<SEC-DOCUMENT>0001144204-16-078271.txt : 20160531
<SEC-HEADER>0001144204-16-078271.hdr.sgml : 20160531
<ACCEPTANCE-DATETIME>20160201175221
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-078271
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Moleculin Biotech, Inc.
		CENTRAL INDEX KEY:			0001659617
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				474671999
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2575 WEST BELLFORT
		STREET 2:		SUITE 333
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054
		BUSINESS PHONE:		713-300-5160

	MAIL ADDRESS:	
		STREET 1:		2575 WEST BELLFORT
		STREET 2:		SUITE 333
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054
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        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 N. 18<sup>th</sup> Street</P>
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        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-variant: normal"><i>t </i></font>202.778.6400</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-variant: normal"><i>f </i></font>202.778.6460</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.schiffhardin.com</P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">202.724.6847</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cpavri@schiffhardin.com</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">February 1,
2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>By EDGAR Submission
and</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Overnight Delivery
</U></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-0404</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">Attention: Suzanne Hayes, Assistant Director</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.65pt">Moleculin Biotech, Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="padding-right: 5.75pt">Draft Registration Statement on Form S-1</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="padding-right: 5.75pt">Submitted December 4, 2015</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="padding-right: 5.75pt">CIK No. 0001659617</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.5in; text-indent: -0.5in">Dear Ms. Hayes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter is being
submitted on behalf of Moleculin Biotech, Inc. (&ldquo;MBI&rdquo; or the &ldquo;Company&rdquo;) in response to the comment letter,
dated December 31, 2015, of the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) with respect to the Company&rsquo;s Draft Registration Statement on Form S-1 filed on
December 4, 2015 (&ldquo;Draft Registration Statement&rdquo;). The Company&rsquo;s initial Form S-1 Registration Statement (the
&ldquo;Registration Statement&rdquo;) is being filed with the Commission concurrently herewith.</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 your convenience,
we have repeated each comment prior to the response in italics. The references to page numbers in the headings are to the Draft
Registration Statement. We welcome any questions you may have about our comments or any other aspect of our review. Feel free to
call us at the telephone numbers listed at the end of this letter.</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: 0in"><U>Comment Letter Dated
December 31, 2015</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Table of Contents,
page i</U></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>You state you have not independently verified any of the market and industry data used throughout
your prospectus, and that the accuracy and completeness of such information is not guaranteed. In order to eliminate any inference
that you are not liable for all of the information in your registration statement, please delete this statement or include a statement
specifically acknowledging your liability for information that appears in your registration statement that was obtained from third
party sources.</I></B></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; text-indent: 0.5in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment and respectfully advises the Staff that it has deleted the statement referenced in the Staff&rsquo;s
comment.</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"><U>Prospectus Summary, page 1 </U></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please</I></B> <B><I>explain, in layman&rsquo;s terms, the meaning of &ldquo;anthracycline.&rdquo;</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the following disclosure
in the &ldquo;Prospectus Summary&rdquo; section of the Registration Statement to include the meaning of &ldquo;anthracycline&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; text-indent: 0.5in">&ldquo;Our lead product
candidate is Annamycin, an anthracycline intended to target the treatment of relapsed or refractory AML. Anthracyclines are a class
of chemotherapy drugs designed to disrupt the DNA of, and eventually destroy, targeted cancer cells. They are considered to be
among the most effective anticancer drugs developed and are used to treat a range of cancers, including leukemias, lymphomas, and
breast, stomach, uterine, ovarian, bladder, and lung cancers. The effectiveness of currently approved anthracyclines is limited,
however, by their propensity to cause heart damage (cardiotoxicity) and for cancer cells to become resistant by natural cell defense
(multidrug resistance) mechanisms.&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"><U>Risks Related to Our Business, page 3</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include a bullet point referencing the possibility of side effects in your product
candidates, noting that the most recent Phase I/II clinical trial of Annamycin caused two fatalities due to tumor lysis, as stated
on pages 2 and 16</I></B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has added the following bullet point
in the &ldquo;Prospectus Summary&rdquo; section of the 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">&ldquo;&bull; unforeseen
side effects from any of our product candidates could arise either during clinical development. For example, in the most recent
Phase I/II dose-ranging clinical trial of Annamycin, two patients succumbed to tumor lysis syndrome (TLS) resulting from the debris
created by Annamycin killing the targeted leukemic blasts more rapidly than anticipated;&rdquo;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>4.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include a bullet point that addresses your lack of product liability insurance for
your clinical trials.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has added the following bullet point
in the &ldquo;Prospectus Summary&rdquo; section of the 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">&ldquo;&bull; we do
not currently carry product liability insurance covering any of our drug candidates and, although we intend to obtain product liability
insurance for future clinical trial liability that we may incur, there can be no assurance that we will secure adequate coverage
or that, even if we do so, any such coverage will be sufficient to prevent the exposure of our operations to significant potential
liability in the future;&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk Factors, page 11 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>5.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include a risk factor addressing the related-party nature of your pending merger with
Moleculin LLC. In particular, because of your affiliation with Moleculin, the transaction by definition will not be conducted on
an arm&rsquo;s-length basis. This raises the possibility, therefore, that the parties may agree on terms that are less favorable
to the company than in an arms-length negotiation.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has add the following new risk factor
in the 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">&ldquo;<B><I>We have
completed and will in the future complete related party transactions that were not and will not be conducted on an arm&rsquo;s
length basis. </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: 0.5in">We acquired the rights
to the license agreement with MD Anderson covering our WP1122 Portfolio held by IntertechBio Corporation, a company affiliated
with certain members of our management and board of directors. We acquired the rights to all data related to the development of
Annamycin held by AnnaMed, Inc., a company affiliated with certain members of our management and board of directors. Prior to the
effective date of the registration statement of which this prospectus is a part, Moleculin LLC will be merged with and into our
company. Moleculin LLC is affiliated with certain members of our management and board of directors. Prior to the effective date
of the registration statement of which this prospectus is a part, we will enter into an agreement with HPI whereby HPI will agree
to terminate its option to sublicense certain rights to the WP1066 Portfolio and to enter into a co-development agreement with
us. Waldemar Priebe and Don Picker are shareholders of HPI.</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">None of the foregoing
transactions were conducted on an arm&rsquo;s length basis. As such, it is possible that the terms we received were less favorable
than in an arm&rsquo;s length transaction.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>&ldquo;We face competition from other
biotechnology and pharmaceutical companies . . .,&rdquo; page 18</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>6.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please amend your disclosure here and on page 51 to identify your likely principal competitors
and their products and/or product candidates that you believe may compete with your own products.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has add the following new paragraph as
the second paragraph to the referenced risk factor in the 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">&ldquo;A number of
attempts have been made or are under way to provide an improved treatment for AML. Drugs attempting to target a subset of AML patients
who present with particular anomalies involving a gene referred to as FLT3 are currently in clinical trials. Other approaches to
improve the effectiveness of induction therapy are in early stage clinical trials and, although they do not appear to address the
underlying problems with anthracyclines, we can provide no assurance that such improvements, if achieved, would not adversely impact
the need for improved anthracyclines. A modified version of doxorubicin designed to reduce cardiotoxicity is in clinical trials
for the treatment of sarcoma and, although this drug does not appear to address multidrug resistance and is not currently intended
for the treatment of acute leukemia, we can provide no assurance that it will not become a competitive alternative to Annamycin.
Although we are not aware of any other single agent therapies in clinical trials that would directly compete against Annamycin
in the treatment of relapsed and refractory AML, we can provide no assurance that such therapies are not in development, will not
receive regulatory approval and will reach market before our drug candidate Annamycin. In addition, any such competing therapy
may be more effective and / or cost-effective than ours.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&ldquo;Annamycin does not have composition of matter patent
protection,&rdquo; page 18</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>7.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please revise the heading and body of this risk factor to clarify that Annamycin is not covered
by any existing patent protection, including composition of matter.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has made the requested revision to the
risk factor.</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"><U>&ldquo;The intellectual property rights
we have licensed from MD Anderson are subject to the rights of the U.S government,&rdquo; page 18</U></P>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>8.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please specify the basis for your belief that no funding agreements currently exist between
MD Anderson and the U.S. government that would impact your rights to the WP 1066 and WP1122 portfolios.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the basis for the statement in the referenced
risk factor is that the existence of such an agreement was not disclosed to the Company in the course of confidential negotiations
leading to the license of the intellectual property from MD Anderson.</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"><U>&ldquo;Our acting chief executive officer
and our chief operating officer are currently working for us on a part-time basis ,&rdquo; page 20</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>9.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please revise to provide the approximate number of weekly hours your CEO and COO devote to
your operations. Please also disclose whether you expect the CEO and the COO to continue to work part-time for you following the
IPO.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the referenced risk factor
as follows (<I><U>emphasis added</U>)</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; text-indent: 0.5in">&ldquo;Two of our key
employees are currently part-time and provide services for other biotechnology development efforts. Specifically, Walter Klemp,
our chairman and acting chief executive officer is also the chief executive officer of Soliton, Inc., a medical device development
company whose business operations we do not believe conflict with those of our company, and Donald Picker, our president and chief
operating officer, is currently also serving as chief operating officer of two other biotechnology companies, whose business operations
we do not believe conflict with those of our company. <I><U>Both Messrs. Klemp and Picker currently provide services as needed
by us, which we estimate does not exceed 10 hours per week. Upon closing of this offering, Mr. Picker will become a full time officer
of our company and Mr. Klemp will continue to provide part time services to us as needed</U></I>. As we progress, we will need
to identify a suitable CEO who can dedicate substantially full time to our company. We can provide no assurance that we will be
able to successfully identify and retain a qualified candidate for this position..&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Use of Proceeds, page 25</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>10.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please amend this disclosure to list the approximate percentage of offering proceeds you
intend to allocate toward each of the purposes listed in the second paragraph of this section. Please also indicate:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>The amount of funds you believe will be necessary to complete the Phase II clinical trial
for Annamycin and how far you expect to progress in the trial with the proceeds from this offering, assuming that the minimum,
and alternatively, maximum funds are received.</I></B></TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Please indicate the extent to which you contemplate using offering proceeds to pay down existing
debt or to satisfy other obligations, such your installment payments to MD Anderson for past due fees, discussed on page F-18.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the Use of Proceeds as requested.</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"><U>Capitalization, page 28 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>11.</I></B></TD><TD STYLE="text-align: justify"><B><I>You state on page 8 that 6,661,000 shares of common stock to be outstanding after this offering
does not give effect to the [1],924,557 shares of common stock upon the conversion of $450,000 in principal amount of our outstanding
bridge notes, while you state here that such number gives effect to the conversion. Please resolve this discrepancy.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the shares to be outstanding after this
offering will include 1) the 6,661,000 shares currently outstanding; 2) the shares issuable to holders of the convertible notes;
and 3) the shares issuable pursuant to the merger with Moleculin LLC and in connection with the Company&rsquo;s agreement with
HPI. The Amended Registration Statement has been updated to resolve this discrepancy.<B><I> </I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>12.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us why you did not reflect the following transaction in the number of shares
of common stock to be outstanding after this offering, given that these transactions have/would have occurred by the time the offering
closes:</I></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>629,000 shares issuable upon the execution of the HPI agreement; and</I></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>The automatic conversion of $200,000 bridge notes issued after September 30, 2015</I></B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the Amended Registration Statement has been
updated to include shares issuable from both transactions in the shares of common stock to be outstanding after this offering.</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"><U>Unaudited Pro Forma Combined Financial
Information</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"><U>Note 2 &ndash; Preliminary purchase
price allocation, page 34</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"></P>

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>13.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please disclose the method and the significant assumptions you will use to estimate the fair
value of the intangible assets you will acquire.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that establishing a basis for allocating the
purchase price to the assets acquired and liabilities assumed at the date of acquisition would be done in accordance with FASB
ASC Topic 805, Business Combinations; FASB ASC Topic 350, <I>Intangibles-Goodwill and Other </I>and FASB ASC Topic 820, <I>Fair
Value Measurements and Disclosures.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company anticipate the scope of the
analysis will include the following.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Developing estimates of fair value for the acquired tangible assets currently understood to include
leasehold improvements, equipment and furniture.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Developing fair value estimates of those identifiable intangible assets that meet the criteria
for identification separate from goodwill with measurable values and determinable lives, currently understood to include: license
agreements with MD Anderson and in-process research and development.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Developing estimates of economic lives for the amortizable, identifiable intangible assets.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Calculating the value of goodwill in accordance with FASB ASC Topic 805.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The premise of value utilized in the Company&rsquo;s
analysis will be fair value, which is defined by the FASB as &ldquo;<I>the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date.</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Valuation Approaches</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">The three traditional approaches employed
in determining the value of both tangible and intangible assets<B> </B>include the market, income, and asset approaches. The Company
anticipates that the income approach (including multi-period excess earnings, relief from royalty, with/without methods) would
be relied on for most intangible assets, although the asset/cost approach may be appropriate in regard to some intangible assets
depending on specific facts and circumstances. It is unlikely that the market approach would be used extensively due to the lack
of public information available regarding market transactions involving intangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company anticipates that its analysis
will include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Review and analysis of the intangible and tangible assets acquired.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Analysis of Moleculin&rsquo;s financial statements, including the closing balance sheet as of the
transaction date and financial summary of the total consideration paid for Moleculin.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Review of expected profits to be derived from technology as well as its forecasted development
efforts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Review acquisition planning documents related to the transaction.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Modeling and related financial analysis for each intangible asset to determine its fair value and
remaining useful life.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Goodwill</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"><FONT STYLE="font-size: 10pt">The excess
of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed will be recognized
as goodwill.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 3 &ndash;Pro Forma Adjustments, page 36</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>14.</I></B></TD><TD STYLE="text-align: justify"><B><I>While you provide this pro forma information to reflect the acquisition of Moleculin, you
also adjust for some transactions that are triggered by the IPO. Tell us why it is appropriate to reflect the conversion of convertible
notes payable by MBI and the repayment of notes payable by Moleculin, as well as eliminating associated interest expense on the
pro forma statements of operations.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment and respectfully advises the Staff that the Company has revised the pro forma information to include
the effects of the acquisition of Moleculin and effects of the IPO. Specifically, the Company has revised the first paragraph under
the title &ldquo;Unaudited Pro Forma Combined Financial Information&rdquo; to state (<I><U>emphasis added</U></I>):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;The following unaudited pro forma
combined financial information is based on the historical financial statements of Moleculin Biotech, Inc. after giving effect to
our planned acquisition of Moleculin, LLC (&ldquo;Moleculin&rdquo;), <I><U>our initial public offering</U></I><U> </U>and the assumptions,
reclassifications and adjustments described in the accompanying notes to the unaudited pro forma combined financial information.&rdquo;
We also updated the pro form combined financial information to include a separate column for adjustments triggered by the IPO.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>15.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please revise to reflect, if true, that the note explaining the pro forma adjustment for
Moleculin&rsquo;s convertible notes payable and related interest are covered under note (h) with the issuance of 1,000,000 MBI
common shares, rather than under (f).</I></B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:<SUP>
</SUP> The Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the pro forma balance sheet and
note (h) have been modified in the Amended Registration Statement to clearly separate the impact from the conversion of debt and
the issuance of shares to members of Moleculin.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>16.</I></B></TD><TD STYLE="text-align: justify"><B><I>Refer to the note (i) of your pro forma adjustment note. Please tell us why you do not reflect
MD Anderson&rsquo;s forfeiture to receive common units of Moleculin on your pro forma combined balance sheet. Furthermore, explain
why you show this liability as assumed in the acquisition of Moleculin in your purchase price allocation table on page 35, when
such liability no longer exists.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the pro forma combined balance sheet has
been updated to include MD Anderson&rsquo;s forfeiture to receive common units of Moleculin<FONT STYLE="color: windowtext">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations Critical Accounting Policies and Significant Judgments and Estimates, page 38</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>17.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please describe how you estimate the fair value of your common stock underlying the convertible
notes payable. In addition, provide us an analysis explaining the reasons for the differences between the recent valuations of
your common stock leading up to the IPO and the estimated offering price.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the following has been added to the Amended
Registration Statement:</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">&ldquo;<B>Beneficial Conversion Feature</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"><FONT STYLE="font-size: 10pt">From time
to time, the Company may issue convertible notes that have conversion prices that create an embedded beneficial conversion feature
on the issuance date. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the
underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after
first considering the allocation of a portion of the note proceeds to the fair value of any attached equity instruments, if any
related equity instruments were granted with the debt. The Company estimates the fair value of its common stock using the most
recent selling price available. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a
corresponding amount to additional paid-in capital. The debt discount is amortized to interest expense over the life of the note
using the effective interest method.&rdquo;</FONT><B><I> </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes the Company&rsquo;s
activities regarding equity 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"></P>

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">August 7, 2015 &ndash; Issuance of 100,000 common shares to the funder for $100 cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">August 11, 2015 &ndash; Issuance of 630,000 common shares to acquire certain intellectual property
from IntertechBio. The shares were valued at $0.001 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">August 21, 2015 &ndash; Issuance of 4,500,000 common shares at $0.001 per share to two officers,
Walter V. Klemp and Don Picker, and one advisor, Waldemar Priebe, for $4,500 cash. $3,000 of the proceeds have been received as
of the date of this letter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">August 21, 2015 &ndash; Issuance of 1,431,000 common shares to acquire all data AnnaMed, Inc.,
a company affiliated with certain members of our management and board of directors, had regarding the development of Annamycin
and the Annamycin IND, including all trade secrets, know-how, confidential information and other intellectual property rights held.
The shares were valued at $0.001 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">August 31, 2015 &ndash; Issuance of $125,000 note convertible to the Company&rsquo;s common stock
at $0.1299 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">September 3, 2015 &ndash; Issuance of $125,000 note convertible to the Company&rsquo;s common stock
at $0.1299 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">October 6, 2015 &ndash; Issuance of $150,000 note convertible to the Company&rsquo;s common stock
at $0.20 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">October 28, 2015 &ndash; Issuance of $50,000 note convertible to the Company&rsquo;s common stock
at $0.20 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">December 30, 2015 &ndash; Issuance of $165,000 note convertible to the Company&rsquo;s common stock
at $0.20 per share.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conversion price for the August and
September 2015 notes was set at $0.1299 per share as compared to $0.001 per share because the acquisition of the intellectual property
from AnnaMed increased the value of the Company. The conversion price for the October 2015 and December 2015 notes was set at $0.20
per share as compared to $0.1299 per share because the Company believed it had made significant progress toward its initial draft
registration statement filing and because Moleculin LLC and IntertechBio had negotiated revised payment structures with MD Anderson
that cured prior defaults to MD Anderson and provided the Company needed time to complete its initial public 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"><U>Components of our Results of Operations and Financial Condition,
page 39</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>18.</I></B></TD><TD STYLE="text-align: justify"><B><I>While MBI&rsquo;s activities may have been limited since its incorporation, please provide
a discussion for its results of operations and financial condition. For example, we believe an explanation of expenses incurred
to date will assist the investors in understanding your activities to date. In addition, disclose the costs incurred during each
period presented and to date for each of your product candidates. If you do not maintain any research and development costs by
project, disclose that fact and explain why you do not maintain and evaluate research and development costs by project and provide
other quantitative or qualitative disclosure that indicates the amount of your resources being used on each of your projects.</I></B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has added a section titled &ldquo;Statement
of Operations &ndash; MBI&rdquo; to the Amended 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"><U>Business, page 43</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>19.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note that Callisto Pharmaceuticals, Inc., a prior developer of Annamycin, decided to suspend
further development of Annamycin for acute leukemia on or before December 31, 2008. In its public filings, Callisto stated that
the clinical data did not support further clinical evaluation of Annamycin as a single agent treatment for relapsed or refractory
adult acute leukemia patients. Accordingly:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Please clarify in your disclosure whether the prior clinical trials you discuss on page 45
were conducted by or on behalf of Callisto. If so, please explain:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify"><B><I>how it is possible to reconcile Callisto&rsquo;s assessment of efficacy with your statements
that Annamycin demonstrated efficacy in those trials;</I></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify"><B><I>how you are defining efficacy; and </I></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify"><B><I>whether statistical significance was demonstrated in the trials you cite</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Please also clarify how long it has been since the prior Phase I and Phase I/II studies you
cite were conducted and how long clinical development of Annamycin for the treatment of adult relapsed or refractory acute leukemia
has been inactive.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Please provide the basis for your belief, stated on page 46, that prior drug development
activity was terminated for &ldquo;financial&rdquo; reasons.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has amended the disclosure regarding
clinical trials to clarify that these clinical trials were conducted by Callisto.</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">The Company is aware
that Callisto disclosed publicly in its 2009 Form 10-K that the clinical data relating to acute leukemia patients &ldquo;did not
support further clinical evaluation of L-Annamycin as a single agent to treat relapsed or refractory adult acute leukemia patients.&rdquo;
However, the actual clinical data as reported by Dr. Robert Shepard, who was Callisto&rsquo;s Chief Medical Officer at the time
of the clinical trials, to the 2009 Annual Meeting of the American Society of Clinical Oncology, and as further reported by the
Principal Investigators of the clinical trials in a peer-reviewed journal article (Clin Lymphoma Myeloma Leuk. 2013 August; 13(4):
430&ndash;434. doi:10.1016/j.clml.2013.03.015.), makes clear that the data does support further clinical evaluation. The referenced
article has been provided to the Staff supplementally.</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; text-indent: 0.5in">Specifically, the conclusion
stated in the 2009 ASCO presentation was that &ldquo;Nanomolecular Liposomal Annamycin was effective even in refractory ALL&rdquo;.
In addition, the conclusion published in the 2013 Clinical Lymphoma, Myeloma &amp; Leukemia journal article was that &ldquo;Single
agent nanomolecular liposomal annamycin appears to be well-tolerated and evidence of clinical activity as a single agent in refractory
adult ALL.&rdquo; The Company has reviewed these conclusions with Dr. Shepard, who is now our Chief Medical Officer, and with two
of the Principal Investigators who co-authored the 2013 journal article referenced above and have determined that these conclusions
continue to reflect their clinical opinions regarding the clinical data.</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">As reported in both
the ASCO presentation and the 2013 journal article referenced, the definition of efficacy is based on the following Response Criteria:
&ldquo;Response criteria were achievement of CR defined as &le;5% blasts, granulocyte count of &ge;1&times;109/L, and a platelet
count of &ge;100&times;109/L. Partial remission was defined the same as CR, except for the presence of 6% to 25% blasts. Hematologic
improvement was defined as for CR but platelet count &lt;100&times;109/L.&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; text-indent: 0.5in">The summary of patient
response from the 2013 journal article reads: &ldquo;After determining the MTD, a 10-patient phase IIA was conducted. Eight of
the patients completed one cycle of the three days of treatment at the MTD. Of these, five (62%) had an efficacy signal with complete
clearing of circulating peripheral blasts. Three of these subjects also cleared bone marrow blasts with one subsequently proceeding
onto successful stem cell transplantation. The other two developed tumor lysis syndrome and unfortunately expired prior to response
assessment.&rdquo; In the Company&rsquo;s review with Dr. Shepard and the other Principal Investigators, it confirmed that the
&ldquo;efficacy signal&rdquo; in this summary corresponds with a &ldquo;Partial remission&rdquo; as described in the Response Criteria
and that the three subjects who &ldquo;cleared bone marrow blasts&rdquo; correspond with &ldquo;CR&rdquo; (Complete Response).
In the draft registration statement, the Company provided a more conservative presentation of these results, calculating percent
responses using the starting cohort size of 10 as the denominator, rather than the 8 patients who completed the required single
course.</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">Phase I/II cancer trials
are not designed to reach statistical significance, and accordingly, statistical significance is not indicated for this trial.</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">The last clinical trial
of Annamycin was completed in 2007 and there has been no subsequent clinical activity.</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; text-indent: 0.5in">The Company has removed
the reference regarding the reasons prior drug development activity was terminated.</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"><U>Corporate History, page 43</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>20.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please provide a succinct discussion that clarifies the transactional history and common
relationships among Houston Pharmaceuticals, Inc., IntertechBio Corporation, Moleculin, MBI, Callisto, AnnaMed, MD Anderson, and
your officers and major shareholders.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has added the following disclosure to
the section &ldquo;Business &ndash; Corporate History&rdquo; in the 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">&ldquo;The following
summarizes the transactional history and common relationships among HPI, IntertechBio, Moleculin, MBI, Callisto, AnnaMed, MD Anderson,
and our officers and major shareholders:</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">&bull;&#9;<I><U>Houston
Pharmaceuticals, Inc.</U></I>: Prior to the effective date of the registration statement of which this prospectus is a part, we
will enter into a co-development agreement with HPI whereby HPI will continue its grant-funded research and make all resulting
data available for our use in exchange for a development fee. Waldemar Priebe, chairman of our Scientific Advisory Board, and Don
Picker, our president and chief operating officer, are shareholders of HPI, and Dr. Priebe has the voting and dispositive power
over the shares held by HPI.</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">&bull;&#9;<I><U>IntertechBio
Corporation</U></I>: In August 2015, in exchange for the issuance of 630,000 shares of common stock, we acquired the rights to
the license agreement with MD Anderson covering our WP1122 Portfolio held by IntertechBio Corporation. Waldemar Priebe, chairman
of our Scientific Advisory Board, and Don Picker, our president and chief operating officer, are shareholders of IntertechBio and
control the voting and dispositive power over the shares held by IntertechBio.</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">&bull;&#9;<I><U>Moleculin
LLC</U></I>: Prior to the effective date of the registration statement of which this prospectus is a part, Moleculin will be merged
with and into our company. Moleculin is the holder of the license agreement with MD Anderson covering our WP 1066 Portfolio. As
a result of the merger, we will issue the equity interests holders of Moleculin an aggregate of 1,000,000 shares of our common
stock. Waldemar Priebe, chairman of our Scientific Advisory Board, Walter Klemp, our chairman and acting chief executive officer,
and Don Picker, our president and chief operating officer, are members of Moleculin and will receive 6,046 shares, 22,795 shares
and 6,046 shares, respectively, of our common stock as a result of the merger. In addition, Walter Klemp and Don Picker are members
of the board of Moleculin.</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; text-indent: 0.5in">&bull;&#9;<I><U>AnnaMed,
Inc.</U></I>: In August 2015, in exchange for 1,431,000 shares of our common stock, we acquired the rights to the Annamycin data
related to the original Annamycin IND and the development of Annamycin held by AnnaMed, Inc., a company controlled by Walter Klemp,
our chairman and acting chief executive officer.</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">&bull;&#9;<I><U>Callisto
Pharmaceuticals, Inc.</U></I>: Our president and chief operating officer, Don Picker and our chief medical officer, Robert Shepard,
were chief operating officer and chief medical officer, respectively, of Callisto. Since 2009, neither individual has had any relationship
or ownership with Callisto.</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">&bull;&#9;<I><U>MD
Anderson</U></I>: Both Moleculin and IntertechBio have entered into license agreements with MD Anderson. See &ldquo;Business &ndash;
Our Licenses Agreements&rdquo; below. Waldemar Priebe, chairman of our Scientific Advisory Board, is a Professor of Medicinal Chemistry,
Department of Experimental Therapeutics, Division of Cancer Medicine, at the University of Texas MD Anderson Cancer Center.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>21.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please discuss the terms of your agreement with AnnaMed to acquire the development rights
to Annamycin and provide the agreement as an exhibit to your draft registration statement.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has added the following disclosure to
the section &ldquo;Business &ndash; Corporate History&rdquo; in the 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">&ldquo;In August 2015,
we entered into a rights transfer agreement with AnnaMed pursuant to which in exchange for 1,431,000 shares of our common stock
AnnaMed agreed to transfer any and all data it had regarding the development of Annamycin and the Annamycin IND, including all
trade secrets, know-how, confidential information and other intellectual property rights held by AnnaMed.&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; text-indent: 0.5in">In addition, the Company
respectfully advises the Staff that it will file the rights transfer agreement with an amendment to the Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>22.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please add sections in your disclosure that address:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>your agreements with Houston Pharmaceuticals, Inc., including disclosure of the material
terms regarding Houston Pharmaceutical&rsquo;s termination of rights to the WP1066 Portfolio and your ongoing negotiations regarding
the co- development agreement.</I></B></TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>the terms of the merger between Moleculin and MBI.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 45pt"><B><I>Please also provide these agreements as exhibits
to your draft registration statement to the extent they have been executed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has: (i) added disclosure related to
the HPI agreement to the section &ldquo;Business &ndash; License Agreements; and (ii) added disclosure regarding the terms of the
merger agreement to the section &ldquo;Business &ndash; Corporate History&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Our License Agreements, page 50</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>23.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please disclose the extent of any legacy license obligations to which you are subject as
a result of your acquisition of the Annamycin development project from AnnaMed. If there are license agreements associated with
such obligations, please disclose the material terms and provide these agreements as exhibits to your draft registration statement.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that there are no legacy license obligations
to which it is subject as a result of the acquisition of the Annamycin development project from AnnaMed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>24.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please revise this section to disclose, for each license agreement, the amount of upfront
payments, milestone payments, royalty rates and minimum royalties. We note your disclosure of some of this information on pages
F-10 and F-18. In addition, please disclose the extent to which you are required to issue equity to MD Anderson upon the occurrence
of milestone events.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the disclosure in &ldquo;Business
&ndash; Our License Agreements&rdquo; to include the amount of upfront payments, milestone payments, royalty rates and minimum
royalties owed to MD Anderson. The Company has also added an affirmative statement that no equity payment will be owed to MD Anderson
upon the satisfaction of any milestones.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>25.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please</I></B> <B><I>disclose the material terms of MD Anderson&rsquo;s right to terminate
each of the license agreements.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the disclosure in &ldquo;Business
&ndash; Our License Agreements&rdquo; to include the material termination provisions in the license agreements.</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>26.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please</I></B> <B><I>provide each license agreement with MD Anderson as an exhibit to your
draft registration statement.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it will file the agreements by amendment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>27.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please describe the material terms of the Patent and Technology Development and License Agreement
with Dermin and provide this agreement as an exhibit to your draft registration statement.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the disclosure in &ldquo;Business
&ndash; Our License Agreements&rdquo; to include the material provisions of the Patent and Technology Development and License Agreement
with Dermin. The Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it will file the agreements
by amendment.</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"><U>Management, page 58</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>28.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please disclose Mr. Klemp&rsquo;s business activities during the period prior to July 2015
and following his time as CEO of Zeno Corporation.</I></B></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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised Mr. Klemp&rsquo;s biography
to clarify Mr. Klemp&rsquo;s business activities prior to July 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"><U>Relationships and Related Party Transactions, page 63 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>29.</I></B></TD><TD STYLE="text-align: justify"><B><I>In each case in this section where you have disclosed the existence of an affiliation between
an individual and an entity, please also disclose the specific nature of the individual&rsquo;s affiliation with the respective
entity.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the disclosure in &ldquo;Relationships
and Related Party Transactions&rdquo; to clarify the specific nature of the related party affiliations disclosed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>30.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please disclose the shares of your common stock that Messrs. Priebe, Klemp and Picker will
each receive as a result of your merger with Moleculin.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has revised the referenced disclosure
to state that Waldemar Priebe, Walter Klemp and Don Picker will receive 6,046 shares, 22,795 shares and 6,046 shares, respectively,
of the Company&rsquo;s common stock as a result of the merger.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to Financial Statements</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"><U>Note 1 &ndash; Description of business
and Summary of Significant Accounting Policies </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"><U>Nature of Business, page F-7</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>31.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please disclose the significant rights and obligations underlying the licenses relating to
Annamycin and WP1122. Your obligations may include annual maintenance fees, milestone payments, royalties, and minimum research
expense requirements.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that following was added to the Note 1 to the
Company&rsquo;s financial statements.</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">&ldquo;In August 2015,
the Company entered into a rights transfer agreement with AnnaMed, Inc. (&ldquo;AnnaMed&rdquo;), a company affiliated with certain
members of our management and board of directors, pursuant to which, in exchange for 1,431,000 shares of our common stock, AnnaMed
agreed to transfer any and all data it had regarding the development of Annamycin and the Annamycin IND, including all trade secrets,
know-how, confidential information and other intellectual property rights held by AnnaMed.</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">On August 11, 2015,
the Company entered into a rights transfer agreement with IntertechBio Corporation (&ldquo;IntertechBio&rdquo;), a company affiliated
with certain members of our management and board of directors, whereby IntertechBio agreed to assign its license or sublicense
its license to certain metabolic inhibitor technology owned by MD Anderson. In consideration, the Company issued 630,000 common
shares to Intertech Bio. IntertechBio agreed to make payments to MD Anderson including an up-front payment, license documentation
fee, annual maintenance fee, milestone payments and minimum annual royalty payments for sales of products developed under the license
agreement. The Company has assumed the rights and obligations of IntertechBio under the license agreement with MD Anderson. All
out-of-pocket expenses incurred by MD Anderson in filing, prosecuting and maintaining the licensed patents have been and shall
continue to be assumed by the Company.&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"><U>Note 7 &ndash; Subsequent Events, page
F-9</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>32.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell what you received in exchange for assuming IntertechBio Corporation&rsquo;s liability
and why it is appropriate to classify related repayment as prepaid expenses.</I></B></TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that on August 11, 2015, the Company entered
into a rights transfer agreement with IntertechBio whereby IntertechBio agreed to assign its license or sublicense its license
to certain metabolic inhibitor technology owned by MD Anderson. IntertechBio also agreed to transfer all related data regarding
such license. In consideration, the Company issued 630,000 common shares to Intertech Bio. In the right transfer agreement, the
Company did not agree to pay for the liabilities IntertechBio owed to MD Anderson prior to August 2015. The Company subsequently
agreed to assume such liabilities so the Company can still have access to the license through IntertechBio. The Company paid $23,000
to MD Anderson in September 2015 as a good faith payment for the settlement of outstanding liabilities. As the final agreement
between IntertechBio and MD Anderson was reached in October 2015, the Company believes it is proper to record such payment as prepaid
expense at September 30, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Moleculin, LLC.</U></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"><U>Audited Financial Statements</U></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"><U>Statement of Cash Flows, page F-13</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>33.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us why you believe the $232,300 cash received from other receivable should be
classified as an operating activity.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the statement of cash flows has been restated
to reflect $232,300 cash received from other receivable as investing activities.</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"><U>Notes to Financial Statements</U></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"><U>Note 1 &ndash; Description of Business and Summary of Significant
Accounting Policies, page F-25</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>34.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please</I></B> <B><I>disclose how you account for the agreements under which you grant rights
to your technology in exchange for the licensee&rsquo;s grant funding to pay for development costs. Cite the relevant accounting
literature to support your accounting.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the following accounting policy has been
added to the Notes to Financial Statements.</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">&ldquo;The Company
recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the
purchase price is fixed or determinable and collectability is reasonably assured.</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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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- 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; text-indent: 0.5in">The Company may receive
cost reimbursement-based grants. For these grants, revenues are based on costs incurred that are specifically covered under reimbursement
arrangements. These revenues are recognized as grant-related expenses are incurred by the Company or its subcontractors.&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; text-indent: 0.5in">The Company follows
the guidance in Staff Accounting Bulletin No. 104 for revenue recognition.</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"><U>Other Comments</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>35.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please supplementally provide us with copies of all written communications, as defined in
Rule 405 under the Securities Act, that you, or anyone authorized to do so on your behalf, present to potential investors in reliance
on Section 5(d) of the Securities Act, whether or not they retain copies of the communications.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it has not provided potential investors
any written communications in reliance on Section 5(d) of the Securities Act (or otherwise).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>36.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please confirm that the graphics included in your registration statement are the only graphics
you will use in your prospectus. If those are not the only graphics, please provide any additional graphics prior to their use
for our review</I></B>.</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; text-align: justify; text-indent: 0.5in"><U>Response</U>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that it does not expect to include any additional
graphics to the prospectus.</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; text-indent: 0in">* * *</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should you have any
questions regarding the foregoing, please do not hesitate to contact Cavas Pavri at (202) 724-6847.</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>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1, 2016</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">Sincerely,<BR>
SCHIFF HARDIN LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">/s/ Cavas Pavri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">By: Cavas Pavri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Walter Klemp, Acting Chief Executive Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD>Louis Ploth, Chief Financial Officer</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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



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