;s knowledge, no Governmental Authority is intending to take such
action against the Company or any of its subsidiaries&rsquo; products specifically; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(D)&#9;have filed,
obtained, created and maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments as required by any Applicable Regulatory Laws or Authorizations and that all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material
respects on the date filed, created, or submitted (or were corrected or supplemented by a subsequent filing, creation, or submission).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiii)&#9;<I><U>Clinical
Trials</U></I>. The clinical trials conducted by or on behalf of or sponsored by the Company or any of its subsidiaries or in which
the Company or any of its subsidiaries or their product candidates have participated have been and, if still pending, are being
conducted and monitored in all material respects in accordance with Good Clinical Practices, including but not limited to review
by an Institutional Review Board (IRB)&nbsp;or other appropriate ethics committee, subject informed consent, and applicable Investigational
New Drug exemption or Investigational Device Exemption requirements of FDA, and&nbsp;21 CFR Parts&nbsp;312 and&nbsp;812 as applicable.
All nonclinical studies comply with or have complied with Good Laboratory Practices as described in&nbsp;21 CFR Part&nbsp;58 as
applicable. Neither the Company nor any of its subsidiaries has received any notices or other written correspondence from the FDA
or any other Governmental Authority or any IRB or other ethics committee, or data monitoring committee requiring the termination,
suspension or material modification of any clinical trials of the Company or any of its subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxiv)&#9;<I><U>No
Kickbacks</U></I>. Neither the Company nor any of its subsidiaries has, in violation of any Applicable Regulatory Law, (A)&nbsp;offered,
authorized, promised, made or agreed to make gifts of money, other property, or anything of value to any actual or potential customer,
supplier, governmental employee, Medicare or Medicaid beneficiary, or any person in a position to assist or hinder the Company
or any of its subsidiaries in connection with any actual or proposed transaction or (B)&nbsp;maintained any unrecorded fund or
asset of the Company or any of its subsidiaries for any improper purpose or made any false entries on its books and records for
any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxv)&#9;<I><U>Labor
Matters</U></I>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the Company&rsquo;s
knowledge, is imminent that could have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxvi)&#9;<I><U>Restrictions
on Subsidiary Payments to the Company</U></I>. No subsidiary of the Company is currently prohibited, directly or indirectly, from
paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock, from repaying
to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s property
or assets to the Company or any other subsidiary of the Company, except as provided by applicable state law or described in or
contemplated by the Time of Sale Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxvii)&#9;<I><U>Statistical
Information</U></I>. Any third-party statistical and market-related data included in the Registration Statement, the Time of Sale
Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reasonably current and
reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xxxviii)&#9;<I><U>Forward-looking
Statements</U></I>. No forward-looking statement&nbsp;(within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of
the Exchange Act) contained in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus has been made
or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<I><U>Effect of
Certificates</U></I>. Any certificate signed by any officer of the Company and delivered to you or to counsel for the Underwriter
shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#9;<B><I>Purchase,
Sale and Delivery of Securities</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Firm Shares</U></I>.
On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell the Firm Shares to the Underwriter, and the Underwriter agrees to purchase from
the Company the Firm Shares. The purchase price for each Firm Share shall be $1.8135 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Firm Shares will be delivered by the
Company to you against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company
at the offices of Craig-Hallum Capital Group LLC, 222 South&nbsp;9th Street, Suite&nbsp;350, Minneapolis, Minnesota, or such other
location as may be mutually acceptable, at&nbsp;9:00 a.m. Central time on the third (or if the Securities are priced, as contemplated
by Rule&nbsp;15c6-1(c) under the Exchange Act, after&nbsp;4:30 p.m. Eastern time, the fourth) full business day following the date
hereof, or at such other time and date as you and the Company determine pursuant to Rule&nbsp;15c6-1(a) under the Exchange Act,
such time and date of delivery being herein referred to as the <B><I>&ldquo;Closing Date.&rdquo;</I></B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<I><U>Firm Warrants</U></I>.
On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell Firm Warrants to purchase 714,780 shares of Common Stock to the Underwriter, and
the Underwriter agrees to purchase from the Company the Firm Warrants. The purchase price for each corresponding Firm Warrant that
is sold with such Firm Share shall be $0.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Firm Warrants will be delivered by the
Company to you against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company
at the offices of Craig-Hallum Capital Group LLC, 222 South&nbsp;9th Street, Suite&nbsp;350, Minneapolis, Minnesota, or such other
location as may be mutually acceptable at&nbsp;9:00 a.m., Central time, on the Closing Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#9;<I><U>Delivery</U></I>.
If the Underwriter so elects, delivery of the Firm Shares may be made by credit through full fast transfer to the accounts at The
Depository Trust Company designated by the Underwriter. Certificates representing the Securities in definitive form and in such
denominations and registered in such names as you have reasonably requested, or evidence of their issuance, will be made available
for checking at a reasonable time preceding the Closing Date at the office of Craig-Hallum Capital Group LLC, 222 South&nbsp;9th
Street, Suite&nbsp;350, Minneapolis, Minnesota, or such other location as may be mutually acceptable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#9;<I><U>Selected
Dealers</U></I>. The Underwriter may retain other brokers or dealers (each a &ldquo;<B><I>Selected Dealer</I></B>&rdquo;) who are
members in good standing of FINRA and duly registered as broker-dealers under the Exchange Act and under the laws of any states
in which the offering is conducted (except where such registration is not required by law) to assist them and to act as subagents
on their behalf in connection with this offering, and may enter into agreements with such Selected Dealers for the offer and sale
of the Securities adopting such provisions of this Agreement for the benefit of the Selected Dealers as the Underwriter deems appropriate;
provided, however, that the Company will be obligated to pay only the Underwriter, in accordance with the terms of this Agreement,
for their services rendered hereunder and shall be under no obligation to make any payment of any kind to any such Selected Dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#9;<B><I>Covenants</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Covenants
of the Company</U></I>. The Company covenants and agrees with the Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#9;<I><U>Required
Filings</U></I>. During the period beginning on the date hereof and ending on the later of the Closing Date or such date, as in
the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered (assuming the absence of
Rule&nbsp;172 under the Securities Act), in connection with sales by the Underwriter or a dealer (the <B>&ldquo;<I>Prospectus Delivery
Period&rdquo;</I></B>), prior to amending or supplementing the Registration Statement&nbsp;(including any Rule&nbsp;462(b) Registration
Statement), the Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the Underwriter for review a copy
of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which
the Underwriter or counsel to the Underwriter reasonably object. Subject to this Section&nbsp;4(a)(i), immediately following execution
of this Agreement, the Company will prepare the Prospectus containing the Rule&nbsp;430B Information and other selling terms of
the Securities, the plan of distribution thereof and such other information as may be required by the Securities Act or the Rules
and Regulations or as the Underwriter and the Company may deem appropriate, and if requested by the Underwriter, an issuer free
writing prospectus containing the selling terms of the Securities and such other information as the Company and the Underwriter
may deem appropriate, and will file or transmit for filing with the Commission, in accordance with Rule&nbsp;424(b) or Rule&nbsp;433,
as the case may be, copies of the Prospectus and each issuer free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#9;<I><U>Notification
of Certain Commission Actions</U></I>. After the date of this Agreement, the Company shall promptly advise the Underwriter in writing
(A)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B)&nbsp;of
the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to
any Preliminary Prospectus, the Time of Sale Disclosure Package or the Prospectus, (C)&nbsp;of the time and date that any post-effective
amendment to the Registration Statement becomes effective, (D)&nbsp;of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending
its use or the use of any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer free writing
prospectus, or (E)&nbsp;of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any
securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation
of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use
its best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it
shall comply with the provisions of Rules&nbsp;424(b) and&nbsp;430B, as applicable, under the Securities Act and will use its reasonable
efforts to confirm that any filings made by the Company under Rule&nbsp;424(b), Rule&nbsp;433 or Rule&nbsp;462 were received in
a timely manner by the Commission (without reliance on Rule&nbsp;424(b)(8) or Rule&nbsp;164(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#9;<I><U>Continued
Compliance with Securities Laws</U></I>. (B) During the Prospectus Delivery Period, the Company will comply with all requirements
imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in
force, and by the Exchange Act so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated
by the provisions hereof, the Time of Sale Disclosure Package and the Prospectus. If during such period any event occurs as a result
of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package)
would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the
opinion of the Company or its counsel or the Underwriter or counsel to the Underwriter to amend the Registration Statement or supplement
the Prospectus (or, if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) to comply
with the Securities Act or to file under the Exchange Act any document which would be deemed to be incorporated by reference in
the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) in order
to comply with the Securities Act or the Exchange Act, the Company promptly will (x)&nbsp;notify you of such untrue statement or
omission, (y)&nbsp;amend the Registration Statement or supplement the Prospectus (or, if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct
such statement or omission or effect such compliance, and (z)&nbsp;notify you when any amendment to the Registration Statement
is filed or becomes effective or when any supplement to the Prospectus (or, if the Prospectus is not yet available to prospective
purchasers, the Time of Sale Disclosure Package) is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#9;If at
any time following issuance of an issuer free writing prospectus there occurred or occurs an event or development as a result of
which such issuer free writing prospectus conflicted or would conflict with the information contained in the Registration Statement,
the Preliminary Prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or
would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing
at that subsequent time, not misleading, the Company (x)&nbsp;has promptly notified or promptly will notify the Underwriter of
such conflict, untrue statement or omission, (y)&nbsp;has promptly amended or will promptly amend or supplement, at its own expense,
such issuer free writing prospectus to eliminate or correct such conflict, untrue statement or omission, and (z)&nbsp;has notified
or promptly will notify you when such amendment or supplement was or is filed with the Commission where so required to be filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#9;<I><U>Blue
Sky Qualifications</U></I>. The Company shall take or cause to be taken all necessary action required by law to qualify the Securities
for sale under the securities laws of such jurisdictions as you reasonably designate and to continue such qualifications in effect
so long as required for the distribution of the Securities, except that the Company shall not be required in connection therewith
to qualify as a foreign corporation or to execute a general consent to service of process in any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&#9;<I><U>Provision
of Documents</U></I>. The Company will furnish, at its own expense, to the Underwriter and counsel for the Underwriter copies of
the Registration Statement, and to the Underwriter and any dealer each Preliminary Prospectus, the Time of Sale Disclosure Package,
the Prospectus, any issuer free writing prospectus, and all amendments and supplements to such documents, in each case as soon
as available and in such quantities as you may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&#9;<I><U>Rule&nbsp;158</U></I>.
The Company will make generally available to its security holders as soon as practicable, but in no event later than&nbsp;16&nbsp;months
after the end of the Company&rsquo;s current fiscal quarter, an earnings statement&nbsp;(which need not be audited) that shall
satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&#9;<I><U>Payment
and Reimbursement of Expenses</U></I>. The Company, whether or not the transactions contemplated hereunder are consummated or this
Agreement is terminated, will pay or cause to be paid (A)&nbsp;all expenses (including transfer taxes allocated to the respective
transferees) incurred in connection with the delivery to the Underwriter of the Securities, (B)&nbsp;all expenses and fees (including,
without limitation, fees and expenses of the Company&rsquo;s accountants and counsel but, except as otherwise provided below, not
including fees of the Underwriter&rsquo;s counsel) in connection with the preparation, printing, filing, delivery, and shipping
of the Registration Statement&nbsp;(including the financial statements therein and all amendments, schedules, and exhibits thereto),
the Securities, each Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus
and any amendment thereof or supplement thereto, and the printing, delivery, and shipping of this Agreement and other underwriting
documents, including blue sky analysis (covering the applicable state jurisdictions), (C)&nbsp;all filing fees incurred in connection
with the qualification of the Securities for offering and sale by the Underwriter or by dealers under the Securities or blue sky
laws of the states and other jurisdictions which you shall designate, (D)&nbsp;the fees and expenses of the transfer agent or registrar,
(E)&nbsp;the filing fees incident to any required review and approval by FINRA of the terms of the sale of the Securities, (F)&nbsp;listing
fees, if any, (G)&nbsp;the cost and expenses of the Company relating to investor presentations or any &ldquo;roadshow&rdquo; undertaken
in connection with marketing of the Securities, (H)&nbsp;all reasonable, out-of-pocket, accountable expenses of the Underwriter
(including but not limited to reasonable fees and disbursements of the Underwriter&rsquo;s counsel and the Underwriter&rsquo;s
reasonable and documented travel, database, printing, postage, facsimile and telephone expenses) incurred in connection with the
Underwriter&rsquo;s investigation of the Company, preparing to market and marketing the Securities, sale of the Securities or in
contemplation of performing its obligations hereunder, which amount will not exceed $85,000 in the aggregate, and (I)&nbsp;all
other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically
provided for herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)&#9;<I><U>Use
of Proceeds</U></I>. The Company will apply the net proceeds from the sale of the Securities to be sold by it hereunder for the
purposes set forth in the Time of Sale Disclosure Package and in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&#9;<I><U>Company
Lock Up</U></I>. The Company will not, without the prior written consent of the Underwriter, from the date of execution of this
Agreement and continuing to and including the date&nbsp;90&nbsp;days after the date of the Prospectus (the <B><I>&ldquo;Lock-Up
Period&rdquo;</I></B>), (A)&nbsp;offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose
of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common
Stock or (B)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences
of ownership of the Common Stock, whether any such transaction described in clause&nbsp;(A) or (B)&nbsp;above is to be settled
by delivery of Common Stock or such other securities, in cash or otherwise, except, in each case, for (x)&nbsp;the sale of the
Securities as contemplated by this Agreement, (y)&nbsp;issuances of shares of Common Stock upon the exercise or conversion of options,
warrants or convertible securities disclosed as outstanding in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus, and (z)&nbsp;the issuance of Awards not vesting or exercisable during the Lock-Up Period pursuant to the Company
Stock Plans in the ordinary course of business consistent with past practices. The Company agrees not to accelerate the vesting
of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up Period. If (1)&nbsp;during
the last&nbsp;17&nbsp;days of the Lock-Up Period, (a)&nbsp;the Company issues an earnings release, (b)&nbsp;the Company publicly
announces material news or (c)&nbsp;a material event relating to the Company occurs; or (2)&nbsp;prior to the expiration of the
Lock-Up Period, the Company announces that it will release earnings results during the&nbsp;15-day period beginning on the last
day of the Lock-Up Period, then the restrictions in this Agreement, unless otherwise waived by the Underwriter in writing, shall
continue to apply until the expiration of the date that is&nbsp;18 calendar days after the date on which (a)&nbsp;the Company issues
the earnings release, (b)&nbsp;the Company publicly announces material news or (c)&nbsp;a material event relating to the Company
occurs. The Company will provide the Underwriter and each stockholder subject to the Lock-Up Agreement (as defined below) with
prior notice of any such announcement that gives rise to the extension of the Lock-Up Period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&#9;<I><U>Stockholder
Lock-Ups</U></I>. The Company has caused to be delivered to you prior to the date of this Agreement a letter, in the form of Exhibit&nbsp;B
hereto (the <B><I>&ldquo;Lock-Up Agreement&rdquo;</I></B>), from each individual or entity listed on Schedule&nbsp;III. The Company
will enforce the terms of each Lock-Up Agreement and issue stop-transfer instructions to the transfer agent for the Common Stock
with respect to any transaction or contemplated transaction that would constitute a breach of or default under the applicable Lock-Up
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&#9;<I><U>No
Market Stabilization or Manipulation</U></I>. The Company has not taken and will not take, directly or indirectly, any action designed
to or which might reasonably be expected to cause or result in, or which has constituted, the stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the Securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)&#9;<I><U>SEC
Reports</U></I>. During the Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic
and special reports as required by the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiii)&#9;<I><U>Internal
Controls</U></I>. During the Prospectus Delivery Period, the Company and its subsidiaries will maintain such controls and other
procedures, including without limitation those required by Sections&nbsp;302 and&nbsp;906 of the Sarbanes-Oxley Act and the applicable
regulations thereunder, that are designed to ensure that information required to be disclosed by the Company in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the Commission&rsquo;s rules and forms, including without limitation, controls and procedures designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company&rsquo;s management, including its principal executive officer and its principal financial officer, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure, to ensure that material information
relating to Company, including its subsidiary, is made known to them by others within those entities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xiv)&#9;<I><U>Sarbanes-Oxley</U></I>.
During the Prospectus Delivery Period, the Company and its subsidiaries will comply with all applicable provisions of the Sarbanes-Oxley
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xv)&#9;<I><U>Free
Writing Prospectuses</U></I>. The Company represents and agrees that, unless it obtains the prior written consent of the Underwriter,
it has not made and will not make any offer relating to the Securities that would constitute an issuer free writing prospectus
or that would otherwise constitute a free writing prospectus required to be filed with the Commission; provided that the prior
written consent of the Underwriter shall be deemed to have been given in respect of the free writing prospectuses included in Schedule&nbsp;I.
Any such free writing prospectus consented to by the Underwriter is hereinafter referred to as a <B><I>&ldquo;Permitted Free Writing
Prospectus.&rdquo;</I></B> The Company represents that it has treated or agrees that it will treat each Permitted Free Writing
Prospectus as an issuer free writing prospectus and has complied and will comply with the requirements of Rule&nbsp;164 and Rule&nbsp;433
applicable to any Permitted Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#9;<B><I>Conditions
of Underwriter&rsquo;s Obligations</I></B>. The obligations of the Underwriter hereunder are subject to the accuracy, as of the
date hereof and at the Closing Date, of and compliance with all representations, warranties and agreements of the Company contained
herein, to the performance by the Company of its obligations hereunder and to the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Required
Filings; Absence of Certain Commission Actions</U></I>. If filing of the Prospectus, or any amendment or supplement thereto, or
any issuer free writing prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have filed
the Prospectus (or such amendment or supplement) or such issuer free writing prospectus with the Commission in the manner and within
the time period so required (without reliance on Rule&nbsp;424(b)(8) or Rule&nbsp;164(b)); the Registration Statement shall remain
effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule&nbsp;462(b) Registration
Statement, or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus
or any issuer free writing prospectus shall have been issued; no proceedings for the issuance of such an order shall have been
initiated or threatened; any request of the Commission for additional information (to be included in the Registration Statement,
the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus or otherwise) shall have been complied
with to your satisfaction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<I><U>Continued
Compliance with Securities Laws</U></I>. You shall not have advised the Company that (i)&nbsp;the Registration Statement or any
amendment thereof or supplement thereto contains an untrue statement of a material fact which, in your opinion, is material or
omits to state a material fact which, in your opinion, is required to be stated therein or necessary to make the statements therein
not misleading, or (ii)&nbsp;the Time of Sale Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto,
or any issuer free writing prospectus contains an untrue statement of fact which, in your opinion, is material, or omits to state
a fact which, in your opinion, is material and is required to be stated therein, or necessary to make the statements therein, in
light of the circumstances under which they are made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#9;<I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent to the
respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, neither the Company
nor any of its subsidiaries shall have incurred any material liabilities or obligations, direct or contingent, or entered into
any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock;
and there shall not have been any change in the capital stock (other than a change in the number of outstanding shares of Common
Stock due to the issuance of Awards under the Company Stock Plans or shares upon the exercise of outstanding options or warrants
or conversion of convertible securities), or any material change in the short-term or long-term debt of the Company (other than
as a result of the conversion of convertible securities), or any issuance of options, warrants, convertible securities or other
rights to purchase the capital stock (other than issuances of Awards under the Company Stock Plans) of the Company or any of its
subsidiaries, or any development which would be reasonably expected to result in any Material Adverse Effect, in your judgment,
makes it impractical or inadvisable to offer or deliver the Securities on the terms and in the manner contemplated in the Time
of Sale Disclosure Package and in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#9;<I><U>Opinion
of Company Counsel</U></I>. On the Closing Date, there shall have been furnished to you the opinion of Paul Hastings LLP, counsel
for the Company, dated such Closing Date and addressed to you in substantially the form attached hereto as Exhibit&nbsp;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#9;<I><U>Opinion
of Underwriter&rsquo;s Counsel</U></I>. On the Closing Date, there shall have been furnished to you such opinion or opinions from
Faegre Baker Daniels LLP, counsel for the Underwriter, dated such Closing Date and addressed to you, with respect to such matters
as you reasonably may request, and such counsel shall have received such papers and information as they request to enable them
to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#9;<I><U>Comfort
Letters</U></I>. On the date hereof, on the effective date of any post-effective amendment to the Registration Statement filed
after the date hereof and on the Closing Date you shall have received an accountant&rsquo;s &ldquo;comfort&rdquo; letter of each
of E&amp;Y and McGladrey, dated such date and addressed to you, in form and substance satisfactory to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#9;<I><U>Officers&rsquo;
Certificate</U></I>. On the Closing Date, there shall have been furnished to you a certificate, dated such Closing Date and addressed
to you, signed by the chief executive officer and by the chief accounting officer of the Company, on behalf of the Company and
not in their individual capacities, to the effect that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#9;The
representations and warranties of the Company in this Agreement are true and correct as if made at and as of such Closing Date,
and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to such Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#9;No
stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
or the qualification of the Securities for offering or sale nor suspending or preventing the use of the Time of Sale Disclosure
Package, the Prospectus or any issuer free writing prospectus, has been issued, and no proceeding for that purpose has been instituted
or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#9;<I><U>Lock-Up
Agreement</U></I>. The Underwriter shall have received all of the Lock-Up Agreements referenced in Section&nbsp;4 and the Lock-Up
Agreements shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#9;<I><U>FINRA No
Objections</U></I>. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&#9;<I><U>Other Documents</U></I>.
The Company shall have furnished to you and counsel for the Underwriter such additional documents, certificates and evidence as
you or they may have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&#9;<I><U>Exchange
Listing</U></I>. The Firm Shares to be delivered on such Closing Date have been approved for listing on the NASDAQ Capital Market,
subject to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise stated herein, all such
opinions, certificates, letters and other documents mentioned above and elsewhere in this Agreement will be in compliance with
the provisions hereof only if they are reasonably satisfactory in form and substance to you and counsel for the Underwriter. The
Company will furnish you with such conformed copies of such opinions, certificates, letters and other documents as you shall reasonably
request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#9;<B><I>Indemnification
and Contribution</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Indemnification
by the Company</U></I>. The Company agrees to indemnify and hold harmless the Underwriter, its affiliates, directors and officers
and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Act and Section&nbsp;20 of the
Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Underwriter may become
subject, under the Act or otherwise (including in settlement of any litigation if such settlement is effected with the written
consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the&nbsp;430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale Disclosure
Package, the Prospectus, or any amendment or supplement thereto, any issuer free writing prospectus, or any issuer information
that the Company has filed or is required to file pursuant to Rule&nbsp;433(d) of the Rules and Regulations, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse the Underwriter for any legal or other expenses reasonably incurred
by it in connection with investigating or defending against such loss, claim, damage, liability or action as such expenses are
incurred; <I>provided, however,</I> that the Company will not be liable in any such case to the extent that any such loss, claim,
damage, liability or action (A)&nbsp;are finally determined by a court of competent jurisdiction to have resulted primarily and
directly from the willful misconduct or gross negligence of the Underwriter or any indemnified person under this paragraph or (B)&nbsp;arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and
in conformity with written information furnished to the Company by you specifically for use in the preparation thereof; it being
understood and agreed that the only information furnished by the Underwriter consists of the information described as such in Section&nbsp;6(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<I><U>Indemnification
by the Underwriter</U></I>. The Underwriter will indemnify and hold harmless the Company, its affiliates, directors and officers
and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act and Section&nbsp;20 of the Exchange
Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Company may become subject, under
the Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the
Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the&nbsp;430B
Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness and at any
subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale Disclosure Package,
the Prospectus, or any amendment or supplement thereto, or any issuer free writing prospectus, or any issuer information that the
Company has filed or is required to file pursuant to Rule&nbsp;433(d) of the Rules and Regulations, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement
or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by
you specifically for use in the preparation thereof (it being understood and agreed that the only information furnished by the
Underwriter consists of the information described as such in Section&nbsp;6(e)), and will reimburse the Company for any legal or
other expenses reasonably incurred by the Company in connection with investigating or defending against any such loss, claim, damage,
liability or action as such expenses are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#9;<I><U>Notice and
Procedures</U></I>. Promptly after receipt by an indemnified party under subsection&nbsp;(a) or (b)&nbsp;above of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify
the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except
to the extent such indemnifying party has been materially prejudiced by such failure (through the forfeiture of substantive rights
or defenses). In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party
of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&rsquo;s election
so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for
any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
costs of investigation; <I>provided</I>, <I>however</I>, that if, in the sole judgment of the Underwriter, it is advisable for
the Underwriter to be represented by separate counsel, the Underwriter shall have the right to employ a single counsel (in addition
to local counsel) to represent the Underwriter, in which event the reasonable fees and expenses of such separate counsel shall
be borne by the indemnifying party or parties and reimbursed to the Underwriter as incurred. An indemnifying party shall not be
obligated under any settlement agreement relating to any action under this Section&nbsp;6 to which it has not agreed in writing.
In addition, no indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not be
unreasonably withheld or delayed), effect any settlement of any pending or threatened proceeding unless such settlement includes
an unconditional release of such indemnified party for all liability on claims that are the subject matter of such proceeding and
does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#9;<I><U>Contribution;
Limitations on Liability; Non-Exclusive Remedy</U></I>. If the indemnification provided for in this Section&nbsp;6 is unavailable
or insufficient to hold harmless an indemnified party under subsection&nbsp;(a) or (b)&nbsp;above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection&nbsp;(a) or (b)&nbsp;above, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits
received by the Company on the one hand and the Underwriter on the other from the offering of the Securities or (ii)&nbsp;if the
allocation provided by clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company on the one hand
and the Underwriter on the other in connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand
and the Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before
deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriter,
in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company or the Underwriter and the parties&rsquo; relevant intent,
knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriter
agree that it would not be just and equitable if contributions pursuant to this subsection&nbsp;(d) were to be determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the first sentence of this subsection&nbsp;(d). The amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection&nbsp;(d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is
the subject of this subsection&nbsp;(d). Notwithstanding the provisions of this subsection&nbsp;(d), the Underwriter shall not
be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received
by the Underwriter with respect to the Securities purchased by it hereunder exceeds the amount of any damages that the Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section&nbsp;6 are not
exclusive and shall not limit any rights or remedies that might otherwise be available to any indemnified party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#9;<I><U>Information
Provided by the Underwriter</U></I>. The Underwriter confirms and the Company acknowledges that the statements with respect to
the public offering of the Securities by the Underwriter set forth in the second paragraph under the caption &ldquo;Underwriting&rdquo;
in the Time of Sale Disclosure Package and in the Prospectus are correct and constitute the only information concerning the Underwriter
furnished in writing to the Company by the Underwriter specifically for inclusion in the Registration Statement, any Preliminary
Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#9;<B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company and the Underwriter
herein or in certificates delivered pursuant hereto, including but not limited to the agreement of the Company and the Underwriter
contained in Section&nbsp;6 hereof, shall remain operative and in full force and effect regardless of any investigation made by
or on behalf of the Underwriter or any controlling person thereof, or the Company or any of its officers, directors, or controlling
persons, and shall survive delivery of, and payment for, the Securities to and by the Underwriter hereunder and any termination
of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#9;<B><I>Termination
of this Agreement.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;<I><U>Right to
Terminate</U></I>. You shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified
at any time at or prior to the Closing Date if (i)&nbsp;the Company shall have failed, refused or been unable, at or prior to the
Closing Date, to perform any agreement on its part to be performed hereunder, (ii)&nbsp;any condition of the Underwriter&rsquo;s
obligations hereunder is not fulfilled, (iii)&nbsp;trading in the Company&rsquo;s Common Stock shall have been suspended by the
Commission or The NASDAQ Stock Market LLC or trading in securities generally on the NASDAQ Stock Market or New York Stock Exchange
shall have been suspended, (iv)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices
for securities shall have been required, on the NASDAQ Stock Market or New York Stock Exchange by such Exchange or by order of
the Commission or any other Governmental Authority having jurisdiction, (v)&nbsp;a banking moratorium shall have been declared
by federal or New York state authorities or a material disruption in commercial banking or securities settlement or clearance services
in the United States, or (vi)&nbsp;there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States, any declaration by the United States of a national emergency or war, any material adverse change in
financial markets, any substantial change or development involving a prospective substantial change in United States or international
political, financial or economic conditions, or any other calamity or crisis that, in your judgment, is material and adverse and
makes it impractical or inadvisable to proceed with the completion of the sale of and payment for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<I><U>Notice of
Termination</U></I>. If you elect to terminate this Agreement as provided in this Section, the Company shall be notified promptly
by you by telephone, confirmed by letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#9;<I><U>Effect of
Termination</U></I>. No party shall be relieved of any liability under this Agreement arising from any breach of its obligations
hereunder occurring prior to termination of this Agreement as a result of the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#9;<B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriter, shall be mailed
via overnight delivery service or hand delivered via courier to Craig-Hallum Capital Group LLC, 222 South&nbsp;9th Street, Suite&nbsp;350,
Minneapolis, Minnesota&nbsp;55402, Attention: General Counsel; if to the Company, shall be mailed or delivered to it at&nbsp;12325
Emmet Street, Omaha, Nebraska&nbsp;68164, Attention: Chief Executive Officer; or in each case to such other address as the person
to be notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the
parties to this Agreement written notice of a new address for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#9;<B><I>Persons
Entitled to Benefit of Agreement</I></B>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and assigns and the controlling persons, officers and directors referred to in Section&nbsp;6. Nothing
in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term &ldquo;successors and assigns&rdquo;
as herein used shall not include any purchaser, as such purchaser, of any of the Securities from the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#9;<B><I>Absence
of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a)&nbsp;the Underwriter has been retained solely
to act as an underwriter in connection with the sale of the Securities and that no fiduciary, advisory or agency relationship between
the Company and the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Underwriter has advised or is advising the Company on other matters; (b)&nbsp;the price and other terms of the Securities
set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriter
and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement; (c)&nbsp;it has been advised that the Underwriter and its affiliates are engaged in a broad range
of transactions which may involve interests that differ from those of the Company and that the Underwriter has no obligation to
disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d)&nbsp;it
has been advised that the Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely for the
benefit of the Underwriter, and not on behalf of the Company; and (e) it waives to the fullest extent permitted by law, any claims
it may have against the Underwriter for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any of the transactions
contemplated by this Agreement and agrees that the Underwriter shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors
of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#9;<B><I>Governing
Law; Waiver of Jury Trial</I></B>. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
and the Underwriter hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#9;<B><I>Counterparts</I></B>.
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&#9;<B><I>General
Provisions.</I></B> This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including
all sections of the engagement letter dated February&nbsp;12, 2015 other than Section 5 of such engagement letter. This Agreement
may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may
be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the
convenience of the parties only and shall not affect the construction or interpretation of this Agreement. The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section,
paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it
valid and enforceable.</P>

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please sign and return to the Company the enclosed duplicates
of this letter whereupon this letter will become a binding agreement between the Company and the Underwriter in accordance with
its terms.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Transgenomic, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Confirmed as of the date first</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">above mentioned.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Craig-Hallum Capital Group LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


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


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                                         Inc. - Signature Page to Purchase Agreement]</I></TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certain Permitted Free Writing Prospectuses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Firm Securities: 3,573,899 shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Firm Warrants: warrants to purchase 714,780
shares of common stock. Each warrant will have an exercise price of $2.24 per share, will be exercisable upon issuance and will
expire 5 years from the date of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Combined Firm Share and Firm Warrant Price
to the public: $1.95 per share</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Combined Firm Share and Firm Warrant Price
to the Underwriter: $1.8135 per share</P>

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


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Individuals and Entities Executing
Lock-Up Agreements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Paul Kinnon<BR>
Leon F. Richards<BR>
Doit L. Koppler II<BR>
Robert M. Patzig<BR>
Michael A. Luther<BR>
John D. Thompson</P>

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


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

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

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

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February __, 2015</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Craig-Hallum Capital Group LLC<BR>
222 South Ninth Street, Suite&nbsp;350<BR>
Minneapolis, Minnesota 55402</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an inducement to Craig-Hallum Capital
Group LLC (the &ldquo;Underwriter&rdquo;) to execute an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) providing
for a public offering (the &ldquo;Offering&rdquo;) of common stock, par value $0.01&nbsp;per share (the &ldquo;Common Stock&rdquo;),
of Transgenomic, Inc. and any successor (by merger or otherwise) thereto (the &ldquo;Company&rdquo;), the undersigned hereby agrees
that without, in each case, the prior written consent of the Underwriter during the period specified in the second succeeding paragraph&nbsp;(the
&ldquo;Lock-Up Period&rdquo;), the undersigned will not: (1)&nbsp;offer, pledge, announce the intention to sell, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into, exercisable or exchangeable for, or that represent the right to receive, Common Stock (including, without limitation,
Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the
Securities and Exchange Commission and shares of Common Stock which may be issued upon exercise of a stock option or warrant) whether
now owned or hereafter acquired; (2)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the
economic consequences of ownership of the undersigned&rsquo;s securities of the Company (the &ldquo;Securities&rdquo;), whether
any such transaction described in clause&nbsp;(1) or (2)&nbsp;above is to be settled by delivery of Common Stock or other Securities,
in cash or otherwise; (3)&nbsp;make any demand for or exercise any right with respect to, the registration of any shares of Common
Stock or any security convertible into or exercisable or exchangeable for shares of Common Stock; or (4)&nbsp;publicly disclose
the intention to do any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned agrees that the foregoing
restrictions preclude the undersigned from engaging in any hedging or other transaction which is designed to or which reasonably
could be expected to lead to or result in a sale or disposition of the Securities even if such Securities would be disposed of
by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short
sale or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any of
the Securities or with respect to any security that includes, relates to, or derives any significant part of its value from such
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Lock-Up Period will commence on the
date of this Agreement and continue and include the date&nbsp;90&nbsp;days after the date of the final prospectus used to sell
Common Stock in the Offering pursuant to the Underwriting Agreement; provided, however, that if (1)&nbsp;during the last&nbsp;17&nbsp;days
of the Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs
or (2)&nbsp;prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the&nbsp;16-day
period beginning on the last day of the Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration
of the&nbsp;18-day period beginning on the date of release of such earnings results or material news, or the occurrence of such
material event, as applicable, unless the Underwriter, waives, in writing, such extension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby acknowledges that
the Company will be requested to agree in the Underwriting Agreement to provide written notice to the undersigned of any event
that would result in an extension of the Lock-Up Period pursuant to the previous paragraph and agrees that any such notice properly
delivered will be deemed to have been given to, and received by, the undersigned. The undersigned further agrees that, prior to
engaging in any transaction or taking any other action that is subject to the terms of this Agreement during the period from the
date of this Agreement to and including the&nbsp;34th day following the expiration of the Lock-Up Period, it will give notice thereof
to the Company and will not consummate such transaction or take any such action unless it has received written confirmation from
the Company that the Lock-Up Period (as may have been extended pursuant to the previous paragraph) has expired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the undersigned
may transfer the Securities (i)&nbsp;as a bona fide gift or gifts, (ii)&nbsp;to any family member or any trust for the direct or
indirect benefit of the undersigned or the immediate family of the undersigned; provided that such transfer shall not involve a
disposition for value, (iii)&nbsp;if the undersigned is a corporation, partnership, limited liability company, trust or other business
entity (1)&nbsp;to another corporation, partnership, limited liability company, trust or other business entity that is a direct
or indirect affiliate (as defined in Rule&nbsp;405 promulgated under the Securities Act of&nbsp;1933, as amended) of the undersigned
or (2)&nbsp;as distributions to partners, members, stockholders, beneficiaries or other equity holders of the undersigned; provided
that such transfer shall not involve a disposition for value, (iv)&nbsp;to any corporation, partnership, limited liability company,
investment fund or other entity controlled or managed, or under common control or management by the undersigned or the immediate
family of the undersigned, (v)&nbsp;to an affiliate (as defined in Rule&nbsp;144 promulgated under the Securities Act of&nbsp;1933,
as amended) of the undersigned in any transfer that does not involve a disposition for value; (vi)&nbsp;if the undersigned is a
trust, transfers to the beneficiary of such trust, (vii)&nbsp;pursuant to a valid domestic order or divorce decree or settlement,
(viii)&nbsp;by will, other testamentary document or intestate succession upon the death of the undersigned, (ix)&nbsp;pursuant
to the Underwriting Agreement, (x)&nbsp;in transactions relating to the Securities acquired in open market transactions after completion
of the Offering, (xi)&nbsp;to the Company pursuant to any contractual arrangement in effect on the date of this Agreement that
provides for the repurchase of the undersigned&rsquo;s Common Stock or such other securities by the Company or in connection with
the termination of the undersigned&rsquo;s employment or other service relationship with the Company, (xii)&nbsp;pursuant to a
bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of the Company&rsquo;s
capital stock involving a change of control of the Company, provided that in the event that the tender offer, merger, consolidation
or other such transaction is not completed, the undersigned&rsquo;s Common Stock shall remain subject to the restrictions contained
in this Agreement or (xiii)&nbsp;pursuant to operation of law; provided, in the case of clauses&nbsp;(i) through (vii), that (y)&nbsp;the
transferee agrees in writing with the Underwriter to be bound by the terms of this Agreement, and (z)&nbsp;no filing by any party
under Section&nbsp;16(a) of the Securities Exchange Act of&nbsp;1934, as amended (the &ldquo;Exchange Act&rdquo;), shall be required
or shall be made voluntarily in connection with such transfer. For purposes of this Agreement, &ldquo;immediate family&rdquo; shall
mean any relationship by blood, marriage or adoption, not more remote than first cousin.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the foregoing restrictions
shall not apply to (i)&nbsp;the exercise of equity incentive awards granted pursuant to the Company&rsquo;s stock option or incentive
plans; provided that it shall apply to any of the undersigned&rsquo;s shares of Common Stock issued upon such exercise, (ii)&nbsp;any
deemed disposition or sale with respect to the withholding by the Company or surrender of the Securities in order to satisfy the
exercise price in connection with the exercise of equity incentive awards or to satisfy tax obligations with respect to the issuance
or vesting of any securities, or (iii)&nbsp;the establishment of any contract, instruction or plan (a &ldquo;Plan&rdquo;) that
satisfies all of the requirements of Rule&nbsp;10b5-1(c)(1)(i)(B) under the Exchange Act; provided that no sales of the Securities
shall be made pursuant to such a Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to
the provisions of this Agreement), and such a Plan may only be established if no public announcement of the establishment or existence
thereof and no filing with the Securities and Exchange Commission or other regulatory authority in respect thereof or transactions
thereunder or contemplated thereby, by the undersigned, the Company or any other person, shall be required, and no such announcement
or filing is made voluntarily, by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period
(as such may have been extended pursuant to the provisions of this Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In furtherance of the foregoing, the Company
and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Common Stock if such transfer
would constitute a violation or breach of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Agreement and that upon request, the undersigned will execute
any additional documents necessary to ensure the validity or enforcement of this Agreement. All authority herein conferred or agreed
to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives
of the undersigned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned understands that the undersigned
shall be immediately released from all obligations under this Agreement if (i)&nbsp;the Company notifies the Underwriter that it
does not intend to proceed with the Offering or the Underwriter notifies the Company that it does not intend to proceed with the
Offering, (ii)&nbsp;the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be
sold thereunder, (iii)&nbsp;the Offering is not completed by March&nbsp;31, 2015, or (iv)&nbsp;the Company withdraws the Registration
Statement relating to the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned understands that the Underwriter
is entering into the Underwriting Agreement and proceeding with the Offering in reliance upon this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard to conflicts of law principles.</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 34%; padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Printed Name of Holder</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Signature</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Printed Name &amp; Title of Person Signing</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

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



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

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

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>v403072_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right">Exhibit 4.1</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSGENOMIC, INC.<BR>
<BR>
WARRANT TO PURCHASE COMMON STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Original Issue Date: March 4, 2015</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Transgenomic, Inc.,
a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), hereby certifies that, for value received, ______________ or
its permitted registered assigns (the &ldquo;<B><I>Holder</I></B>&rdquo;), is entitled to purchase from the Company up to a total
of __________ shares of common stock, $0.01 par value per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), of the Company
(each such share, a &ldquo;<B><I>Warrant Share</I></B>&rdquo; and all such shares, the &ldquo;<B><I>Warrant Shares</I></B>&rdquo;)
at an exercise price per share equal to $2.24 per share (as adjusted from time to time as provided in <U>Section 8</U> herein,
the &ldquo;<B><I>Exercise Price</I></B>&rdquo;), at any time and from time to time beginning on the Original Issue Date set forth
above (the &ldquo;<B><I>Original Exercise Date</I></B>&rdquo;) and through and including 5:30 p.m., New York City time, on March
4, 2020 (the &ldquo;<B><I>Expiration Date</I></B>&rdquo;), and subject to the following terms and conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Warrant (this
&ldquo;<B><I>Warrant</I></B>&rdquo;) is one of a series of similar warrants issued pursuant to that certain prospectus supplement
of the Company dated February 27, 2015. All such warrants are referred to herein, collectively, as the &ldquo;<B><I>Warrants</I></B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&#9;<U>Registration of Warrants</U>.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which may be a third-party
transfer agent (the &ldquo;<B><I>Warrant Register</I></B>&rdquo;), in the name of the record Holder (which shall include the initial
Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time.
The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&#9;<U>Registration of Transfers</U>.
The Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with an assignment, in the form attached as <U>Schedule 2</U> hereto, duly completed and signed, to the Company&rsquo;s transfer
agent or to the Company at 12325 Emmet Street, Omaha, Nebraska 68164, Attention: Chief Executive Officer. Upon any such registration
or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a &ldquo;<B><I>New
Warrant</I></B>&rdquo;) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance
of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its
own expense any New Warrant under this <U>Section 2</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&#9;<U>Exercise and Duration of Warrant</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;All or any part
of this Warrant shall be exercisable by the registered Holder in any manner permitted by <U>Section 9</U> of this Warrant at any
time and from time to time on or after the Original Issue Date and through and including 5:30 p.m., New York City time, on the
Expiration Date. After 5:30 p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant not exercised
prior thereto shall be and become void and of no value and this Warrant shall be automatically terminated and no longer outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Holder may
exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as <U>Schedule 1</U> hereto (the
&ldquo;<B><I>Exercise Notice</I></B>&rdquo;), completed and duly signed, and (ii) payment of the Exercise Price for the number
of Warrant Shares as to which this Warrant is being exercised (which may take the form of a &ldquo;cashless exercise&rdquo; if
so indicated in the Exercise Notice) within one (1) Business Day (as defined below) following the Exercise Date (as defined herein).
The date on which the Exercise Notice is delivered to the Company (as determined in accordance with the notice provisions hereof)
is an &ldquo;<B><I>Exercise Date</I></B>.&rdquo; &ldquo;<B><I>Business Day</I></B>&rdquo; as used herein means any day, other than
a Saturday or Sunday and other than a day that banks in the New York, New York are generally authorized or required by applicable
law to be closed. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Exercise Notice form be required. Notwithstanding anything herein to the contrary, Holder shall not be
required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, Holder shall surrender this Warrant to the Company for cancellation
within three (3) Trading Days of the date the final Exercise Notice is delivered to the Company. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall
constitute an agreement by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter, subject
to the other provisions hereof. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the
original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&#9;<U>Delivery of Warrant Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon exercise of this
Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue or cause to be
issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate
(i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery
of the Warrant Shares to the Holder&rsquo;s account at the Depository Trust Company (&ldquo;<B><I>DTC</I></B>&rdquo;) or a similar
organization. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares or an electronic
delivery of the Warrant Shares by the foregoing deadline, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, $1,000 per Trading Day for each Trading Day after such delivery deadline until such Warrant Shares are delivered
or Holder rescinds such exercise. The Holder, or any person permissibly so designated by the Holder to receive Warrant Shares,
shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon the
written request of the Holder, use its reasonable best efforts to deliver, or cause to be delivered, the Warrant Shares hereunder
electronically through DTC or another established clearing corporation performing similar functions; <I>provided</I>, that the
Company may, but will not be required to, change its transfer agent if its current transfer agent cannot deliver the Warrant Shares
electronically through such a clearing corporation. &ldquo;<B><I>Trading Day</I></B>&rdquo; means (a) a day on which the Common
Stock is listed or quoted and traded on its Principal Trading Market (other than the OTCMarkets), or (b) if the Common Stock is
not listed on a Trading Market (other than the OTCMarkets), a day on which the Common Stock is traded in the over-the-counter market,
as reported by the OTCMarkets (or any similar organization or agency succeeding to its functions of reporting prices); <I>provided,</I>
that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading Day shall mean
a Business Day; <I>provided further,</I> that &ldquo;Trading Day&rdquo; shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time). &ldquo;<B><I>Principal Trading
Market</I></B>&rdquo; means whichever of the New York Stock Exchange, the NYSE MKT LLC, the NASDAQ Global Select Market, the NASDAQ
Global Market, the NASDAQ Capital Market or the OTCMarkets on which the Common Stock is primarily listed and quoted for trading.
&ldquo;<B><I>Trading Market</I></B>&rdquo; means whichever of the New York Stock Exchange, the NYSE MKT LLC, the NASDAQ Global
Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTCMarkets on which the Common Stock is listed or quoted
for trading on the date in question.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;If by the close
of the third Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate Exercise Price
in any manner permitted by <U>Section 9</U> of this Warrant, the Company fails to deliver to the Holder the required number of
Warrant Shares in the manner required pursuant to this <U>Section&nbsp;4</U>, and if after such third Trading Day and prior to
the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a &ldquo;<B><I>Buy-In</I></B>&rdquo;), then the Company shall, in its sole discretion, within three Trading Days after
the Holder&rsquo;s request for payment, either (i) pay in cash to the Holder an amount equal to the Holder&rsquo;s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the number of Warrant
Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited and the Company&rsquo;s
obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation
to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount
equal to the excess (if any) of the Holder&rsquo;s total purchase price (including brokerage commissions, if any) for the shares
of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased in the Buy-In,
multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall provide the Company with
written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and
other evidence reasonably requested by the Company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;To the extent
permitted by law, the Company&rsquo;s obligations to issue and deliver Warrant Shares in accordance with and subject to the terms
hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other
person of any obligation to the Company (other than breaches related to this Warrant) or any violation or alleged violation of
law by the Holder or any other person, and irrespective of any other circumstance that might otherwise limit such obligation of
the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the Holder&rsquo;s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely deliver certificates representing shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&#9;<U>Charges, Taxes and Expenses</U>.
Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to
the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&#9;<U>Replacement of Warrant</U>. If
this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable
indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company&rsquo;s obligation to issue the New Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&#9;<U>Reservation of Warrant Shares</U>.
The Company represents and warrants that on the date hereof, it has duly authorized and reserved, and covenants that it will at
all times during the period this Warrant is outstanding reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant,
free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments
and restrictions of <U>Section 8</U>). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and
fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the original issuance
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under
this Warrant. The Company represents and warrants that the Warrant Shares, when issued and paid for in accordance with the terms
of the Warrants and the underwriting agreement pursuant to which the Warrants originally were issued, will be issued free and clear
of all security interests, claims, liens and other encumbrances. The Company will take all such action as may be reasonably necessary
to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&#9;<U>Certain Adjustments</U>. The Exercise
Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth
in this <U>Section 8</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Stock Dividends
and Splits</U>. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding
shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock split or otherwise) its outstanding
shares of Common Stock into a smaller number of shares (a &ldquo;<B><I>Stock Combination Event</I></B>&rdquo;), or (iv) issues
by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price
shall be adjusted to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of
such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such effective date
immediately before giving effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and
any adjustment pursuant to clause (ii), (iii) or (iv) of this paragraph shall become effective immediately after the effective
date of such subdivision, combination or reclassification.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Pro Rata
Distributions</U>. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for
no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the
preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including cash
(in each case, &ldquo;<B><I>Distributed Property</I></B>&rdquo;), except for any distributions pursuant to a shareholders&rsquo;
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;<U>Fundamental
Transactions</U>. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the Company with
(but not into) another person, in which stockholders of the Company immediately prior to such transaction own less than a majority
of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer approved or authorized by the Company&rsquo;s Board of Directors is completed pursuant to which holders
of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities, cash or property,
or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by <U>Section 8(a)</U> above) (in any such case, a &ldquo;<B><I>Fundamental Transaction</I></B>&rdquo;),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the &ldquo;<B><I>Alternate Consideration</I></B>&rdquo;),
and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect
any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or person shall
assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the
Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly
apply to subsequent transactions of an analogous type to any Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;<U>Number of
Warrant Shares</U>. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this <U>Section 8</U>,
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares
shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;<U>Calculations</U>.
All calculations under this <U>Section 8</U> shall be made to the nearest cent or the nearest share, as applicable. The number
of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#9;<U>Notice of
Adjustments</U>. Upon the occurrence of each adjustment pursuant to this <U>Section 8</U>, the Company at its expense will, at
the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number
or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based. Upon written request,
the Company will promptly deliver a copy of each such certificate to the Holder and to the Company&rsquo;s transfer agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#9;<U>Notice of
Corporate Events</U>. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction, or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) Business Days prior
to the applicable record or effective date on which a person would need to hold Common Stock in order to participate in or vote
with respect to such transaction; <I>provided, however</I>, that the failure to deliver such notice or any defect therein shall
not affect the validity of the corporate action required to be described in such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&#9;<U>Payment of Exercise Price</U>.
The Holder shall pay the Exercise Price in immediately available funds; <I>provided, however</I>, that, at the Holder&rsquo;s option,
the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a &ldquo;cashless exercise&rdquo;,
in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">X = Y[(A-B)/A]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">X = the number of Warrant
Shares to be issued to the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Y = the total number
of Warrant Shares with respect to which this Warrant is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A = the average of
the Closing Bid Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five consecutive Trading
Days ending on the date immediately preceding the Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B = the Exercise Price
then in effect for the applicable Warrant Shares at the time of such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Warrant, &ldquo;<B><I>Closing Bid Price</I></B>&rdquo; means, for any security as of any date, the last reported closing bid price
for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal
Trading Market begins to operate on an extended hours basis and does not designate the closing bid price, then the last bid price
of such security prior to 4:00 p.m., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not
apply, the last closing price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg Financial Markets, or, if no closing bid price is reported for such security by Bloomberg Financial Markets,
the average of the bid prices of any market makers for such security as reported on OTC Pink (also known as the &ldquo;pink sheets&rdquo;)
by the OTCMarkets. If the Closing Bid Price cannot be calculated for a security on a particular date on any of the foregoing bases,
the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company and the
Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors
of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors&rsquo; determination
shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of Rule
144, it is intended, understood and acknowledged that the provisions above permitting &ldquo;cashless exercise&rdquo; are intended,
in part, to ensure that a full or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within
the meaning of paragraph (d)(3)(ii) of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced
as to such original Holder, on the Original Issue Date.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&#9;<U>No Fractional Shares</U>. No
fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that
would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company
shall pay the Holder in cash the fair market value (based on the Closing Bid Price) for any such fractional shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&#9;<U>Notices</U>. Any notice or other
document required or permitted to be given or delivered to the Holder shall be in writing and sent (a) by fax if the sender on
the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid)
or (b) by an internationally recognized overnight delivery service (with charges prepaid). The address and facsimile number of
a person for such notices or communications shall be as set forth in the Warrant Register unless changed by such person by two
Trading Days&rsquo; prior notice to the other person(s) in accordance with this <U>Section 11</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&#9;<U>Warrant Agent</U>. The Company
shall serve as warrant agent under this Warrant. Upon 15 days&rsquo; notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent
to be mailed (by first class mail, postage prepaid) to the Holder at the Holder&rsquo;s last address as shown on the Warrant Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&#9;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>No Rights
as a Stockholder</U>. The Holder, solely in such person&rsquo;s capacity as a holder of this Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such person&rsquo;s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Authorized
Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#9;The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation or of any requirements of the Principal Trading Market upon which the Common Stock
may be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#9;Except and to
the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of the Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (1) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (2) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant, and (3) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#9;Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;<U>Successors
and Assigns</U>. This Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written
consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding upon and inure
to the benefit of the Company and the Holder and their respective heirs, estate, legal representatives, successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;<U>Amendment
and Waiver</U>. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;<U>Acceptance</U>.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#9;<U>Governing
Law</U>. This Warrant shall be enforced, governed and construed in all respects in accordance with the laws of the State of New
York, as such laws are applied by the New York courts to agreements entered into and to be performed in New York by and between
residents of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#9;<U>Headings</U>.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#9;<U>Severability</U>.
If any provision of this Warrant is held to be invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed modified to conform with such statute or rule of law. Any provision hereof that may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provisions hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>TRANSGENOMIC, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Paul Kinnon</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Warrant]</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 1</B><BR>
<BR>
TRANSGENOMIC, INC.<BR>
<BR>
FORM OF EXERCISE NOTICE<BR>
<BR>
[To be executed by the Holder to purchase shares of Common Stock under the Warrant]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The undersigned is the Holder of Warrant
No. __________ (the &ldquo;<B><I>Warrant</I></B>&rdquo;) issued by Transgenomic, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The undersigned hereby exercises its
right to purchase __________ Warrant Shares pursuant to the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) The Holder intends that payment of
the Exercise Price shall be made as (check one):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Cash Exercise</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;<B><I>Cashless Exercise</I></B>&rdquo; under Section 9 of the Warrant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) If the Holder has elected a Cash Exercise,
the Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with the terms of the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Pursuant to this Exercise Notice, the
Company shall deliver to the Holder&rsquo;s Warrant Shares determined in accordance with the terms of the Warrant. Please issue
(check applicable box):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">A certificate of certificates representing the Holder&rsquo;s Warrant Shares in the name of the undersigned or in such other name as is specified below:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">.</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Holder&rsquo;s Warrant Shares in electronic form to the following account:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name and Contact for Broker:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Broker no:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Account no:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Account holder: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: _______________, _____</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 2</B><BR>
<BR>
TRANSGENOMIC, INC.<BR>
<BR>
FORM OF ASSIGNMENT<BR>
<BR>
[To be completed and executed by the Holder only upon transfer of the Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ______________ (the &ldquo;<B><I>Transferee</I></B>&rdquo;) the right
represented by the within Warrant to purchase _____________ shares of Common Stock of Transgenomic, Inc., a Delaware corporation
(the &ldquo;<B><I>Company</I></B>&rdquo;) to which the within Warrant relates and appoints ___________ attorney to transfer said
right on the books of the Company with full power of substitution in the premises.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">__________________________________________________<BR>
(Signature must conform in all respects to name of holder as specified on the face of the Warrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the presence of: Address of Transferee:</P>

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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>v403072_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right">Exhibit 5.1</P>

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

<P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 52%; padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0; text-indent: 0">February 27, 2015</td>
    <TD STYLE="width: 48%; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt; padding-top: 0; text-indent: 0">74049.00001</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transgenomic, Inc.<BR>
12325 Emmet Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Omaha, NE 68164</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Transgenomic, Inc., a Delaware corporation
(the &ldquo;Company&rdquo;), in connection with the offering of an aggregate of 3,573,899 shares (the &ldquo;Shares&rdquo;), of
the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), together with warrants (the &ldquo;Warrants&rdquo;)
to purchase up to an additional 714,780 shares of Common Stock (the &ldquo;Warrant Shares&rdquo;), all pursuant to the Registration
Statement on Form S-3 (File No. 333-201907) originally filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), on February 6, 2015 (the &ldquo;Registration Statement&rdquo;),
the related prospectus dated February 5, 2015, included in the Registration Statement (the &ldquo;Base Prospectus&rdquo;), and
the prospectus supplement to be filed with the Commission pursuant to Rule 424(b) of the rules and regulations of the Act (the
&ldquo;Prospectus Supplement&rdquo;). The Base Prospectus and the Prospectus Supplement are collectively referred to as the &ldquo;Prospectus.&rdquo;
The Company has requested our opinion in connection with certain related matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this opinion, we have examined and relied
upon the Registration Statement, the Prospectus, the form of Warrant to be filed as an exhibit to the Company&rsquo;s Current Report
of the Company on Form 8-K, the Company&rsquo;s Certificate of Incorporation and Company&rsquo;s Bylaws, each as currently in effect,
and the originals or copies certified to our satisfaction of such records, documents, certificates, memoranda and other instruments
as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. As to certain factual matters,
we have relied upon a certificate of an officer of the Company and have not independently verified such matters. We have assumed
the genuineness and authenticity of all documents submitted to us as originals, and the conformity to originals of all documents
submitted to us as copies thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to our opinion concerning the Warrants and the Warrant
Shares, we express no opinion to the extent that, notwithstanding its current reservation of shares of Common Stock, future issuances
of securities by the Company, including the Warrant Shares, and/or antidilution adjustments to outstanding securities of the Company,
including the Warrants, may cause the Warrants to be exercisable for more shares of Common Stock than the number that remain authorized
but unissued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our opinion is limited to the matters stated herein and no opinion
is implied or may be inferred beyond the matters expressly stated. Our opinion herein is expressed solely with respect to the federal
laws of the United States, the General Corporation Law of the State of Delaware and, as to the Warrants constituting valid and
legally binding obligations of the Company, the laws of the State of New York. We are not rendering any opinion as to compliance
with any federal or state antifraud law, rule or regulation relating to securities, or to the sale or issuance thereof. Our opinion
is based on these laws as in effect on the date hereof, and we disclaim any obligation to advise you of facts, circumstances, events
or developments which hereafter may be brought to our attention and which may alter, affect or modify the opinion expressed herein.
We express no opinion as to whether the laws of any particular jurisdiction other than those identified above are applicable to
the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the basis of the foregoing, and in reliance thereon, we are
of the opinion that (i) the Shares, when sold and issued against payment therefor in accordance with the Registration Statement
and the Prospectus, will be validly issued, and the Shares fully paid and nonassessable, (ii) provided that the Warrants have been
duly executed by the Company and duly delivered to the purchasers thereof against payment therefor, the Warrants, when issued and
sold as contemplated in the Registration Statements and the Prospectus will be binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or other similar laws relating to or affecting creditors&rsquo; rights generally and by general
equitable principles and limitations on availability of equitable relief, including specific performance (regardless of whether
such enforceability is considered in a proceeding at law or in equity), and (iii) the Warrant Shares, when issued and paid for
in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_003.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference to our firm under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus included in the Registration Statements and to the filing of this opinion as an exhibit to a Current
Report of the Company on Form 8-K.</P>

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

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

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

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

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

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



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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>v403072_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Transgenomic Announces Commencement of
Public Offering of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Omaha, Neb. (February 26, 2015) &ndash; Transgenomic, Inc.
(NASDAQ: TBIO)</B>&nbsp;today announced that it intends to offer shares of the company&rsquo;s common stock and corresponding warrants
to purchase shares of the company&rsquo;s common stock in an underwritten public offering. Craig-Hallum Capital Group LLC is acting
as the sole managing underwriter of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed offering is subject to market and other conditions,
and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The company plans to use the net proceeds from the offering for working capital and general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shelf registration statement on Form S-3 (Registration Number:
333-201907) relating to the public offering of the shares of common stock and corresponding warrants described above was filed
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and was declared effective on February 13, 2015. A preliminary
prospectus supplement relating to and describing the terms of the offering will be filed with the SEC on or about February 26,
2015 and will be available on the SEC&rsquo;s website at www.sec.gov. In addition, electronic copies of the final prospectus supplement
and accompanying prospectus, when available, may be obtained by contacting Craig-Hallum Capital Group LLC, 222 South 9th Street,
Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation, or sale is unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Transgenomic, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>Transgenomic, Inc.</U></FONT>
is a global biotechnology company advancing precision medicine in cardiology, oncology, and inherited diseases through advanced
diagnostic technologies, such as its revolutionary ICE COLD-PCR<SUP>TM</SUP> and its unique genetic tests provided through its
Patient Testing business. The company also provides specialized clinical and research services to biopharmaceutical companies
developing targeted therapies and sells equipment, reagents and other consumables for applications in molecular testing and cytogenetics.
Transgenomic&rsquo;s diagnostic technologies are designed to improve medical diagnoses and patient outcomes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain statements in this press release constitute &ldquo;forward-looking
statements&rdquo; of the company within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known
and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results,
performance or achievements expressed or implied by such statements. There can be no assurance that the company will be able to
complete the public offering on the anticipated terms, or at all. Risks and uncertainties relating to this offering, the company
and its business can be found under the heading &ldquo;Risk Factors&rdquo; in the company&rsquo;s preliminary prospectus supplement
and the accompanying prospectus expected to be filed with the SEC on or about February 26, 2015 and in the company&rsquo;s other
reports filed with the SEC and available at the SEC&rsquo;s website at www.sec.gov. These forward-looking statements speak only
as of the date hereof, and, except as required by law, the company does not undertake any obligation to revise or update information
herein to reflect events or circumstances in the future, even if new information becomes available.</I></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Investor Contact</I></B></FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-align: left">Media Contact</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argot Partners</FONT></TD>
    <TD STYLE="padding: 0; text-align: left">BLL Partners LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Susan Kim, &nbsp;&nbsp;212-600-1902</FONT></TD>
    <TD STYLE="padding: 0; text-align: left">Barbara Lindheim, 212-584-2276 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Blue"><U>susan@argotpartners.com</U></FONT></TD>
    <TD STYLE="padding: 0; text-align: left"><FONT STYLE="color: Blue"><U>blindheim@bllbiopartners.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>v403072_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 99.2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Transgenomic Announces Pricing of Public
Offering of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Omaha, Neb. (February 27, 2015) &ndash; Transgenomic, Inc.
(NASDAQ: TBIO)</B>&nbsp;today announced the pricing of an underwritten public offering of 3,573,899 shares of the company&rsquo;s
common stock and corresponding warrants to purchase 714,780 shares of the company&rsquo;s common stock. After the underwriting
discount and estimated offering expenses payable by the company, Transgenomic expects to receive net proceeds of approximately
$6.2 million. The offering is expected to close on or about March 4, 2015, subject to customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Craig-Hallum Capital Group LLC is acting as the sole managing
underwriter of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company plans to use the net proceeds from the offering
for working capital and general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shelf registration statement on Form S-3 (Registration Number:
333-201907) relating to the public offering of the shares of common stock and corresponding warrants described above was filed
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and was declared effective on February 13, 2015. A final prospectus
supplement relating to and describing the terms of the offering will be filed with the SEC on or about February 27, 2015 and will
be available on the SEC&rsquo;s website at www.sec.gov. In addition, electronic copies of the final prospectus supplement and accompanying
prospectus, when available, may be obtained by contacting Craig-Hallum Capital Group LLC, 222 South 9th Street, Suite 350, Minneapolis,
MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation, or sale is unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Transgenomic, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>Transgenomic, Inc.</U></FONT>
is a global biotechnology company advancing precision medicine in cardiology, oncology, and inherited diseases through advanced
diagnostic technologies, such as its revolutionary ICE COLD-PCR<SUP>TM</SUP> and its unique genetic tests provided through its
Patient Testing business. The company also provides specialized clinical and research services to biopharmaceutical companies
developing targeted therapies and sells equipment, reagents and other consumables for applications in molecular testing and cytogenetics.
Transgenomic&rsquo;s diagnostic technologies are designed to improve medical diagnoses and patient outcomes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain statements in this press release constitute &ldquo;forward-looking
statements&rdquo; of the company within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known
and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results,
performance or achievements expressed or implied by such statements. These forward-looking statements include statements relating
to the company&rsquo;s expectations with respect to the completion, timing and size of this offering. Risks and uncertainties relating
to this offering, the company and its business can be found under the heading &ldquo;Risk Factors&rdquo; in the company&rsquo;s
preliminary prospectus supplement and the accompanying prospectus filed with the SEC on February 26, 2015 and in the company&rsquo;s
other reports filed with the SEC and available at the SEC&rsquo;s website at www.sec.gov. These forward-looking statements speak
only as of the date hereof, and, except as required by law, the company does not undertake any obligation to revise or update information
herein to reflect events or circumstances in the future, even if new information becomes available.</I></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Investor Contact</I></B></FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Media Contact</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argot Partners</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BLL Partners LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Susan Kim, &nbsp;&nbsp;212-600-1902</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Barbara Lindheim, 212-584-2276 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Blue"><U>susan@argotpartners.com</U></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Blue"><U>blindheim@bllbiopartners.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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